Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Financials ($1,425 million worth of outflows), and Consumer Staples ($854 million worth of outflows) led the outflows (first chart below).</li>
<li>We highlight inflows into CATL, Mindray, Will Semi, BYD, Wuxi Apptec, and outflows from CMB, Wuliangye, Shanghai United, Midea, Hygon.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Financials ($1,425 million worth of outflows), and Consumer Staples ($854 million worth of outflows) led the outflows (first chart below).
We highlight inflows into CATL, Mindray, Will Semi, BYD, Wuxi Apptec, and outflows from CMB, Wuliangye, Shanghai United, Midea, Hygon.


Northbound Flows (December): Five Months of Outflows

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of January 5th.</li>
<li>We estimate the weekly outflows to be US$719.9 million, led by information technology, consumer staples, and offset by utilities, financials, energy.</li>
<li>We highlight flows for Chongqing Changan Automobile, CATL and Moutai.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of January 5th.
We estimate the weekly outflows to be US$719.9 million, led by information technology, consumer staples, and offset by utilities, financials, energy.
We highlight flows for Chongqing Changan Automobile, CATL and Moutai.


Northbound Flows (Jan 5th): Chongqing Changan Automobile, CATL, Moutai

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 122.8% as of Jan 5th.</li>
<li>The average A-H premium changed by -0.5ppt week-on-week, led by information technology, consumer staples, communication services and offset by utilities.</li>
<li>We highlight weekly changes in A-H premium for BYD, Fuyao Glass, China Southern, China Longyuan.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 122.8% as of Jan 5th.
The average A-H premium changed by -0.5ppt week-on-week, led by information technology, consumer staples, communication services and offset by utilities.
We highlight weekly changes in A-H premium for BYD, Fuyao Glass, China Southern, China Longyuan.


A-H Premium Weekly (Jan 5th): BYD, Fuyao Glass, China Southern, China Longyuan

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 123.1% as of Dec 29th.</li>
<li>The average A-H premium changed by -4.6ppt week on week, led by communication services, health care, consumer discretionary and offset by consumer staples.</li>
<li>We highlight weekly changes in A-H premium for China Tourism, ZTE, Datang Intl, First Tractor, Hua Hong Semi.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 123.1% as of Dec 29th.
The average A-H premium changed by -4.6ppt week on week, led by communication services, health care, consumer discretionary and offset by consumer staples.
We highlight weekly changes in A-H premium for China Tourism, ZTE, Datang Intl, First Tractor, Hua Hong Semi.


A-H Premium Weekly (Dec 29th): China Tourism, ZTE, Datang Intl, First Tractor, Hua Hong Semi

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 127.6% as of Dec 22nd.</li>
<li>The average A-H premium changed by -0.9ppt week on week, led by communication services, real estate, utilities and offset by health care, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for China Tourism, Ping An Insurance, China Southern, BYD, Fuyao Glass Industry.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 127.6% as of Dec 22nd.
The average A-H premium changed by -0.9ppt week on week, led by communication services, real estate, utilities and offset by health care, consumer discretionary.
We highlight weekly changes in A-H premium for China Tourism, Ping An Insurance, China Southern, BYD, Fuyao Glass Industry.


A-H Premium Weekly (Dec 22nd): China Tourism, Ping An Insurance, China Southern, BYD

China

Fuyao Glass Industry Group Co Ltd, through its subsidiaries, manufactures and distributes automobile glass, decorated glassware, and other industrial glassware. The Company also provides glass installation service. Fuyao Glass Industry Group markets its products internationally.

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Fuyao Glass Industry Group (3606 HK)

Northbound Flows (December): Five Months of Outflows

We analyzed the Shanghai/Shenzhen Connect Scheme for December and highlight flows for CATL, Mindray, Will Semi, BYD, Wuxi Apptec, CMB, Wuliangye,...

Ke Yan, CFA, FRM

Northbound Flows (Jan 5th): Chongqing Changan Automobile, CATL, Moutai

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Chongqing Changan Automobile, CATL, Moutai.

Ke Yan, CFA, FRM

A-H Premium Weekly (Jan 5th): BYD, Fuyao Glass, China Southern, China Longyuan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Maanshan Iron and Nanjing Panda.

Ke Yan, CFA, FRM

A-H Premium Weekly (Dec 29th): China Tourism, ZTE, Datang Intl, First Tractor, Hua Hong Semi

We analyzed A-H premium changes in the past week and highlighted A-H premium changes for China Tourism, ZTE, Datang Intl, First Tractor, Hua Hong...

Ke Yan, CFA, FRM

A-H Premium Weekly (Dec 22nd): China Tourism, Ping An Insurance, China Southern, BYD

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Tourism, Ping An Insurance, China Southern, BYD, Fuyao...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)