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 analyse the changes of A-H premium on 156 stocks over the last week. The average A-H premium was 70.1% as of Jun 27th.</li>
<li>The average A-H premium changed by -2.3ppt week-on-week, led by consumer staples, financials, communication services and offset by information technology.</li>
<li>We highlight weekly changes in A-H premium for China Shenhua Energy, Bank Of Zhengzhou, Guolian Minsheng Securities, Shenwan Hongyuan, Jiangxi Copper, Cmoc.</li>
</ul>


We analyse the changes of A-H premium on 156 stocks over the last week. The average A-H premium was 70.1% as of Jun 27th.
The average A-H premium changed by -2.3ppt week-on-week, led by consumer staples, financials, communication services and offset by information technology.
We highlight weekly changes in A-H premium for China Shenhua Energy, Bank Of Zhengzhou, Guolian Minsheng Securities, Shenwan Hongyuan, Jiangxi Copper, Cmoc.


A-H Premium Weekly (Jun 27th): China Shenhua Energy, Bank Of Zhengzhou, Guolian Minsheng Securities

<ul>
<li>We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 71.7% as of Jun 20th.</li>
<li>The average A-H premium changed by 0.5ppt week-on-week, led by energy, health care, utilities and offset by consumer staples, real estate, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Petrochina, Shanghai Junshi Biosciences, China Oilfield Services, Shanghai Petrochemical.</li>
</ul>


We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 71.7% as of Jun 20th.
The average A-H premium changed by 0.5ppt week-on-week, led by energy, health care, utilities and offset by consumer staples, real estate, consumer discretionary.
We highlight weekly changes in A-H premium for Petrochina, Shanghai Junshi Biosciences, China Oilfield Services, Shanghai Petrochemical.


A-H Premium Weekly (Jun 20th): Petrochina, Shanghai Junshi Biosciences, China Oilfield Services

<ul>
<li>We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 72.7% as of Jun 13th.</li>
<li>The average A-H premium changed by -5.0ppt week-on-week, led by consumer staples, energy, health care and offset by consumer discretionary, information technology.</li>
<li>We highlight weekly changes in A-H premium for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service, Livzon Pharmaceutical, COSCO Shipping Energy.</li>
</ul>


We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 72.7% as of Jun 13th.
The average A-H premium changed by -5.0ppt week-on-week, led by consumer staples, energy, health care and offset by consumer discretionary, information technology.
We highlight weekly changes in A-H premium for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service, Livzon Pharmaceutical, COSCO Shipping Energy.


A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Haitong Securities Co Ltd (H) / Event-Driven

<ul>
<li>The exchange ratio for the merger between <a href="https://www.smartkarma.com/entities/guotai-junan-securities-co-ltd-5dfaf2c5-76d3-4f34-a77d-118787fd7091" target="_blank" data-smartkarma-citation="entities:23752:1" rel="noopener">Guotai Junan Securities (2611 HK)</a> and <a href="https://www.smartkarma.com/entities/haitong-securities-co-ltd-h" target="_blank" data-smartkarma-citation="entities:5665:1" rel="noopener">Haitong Securities Co Ltd (H) (6837 HK)</a> is 0.62x. </li>
<li>The merger closing is subject to several effectiveness and implementation conditions. The latest update suggests that the remaining conditions are CSRC and HKEx approvals.</li>
<li>The satisfaction of the remaining conditions is a formality. At the last close and for an end February payment, the gross/annualised spread is 3.2%/26.4%. </li>
</ul>


The exchange ratio for the merger between Guotai Junan Securities (2611 HK) and Haitong Securities Co Ltd (H) (6837 HK) is 0.62x. 
The merger closing is subject to several effectiveness and implementation conditions. The latest update suggests that the remaining conditions are CSRC and HKEx approvals.
The satisfaction of the remaining conditions is a formality. At the last close and for an end February payment, the gross/annualised spread is 3.2%/26.4%. 


Haitong Securities (6837 HK)/GTJA (2611 HK) Merger: The Home Stretch

<ul>
<li>We analyze the 4Q2023 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the outflows in 4Q2023 were US$20,921 million and holdings were US$302 billion.</li>
<li>We highlight flows for Moutai, Yangtze Power, Catl, Gree Electric Appliances, Sungrow Power Supply.</li>
</ul>


We analyze the 4Q2023 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the outflows in 4Q2023 were US$20,921 million and holdings were US$302 billion.
We highlight flows for Moutai, Yangtze Power, Catl, Gree Electric Appliances, Sungrow Power Supply.


Northbound Flows (4Q2023): $20bn Outflows in 4Q

China

GF Securities Co Ltd. is a securities firm. The Company offers investment banking services including equity and bond underwriting, mergers and acquisitions consulting, financial consulting, brokerage services, and asset management services.

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GF Securities (A) (000776 CH)

A-H Premium Weekly (Jun 27th): China Shenhua Energy, Bank Of Zhengzhou, Guolian Minsheng Securities

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Shenhua Energy, Bank Of Zhengzhou, Guolian Minsheng...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 20th): Petrochina, Shanghai Junshi Biosciences, China Oilfield Services

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Petrochina, Shanghai Junshi Biosciences, China Oilfield...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service,...

Ke Yan, CFA, FRM

Haitong Securities (6837 HK)/GTJA (2611 HK) Merger: The Home Stretch

The latest update notes that CSRC approval has been obtained. Therefore, the remaining condition is HKEx approval, which is a formality. At the...

Arun George

Northbound Flows (4Q2023): $20bn Outflows in 4Q

We analyzed Northbound connect data for 4Q2023 and highlight flows for Moutai, Yangtze Power, Catl, Gree Electric Appliances, Sungrow Power Supply.

Ke Yan, CFA, FRM

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