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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 24th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Ck Asset (1113 HK), Swire Pacific (87 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Great Wall Motor (2333 HK), Swire Pacific (19 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 24th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Ck Asset (1113 HK), Swire Pacific (87 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Great Wall Motor (2333 HK), Swire Pacific (19 HK).


Hong Kong Buybacks Weekly (Mar 24th): Aia, Ck Asset, Swire Pacific

<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 113.5% as of Mar 17th.</li>
<li>The average A-H premium changed by -1.6ppt week on week, led by consumer discretionary, consumer staples, information technology and offset by communication services.</li>
<li>We highlight weekly changes in A-H premium for China Telecom, China Shenhua, Great Wall Motor, CEEC.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 113.5% as of Mar 17th.
The average A-H premium changed by -1.6ppt week on week, led by consumer discretionary, consumer staples, information technology and offset by communication services.
We highlight weekly changes in A-H premium for China Telecom, China Shenhua, Great Wall Motor, CEEC.


A-H Premium Weekly (Mar 17th): China Telecom, China Shenhua, Great Wall Motor, CEEC

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Mar 10th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Xpeng, Byd Company, Icbc, Sinopec, Meituan, Tencent, Bidu, Baba, Hsbc.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 10th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Xpeng, Byd Company, Icbc, Sinopec, Meituan, Tencent, Bidu, Baba, Hsbc.


HK Short Interest Weekly: Xpeng, Byd Company, Icbc, Sinopec, Meituan, Tencent, Bidu, Baba, Hsbc

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 17th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Swire Pacific (19 HK), Swire Pacific (87 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Great Wall Motor (2333 HK), Aia (1299 HK), Swire Pacific (19 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 17th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Swire Pacific (19 HK), Swire Pacific (87 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Great Wall Motor (2333 HK), Aia (1299 HK), Swire Pacific (19 HK).


Hong Kong Buybacks Weekly (Mar 17th): Aia, Swire Pacific, Swire Pacific

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>China’s passenger-vehicle (PV) retail sales volume rose 11% YoY in Feb 2023, 4% lower than our prior forecast.</li><li>Wholesale volume also rose 11% YoY last month, 13% higher than our prior projection, again largely due to inventory restocking and higher export volume.</li><li>PV exports surged 86% YoY to about 271,000 units in Feb 2023. Automakers in China added about 131,000 units of inventories into their dealers in Feb 2023 based on our calculations, which has led to 2.2 months of inventories based on our projected retail sales volume for Mar and Apr 2023. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

China’s passenger-vehicle (PV) retail sales volume rose 11% YoY in Feb 2023, 4% lower than our prior forecast.Wholesale volume also rose 11% YoY last month, 13% higher than our prior projection, again largely due to inventory restocking and higher export volume.PV exports surged 86% YoY to about 271,000 units in Feb 2023. Automakers in China added about 131,000 units of inventories into their dealers in Feb 2023 based on our calculations, which has led to 2.2 months of inventories based on our projected retail sales volume for Mar and Apr 2023. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Auto Sector – A trough in the short term?

China

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

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Great Wall Motor (2333 HK)

Hong Kong Buybacks Weekly (Mar 24th): Aia, Ck Asset, Swire Pacific

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Aia (1299 HK), Ck...

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 17th): China Telecom, China Shenhua, Great Wall Motor, CEEC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Telecom, China Shenhua, Great Wall Motor, CEEC.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Xpeng, Byd Company, Icbc, Sinopec, Meituan, Tencent, Bidu, Baba, Hsbc

We analyzed the latest HK SFC report for aggregate short position as of Mar 10th and highlight short interest changes in Xpeng, Byd Company, Icbc,...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Mar 17th): Aia, Swire Pacific, Swire Pacific

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Aia (1299 HK),...

Ke Yan, CFA, FRM

China Auto Sector – A trough in the short term?

Wholesale volume also rose 11% YoY last month, 13% higher than our prior projection, again largely due to inventory restocking and higher export...

CMB International

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