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 Nov 4th 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), China Petroleum &amp; Chemical (386 HK), Cnooc (883 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Wuxi Biologics (2269 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Nov 4th 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), China Petroleum &amp; Chemical (386 HK), Cnooc (883 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Wuxi Biologics (2269 HK).


Hong Kong Buybacks Weekly (Nov 4th): AIA, PetroChina, CNOOC

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 28th 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), Great Wall Motor (2333 HK), Wuxi Biologics (2269 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Wuxi Biologics (2269 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 28th 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), Great Wall Motor (2333 HK), Wuxi Biologics (2269 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Wuxi Biologics (2269 HK).


Hong Kong Buybacks Weekly (Oct 28th): Aia, Great Wall Motor, Wuxi Biologics

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.

Equity Bottom-Up

<div><div><div><div><ul><li>Great Wall Motor’s 3Q22 results beat market expectation, which do not change our FY23E forecast, as we noted earlier than consensus may underestimate Chinese automakers’ 2H22E earnings but overestimate FY23E.</li><li>The company plans to debut 18 new models in 2023, any of which to beat sales expectation would be key to share price. Maintain BUY.</li><li>3Q22 results strong beat. Great Wall reported 3Q22 net profit of almost RMB 2.6bn, 53% higher than our prior forecast.</li></ul></div></div></div></div><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>

Great Wall Motor’s 3Q22 results beat market expectation, which do not change our FY23E forecast, as we noted earlier than consensus may underestimate Chinese automakers’ 2H22E earnings but overestimate FY23E.The company plans to debut 18 new models in 2023, any of which to beat sales expectation would be key to share price. Maintain BUY.3Q22 results strong beat. Great Wall reported 3Q22 net profit of almost RMB 2.6bn, 53% higher than our prior forecast.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.

Great Wall Motor (2333 HK) – 3Q22 Beat; Upcoming New Models as Key

<ul>
<li>We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 127.4% as of Oct 21st.</li>
<li>The average A-H premium changed by -2.8ppt weeok on week, led by consumer staples, consumer discretionary, energy and offset by financials.</li>
<li>We highlight weekly changes in A-H premium for Remegen, Pharmaron, Flat Glass, Shanghai Fudan, GWM, China Life.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 127.4% as of Oct 21st.
The average A-H premium changed by -2.8ppt weeok on week, led by consumer staples, consumer discretionary, energy and offset by financials.
We highlight weekly changes in A-H premium for Remegen, Pharmaron, Flat Glass, Shanghai Fudan, GWM, China Life.


A-H Premium Weekly (Oct 21st): Remegen, Pharmaron, Flat Glass, Shanghai Fudan, GWM, China Life

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 21st 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), Tencent (700 HK), Wuxi Biologics (2269 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Wuxi Biologics (2269 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 21st 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), Tencent (700 HK), Wuxi Biologics (2269 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Wuxi Biologics (2269 HK).


Hong Kong Buybacks Weekly (Oct 21st): AIA, Tencent, Wuxi Biologics

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 (Nov 4th): AIA, PetroChina, CNOOC

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

Hong Kong Buybacks Weekly (Oct 28th): Aia, Great Wall Motor, Wuxi Biologics

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