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 weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 16th.</li>
<li>We estimate the weekly outflows to be US$850.0 million, led by financials, industrials, and offset by information technology, energy.</li>
<li>We highlight flows for Ping An Insurance, Shaanxi Coal, CMB and CATL.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 16th.
We estimate the weekly outflows to be US$850.0 million, led by financials, industrials, and offset by information technology, energy.
We highlight flows for Ping An Insurance, Shaanxi Coal, CMB and CATL.


Northbound Flows (Sep 16th): Ping An Insurance, Shaanxi Coal, CMB and CATL

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>Driven by recovery of Casarte after lockdown removed and premiumisation of product and pricing, <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a> should see sustained healthy earnings growth in 2H22.</li>
<li>We expect room to improve gross margin sequentially as cost pressure subsides in 2H22. Meanwhile, overseas markets still present good expansion opportunities. </li>
<li>Premium valuations are justified by its brand strength, global presence and strong execution capability. Healthy 1H22 should clear market's concerns on impact of weak property market. </li>
</ul>


Driven by recovery of Casarte after lockdown removed and premiumisation of product and pricing, Haier Smart Home (6690 HK) should see sustained healthy earnings growth in 2H22.
We expect room to improve gross margin sequentially as cost pressure subsides in 2H22. Meanwhile, overseas markets still present good expansion opportunities. 
Premium valuations are justified by its brand strength, global presence and strong execution capability. Healthy 1H22 should clear market's concerns on impact of weak property market. 


Haier Smart Home (6690 HK): A Trusted Name that Delivers

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 2nd.</li>
<li>We estimate inflows to be US D158m, led by information technology, Consumer Discretionary, industrials and offset materials, and consumer staples.</li>
<li>We highlight flows for GREE, CATL, Longi Green, BOE Technology, China Tourism, and Xinghuacun.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 2nd.
We estimate inflows to be US D158m, led by information technology, Consumer Discretionary, industrials and offset materials, and consumer staples.
We highlight flows for GREE, CATL, Longi Green, BOE Technology, China Tourism, and Xinghuacun.


Northbound Flows (Sep 2nd): GREE, CATL, Longi Green, BOE Technology

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Inside is a recap of movements in the last week relating to the Hong Kong Stock Exchange -Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry</li>
<li>Overall, net inflow over the past week was ~US$0.7bn, split between Shanghai (US$0.3bn) and Shenzhen (US$0.4bn).</li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/gree-electric-appliances-inc-of-zhuhai" target="_blank" data-smartkarma-citation="entities:7622:1" rel="noopener">Gree Electric Appliances (000651 CH)</a> and <a href="https://www.smartkarma.com/entities/contemporary-amperex-techn-a" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">CATL (300750 CH)</a>. The largest outflows were in <a href="https://www.smartkarma.com/entities/industrial-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:19515:1" rel="noopener">Industrial Bank (601166 CH)</a> and <a href="https://www.smartkarma.com/entities/china-merchants-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:714:1" rel="noopener">China Merchants Bank (600036 CH)</a>.</li>
</ul>


Inside is a recap of movements in the last week relating to the Hong Kong Stock Exchange -Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry
Overall, net inflow over the past week was ~US$0.7bn, split between Shanghai (US$0.3bn) and Shenzhen (US$0.4bn).
The largest inflows were into Gree Electric Appliances (000651 CH) and CATL (300750 CH). The largest outflows were in Industrial Bank (601166 CH) and China Merchants Bank (600036 CH).


Shanghai/​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (2 September 2022)

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Inflows into consumer staple were offset by the outflows from materials.</li>
<li>We highlight inflows into Moutai, East Money, Gree, Wuxi Apptec, and Tongwei.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.
Inflows into consumer staple were offset by the outflows from materials.
We highlight inflows into Moutai, East Money, Gree, Wuxi Apptec, and Tongwei.


Northbound Flows: Moutai, East Money, Gree, Wuxi Apptec, Tongwei

China

Gree Electric Appliances, Inc. of Zhuhai manufactures and sells a series of air conditioners.  The different series of air conditioners include window type, split type, floor type, mobile type, mobile split type and ceiling type.  The Company also produces air purifier.

Price Gauge
52-week Range	0.00 - 0.00
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Gree Electric Appliances (000651 CH)

Northbound Flows (Sep 16th): Ping An Insurance, Shaanxi Coal, CMB and CATL

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Ping An Insurance, Shaanxi Coal, CMB, CATL.

Ke Yan, CFA, FRM

Haier Smart Home (6690 HK): A Trusted Name that Delivers

Healthy profit growth should sustain into 2H22 with upside from better margin as cost pressure subsides sequentially. Premium valuations are...

Osbert Tang, CFA

Northbound Flows (Sep 2nd): GREE, CATL, Longi Green, BOE Technology

We analyzed northbound Shanghai/Shenzhen Connect last week and highlight flows for GREE, CATL, Longi Green, BOE Technology, China Tourism, and...

Ke Yan, CFA, FRM

Shanghai/Shenzhen Northbound Connect: Weekly Moves (2 September 2022)

Overall, net inflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$0.7bn, split between Shanghai (+US$0.3bn)...

David Blennerhassett

Northbound Flows: Moutai, East Money, Gree, Wuxi Apptec, Tongwei

We highlight northbound Hong Kong Connect inflows into Moutai, East Money, Gree, Wuxi Apptec, and Tongwei from offshore investors.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Northbound Flows (Sep 16th): Ping An Insurance, Shaanxi Coal, CMB and CATL

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Ping An Insurance, Shaanxi Coal, CMB, CATL.

Ke Yan, CFA, FRM

Haier Smart Home (6690 HK): A Trusted Name that Delivers

Healthy profit growth should sustain into 2H22 with upside from better margin as cost pressure subsides sequentially. Premium valuations are...

Osbert Tang, CFA

Northbound Flows (Sep 2nd): GREE, CATL, Longi Green, BOE Technology

We analyzed northbound Shanghai/Shenzhen Connect last week and highlight flows for GREE, CATL, Longi Green, BOE Technology, China Tourism, and...

Ke Yan, CFA, FRM

Shanghai/​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (2 September 2022)

Overall, net inflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$0.7bn, split between Shanghai (+US$0.3bn)...

David Blennerhassett

Northbound Flows: Moutai, East Money, Gree, Wuxi Apptec, Tongwei

We highlight northbound Hong Kong Connect inflows into Moutai, East Money, Gree, Wuxi Apptec, and Tongwei from offshore investors.

Ke Yan, CFA, FRM

Shanghai/Shenzhen Northbound Connect: Weekly Moves (2 September 2022)