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 Hong Kong Connect flows with our data engine for holding position as of June 21st.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for BOC, CNOOC, CCB, BYD, Zijin Mining.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 21st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for BOC, CNOOC, CCB, BYD, Zijin Mining.


Hong Kong Connect Flows (Jun 21st): BOC, CNOOC, CCB, BYD, Zijin Mining

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>NBS data in 5M24 weakened as market expected.</li><li>The REI decline widened to -10.1% from -9.8% in 4M24 given stagnant land purchases and new starts.</li><li>The GFA completion decline narrowed on a low base but the scale was still the lowest since Jun-22 given less funding support for “home delivery”. </li></ul>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.

NBS data in 5M24 weakened as market expected.The REI decline widened to -10.1% from -9.8% in 4M24 given stagnant land purchases and new starts.The GFA completion decline narrowed on a low base but the scale was still the lowest since Jun-22 given less funding support for “home delivery”. 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.

Property - NBS 5M24: REI continued weakening, sales structure remained skewed to higher-tier cities

<ul><li>Shanghai, Guangzhou and Shenzhen have stepped up their policy relaxation efforts on two dimensions including purchase restrictions and the mortgage loan.</li><li>By analysing the policy timeline and specifics in four cities, we think Beijing still has room for policy relaxation in both dimensions.</li><li>We believe that 1) policy easing may provide a marginal stimulus to property sales as it has indeed unlocked the eligibility of a certain range of potential buyers. </li></ul>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.

Shanghai, Guangzhou and Shenzhen have stepped up their policy relaxation efforts on two dimensions including purchase restrictions and the mortgage loan.By analysing the policy timeline and specifics in four cities, we think Beijing still has room for policy relaxation in both dimensions.We believe that 1) policy easing may provide a marginal stimulus to property sales as it has indeed unlocked the eligibility of a certain range of potential buyers. 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.

Property - Weekly highlight: Awaiting more positive signs on property sales

<ul><li>China’s Politburo meeting called for research on destocking measures, a topic that has not been mentioned on this level’s meeting since 2016.</li><li>The Ministry of Natural Resource (MNR) requested cities with high inventory to suspend residential land supply.</li><li>Chengdu fully removed its home purchase limit despite it is the top performer on both property sales and home price among major cities.</li></ul>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’s Politburo meeting called for research on destocking measures, a topic that has not been mentioned on this level’s meeting since 2016.The Ministry of Natural Resource (MNR) requested cities with high inventory to suspend residential land supply.Chengdu fully removed its home purchase limit despite it is the top performer on both property sales and home price among major cities.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.

Property - Hope +ve Policy Tone and Better Trading Sentiment to Help Fundamental Recovery

<ul><li>Relaxation of demand-related policies continued with Beijing further optimizing mortgage loan requirement for divorced people and multiple cities removing the lower limit on mortgage rate for first-home buyers.</li><li>Around 35 cities joined the group of adopting “trade in old house for new” policies through 3 approaches (Figure 1).</li><li>These moves may not bring a surge in property sales but could prevent a sharp decline by marginally boosting demand in our view. </li></ul>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.

Relaxation of demand-related policies continued with Beijing further optimizing mortgage loan requirement for divorced people and multiple cities removing the lower limit on mortgage rate for first-home buyers.Around 35 cities joined the group of adopting “trade in old house for new” policies through 3 approaches (Figure 1).These moves may not bring a surge in property sales but could prevent a sharp decline by marginally boosting demand in our view. 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.

Property - Weekly highlight: +ve progress on policy implementation, no remarkable recovery on sales

China

GTMH is a project management company in China with presence in 84 cities across 25 provinces, municipalities, and autonomous regions. It was the largest project management company in China in terms of accumulated contracted GFA between 2016 to 2018.


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GreenTown Management Holdings (9979 HK)

Hong Kong Connect Flows (Jun 21st): BOC, CNOOC, CCB, BYD, Zijin Mining

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for BOC, CNOOC, CCB, BYD, Zijin Mining.

Ke Yan, CFA, FRM

Property - NBS 5M24: REI continued weakening, sales structure remained skewed to higher-tier cities

NBS data in 5M24 weakened as market expected. The REI decline widened to -10.1% from -9.8% in 4M24 given stagnant land purchases and new starts.

CMB International

Property - Weekly highlight: Awaiting more positive signs on property sales

Shanghai, Guangzhou and Shenzhen have stepped up their policy relaxation efforts on two dimensions including purchase restrictions and the mortgage...

CMB International

Property - Hope +ve Policy Tone and Better Trading Sentiment to Help Fundamental Recovery

China’s Politburo meeting called for research on destocking measures, a topic that has not been mentioned on this level’s meeting since 2016.

CMB International

Property - Weekly highlight: +ve progress on policy implementation, no remarkable recovery on sales

These moves may not bring a surge in property sales but could prevent a sharp decline by marginally boosting demand in our view.

CMB International

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