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 146 stocks over the last week. The average A-H premium was 129.1% as of Dec 15th.</li>
<li>The average A-H premium changed by 0.2ppt week on week, led by consumer staples, communication services, real estate and offset by utilities, health care, information technology.</li>
<li>We highlight weekly changes in A-H premium for CMB, China Tourism, Ping An Insurance, BYD.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 129.1% as of Dec 15th.
The average A-H premium changed by 0.2ppt week on week, led by consumer staples, communication services, real estate and offset by utilities, health care, information technology.
We highlight weekly changes in A-H premium for CMB, China Tourism, Ping An Insurance, BYD.


A-H Premium Weekly (Dec 15th): CMB, China Tourism, Ping An Insurance, BYD

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>We estimate the outflows to be $12.8bn in August and consumer staples, and financials sectors led the outflows.</li>
<li>We highlight flows for CATL, Wuxi Wapptec, Fuyao Glass, Foxconn Industrial, CMB, Wuliangye, Mindray, Moutai, Longi Green.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
We estimate the outflows to be $12.8bn in August and consumer staples, and financials sectors led the outflows.
We highlight flows for CATL, Wuxi Wapptec, Fuyao Glass, Foxconn Industrial, CMB, Wuliangye, Mindray, Moutai, Longi Green.


Northbound Flows Monthly (August): $12.8bn Outflows

<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 113.6% as of May 26th.</li>
<li>The average A-H premium changed by 2.3ppt week on week, led by information technology, utilities, consumer discretionary and offset by financials.</li>
<li>We highlight weekly changes in A-H premium for Shandong Gold, China Longyuan, BYD, Shenhua, China Minsheng, CSSC Offshore, Shanghai Fudan, China Life, Flat Glass, CCCC.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 113.6% as of May 26th.
The average A-H premium changed by 2.3ppt week on week, led by information technology, utilities, consumer discretionary and offset by financials.
We highlight weekly changes in A-H premium for Shandong Gold, China Longyuan, BYD, Shenhua, China Minsheng, CSSC Offshore, Shanghai Fudan, China Life, Flat Glass, CCCC.


A-H Premium Weekly (May 26th): Shandong Gold, China Longyuan, BYD, Shenhua, China Minsheng

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Equity Capital Markets

JF Wealth Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jf-wealth-holdings" target="_blank" data-smartkarma-citation="entities:36805:1" rel="noopener">JF Wealth Holdings (9636 HK)</a> raised around US$129m in its Hong Kong IPO.</li>
<li>JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note we will talk about the demand and trading dynamics.</li>
</ul>



JF Wealth Holdings (9636 HK) raised around US$129m in its Hong Kong IPO.
JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market.
We have covered various aspects of the deal in our previous notes. In this note we will talk about the demand and trading dynamics.


JF Wealth IPO Trading - Tepid Subscription Here Probably Won’t Buck Recent HK IPO Trends

Founder of Antler Capital

Stanley Tsai, CFA

Thematic (Sector/Industry)

<ul>
<li>We welcome the regulators' formalization of financial asset classifications. This will gradually remove regulatory arbitrage and pave the way for further bank reintermediation.</li>
<li>The new rules will likely have limited impacts on bond holdings that have active secondary markets, but illiquid debt investment plans will come under more intense regulatory and auditor scrutiny.</li>
<li>We see an impact of 10-15bp on the listed banks' reported NPL ratios. That said, a handful of banks may be at risk of capital shortages if the environment worsens. </li>
</ul>


We welcome the regulators' formalization of financial asset classifications. This will gradually remove regulatory arbitrage and pave the way for further bank reintermediation.
The new rules will likely have limited impacts on bond holdings that have active secondary markets, but illiquid debt investment plans will come under more intense regulatory and auditor scrutiny.
We see an impact of 10-15bp on the listed banks' reported NPL ratios. That said, a handful of banks may be at risk of capital shortages if the environment worsens. 


Chinese Banks: New Asset Classification Rules | You Can Run but You Can't Hide

China

Guotai Junan Securities Co.,Ltd. provides financial services. The Company offers corporate finance, fixed income securities, asset management, risk management, and other services. Guotai Junan Securities Company serves clients throughout China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Guotai Junan Securities (2611 HK)

A-H Premium Weekly (Dec 15th): CMB, China Tourism, Ping An Insurance, BYD

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CMB, China Tourism, Ping An Insurance, BYD.

Ke Yan, CFA, FRM

Northbound Flows Monthly (August): $12.8bn Outflows

We analyzed the Shanghai/Shenzhen Connect Scheme for August and highlight flows for CATL, Wuxi Wapptec, Fuyao Glass, Foxconn Industrial, CMB,...

Ke Yan, CFA, FRM

A-H Premium Weekly (May 26th): Shandong Gold, China Longyuan, BYD, Shenhua, China Minsheng

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Shandong Gold, China Longyuan, BYD, Shenhua, China Minsheng.

Ke Yan, CFA, FRM

JF Wealth IPO Trading - Tepid Subscription Here Probably Won’t Buck Recent HK IPO Trends

JF Wealth Holdings (9636 HK) raised around US$129m in its Hong Kong IPO. In this note we will talk about the demand and trading dynamics.

Clarence Chu

Chinese Banks: New Asset Classification Rules | You Can Run but You Can't Hide

New asset classification rules have officially been announced. We see this as a long-term positive for the sector as regulators continue to bring...

Stanley Tsai, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)