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 September 26th.</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 Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile, CSPC Pharma, China Telecom, HKEx, Hua Hong Semiconductor.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 26th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile, CSPC Pharma, China Telecom, HKEx, Hua Hong Semiconductor.


HK Connect Flows Weekly (Sep 26th): Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Banu International Holding / Equity Capital Markets

<ul>
<li>Some key performance indicators indicate that the core driving force behind revenue growth has shifted from single restaurant efficiency to restaurant quantity, which isn't a good signal for chain brands</li>
<li>The label of "high price" cannot support strong profitability. High cost structure is an important factor affecting profit margin. Investment in heavy assets in supply chain has become an issue.</li>
<li>The rebound in performance in 25Q1 could be just temporary. In terms of valuation, we think the valuation of BANU could be lower than <a href="https://www.smartkarma.com/entities/haidilao-international-holding" target="_blank" data-smartkarma-citation="entities:27044:1" rel="noopener">Haidilao </a>but higher than <a href="https://www.smartkarma.com/entities/xiabuxiabu-catering-mgt-chn-hldgs-co-ltd" target="_blank" data-smartkarma-citation="entities:76:1" rel="noopener">Xiabuxiabu Catering</a>.</li>
</ul>


Some key performance indicators indicate that the core driving force behind revenue growth has shifted from single restaurant efficiency to restaurant quantity, which isn't a good signal for chain brands
The label of "high price" cannot support strong profitability. High cost structure is an important factor affecting profit margin. Investment in heavy assets in supply chain has become an issue.
The rebound in performance in 25Q1 could be just temporary. In terms of valuation, we think the valuation of BANU could be lower than Haidilao but higher than Xiabuxiabu Catering.


Pre-IPO Banu International Holding - The Pain Points and the Outlook

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 19th.</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 Alibaba, Beigene, China Pacific Insurance, Duality Biotherapeutics, Xiaomi, Tencent, ICBC, Great Wall Motor.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 19th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Beigene, China Pacific Insurance, Duality Biotherapeutics, Xiaomi, Tencent, ICBC, Great Wall Motor.


HK Connect Flows Weekly (Sep 19th): Alibaba, Beigene, China Pacific Insurance

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 12th.</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 Alibaba, Horizon Robotics, Pop Mart Intl, BYD, Meituan, Ping An Insurance, Akeso, China Telecom, Xiaomi, Kuaishou.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 12th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Horizon Robotics, Pop Mart Intl, BYD, Meituan, Ping An Insurance, Akeso, China Telecom, Xiaomi, Kuaishou.


HK Connect Flows Weekly (Sep 12th): Alibaba, Horizon Robotics, Pop Mart Intl, BYD, Meituan

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.</li>
<li>In this insight, we take a look at the rankings of potential ADDs and potential DELs for the December 2025 index rebal event.</li>
<li>At present, we see three changes based on the latest data but the rankings can change until 30th September 2025.</li>
</ul>


The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.
In this insight, we take a look at the rankings of potential ADDs and potential DELs for the December 2025 index rebal event.
At present, we see three changes based on the latest data but the rankings can change until 30th September 2025.


Quiddity Leaderboard HSCEI Dec25: Three ADDs/DELs Likely; Sector-Neutral Idea

China

Haidilao International Holding Ltd. operates Chinese cuisine restaurant brand focusing on hot pot cuisine. The Company provides hot pots, soup bases, dipping sauces, drinks, prepared food, and other products. Haidilao International Holding opens restaurants in Taiwan, Hong Kong, Singapore, South Korea, Japan, and the United States.

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Haidilao International Holding (6862 HK)

HK Connect Flows Weekly (Sep 26th): Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Shandong Hi-Speed (412 HK), Meituan...

Ke Yan, CFA, FRM

Pre-IPO Banu International Holding - The Pain Points and the Outlook

BANU's label of "high price" cannot support strong profitability. Heavy asset model in the supply chain has become an issue. 25Q1 performance...

Xinyao (Criss) Wang

HK Connect Flows Weekly (Sep 19th): Alibaba, Beigene, China Pacific Insurance

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Beigene, China Pacific Insurance, Duality...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Sep 12th): Alibaba, Horizon Robotics, Pop Mart Intl, BYD, Meituan

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Horizon Robotics (9660 HK), Pop Mart...

Ke Yan, CFA, FRM

Quiddity Leaderboard HSCEI Dec25: Three ADDs/DELs Likely; Sector-Neutral Idea

We estimate one-way capping flows of US$267mn in December 2025 which translates to a turnover of 3.4% based on the latest available data.

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

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