Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> one of the world’s largest home appliance producers, aims to raise up to US$3bn in its H-share listing.</li>
<li>Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.</li>
<li>We have covered the company and deal background in our previous notes. In this note, we talk about the updates since then.</li>
</ul>



Midea Group Co Ltd A (000333 CH) one of the world’s largest home appliance producers, aims to raise up to US$3bn in its H-share listing.
Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.
We have covered the company and deal background in our previous notes. In this note, we talk about the updates since then.


Midea A/H Listing - Getting Closer to the US$3bn+ Raising, Has a Narrow Window

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows into ICBC, Tencent, CCB, Yankuang, Sinopec, and outflows from HSBC, Meituan, HKEx, China Hongqiao, CNOOC. </li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into ICBC, Tencent, CCB, Yankuang, Sinopec, and outflows from HSBC, Meituan, HKEx, China Hongqiao, CNOOC. 


Hong Kong Connect Flows (July): 11 Months of Inflows

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>One “unique” feature of China's CXOs is that they like investment more than drug R&amp;D business, but the investment-driven model will result in "interest-to-conflict", which actually “crosses the line”.</li>
<li>RemeGen's shares plummet last week. In current situation of investors' lack of confidence/trust in RemeGen, stock price may not have hit bottom yet, so no need to rush to bottom-fish.</li>
<li>For Kelun Bio, if SKB264 fails to deliver good data, valuation would face the risk of pullback. After the lock-up expiry, there could be opportunity to buy at lower price.</li>
</ul>


One “unique” feature of China's CXOs is that they like investment more than drug R&amp;D business, but the investment-driven model will result in "interest-to-conflict", which actually “crosses the line”.
RemeGen's shares plummet last week. In current situation of investors' lack of confidence/trust in RemeGen, stock price may not have hit bottom yet, so no need to rush to bottom-fish.
For Kelun Bio, if SKB264 fails to deliver good data, valuation would face the risk of pullback. After the lock-up expiry, there could be opportunity to buy at lower price.


China Healthcare Weekly (July.14) - CXO's Disputed Business Model, Remegen Shares Plunged, Kelun Bio

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows for Bank of China, Tencent, China Mobile, CNOOC, ZTO, Anta.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows for Bank of China, Tencent, China Mobile, CNOOC, ZTO, Anta.


Hong Kong Connect Flows (Mar): 12 Month High of $9.8bn Inflows

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Zhuzhou CRRC Times Electric / Event-Driven

<ul>
<li>The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>SOUTHBOUND's consecutive buying streak ended on Monday, and a new buying streak started Tuesday. NORTHBOUND net bought the dip. Last week's (double long) choice Longyuan Power was up 5.24%.</li>
<li>Narrow AH premia narrowed some. Wider AH premia saw Hs outperform. There is a LOT of spread left in this market.  7 recommendations this week.</li>
</ul>


The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
SOUTHBOUND's consecutive buying streak ended on Monday, and a new buying streak started Tuesday. NORTHBOUND net bought the dip. Last week's (double long) choice Longyuan Power was up 5.24%.
Narrow AH premia narrowed some. Wider AH premia saw Hs outperform. There is a LOT of spread left in this market.  7 recommendations this week.


A/H Premium Tracker (To 28 Mar 2024):  Liquid AH Premia Still Very Wide

China

Hangzhou Tigermed Consulting is a leading China-based contract research organization (CRO) providing comprehensive biopharmaceutical and medical device R&D services. The company offers a full suite of clinical research solutions, including clinical trial operations, data management, statistical analysis, medical writing, and regulatory affairs. It was founded in 2004 and is headquartered in Hangzhou, China.

Price Gauge
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Hangzhou Tigermed Consulting (3347 HK)

Midea A/H Listing - Getting Closer to the US$3bn+ Raising, Has a Narrow Window

The company has now filed its PHIP and is said to be looking to pre-market its IPO over the coming week, with an aim for launching the IPO later in...

Sumeet Singh

Hong Kong Connect Flows (July): 11 Months of Inflows

We analyzed the Hong Kong Connect Scheme for July and highlighted inflows into ICBC, Tencent, CCB, Yankuang, Sinopec, and outflows from HSBC,...

Ke Yan, CFA, FRM

China Healthcare Weekly (July.14) - CXO's Disputed Business Model, Remegen Shares Plunged, Kelun Bio

China CXOs prioritize investment over R&D, leading to potential conflicts of interest. Investors challenged RemeGen due to poor outlook. After...

Xinyao (Criss) Wang

Hong Kong Connect Flows (Mar): 12 Month High of $9.8bn Inflows

We analyzed the Hong Kong Connect Scheme for March and highlight flows for Bank of China, Tencent, China Mobile, CNOOC, ZTO, Anta.

Ke Yan, CFA, FRM

A/H Premium Tracker (To 28 Mar 2024): Liquid AH Premia Still Very Wide

The Quiddity AH Monitor Portfolio was -0.26% last week. It is tilted long H vs A than it has ever been as far as I know. Spreads are still very...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Midea A/H Listing - Getting Closer to the US$3bn+ Raising, Has a Narrow Window

The company has now filed its PHIP and is said to be looking to pre-market its IPO over the coming week, with an aim for launching the IPO later in...

Sumeet Singh

Hong Kong Connect Flows (July): 11 Months of Inflows

We analyzed the Hong Kong Connect Scheme for July and highlighted inflows into ICBC, Tencent, CCB, Yankuang, Sinopec, and outflows from HSBC,...

Ke Yan, CFA, FRM

China Healthcare Weekly (July.14) - CXO's Disputed Business Model, Remegen Shares Plunged, Kelun Bio

​China CXOs prioritize investment over R&D, leading to potential conflicts of interest. Investors challenged RemeGen due to poor outlook. After...

Xinyao (Criss) Wang

Hong Kong Connect Flows (Mar): 12 Month High of $9.8bn Inflows

We analyzed the Hong Kong Connect Scheme for March and highlight flows for Bank of China, Tencent, China Mobile, CNOOC, ZTO, Anta.

Ke Yan, CFA, FRM

A/H Premium Tracker (To 28 Mar 2024): Liquid AH Premia Still Very Wide

The Quiddity AH Monitor Portfolio was -0.26% last week. It is tilted long H vs A than it has ever been as far as I know. Spreads are still very...

Travis Lundy

China CXOs prioritize investment over R&D, leading to potential conflicts of interest. Investors challenged RemeGen due to poor outlook. After...