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 April 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 Bank Of China, Tencent, China Mobile, HKEx, Zto Express, Meituan, HSBC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 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 Bank Of China, Tencent, China Mobile, HKEx, Zto Express, Meituan, HSBC.


Hong Kong Connect Flows (Apr 26th): BOC, Tencent, China Mobile, HKEx, ZTO, Meituan, HSBC

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A shares were up small on the week, largely due to a big rally on Friday (led by record Northbound buying). HK Stocks had a HUGE week. </li>
<li>Net SOUTHBOUND buying was +HK10.3bn. Net buys every day and now 20 days straight, but buying was foreign-led.</li>
<li>Little market news. More geopolitical news. Big SOE bank H-shares see relentless buying. HSTECH +13.4%, HSI +8.8%, HSCEI +9.1%.</li>
</ul>


A shares were up small on the week, largely due to a big rally on Friday (led by record Northbound buying). HK Stocks had a HUGE week. 
Net SOUTHBOUND buying was +HK10.3bn. Net buys every day and now 20 days straight, but buying was foreign-led.
Little market news. More geopolitical news. Big SOE bank H-shares see relentless buying. HSTECH +13.4%, HSI +8.8%, HSCEI +9.1%.


HK Connect SOUTHBOUND Flows (To 26 Apr 2024); Strong Net Buying on Banks/Energy Telco SOEs. Again.

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a> outlook has been withering for some time, and new data on property transactions, shows that this remains weak.</li>
<li>
<a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" data-smartkarma-citation="entities:1047:1" rel="noopener">SGX (SGX SP)</a> in a less volatile geopolitical financial center, has a much lower market capitalization while its earnings outlook is far stronger.</li>
<li>Two major differences between these two entities is their ROE and ROA, although the former may be more relevant. <a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" data-smartkarma-citation="entities:1047:1" rel="noopener">SGX (SGX SP)</a> has an ROE that is nearly 50% higher. </li>
</ul>



HKEX (388 HK) outlook has been withering for some time, and new data on property transactions, shows that this remains weak.

SGX (SGX SP) in a less volatile geopolitical financial center, has a much lower market capitalization while its earnings outlook is far stronger.
Two major differences between these two entities is their ROE and ROA, although the former may be more relevant. SGX (SGX SP) has an ROE that is nearly 50% higher. 


HKEX - Worsening Property Transactions, Underscores Ailments for Hong Kong

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There were only 12 new listings on the Main Board of the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a> in the first quarter of the year. More than half the listings were in March.</li>
<li>Of those stocks, we only see <a href="https://www.smartkarma.com/entities/shenzhen-robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (2498 HK)</a> having a chance of being added to the HSCI in June and then into Southbound Stock Connect.</li>
<li>There is a big lock-up expiry for <a href="https://www.smartkarma.com/entities/shenzhen-robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (2498 HK)</a> in July and that should keep the stock under pressure.</li>
</ul>


There were only 12 new listings on the Main Board of the HKEX (388 HK) in the first quarter of the year. More than half the listings were in March.
Of those stocks, we only see Robosense Technology (2498 HK) having a chance of being added to the HSCI in June and then into Southbound Stock Connect.
There is a big lock-up expiry for Robosense Technology (2498 HK) in July and that should keep the stock under pressure.


HSCI Index Rebalance Preview: Robosense (2498 HK) Could Be Added in June

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 12th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Tencent (700 HK), Meituan (3690 HK), Zhaojin Mining (1818 HK).</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 12th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Tencent (700 HK), Meituan (3690 HK), Zhaojin Mining (1818 HK).


HK Short Interest Weekly: Tencent, Meituan, Zhaojin Mining

Hong Kong

Hong Kong Exchanges & Clearing Limited owns and operates the stock exchange, futures exchange, and their related clearing houses in Hong Kong.  The Company provides the trading platforms for a range of cash and derivatives products and the facilities for processing trades.

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

HKEX (388 HK)

Hong Kong Connect Flows (Apr 26th): BOC, Tencent, China Mobile, HKEx, ZTO, Meituan, HSBC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Bank Of China, Tencent, China Mobile, HKEx, Zto Express,...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 26 Apr 2024); Strong Net Buying on Banks/Energy Telco SOEs. Again.

A decent flow week. Net buying every day. That's 20 days in a row. Some may be Central Huijin buying. HK stocks had a HUGE up week. It was probably...

Travis Lundy

HKEX - Worsening Property Transactions, Underscores Ailments for Hong Kong

Results for HKEX are just out and there are not good at all, across many key line items, and with average daily trading volume with EBITDA at -20% YoY

Daniel Tabbush

HSCI Index Rebalance Preview: Robosense (2498 HK) Could Be Added in June

Robosense (2498 HK) could be added to the HSCI at the close on 7 June and to Stock Connect from the open 11 June. There is a big lock-up expiry on...

Brian Freitas

HK Short Interest Weekly: Tencent, Meituan, Zhaojin Mining

We analyzed the latest HK SFC report for aggregate short position as of Apr 12th and highlight short interest changes in Tencent, Meituan, Zhaojin...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)