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 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 flows of Alibaba, Horizon Robotics, Meituan, Byd, Xiaomi.</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 flows of Alibaba, Horizon Robotics, Meituan, Byd, Xiaomi.


Hong Kong Connect Flows (September): $20bn Inflows

Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>
Exchange holidays: Early October holidays in China (Golden Week) and South Korea (Chuseok) may dampen market activity, while India’s Diwali on 21–22 October brings the traditional Muhurat trading session.</li>
<li>
Earnings season begins in the final third of October across India, Japan, China/Hong Kong, and South Korea, alongside key central bank meetings and the TOPIX rebalance on 30 October.</li>
<li>
Why Read: Plan ahead and take into account known market events when making investment and trading decision.</li>
</ul>



Exchange holidays: Early October holidays in China (Golden Week) and South Korea (Chuseok) may dampen market activity, while India’s Diwali on 21–22 October brings the traditional Muhurat trading session.

Earnings season begins in the final third of October across India, Japan, China/Hong Kong, and South Korea, alongside key central bank meetings and the TOPIX rebalance on 30 October.

Why Read: Plan ahead and take into account known market events when making investment and trading decision.


Earnings Kickoff Dominates October 2025 Key Events

Equity Derivatives

Ping An Insurance (H) / Equity Derivatives

<ul>
<li>
Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for eight prominent Hong Kong stocks</li>
<li>
Highlights: <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>stands out with historically low implied volatility across the term structure. <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a>is rich in November and December contracts.</li>
<li>
Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.</li>
</ul>



Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for eight prominent Hong Kong stocks

Highlights: Ping An Insurance (H) (2318 HK)stands out with historically low implied volatility across the term structure. Alibaba (9988 HK)is rich in November and December contracts.

Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.


Volatility Cones: Ping An (2318 HK) And Alibaba (9988 HK) Stand Out

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 26th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Anta (2020 HK), Sinopec (386 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), China Hongqiao (1378 HK), Anta (2020 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 26th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Anta (2020 HK), Sinopec (386 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), China Hongqiao (1378 HK), Anta (2020 HK).


Hong Kong Buybacks Weekly (Sep 26th): Tencent, Anta, Sinopec

<ul>
<li>
Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich.</li>
<li>
Highlights: Implied volatility has broadly risen across most, but not all, HK stocks. Front-month expiries remain historically cheap amid a steepening curve. Opportunities endure, though fewer than in recent weeks.</li>
<li>
Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.</li>
</ul>



Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich.

Highlights: Implied volatility has broadly risen across most, but not all, HK stocks. Front-month expiries remain historically cheap amid a steepening curve. Opportunities endure, though fewer than in recent weeks.

Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.


Volatility Cones Spotlight Hedging in Tencent (700 HK) And More

United Kingdom

HSBC Holdings plc is the holding company for the HSBC Group. The Company provides a variety of international banking and financial services, including retail and corporate banking, trade, trusteeship, securities, custody, capital markets, treasury, private and investment banking, and insurance.  The Group operates worldwide.

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HSBC Holdings (HSBA LN)

Hong Kong Connect Flows (September): $20bn Inflows

We estimate that there were inflows of USD 20,828.1 million into HK Stocks in September. We highlight inflows into Alibaba, Horizon Robotics,...

Ke Yan, CFA, FRM

Earnings Kickoff Dominates October 2025 Key Events

October 2025 kicks off earnings season – reports from Fast Retailing (9983 JP), ICICI Bank (ICICIB IN) & more – alongside holidays and central bank...

Gaudenz Schneider

Volatility Cones: Ping An (2318 HK) And Alibaba (9988 HK) Stand Out

Volatility cones for eight prominent Hong Kong stocks highlight opportunities in cheap implied volatility in Ping An Insurance, Meituan, and...

Gaudenz Schneider

Hong Kong Buybacks Weekly (Sep 26th): Tencent, Anta, Sinopec

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Volatility Cones Spotlight Hedging in Tencent (700 HK) And More

Tencent and other major HK stocks trade with historically low front-month volatility, offering potential hedging opportunities as the curve...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Connect Flows (September): $20bn Inflows

We estimate that there were inflows of USD 20,828.1 million into HK Stocks in September. We highlight inflows into Alibaba, Horizon Robotics,...

Ke Yan, CFA, FRM

Earnings Kickoff Dominates October 2025 Key Events

October 2025 kicks off earnings season – reports from Fast Retailing (9983 JP), ICICI Bank (ICICIB IN) & more – alongside holidays and central bank...

Gaudenz Schneider

Volatility Cones: Ping An (2318 HK) And Alibaba (9988 HK) Stand Out

​Volatility cones for eight prominent Hong Kong stocks highlight opportunities in cheap implied volatility in Ping An Insurance, Meituan, and...

Gaudenz Schneider

Hong Kong Buybacks Weekly (Sep 26th): Tencent, Anta, Sinopec

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Volatility Cones Spotlight Hedging in Tencent (700 HK) And More

Tencent and other major HK stocks trade with historically low front-month volatility, offering potential hedging opportunities as the curve...

Gaudenz Schneider

Volatility cones for eight prominent Hong Kong stocks highlight opportunities in cheap implied volatility in Ping An Insurance, Meituan, and...