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 150 stocks over the last week. The average A-H premium was 90.4% as of Apr 18th.</li>
<li>The average A-H premium changed by -0.5ppt week-on-week, led by health care, consumer staples, materials and offset by real estate, energy, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Remegen, Shandong Gold Mining, Innocare Pharma, China Oilfield Services.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 90.4% as of Apr 18th.
The average A-H premium changed by -0.5ppt week-on-week, led by health care, consumer staples, materials and offset by real estate, energy, consumer discretionary.
We highlight weekly changes in A-H premium for Remegen, Shandong Gold Mining, Innocare Pharma, China Oilfield Services.


A-H Premium Weekly (Apr 18th): Remegen, Shandong Gold Mining, Innocare Pharma

<ul>
<li>We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 86.7% as of April 4th. </li>
<li>The average A-H premium changed by 1.6ppt week-on-week, led by consumer staples.</li>
<li>We highlight weekly changes in A-H premium for Joinn Lab, Beigene, Qinhuangdao Port, Sichuan Expressway.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 86.7% as of April 4th. 
The average A-H premium changed by 1.6ppt week-on-week, led by consumer staples.
We highlight weekly changes in A-H premium for Joinn Lab, Beigene, Qinhuangdao Port, Sichuan Expressway.


A-H Premium Weekly (Apr 4th): Joinn Lab, Beigene, Qinhuangdao Port, Sichuan Expressway

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Reports of merger between UMC and GlobalFoundries. Beyond the threat of US import tariffs for UMC, it would create a larger firm to counter SMIC’s expansion. Easier said than done</li>
<li>TSMC second 2nm Fab in KaoHsiung “inaugurated”, 2nm production unchanged mid of 2025. A16 process and equipment qualification underway for risk production in 2027.</li>
<li>Biden era CHIPS Act subsidies (US$52bn) could be cancelled or the program is completed and the assigned staff leaving?</li>
</ul>


Reports of merger between UMC and GlobalFoundries. Beyond the threat of US import tariffs for UMC, it would create a larger firm to counter SMIC’s expansion. Easier said than done
TSMC second 2nm Fab in KaoHsiung “inaugurated”, 2nm production unchanged mid of 2025. A16 process and equipment qualification underway for risk production in 2027.
Biden era CHIPS Act subsidies (US$52bn) could be cancelled or the program is completed and the assigned staff leaving?


UMC – Global Foundries Merger? TSMC 2nm and A16 On-Track. More Doubts over US CHIPS Act Subsidies.

<ul>
<li>We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 83.3% as of Mar 21st.</li>
<li>The average A-H premium changed by -0.4ppt week-on-week, led by utilities, consumer discretionary, communication services and offset by consumer staples, financials.</li>
<li>We highlight weekly changes in A-H premium for Huadian Power, Livzon Pharma, Joinn Lab, Maanshan Iron&amp;Steel, Datang Intl Power.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 83.3% as of Mar 21st.
The average A-H premium changed by -0.4ppt week-on-week, led by utilities, consumer discretionary, communication services and offset by consumer staples, financials.
We highlight weekly changes in A-H premium for Huadian Power, Livzon Pharma, Joinn Lab, Maanshan Iron&amp;Steel, Datang Intl Power.


A-H Premium Weekly (Mar 21st): 47 Stocks at 52 Week High A-H Premium

<ul>
<li>We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 83.5% as of Mar 14th.</li>
<li>The average A-H premium changed by -0.9ppt week-on-week, led by consumer discretionary, consumer staples, energy and offset by information technology, real estate, materials.</li>
<li>We highlight weekly changes in A-H premium for CIMC, Sinotrans, Joinn Lab, Huahong Semicon, Huaneng Power, Tigermed, Asymchem Lab.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 83.5% as of Mar 14th.
The average A-H premium changed by -0.9ppt week-on-week, led by consumer discretionary, consumer staples, energy and offset by information technology, real estate, materials.
We highlight weekly changes in A-H premium for CIMC, Sinotrans, Joinn Lab, Huahong Semicon, Huaneng Power, Tigermed, Asymchem Lab.


A-H Premium Weekly (Mar 14th): CIMC, Sinotrans, Joinn Lab, Huahong Semicon, Huaneng Power

China

Hua Hong Semiconductor Limited manufactures semiconductors wafer foundry services. The Company produces embedded non-volatile memory, power discrete, analog, power management, and logic RF products. Hua Hong Semiconductor provides products for consumer electronics, communications, computing, industrial, and automotive fields.

Price Gauge
52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

Hua Hong Semiconductor (688347 CH)

A-H Premium Weekly (Apr 18th): Remegen, Shandong Gold Mining, Innocare Pharma

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Remegen, Shandong Gold Mining, Innocare Pharma, China...

Ke Yan, CFA, FRM

A-H Premium Weekly (Apr 4th): Joinn Lab, Beigene, Qinhuangdao Port, Sichuan Expressway

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Joinn Lab, Beigene, Qinhuangdao Port, Sichuan Expressway.

Ke Yan, CFA, FRM

UMC – Global Foundries Merger? TSMC 2nm and A16 On-Track. More Doubts over US CHIPS Act Subsidies.

Potential merger between UMC and GlobalFoundries to counter SMIC's growth, TSMC's 2nm Fab in KaoHsiung on track for mid-2025 production,...

Nicolas Baratte

A-H Premium Weekly (Mar 21st): 47 Stocks at 52 Week High A-H Premium

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Huadian Power, Livzon Pharma, Joinn Lab, Maanshan...

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 14th): CIMC, Sinotrans, Joinn Lab, Huahong Semicon, Huaneng Power

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CIMC, Sinotrans, Joinn Lab, Huahong Semicon, Huaneng Power,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Apr 18th): Remegen, Shandong Gold Mining, Innocare Pharma

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Remegen, Shandong Gold Mining, Innocare Pharma, China...

Ke Yan, CFA, FRM

A-H Premium Weekly (Apr 4th): Joinn Lab, Beigene, Qinhuangdao Port, Sichuan Expressway

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Joinn Lab, Beigene, Qinhuangdao Port, Sichuan Expressway.

Ke Yan, CFA, FRM

UMC – Global Foundries Merger? TSMC 2nm and A16 On-Track. More Doubts over US CHIPS Act Subsidies.

​Potential merger between UMC and GlobalFoundries to counter SMIC's growth, TSMC's 2nm Fab in KaoHsiung on track for mid-2025 production,...

Nicolas Baratte

A-H Premium Weekly (Mar 21st): 47 Stocks at 52 Week High A-H Premium

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Huadian Power, Livzon Pharma, Joinn Lab, Maanshan...

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 14th): CIMC, Sinotrans, Joinn Lab, Huahong Semicon, Huaneng Power

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CIMC, Sinotrans, Joinn Lab, Huahong Semicon, Huaneng Power,...

Ke Yan, CFA, FRM

Potential merger between UMC and GlobalFoundries to counter SMIC's growth, TSMC's 2nm Fab in KaoHsiung on track for mid-2025 production,...