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 analyzed the changes in foreign holdings of KRX stocks as of Mar 28th which has an aggregated holding worth USD490.5bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,292mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Samsung Electronics, Hanwha Aerospace, SK Hynix, Hyundai Motor, Kia.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Mar 28th which has an aggregated holding worth USD490.5bn.
We estimate that foreign flows to be inflows of USD1,292mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Samsung Electronics, Hanwha Aerospace, SK Hynix, Hyundai Motor, Kia.


KRX Foreign Holding Weekly (Mar 28th): Samsung Electronics, Hanwha Aerospace, SK Hynix

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

Event-Driven

<ul>
<li>Short selling in Korea resumes in a couple of hours. Expect heightened volatility for a few days before things settle down.</li>
<li>Foreign investors have increased their holdings over the last five weeks and there could be further buying in select stocks on stock price drops.</li>
<li>The <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200 INDEX</a> has outperformed the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index</a>, and the forecast index deletes have underperformed the indices indicating that there will be positioning for the short-sell resumption.</li>
</ul>


Short selling in Korea resumes in a couple of hours. Expect heightened volatility for a few days before things settle down.
Foreign investors have increased their holdings over the last five weeks and there could be further buying in select stocks on stock price drops.
The KOSPI 200 INDEX has outperformed the KOSDAQ 150 Index, and the forecast index deletes have underperformed the indices indicating that there will be positioning for the short-sell resumption.


Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

Korea Stock Exchange KOSPI 200 / Equity Derivatives

<ul>
<li>A weekly recap of volatility and price metrics, including option volumes, volatility trends, the spot/implied relationship, and open interest statistics.</li>
<li>Implied vol held firm despite price swings, with the spread between 1M implied and historic vol continuing to widen.</li>
<li>We suggest a tactical hedge given implied vol dynamics and uncertain political environment.</li>
</ul>


A weekly recap of volatility and price metrics, including option volumes, volatility trends, the spot/implied relationship, and open interest statistics.
Implied vol held firm despite price swings, with the spread between 1M implied and historic vol continuing to widen.
We suggest a tactical hedge given implied vol dynamics and uncertain political environment.


Kospi Index Options Weekly (Mar 24 – 28): Volatility Dynamics and Tariff Uncertainty Support Hedging

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>DeepSeek is participating in a China-US AI competition, showcasing their innovative technology and competing on an international stage.</li><li>The China chip sector is rebounding at SEMICON China, with a focus on AI technology to drive growth and progress in the industry.</li><li>Samsung Electronics co-CEO Jong-Hee Han tragically passes away, while Hyundai makes a significant $21B investment in US production, supply chain, and future mobility. The EU is investigating Chinese subsidies for BYD's $4.3B Hungary EV plant.</li></ul>

DeepSeek is participating in a China-US AI competition, showcasing their innovative technology and competing on an international stage.The China chip sector is rebounding at SEMICON China, with a focus on AI technology to drive growth and progress in the industry.Samsung Electronics co-CEO Jong-Hee Han tragically passes away, while Hyundai makes a significant $21B investment in US production, supply chain, and future mobility. The EU is investigating Chinese subsidies for BYD's $4.3B Hungary EV plant.

Tech Supply Chain Tracker (26-Mar-2025): DeepSeek in China-US AI comp.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dn-solutions" target="_blank" data-smartkarma-citation="entities:44474:1" rel="noopener">DN Solutions (298440 KS)</a> (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.</li>
<li>DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.</li>
<li>We have looked at its past performance in our earlier notes. In this note, we will undertake a peer comparison.</li>
</ul>



DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.
DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.
We have looked at its past performance in our earlier notes. In this note, we will undertake a peer comparison.


South Korea

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

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Hyundai Motor (005387 KS)

KRX Foreign Holding Weekly (Mar 28th): Samsung Electronics, Hanwha Aerospace, SK Hynix

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Hanwha Aerospace, SK Hynix,...

Ke Yan, CFA, FRM

Korea Short Selling: Off to the Races

Data indicates positioning in different types of trades ranging from index pairs to forecast index deletions and stocks with high forward PEs. Some...

Brian Freitas

Kospi Index Options Weekly (Mar 24 – 28): Volatility Dynamics and Tariff Uncertainty Support Hedging

Weekly recap: Implied volatility remains steady amid price swings, suggesting a tactical hedge in uncertain political climate.

John Ley

Tech Supply Chain Tracker (26-Mar-2025): DeepSeek in China-US AI comp.

DeepSeek competes in the China-US AI competition, while the China chip sector showcases AI technology at SEMICON China; Samsung Electronics co-CEO...

Tech Supply Chain Tracker

DN Solutions Pre-IPO - Peer Comparison

DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares. In this note, we...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KRX Foreign Holding Weekly (Mar 28th): Samsung Electronics, Hanwha Aerospace, SK Hynix

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Hanwha Aerospace, SK Hynix,...

Ke Yan, CFA, FRM

Korea Short Selling: Off to the Races

Data indicates positioning in different types of trades ranging from index pairs to forecast index deletions and stocks with high forward PEs. Some...

Brian Freitas

Kospi Index Options Weekly (Mar 24 – 28): Volatility Dynamics and Tariff Uncertainty Support Hedging

​Weekly recap: Implied volatility remains steady amid price swings, suggesting a tactical hedge in uncertain political climate.

John Ley

Tech Supply Chain Tracker (26-Mar-2025): DeepSeek in China-US AI comp.

DeepSeek competes in the China-US AI competition, while the China chip sector showcases AI technology at SEMICON China; Samsung Electronics co-CEO...

Tech Supply Chain Tracker

DN Solutions Pre-IPO - Peer Comparison

DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares. In this note, we...

Sumeet Singh

Weekly recap: Implied volatility remains steady amid price swings, suggesting a tactical hedge in uncertain political climate.