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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 30th 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), AIA (1299 HK), Meituan (3690 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Cosco Shipping (1919 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 30th 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), AIA (1299 HK), Meituan (3690 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Cosco Shipping (1919 HK).


Hong Kong Buybacks Weekly (May 30th): Tencent, AIA, Meituan

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Chinese parcel volume growth in April was solid, and unit price trend appears benign</li>
<li>No signs (yet) of aggressive moves by ZTO Express to recovery volume share in Q225</li>
<li>Besides SF, express companies have struggled to differentiate themselves in recent years</li>
</ul>


Chinese parcel volume growth in April was solid, and unit price trend appears benign
No signs (yet) of aggressive moves by ZTO Express to recovery volume share in Q225
Besides SF, express companies have struggled to differentiate themselves in recent years


Monthly Chinese Express Tracker | Volume Firm, Price Benign | ZTO Under Pressure? (May 2025)

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 23rd 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), Bilibili (9626 HK), AIA (1299 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Bilibili (9626 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 23rd 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), Bilibili (9626 HK), AIA (1299 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Bilibili (9626 HK).


Hong Kong Buybacks Weekly (May 23rd): Tencent, Bilibili, AIA

<ul>
<li>In Q125, ZTO's rate of volume growth accelerated, but it still lagged overall market growth</li>
<li>Despite a sharp (-18% Y/Y) decline in SG&amp;A expenses, OpInc margin fell by -70 bps Y/Y</li>
<li>Guidance suggests ZTO will chase volume share rest of FY25, pressuring margins further</li>
</ul>


In Q125, ZTO's rate of volume growth accelerated, but it still lagged overall market growth
Despite a sharp (-18% Y/Y) decline in SG&amp;A expenses, OpInc margin fell by -70 bps Y/Y
Guidance suggests ZTO will chase volume share rest of FY25, pressuring margins further


ZTO Express Q125 Results: Adj EBITDA Barely Moved Despite +19% Y/Y Parcel Volume Growth | AVOID

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 16th 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 AIA (1299 HK), China Hongqiao (1378 HK), Cosco Shipping (1919 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), China Hongqiao (1378 HK), Cosco Shipping (1919 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 16th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), China Hongqiao (1378 HK), Cosco Shipping (1919 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), China Hongqiao (1378 HK), Cosco Shipping (1919 HK).


Hong Kong Buybacks Weekly (May 16th): AIA, China Hongqiao, Cosco Shipping

Hong Kong

J&T Global Express Limited operates as a global logistics service provider. The Company offers road express delivery, air express transportation, supply chain warehousing, and other value added services. J&T Global Express conducts business in China, Philippines, Malaysia, Thailand, Vietnam, and other countries.

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

J&T Global Express (1519 HK)

Hong Kong Buybacks Weekly (May 30th): Tencent, AIA, Meituan

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

Monthly Chinese Express Tracker | Volume Firm, Price Benign | ZTO Under Pressure? (May 2025)

April volume and price trends were mostly benign, but the fact remains that most of China's express companies have struggled to differentiate their...

Tracking Traffic

Hong Kong Buybacks Weekly (May 23rd): Tencent, Bilibili, AIA

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

ZTO Express Q125 Results: Adj EBITDA Barely Moved Despite +19% Y/Y Parcel Volume Growth | AVOID

ZTO Express reported core margin compression again in Q125, despite an acceleration of volume growth and impressive cost control. "Key accounts"...

Tracking Traffic

Hong Kong Buybacks Weekly (May 16th): AIA, China Hongqiao, Cosco Shipping

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)