Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL)</a>, one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share listing.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we talk about updates from its most recent filings.</li>
</ul>



Contemporary Amperex Technology (CATL), one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share listing.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
We have looked at the company’s past performance in our earlier notes. In this note, we talk about updates from its most recent filings.


HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Shanghai Henlius Biotech  / Equity Bottom-Up

<ul>
<li>LVC increased its holding of Henlius by 1,110,900 shares on January 23, reflecting its high recognition of the Company and optimism on its prospects, despite the biosimilar VBP headwinds.</li>
<li>Even with concerns, LVC still repeatedly invested in Henlius at a valuation far higher than its actual value, offering support with real money during pre-IPO stage.</li>
<li>Lin Lijun’s dissenting vote was a deliberate decision. We are interested to see Lin's next move. Lin should have a very clear understanding of the true value of Henlius.</li>
</ul>


LVC increased its holding of Henlius by 1,110,900 shares on January 23, reflecting its high recognition of the Company and optimism on its prospects, despite the biosimilar VBP headwinds.
Even with concerns, LVC still repeatedly invested in Henlius at a valuation far higher than its actual value, offering support with real money during pre-IPO stage.
Lin Lijun’s dissenting vote was a deliberate decision. We are interested to see Lin's next move. Lin should have a very clear understanding of the true value of Henlius.


Shanghai Henlius Biotech (2696 HK) - LVC Increased Its Holding of Henlius Again

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

iShares China Large-Cap (FXI) / Index Rebalance

<ul>
<li>There could be 1/2 changes to the <a href="https://www.smartkarma.com/entities/ishares-china-large-cap-etf" target="_blank" data-smartkarma-citation="entities:766:1" rel="noopener">iShares China Large-Cap (FXI) (FXI US)</a> in March. Then there will be more changes as large Chinese companies list H-shares on the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX</a>.</li>
<li>Fast Entries and regular inclusion of newly listed H-shares will change the characteristics of the <a href="https://www.smartkarma.com/entities/ishares-china-large-cap-etf" target="_blank" data-smartkarma-citation="entities:766:1" rel="noopener">FXI</a> and there could be further deviations from the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index (HSCEI INDEX)</a>. </li>
<li>That will provide opportunities for index rebalance traders as well as volatility traders that are active on the <a href="https://www.smartkarma.com/entities/ishares-china-large-cap-etf" target="_blank" data-smartkarma-citation="entities:766:1" rel="noopener">iShares China Large-Cap (FXI) (FXI US)</a> options.</li>
</ul>


There could be 1/2 changes to the iShares China Large-Cap (FXI) (FXI US) in March. Then there will be more changes as large Chinese companies list H-shares on the HKEX.
Fast Entries and regular inclusion of newly listed H-shares will change the characteristics of the FXI and there could be further deviations from the Hang Seng China Enterprises Index (HSCEI INDEX). 
That will provide opportunities for index rebalance traders as well as volatility traders that are active on the iShares China Large-Cap (FXI) (FXI US) options.


FXI ETF: Potential Changes in the Year of the Snake

Event-Driven

Foshan Haitian Flavouring & Food / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-co-ltd" target="_blank" data-smartkarma-citation="entities:15577:1" rel="noopener">Foshan Haitian Flavouring &amp; Food (603288 CH)</a> has filed for a listing on 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> and reports indicate that the raise will be at least US$1.5bn.</li>
<li>In line with the <a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a> and <a href="https://www.smartkarma.com/entities/s-f-holding" target="_blank" data-smartkarma-citation="entities:44093:1" rel="noopener">S.F. Holding (6936 HK)</a> H-share listings, the discount on the H-shares could be in the 20-25% range.</li>
<li>The stock will not get Fast Entry to any indices but there should be inclusions at subsequent rebalances, especially once the cornerstone investor lock-up expires.</li>
</ul>



Foshan Haitian Flavouring &amp; Food (603288 CH) has filed for a listing on the HKEX (388 HK) and reports indicate that the raise will be at least US$1.5bn.
In line with the Midea Group (300 HK) and S.F. Holding (6936 HK) H-share listings, the discount on the H-shares could be in the 20-25% range.
The stock will not get Fast Entry to any indices but there should be inclusions at subsequent rebalances, especially once the cornerstone investor lock-up expires.


Foshan Haitian Flavouring & Food (603288 CH): Index Inclusion Post H-Share Listing

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, starting with Hong Kong.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, starting with Hong Kong.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2025 Asia IPO Pipeline - Hong Kong

China

Jiangsu Hengrui Medicine Co., Ltd. develops, manufactures, and markets a variety of medicines and medicine packing materials. The Company's products include anti-tumor medicines, pain-killers, anti-infection medicines, aluminum foil, and other related products.

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Jiangsu Hengrui Medicine (600276 CH)

CATL A/H Listing - IPO Filing Updates

Contemporary Amperex Technology (CATL), one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share...

Sumeet Singh

Shanghai Henlius Biotech (2696 HK) - LVC Increased Its Holding of Henlius Again

Share price of Henlius has rebounded rapidly to above HK$20/share after the deal break. LVC/Lin Lijun repeatedly increased holding of Henlius,...

Xinyao (Criss) Wang

FXI ETF: Potential Changes in the Year of the Snake

There could be many constituent changes to the FXI this year. That will alter the returns, volatility and drawdown of the ETF and open up trading...

Brian Freitas

Aequitas 2025 Asia IPO Pipeline - Hong Kong

In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, starting with Hong Kong where the number of filings have been...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CATL A/H Listing - IPO Filing Updates

Contemporary Amperex Technology (CATL), one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share...

Sumeet Singh

Shanghai Henlius Biotech (2696 HK) - LVC Increased Its Holding of Henlius Again

Share price of Henlius has rebounded rapidly to above HK$20/share after the deal break. LVC/Lin Lijun repeatedly increased holding of Henlius,...

Xinyao (Criss) Wang

FXI ETF: Potential Changes in the Year of the Snake

There could be many constituent changes to the FXI this year. That will alter the returns, volatility and drawdown of the ETF and open up trading...

Brian Freitas

Foshan Haitian Flavouring & Food (603288 CH): Index Inclusion Post H-Share Listing

Foshan Haitian has filed an application proof for an HKEX listing. Reports indicate a US$1.5bn raise. There will be no index Fast Entry but...

Brian Freitas

Aequitas 2025 Asia IPO Pipeline - Hong Kong

In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, starting with Hong Kong where the number of filings have been...

Sumeet Singh