Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 179 stocks over the last week. The average A-H premium was 68.5% as of Apr 24th.</li>
<li>The average A-H premium changed by 0.9ppt week-on-week, led by consumer discretionary, materials, energy and offset by consumer staples, financials.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC.</li>
</ul>


We analyse the changes of A-H premium on 179 stocks over the last week. The average A-H premium was 68.5% as of Apr 24th.
The average A-H premium changed by 0.9ppt week-on-week, led by consumer discretionary, materials, energy and offset by consumer staples, financials.
We highlight weekly changes in A-H premium for China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC.


A-H Premium Weekly (Apr 24th): China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Huaqin Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huaqin-co-ltd" target="_blank" data-smartkarma-citation="entities:48099:1" rel="noopener">Huaqin (3296 HK)</a> priced its H Share at HK$77.70, raising HK$4,549 million (US$581 million) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/huaqin-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:229484" rel="noopener">Huaqin H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/huaqin-h-share-listing-3296-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:231473" rel="noopener">Huaqin H Share Listing (3296 HK): Valuation Insights</a>. </li>
<li>The grey market price is up 20% due to peers' reratings and FOMO driven by the strong performance of recent listings. Take profits and head for the exit.</li>
</ul>



Huaqin (3296 HK) priced its H Share at HK$77.70, raising HK$4,549 million (US$581 million) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Huaqin H Share Listing: The Investment Case and Huaqin H Share Listing (3296 HK): Valuation Insights. 
The grey market price is up 20% due to peers' reratings and FOMO driven by the strong performance of recent listings. Take profits and head for the exit.


Huaqin H Share Listing (3296 HK): Trading Debut

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.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sany-heavy-industry-co-ltd-8806deaf-04c9-4411-b1ee-92e813b9c5e0" target="_blank" data-smartkarma-citation="entities:45955:1" rel="noopener">Sany Heavy Industry (6031 HK)</a>, raised around US$2bn in its H-share listing. The lockup on its cornerstone investors is set to expire soon.</li>
<li>Sany Heavy Industry was the world’s third largest and China’s largest construction machinery company in terms of construction machinery’s cumulative revenue from 2020 to 2024, according to Frost &amp; Sullivan.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Sany Heavy Industry (6031 HK), raised around US$2bn in its H-share listing. The lockup on its cornerstone investors is set to expire soon.
Sany Heavy Industry was the world’s third largest and China’s largest construction machinery company in terms of construction machinery’s cumulative revenue from 2020 to 2024, according to Frost &amp; Sullivan.
In this note, we will talk about the lockup dynamics and possible placement.


Sany Heavy Industries A/H Lockup Expiry - US$800m Lockup Release

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>Sinopec is looking to raise around US$780m via selling most of its stake in <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a>’s H-shares.</li>
<li>Last week we wrote about how CATL could look to raise US$5bn via a primary issuance, since then nearly US$4.5bn worth of secondary deals have taken place, including this one.</li>
<li>In this note, we run the deal through our ECM framework and talk about the deal dynamics.</li>
</ul>


Sinopec is looking to raise around US$780m via selling most of its stake in Contemporary Amperex Technology (CATL) (3750 HK)’s H-shares.
Last week we wrote about how CATL could look to raise US$5bn via a primary issuance, since then nearly US$4.5bn worth of secondary deals have taken place, including this one.
In this note, we run the deal through our ECM framework and talk about the deal dynamics.


Aequitas: CATL H-Share Placement - Has Seen Nearly US$5bn Worth of Wrong Deals

Victory Giant Technology (HuiZhou) / Equity Capital Markets

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-huizhou-co-ltd" target="_blank" data-smartkarma-citation="entities:48083:1" rel="noopener">Victory Giant (2476 HK)</a> priced its H Share at HK$209.88, raising HK$20,117 million (US$2.6 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/victory-giant-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:228918" rel="noopener">Victory Giant H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/victory-giant-h-share-listing-2476-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:231064" rel="noopener">Victory Giant H Share Listing (2476 HK): Valuation Insights</a>. </li>
<li>Victory Giant's international and retail oversubscription rates were above the median of recent large AH listings. The peers have re-rated, and the AH discount remains attractive.</li>
</ul>



Victory Giant (2476 HK) priced its H Share at HK$209.88, raising HK$20,117 million (US$2.6 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Victory Giant H Share Listing: The Investment Case and Victory Giant H Share Listing (2476 HK): Valuation Insights. 
Victory Giant's international and retail oversubscription rates were above the median of recent large AH listings. The peers have re-rated, and the AH discount remains attractive.


Victory Giant H Share Listing (2476 HK): Trading Debut

China

Jiangsu Hengrui Pharmaceuticals is a global biopharmaceutical company engaged in the research, development, manufacturing, and commercialization of innovative and high-quality drugs. The company focuses on therapeutic areas including oncology, metabolic and cardiovascular diseases, immunological and respiratory diseases, and neuroscience. It was founded in 1970 and is headquartered in Lianyungang, Jiangsu, China.

Jiangsu Hengrui Pharmaceuticals (1276 HK)

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A-H Premium Weekly (Apr 24th): China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC.

Ke Yan, CFA, FRM

Huaqin H Share Listing (3296 HK): Trading Debut

The grey market price is up 20% due to peers' reratings and FOMO driven by the strong performance of recent listings. Take profits and head for the...

Arun George

Sany Heavy Industries A/H Lockup Expiry - US$800m Lockup Release

Sany Heavy Industry (6031 HK), raised around US$2bn in its H-share listing. The lockup on its cornerstone investors is set to expire soon.

Sumeet Singh

Aequitas: CATL H-Share Placement - Has Seen Nearly US$5bn Worth of Wrong Deals

Sinopec is looking to raise around US$780m via selling most of its stake in Contemporary Amperex Technology (CATL) (3750 HK)’s H-shares. In this...

Sumeet Singh

Victory Giant H Share Listing (2476 HK): Trading Debut

Victory Giant's international and retail oversubscription rates were above the median of recent large AH listings. The peers have re-rated, and the...

Arun George