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 157 stocks over the last week. The average A-H premium was 58.2% as of Oct 10th.</li>
<li>The average A-H premium changed by 1.9ppt week-on-week, led by real estate, financials, consumer discretionary and offset by utilities, information technology, communication services.</li>
<li>We highlight weekly changes in A-H premium for Cosco Shipping Development, Innocare Pharma, Shanghai Electric, SMIC, CIMC, Gf Securities.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.2% as of Oct 10th.
The average A-H premium changed by 1.9ppt week-on-week, led by real estate, financials, consumer discretionary and offset by utilities, information technology, communication services.
We highlight weekly changes in A-H premium for Cosco Shipping Development, Innocare Pharma, Shanghai Electric, SMIC, CIMC, Gf Securities.


A-H Premium Weekly (Oct 10th): Cosco Shipping Development, Innocare Pharma, Shanghai Electric, SMIC

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

<ul>
<li>HSI extended gains to fresh highs, supported by strong breadth, surging Materials and IT names, and rising single stock option activity</li>
<li>Broad gains across all sectors highlighted strong momentum, with leadership from Materials and Information Technology.</li>
<li>We examine the distribution of returns since the April lows finding that the tails are distinctly unbalanced.</li>
</ul>


HSI extended gains to fresh highs, supported by strong breadth, surging Materials and IT names, and rising single stock option activity
Broad gains across all sectors highlighted strong momentum, with leadership from Materials and Information Technology.
We examine the distribution of returns since the April lows finding that the tails are distinctly unbalanced.


Hong Kong Single Stock Options (Sept 29 – Oct 03): Materials and IT Lead Amid Rising Option Activity

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 59.8% as of Sep 26th.</li>
<li>The average A-H premium changed by 2.9ppt week-on-week, led by communication services, information technology, financials and offset by real estate, materials.</li>
<li>We highlight weekly changes in A-H premium for Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier Smart Home, ICBC.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 59.8% as of Sep 26th.
The average A-H premium changed by 2.9ppt week-on-week, led by communication services, information technology, financials and offset by real estate, materials.
We highlight weekly changes in A-H premium for Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier Smart Home, ICBC.


A-H Premium Weekly (Sep 26th): Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier Smart Home

Global Materials | Industrials | Commodities

Rahul Jain

Commodities

<ul>
<li>Grasberg shock: Force majeure after mudflow cuts ~3% global supply; 50–60kt/month at risk; copper jumped to $10,300/t, near 2024 highs.</li>
<li>Asian impact: Indonesia’s downstream push stalls; Chinese smelters squeezed by collapsing TCs; Japanese/Korean smelters face higher costs; miners and traders gain leverage.</li>
<li>Winners: +$1,000/t adds ~6–8% EBITDA for Zijin, ~5–7% for Jiangxi; Japanese majors 15–45% exposed; Mitsui/Marubeni gain 0.5–2% via mine stakes/trading.</li>
</ul>


Grasberg shock: Force majeure after mudflow cuts ~3% global supply; 50–60kt/month at risk; copper jumped to $10,300/t, near 2024 highs.
Asian impact: Indonesia’s downstream push stalls; Chinese smelters squeezed by collapsing TCs; Japanese/Korean smelters face higher costs; miners and traders gain leverage.
Winners: +$1,000/t adds ~6–8% EBITDA for Zijin, ~5–7% for Jiangxi; Japanese majors 15–45% exposed; Mitsui/Marubeni gain 0.5–2% via mine stakes/trading.


Copper Tightens: Grasberg Disruption Pushes Market Toward $11k–13k/T

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 57.0% as of Sep 19th.</li>
<li>The average A-H premium changed by -0.8ppt week-on-week, led by industrials, energy, health care and offset by real estate, consumer staples, utilities.</li>
<li>We highlight weekly changes in A-H premium for Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home, Qingdao Port, China Minsheng Banking.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 57.0% as of Sep 19th.
The average A-H premium changed by -0.8ppt week-on-week, led by industrials, energy, health care and offset by real estate, consumer staples, utilities.
We highlight weekly changes in A-H premium for Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home, Qingdao Port, China Minsheng Banking.


A-H Premium Weekly (Sep 19th): Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home, Qingdao Port

China

Jiangxi Copper Company Limited mines and distributes metal products. The Company produces nonferrous metals, ferrous metals, rare metals, and other products. Jiangxi Copper also produces chemical products.

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

Jiangxi Copper (600362 CH)

A-H Premium Weekly (Oct 10th): Cosco Shipping Development, Innocare Pharma, Shanghai Electric, SMIC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Cosco Shipping Development, Innocare Pharma, Shanghai...

Ke Yan, CFA, FRM

Hong Kong Single Stock Options (Sept 29 – Oct 03): Materials and IT Lead Amid Rising Option Activity

HSI extended its rally with broad-based gains, sector leadership from Materials and IT, and option activity climbing to the high end of its range.

John Ley

A-H Premium Weekly (Sep 26th): Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier Smart Home

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier...

Ke Yan, CFA, FRM

Copper Tightens: Grasberg Disruption Pushes Market Toward $11k–13k/T

Grasberg mudflow cuts global copper supply, prices soar, Asian downstream industry impacted, winners include Zijin and Jiangxi.

Rahul Jain

A-H Premium Weekly (Sep 19th): Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home, Qingdao Port

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Oct 10th): Cosco Shipping Development, Innocare Pharma, Shanghai Electric, SMIC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Cosco Shipping Development, Innocare Pharma, Shanghai...

Ke Yan, CFA, FRM

Hong Kong Single Stock Options (Sept 29 – Oct 03): Materials and IT Lead Amid Rising Option Activity

HSI extended its rally with broad-based gains, sector leadership from Materials and IT, and option activity climbing to the high end of its range.

John Ley

A-H Premium Weekly (Sep 26th): Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier Smart Home

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier...

Ke Yan, CFA, FRM

Copper Tightens: Grasberg Disruption Pushes Market Toward $11k–13k/T

​Grasberg mudflow cuts global copper supply, prices soar, Asian downstream industry impacted, winners include Zijin and Jiangxi.

Rahul Jain

A-H Premium Weekly (Sep 19th): Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home, Qingdao Port

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home,...

Ke Yan, CFA, FRM

Grasberg mudflow cuts global copper supply, prices soar, Asian downstream industry impacted, winners include Zijin and Jiangxi.