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 149 stocks over the last week. The average A-H premium was 81.5% as of May 23rd.</li>
<li>The average A-H premium changed by -2.2ppt week-on-week, led by health care, consumer discretionary, industrials and offset by consumer staples, real estate, utilities.</li>
<li>We highlight weekly changes in A-H premium for Asymchem Lab, Shanghai Junshi Biosciences, Remegen, Fuyao Glass, Jiangxi Copper.</li>
</ul>


We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 81.5% as of May 23rd.
The average A-H premium changed by -2.2ppt week-on-week, led by health care, consumer discretionary, industrials and offset by consumer staples, real estate, utilities.
We highlight weekly changes in A-H premium for Asymchem Lab, Shanghai Junshi Biosciences, Remegen, Fuyao Glass, Jiangxi Copper.


A-H Premium Weekly (May 23rd): CATL and Hengrui Listing Lowered Premium

<ul>
<li>We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 90.4% as of Apr 11th.</li>
<li>The average A-H premium changed by 3.7ppt week-on-week, led by financials, health care, energy and offset by consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Beigene, China Oilfield Services, Dfzq, Innocare Pharma, China Life, Csc Financial.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 90.4% as of Apr 11th.
The average A-H premium changed by 3.7ppt week-on-week, led by financials, health care, energy and offset by consumer discretionary.
We highlight weekly changes in A-H premium for Beigene, China Oilfield Services, Dfzq, Innocare Pharma, China Life, Csc Financial.


A-H Premium Weekly (Apr 11th): Beigene, China Oilfield Services, Dfzq, Innocare Pharma, China Life

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>Weekly recap of key option metrics across single stocks, including most active names and strikes, largest volume increases, biggest movers, and key earnings reports.</li>
<li>Breadth continues to deteriorate against an increasingly hostile global backdrop.</li>
<li>Both price and implied volatility declined on average, with the typical stock still well below its 52-week high.</li>
</ul>


Weekly recap of key option metrics across single stocks, including most active names and strikes, largest volume increases, biggest movers, and key earnings reports.
Breadth continues to deteriorate against an increasingly hostile global backdrop.
Both price and implied volatility declined on average, with the typical stock still well below its 52-week high.


Hong Kong Single Stock Options Weekly (March 24 – 28): Earnings Wrap as Breadth Deteriorates

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>Copper and other base metals have been rising all year</li>
<li>The Trump tariff bump is not the only reason for this</li>
<li>Much less speculative positioning in futures vs previous peak meaning real world demand is the driver</li>
</ul>


Copper and other base metals have been rising all year
The Trump tariff bump is not the only reason for this
Much less speculative positioning in futures vs previous peak meaning real world demand is the driver


Tactical Trading -Revisiting MMG as Copper and Other Base Metals Perk Up

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Guangzhou Automobile Group / Event-Driven

<ul>
<li>AH Premia continue to fall. Spread curve torsion was a barbell this week. Narrow and wide spreads see Hs outperform. Middling spreads outperform less.</li>
<li>To me, warning signs are flashing on spreads. They are at their narrowest in 5yrs and they are volatile, though volatility is coming down.</li>
<li>Lots of spreads see the HA premium less than 15%. That is historically tight.</li>
</ul>


AH Premia continue to fall. Spread curve torsion was a barbell this week. Narrow and wide spreads see Hs outperform. Middling spreads outperform less.
To me, warning signs are flashing on spreads. They are at their narrowest in 5yrs and they are volatile, though volatility is coming down.
Lots of spreads see the HA premium less than 15%. That is historically tight.


A/H Premium Tracker (To 21 Mar 2025):  AH Premia Still Falling; Expect Curve Torsion or AH Widening

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 (May 23rd): CATL and Hengrui Listing Lowered Premium

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Asymchem Lab, Shanghai Junshi Biosciences, Remegen, Fuyao...

Ke Yan, CFA, FRM

A-H Premium Weekly (Apr 11th): Beigene, China Oilfield Services, Dfzq, Innocare Pharma, China Life

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Beigene, China Oilfield Services, Dfzq, Innocare Pharma,...

Ke Yan, CFA, FRM

Hong Kong Single Stock Options Weekly (March 24 – 28): Earnings Wrap as Breadth Deteriorates

Weekly recap: Option metrics show declining breadth amid global challenges. Prices and implied volatility down, most stocks still well below 52...

John Ley

Tactical Trading -Revisiting MMG as Copper and Other Base Metals Perk Up

Base metals, including copper, have been on the rise due to factors beyond the "Trump tariff bump," driven by increased real world demand and not...

Rikki Malik

A/H Premium Tracker (To 21 Mar 2025): AH Premia Still Falling; Expect Curve Torsion or AH Widening

AH Premia continue to fall on average, but the outperformance is slowing, and the better buying in some sectors (banks) appears to be technically...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (May 23rd): CATL and Hengrui Listing Lowered Premium

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Asymchem Lab, Shanghai Junshi Biosciences, Remegen, Fuyao...

Ke Yan, CFA, FRM

A-H Premium Weekly (Apr 11th): Beigene, China Oilfield Services, Dfzq, Innocare Pharma, China Life

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Beigene, China Oilfield Services, Dfzq, Innocare Pharma,...

Ke Yan, CFA, FRM

Hong Kong Single Stock Options Weekly (March 24 – 28): Earnings Wrap as Breadth Deteriorates

​Weekly recap: Option metrics show declining breadth amid global challenges. Prices and implied volatility down, most stocks still well below 52...

John Ley

Tactical Trading -Revisiting MMG as Copper and Other Base Metals Perk Up

​Base metals, including copper, have been on the rise due to factors beyond the "Trump tariff bump," driven by increased real world demand and not...

Rikki Malik

A/H Premium Tracker (To 21 Mar 2025): AH Premia Still Falling; Expect Curve Torsion or AH Widening

AH Premia continue to fall on average, but the outperformance is slowing, and the better buying in some sectors (banks) appears to be technically...

Travis Lundy

Weekly recap: Option metrics show declining breadth amid global challenges. Prices and implied volatility down, most stocks still well below 52...

Base metals, including copper, have been on the rise due to factors beyond the "Trump tariff bump," driven by increased real world demand and not...