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 the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors. There have been 7 months of southbound inflows.</li>
<li>We highlight monthly flows for Li Auto, Kuaishou, HKEx, Xpeng. </li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors. There have been 7 months of southbound inflows.
We highlight monthly flows for Li Auto, Kuaishou, HKEx, Xpeng. 


Hong Kong Connect Flows Monthly (June): Li Auto, Kuaishou, HKEx, Xpeng

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.</li>
<li>Overall, net inflow over the past week was ~US$1.3bn, split US$0.4bn for Shanghai and US$0.9bn for Shenzhen.</li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/xpeng-inc-4cc65854-d10c-4d20-bf7e-ca0e016715ff" target="_blank" data-smartkarma-citation="entities:33772:1" rel="noopener">XPeng (9868 HK)</a> and <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>. The largest outflow was in <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and <a href="https://www.smartkarma.com/entities/koolearn-technology-holding" target="_blank" data-smartkarma-citation="entities:27796:1" rel="noopener">Koolearn (1797 HK)</a>.</li>
</ul>


Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.
Overall, net inflow over the past week was ~US$1.3bn, split US$0.4bn for Shanghai and US$0.9bn for Shenzhen.
The largest inflows were into XPeng (9868 HK) and HKEX (388 HK). The largest outflow was in Meituan (3690 HK) and Koolearn (1797 HK).


Shanghai/​​​​​Shenzhen Southbound Connect: Weekly Moves (24 June 2022)

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>Inflows last month amounted to USD 5.7bn which marks sixth months of inflows. Top three stocks southbound investors bought were Meituan, CNOOC, and Tencent.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
Inflows last month amounted to USD 5.7bn which marks sixth months of inflows. Top three stocks southbound investors bought were Meituan, CNOOC, and Tencent.


Hong Kong Connect Flows Monthly (May): Meituan, CNOOC, Tencent

Jiayuan Services Holdings Limited / Event-Driven

<ul>
<li>On the 21 May, <a href="https://www.smartkarma.com/entities/jinke-property-group-co-ltd" target="_blank" data-smartkarma-citation="entities:13291:1" rel="noopener">Jinke Property (000656 CH)</a> announced the forced sale of shares by its controlling shareholder. One day later, <a href="https://www.smartkarma.com/entities/jiayuan-international-group" target="_blank" data-smartkarma-citation="entities:22631:1" rel="noopener">Jiayuan International (2768 HK)</a> announced a similar event. </li>
<li>Jinke's 52.3%-owned <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart (9666 HK)</a> has now announced an agreement to acquire Jiayuan International's 73.56% stake in property service play <a href="https://www.smartkarma.com/entities/jiayuan-services-holdings-limited" target="_blank" data-smartkarma-citation="entities:29205:1" rel="noopener">Jiayuan Services Holdings (1153 HK)</a>. No price was announced.</li>
<li>In the past month, Jinke Property is down 24%, Jinke Smart 23%, Jiayuan International 54% and Jiayuan Services 80%. Jiayuan International and Jiayuan Services remain suspended.</li>
</ul>


On the 21 May, Jinke Property (000656 CH) announced the forced sale of shares by its controlling shareholder. One day later, Jiayuan International (2768 HK) announced a similar event. 
Jinke's 52.3%-owned Jinke Smart (9666 HK) has now announced an agreement to acquire Jiayuan International's 73.56% stake in property service play Jiayuan Services Holdings (1153 HK). No price was announced.
In the past month, Jinke Property is down 24%, Jinke Smart 23%, Jiayuan International 54% and Jiayuan Services 80%. Jiayuan International and Jiayuan Services remain suspended.


Jinke & Jiayuan: Pledged Shares And Leveraged Property Developers

<ul>
<li>After one month from the March batch of Hong Kong Connect inclusion, we provide an analysis on the stock inclusion for 19 stocks. </li>
<li>We analysed the inclusion by performance post announcement, performance post inclusion, inflows and analyst coverage.</li>
<li>We observed outperformance post the HSCI announcement but not the actual inclusion despite the fact that southbound inflows has a significant impact on the trading volume. </li>
</ul>


After one month from the March batch of Hong Kong Connect inclusion, we provide an analysis on the stock inclusion for 19 stocks. 
We analysed the inclusion by performance post announcement, performance post inclusion, inflows and analyst coverage.
We observed outperformance post the HSCI announcement but not the actual inclusion despite the fact that southbound inflows has a significant impact on the trading volume. 


HK Connect: March '22 Inclusion Post-Event Analysis

Hong Kong

Jiayuan International Group Ltd is a property developer. The Company develops large-scale residential and integrated commercial buildings.

Price Gauge
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Jiayuan International (2768 HK)

Hong Kong Connect Flows Monthly (June): Li Auto, Kuaishou, HKEx, Xpeng

We highlight the 7th month of consecutive inflows from mainland to HK and individual stocks with top inflows: Li Auto, Kuaishou, HKEx, Xpeng.

Ke Yan, CFA, FRM

Shanghai/Shenzhen Southbound Connect: Weekly Moves (24 June 2022)

Overall, net inflow for the week was ~US$1.3bn, split US$0.4bn for Shanghai and US$0.9bn for Shenzhen. The largest inflows were into XPeng and...

David Blennerhassett

Hong Kong Connect Flows Monthly (May): Meituan, CNOOC, Tencent

Inflows last month amounted to USD 5.7bn which marks sixth months of inflows. Top three stocks southbound investors bought were Meituan, CNOOC, and...

Ke Yan, CFA, FRM

Jinke & Jiayuan: Pledged Shares And Leveraged Property Developers

With Jiayuan Services suspended, there is currently no trade. Jinke Smart is trading and is shortable but I don't have a firm opinion. Expect more...

David Blennerhassett

HK Connect: March '22 Inclusion Post-Event Analysis

We provide post-event analysis for the March 7th stock inclusion. We analyzed performance for key milestones dates, impact on trading volume and...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Connect Flows Monthly (June): Li Auto, Kuaishou, HKEx, Xpeng

We highlight the 7th month of consecutive inflows from mainland to HK and individual stocks with top inflows: Li Auto, Kuaishou, HKEx, Xpeng.

Ke Yan, CFA, FRM

Shanghai/​​​​​Shenzhen Southbound Connect: Weekly Moves (24 June 2022)

Overall, net inflow for the week was ~US$1.3bn, split US$0.4bn for Shanghai and US$0.9bn for Shenzhen. The largest inflows were into XPeng and...

David Blennerhassett

Hong Kong Connect Flows Monthly (May): Meituan, CNOOC, Tencent

Inflows last month amounted to USD 5.7bn which marks sixth months of inflows. Top three stocks southbound investors bought were Meituan, CNOOC, and...

Ke Yan, CFA, FRM

Jinke & Jiayuan: Pledged Shares And Leveraged Property Developers

With Jiayuan Services suspended, there is currently no trade. Jinke Smart is trading and is shortable but I don't have a firm opinion. Expect more...

David Blennerhassett

HK Connect: March '22 Inclusion Post-Event Analysis

We provide post-event analysis for the March 7th stock inclusion. We analyzed performance for key milestones dates, impact on trading volume and...

Ke Yan, CFA, FRM

Shanghai/Shenzhen Southbound Connect: Weekly Moves (24 June 2022)