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

Foshan Haitian Flavouring & Food Company / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian Flavouring &amp; Food Company (3288 HK)</a> priced its H Share at HK$36.30 to raise HK$10,128.9 million (US$1.3 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <em><strong><a href="https://www.smartkarma.com/insights/foshan-haitian-flavouring-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:187902" rel="noopener">Foshan Haitian Flavouring H Share Listing: The Investment Case</a></strong></em>.</li>
<li>Haitian had the highest oversubscription rates among recent large AH listings. The AH discount implied by the offer is attractive.</li>
</ul>



Foshan Haitian Flavouring &amp; Food Company (3288 HK) priced its H Share at HK$36.30 to raise HK$10,128.9 million (US$1.3 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Foshan Haitian Flavouring H Share Listing: The Investment Case.
Haitian had the highest oversubscription rates among recent large AH listings. The AH discount implied by the offer is attractive.


Foshan Haitian Flavouring H Share Listing (3288 HK): Trading Debut

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

Rikki Malik

Cross Asset Strategy

<ul>
<li>Government stabilisation measures kick in as tariff war starts to bite</li>
<li>Can the HK and China markets continue their bull run as markets dislocate?</li>
<li>Is it time to selectively get back into the Chinese tech sector?</li>
</ul>


Government stabilisation measures kick in as tariff war starts to bite
Can the HK and China markets continue their bull run as markets dislocate?
Is it time to selectively get back into the Chinese tech sector?


Hong Kong Market Strategy - Trade and Portfolio Ideas Amidst the Volatility

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>Rare earth is an important area in the US-China trade negotiation, as China processes 90% of the world's supply, and the US depends on China for 70% of its imports.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-northern-rare-earth-group-high-tech-co-ltd" target="_blank" data-smartkarma-citation="entities:13440:1" rel="noopener">China Northern Rare Earth Group High-Tech (600111 CH)</a>, <a href="https://www.smartkarma.com/entities/china-minmetals-rare-earth-co-ltd" target="_blank" data-smartkarma-citation="entities:2083:1" rel="noopener">China Minmetals Rare Earth (000831 CH)</a>, and <a href="https://www.smartkarma.com/entities/shenghe-resources-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:17058:1" rel="noopener">Shenghe Resources Holding (600392 CH)</a> are the main listed A-shares.</li>
<li>
<a href="https://www.smartkarma.com/entities/jl-mag-rare-earth-co-ltd-71612cf2-8326-48fd-8a92-d5dc0e9fa720" target="_blank" data-smartkarma-citation="entities:36201:1" rel="noopener">JL Mag Rare-Earth (6680 HK)</a> and <a href="https://www.smartkarma.com/entities/china-rare-earth-holdings-limited" target="_blank" data-smartkarma-citation="entities:12729:1" rel="noopener">China Rare Earth Holdings (769 HK)</a> are the key Hong Kong-listed ones. They all witnessed better YoY profit in the latest reported results.</li>
</ul>


Rare earth is an important area in the US-China trade negotiation, as China processes 90% of the world's supply, and the US depends on China for 70% of its imports.

China Northern Rare Earth Group High-Tech (600111 CH), China Minmetals Rare Earth (000831 CH), and Shenghe Resources Holding (600392 CH) are the main listed A-shares.

JL Mag Rare-Earth (6680 HK) and China Rare Earth Holdings (769 HK) are the key Hong Kong-listed ones. They all witnessed better YoY profit in the latest reported results.


China & HK Strategy: Rare Earths - What and How?

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 155 stocks over the last week. The average A-H premium was 72.7% as of Jun 13th.</li>
<li>The average A-H premium changed by -5.0ppt week-on-week, led by consumer staples, energy, health care and offset by consumer discretionary, information technology.</li>
<li>We highlight weekly changes in A-H premium for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service, Livzon Pharmaceutical, COSCO Shipping Energy.</li>
</ul>


We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 72.7% as of Jun 13th.
The average A-H premium changed by -5.0ppt week-on-week, led by consumer staples, energy, health care and offset by consumer discretionary, information technology.
We highlight weekly changes in A-H premium for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service, Livzon Pharmaceutical, COSCO Shipping Energy.


A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Fast and furious moves up in silver, PGM and related metals</li>
<li>Sectors we have highlighted as inflation beneficiaries starting to attract capital</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Fast and furious moves up in silver, PGM and related metals
Sectors we have highlighted as inflation beneficiaries starting to attract capital


Overview # 28 – Capital Flows into Hard Assets Continue

China

JL MAG Rare-Earth Co., Ltd. manufactures rare earth materials. The Company produces NdFeB magnet materials and other rare earth products. JL MAG Rare-Earth supplies its products to wind power, new energy vehicles, inverter air conditioners, energy saving elevators, and other fields.

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JL Mag Rare-Earth (6680 HK)

Hong Kong Market Strategy - Trade and Portfolio Ideas Amidst the Volatility

$769 has lagged other rare earth plays but it is now up 100% in two days. We would look to sell half and keep the rest as a free ride. Hard...

Rikki Malik

China & HK Strategy: Rare Earths - What and How?

US-China trade negotiation is heavily influenced by rare earths, with China processing 90% of the global supply and the US relying on China for...

Osbert Tang, CFA

A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service,...

Ke Yan, CFA, FRM

Overview # 28 – Capital Flows into Hard Assets Continue

A review of recent events/data impacting our investment themes and outlook. We look at the continued move up in inflation beneficiaries

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Foshan Haitian Flavouring H Share Listing (3288 HK): Trading Debut

Haitian had the highest oversubscription rates among recent large AH listings. The AH discount implied by the offer is attractive.

Arun George

Hong Kong Market Strategy - Trade and Portfolio Ideas Amidst the Volatility

$769 has lagged other rare earth plays but it is now up 100% in two days. We would look to sell half and keep the rest as a free ride. Hard...

Rikki Malik

China & HK Strategy: Rare Earths - What and How?

​US-China trade negotiation is heavily influenced by rare earths, with China processing 90% of the global supply and the US relying on China for...

Osbert Tang, CFA

A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service,...

Ke Yan, CFA, FRM

Overview # 28 – Capital Flows into Hard Assets Continue

A review of recent events/data impacting our investment themes and outlook. We look at the continued move up in inflation beneficiaries

Rikki Malik

US-China trade negotiation is heavily influenced by rare earths, with China processing 90% of the global supply and the US relying on China for...