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 weekly Hong Kong Connect flows with our data engine for holding position as of March 21st.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Ke, China Mobile, Alibaba, Kuaishou, BOC, China Resources Beer, SMIC, Meituan.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 21st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Ke, China Mobile, Alibaba, Kuaishou, BOC, China Resources Beer, SMIC, Meituan.


Hong Kong Connect Flows (Mar 21st): Ke, China Mobile, Alibaba, Kuaishou, BOC, CR Beer, SMIC

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes dropped again somewhat but still high at HK$619bn. NET buying by SOUTHBOUND was HK$23bn which is much smaller than the last several weeks.</li>
<li>The flows here are still striking and net to buy. There has to be institutional buying. And I assume it is to get the earnings yield and div pickup. </li>
<li>Included is a summary of important China Stocks-relevant news as I saw it this week.</li>
</ul>


Gross SOUTHBOUND volumes dropped again somewhat but still high at HK$619bn. NET buying by SOUTHBOUND was HK$23bn which is much smaller than the last several weeks.
The flows here are still striking and net to buy. There has to be institutional buying. And I assume it is to get the earnings yield and div pickup. 
Included is a summary of important China Stocks-relevant news as I saw it this week.


HK Connect SOUTHBOUND Flows (To 21 Mar 2025); Lots Of "Day Trading" And Behind the Scenes Div-Buying

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>The just concluded Two Sessions contained little surprises but the market shrugged it off. Have animal spirits offset China's structural economic issues?</li>
<li>China's EV sector grew 38% YoY in the first two months of 2025, above our annual target of 30%. We stick to our bullish view. 2024 grew 41% YoY;</li>
<li>MINISO explored spin off of its toy chain business. We maintain SELL rating on deteriorating China business.</li>
</ul>


The just concluded Two Sessions contained little surprises but the market shrugged it off. Have animal spirits offset China's structural economic issues?
China's EV sector grew 38% YoY in the first two months of 2025, above our annual target of 30%. We stick to our bullish view. 2024 grew 41% YoY;
MINISO explored spin off of its toy chain business. We maintain SELL rating on deteriorating China business.


[Blue Lotus China New Consumer Weekly, 10/52] Smart Trump or Dumb Trump? Part II

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Screening for stocks at the extreme ends of their positioning or momentum ranges among active Asia Ex-Japan equity funds.</li>
<li>High Positioning, Positive Momentum: KE Holdings Ltd, Shriram Finance Limited     </li>
<li>Low Positioning, Negative Momentum: Baidu Inc, BOC Hong Kong Limited    </li>
</ul>


Screening for stocks at the extreme ends of their positioning or momentum ranges among active Asia Ex-Japan equity funds.
High Positioning, Positive Momentum: KE Holdings Ltd, Shriram Finance Limited     
Low Positioning, Negative Momentum: Baidu Inc, BOC Hong Kong Limited    


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The WisdomTree Emerging Markets ex-State-Owned Enterprises Index measures the performance of emerging markets stocks that are not state-owned enterprises.</li>
<li>The changes at the October rebalance were announced after market close on 4 October with implementation scheduled at the close on 16 October.</li>
<li>There are 154 adds and 80 deletes for the index with an estimated round-trip trade of US$300m.</li>
</ul>


The WisdomTree Emerging Markets ex-State-Owned Enterprises Index measures the performance of emerging markets stocks that are not state-owned enterprises.
The changes at the October rebalance were announced after market close on 4 October with implementation scheduled at the close on 16 October.
There are 154 adds and 80 deletes for the index with an estimated round-trip trade of US$300m.


WisdomTree Emerging Markets Ex-State-Owned Enterprises Index Rebalance: US$300m Round-Trip Trade

China

KE Holdings Inc. operates as an integrated online and offline platform for housing transactions and services. The Company offers existing and new home sales, home rentals, home renovation, real estate financial solutions, and other services. KE Holdings conducts businesses in China.

Price Gauge
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KE Holdings (2423 HK)

Hong Kong Connect Flows (Mar 21st): Ke, China Mobile, Alibaba, Kuaishou, BOC, CR Beer, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Ke, China Mobile, Alibaba, Kuaishou, BOC, China Resources...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 21 Mar 2025); Lots Of "Day Trading" And Behind the Scenes Div-Buying

Tech and Consumer Discretionary saw its net buying slow considerably. Finance continues to see widespread buying, and as we approach dividends, the...

Travis Lundy

[Blue Lotus China New Consumer Weekly, 10/52] Smart Trump or Dumb Trump? Part II

China's market shrugged off Two Sessions as the balance of events with US the main driver. EV sector opened 2025 with a bang while MINISO...

Blue Lotus Research Institute

Asia Ex-Japan: Extreme Stocks

Screening for stocks at the extreme ends of their positioning or momentum ranges among active Asia Ex-Japan equity funds.

Steven Holden

WisdomTree Emerging Markets Ex-State-Owned Enterprises Index Rebalance: US$300m Round-Trip Trade

There are 154 adds/80 deletes for the WisdomTree Emerging Markets ex-State-Owned Enterprises Index. Round-trip trade is US$300m. There have been...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Connect Flows (Mar 21st): Ke, China Mobile, Alibaba, Kuaishou, BOC, CR Beer, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Ke, China Mobile, Alibaba, Kuaishou, BOC, China Resources...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 21 Mar 2025); Lots Of "Day Trading" And Behind the Scenes Div-Buying

Tech and Consumer Discretionary saw its net buying slow considerably. Finance continues to see widespread buying, and as we approach dividends, the...

Travis Lundy

[Blue Lotus China New Consumer Weekly, 10/52] Smart Trump or Dumb Trump? Part II

​China's market shrugged off Two Sessions as the balance of events with US the main driver. EV sector opened 2025 with a bang while MINISO...

Blue Lotus Research Institute

Asia Ex-Japan: Extreme Stocks

Screening for stocks at the extreme ends of their positioning or momentum ranges among active Asia Ex-Japan equity funds.

Steven Holden

WisdomTree Emerging Markets Ex-State-Owned Enterprises Index Rebalance: US$300m Round-Trip Trade

There are 154 adds/80 deletes for the WisdomTree Emerging Markets ex-State-Owned Enterprises Index. Round-trip trade is US$300m. There have been...

Brian Freitas

China's market shrugged off Two Sessions as the balance of events with US the main driver. EV sector opened 2025 with a bang while MINISO...