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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 16th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), China Hongqiao (1378 HK), Cosco Shipping (1919 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), China Hongqiao (1378 HK), Cosco Shipping (1919 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 16th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), China Hongqiao (1378 HK), Cosco Shipping (1919 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), China Hongqiao (1378 HK), Cosco Shipping (1919 HK).


Hong Kong Buybacks Weekly (May 16th): AIA, China Hongqiao, Cosco Shipping

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>For the June 2025 index rebal, we estimate there to be US$423mn one-way flows due to capping.</li>
<li>We also expect <em>three</em> index changes (so far) for the next semiannual index review which will take place in September 2025 (regular ADDs/DELs only take place in March and September).</li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
For the June 2025 index rebal, we estimate there to be US$423mn one-way flows due to capping.
We also expect three index changes (so far) for the next semiannual index review which will take place in September 2025 (regular ADDs/DELs only take place in March and September).


Quiddity Leaderboard HSIII Jun25: US$423mn One-Way for Jun; Some Sector-Neutral Pair Trades for Sep

<ul>
<li>The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>The official index changes and indicative weights for the June 2025 index rebal event will be announced after the close on Friday 16th May 2025.</li>
<li>We continue to expect zero index changes for June 2025 but we estimate there to be capping flows of US$1.85bn one-way.</li>
</ul>


The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
The official index changes and indicative weights for the June 2025 index rebal event will be announced after the close on Friday 16th May 2025.
We continue to expect zero index changes for June 2025 but we estimate there to be capping flows of US$1.85bn one-way.


Quiddity Leaderboard HSTECH Jun25: US$1.85bn One-Way; Announcement Soon

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet 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>JD US/3690 HK:Both JD and Metiuan Raise Standards for Premium Food Delivery (+)</li>
<li>700 HK/1024 HK: Tencent Releases Multimodal Video Generation AI Model Hunyuan Custom (+/-)</li>
<li>BILI US: Bilibili Launches New AI Advertising Tool “Insight Agent” (+)</li>
</ul>


JD US/3690 HK:Both JD and Metiuan Raise Standards for Premium Food Delivery (+)
700 HK/1024 HK: Tencent Releases Multimodal Video Generation AI Model Hunyuan Custom (+/-)
BILI US: Bilibili Launches New AI Advertising Tool “Insight Agent” (+)


[Blue Lotus Daily-TMT Update]:JD US/3690 HK/700 HK/1024 HK/BILI US/BIDU US/BABA US

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 2nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Baba (9988 HK), CCB (939 HK), Jd (9618 HK).</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 2nd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Baba (9988 HK), CCB (939 HK), Jd (9618 HK).


China

Kuaishou Technology operates as a content community and social platform. The Company helps users create, upload and watch short videos on mobile devices. Kuaishou Technology offers services worldwide.

Price Gauge
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Kuaishou Technology (1024 HK)

Hong Kong Buybacks Weekly (May 16th): AIA, China Hongqiao, Cosco Shipping

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK),...

Ke Yan, CFA, FRM

Quiddity Leaderboard HSIII Jun25: US$423mn One-Way for Jun; Some Sector-Neutral Pair Trades for Sep

We see NetDragon (777 HK) as an expected DEL for the September 2025 index review and there could be multiple days of volume to sell. NetDragon...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard HSTECH Jun25: US$1.85bn One-Way; Announcement Soon

We estimate one-way flows of US$1.85bn which translates to a turnover of 8.4%. Some names are expected to see large index inflows due to upward...

Janaghan Jeyakumar, CFA

[Blue Lotus Daily-TMT Update]:JD US/3690 HK/700 HK/1024 HK/BILI US/BIDU US/BABA US

JD and Meituan raise standards for premium food delivery, Tencent releases new AI model, Bilibili launches AI advertising tool.

Blue Lotus Research Institute

HK Short Interest Weekly: Baba, CCB, Jd

We analyzed the latest HK SFC report for aggregate short position as of May 2nd and highlight short interest changes in Baba, CCB, Jd.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Buybacks Weekly (May 16th): AIA, China Hongqiao, Cosco Shipping

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK),...

Ke Yan, CFA, FRM

Quiddity Leaderboard HSIII Jun25: US$423mn One-Way for Jun; Some Sector-Neutral Pair Trades for Sep

We see NetDragon (777 HK) as an expected DEL for the September 2025 index review and there could be multiple days of volume to sell. NetDragon...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard HSTECH Jun25: US$1.85bn One-Way; Announcement Soon

We estimate one-way flows of US$1.85bn which translates to a turnover of 8.4%. Some names are expected to see large index inflows due to upward...

Janaghan Jeyakumar, CFA

[Blue Lotus Daily-TMT Update]:JD US/3690 HK/700 HK/1024 HK/BILI US/BIDU US/BABA US

​JD and Meituan raise standards for premium food delivery, Tencent releases new AI model, Bilibili launches AI advertising tool.

Blue Lotus Research Institute

HK Short Interest Weekly: Baba, CCB, Jd

We analyzed the latest HK SFC report for aggregate short position as of May 2nd and highlight short interest changes in Baba, CCB, Jd.

Ke Yan, CFA, FRM

JD and Meituan raise standards for premium food delivery, Tencent releases new AI model, Bilibili launches AI advertising tool.