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 analyzed the latest HK SFC report for aggregate short position as of Jul 19th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Ping An, Meituan, China Mobile, HSBC, Haidilao, Picc P&amp;C, Gwmotor, Psbc.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 19th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Ping An, Meituan, China Mobile, HSBC, Haidilao, Picc P&amp;C, Gwmotor, Psbc.


HK Short Interest Weekly: Ping An, Meituan, China Mobile, HSBC, Haidilao, Picc P&C, Gwmotor, Psbc

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>1797 HK/JD US: Popular live streamer Dong Yuhui leaves East Buy (-/+)</li>
<li>BABA US/PDD US: AliExpress receives small fine in Korea due to data privacy violation (+)</li>
<li>Chinese Gaming Industry: Games Can Now Be Filed for Testing Without Approval of Game Code, Guangdong Province Leads the Way  (+)</li>
</ul>


1797 HK/JD US: Popular live streamer Dong Yuhui leaves East Buy (-/+)
BABA US/PDD US: AliExpress receives small fine in Korea due to data privacy violation (+)
Chinese Gaming Industry: Games Can Now Be Filed for Testing Without Approval of Game Code, Guangdong Province Leads the Way  (+)


[Blue Lotus Daily-TMT Update]:1797 HK/JD US/BABA US/PDD US/3690 HK/1024HK/700HK/NTE US/TCOMUS/AMZNUS

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Debt /: China’s macro leverage ratio edges up to fresh record</li><li>China-Ukraine /: China supports Russia-Ukraine peace talks, but conditions aren’t yet ‘ripe,’ Beijing says</li><li>Borrowing /: China encourages ‘high quality’ companies to seek borrowing overseas</li></ul>

Debt /: China’s macro leverage ratio edges up to fresh recordChina-Ukraine /: China supports Russia-Ukraine peace talks, but conditions aren’t yet ‘ripe,’ Beijing saysBorrowing /: China encourages ‘high quality’ companies to seek borrowing overseas

CX Daily: China’s Macro Leverage Ratio Edges Up to Fresh Record 

Equity Bottom-Up

<ul>
<li>China announced game approval for the June batch. The number of games approved remained at a higher level than 2023.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening. Of companies that we are monitoring, none got any approval.</li>
<li>China's CADPA published a semi-annual report pointing to flattish growth of gaming revenue in the first half. </li>
</ul>


China announced game approval for the June batch. The number of games approved remained at a higher level than 2023.
The pace of China game approval appears to have accelerated to the same level as pre-tightening. Of companies that we are monitoring, none got any approval.
China's CADPA published a semi-annual report pointing to flattish growth of gaming revenue in the first half. 


Tencent/Netease: Zero for Major Names; Industry Revenue Growth Flattish in First Half

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>
<a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASM Pacific Technology (522 HK)</a> is expected to replace <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technol" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technol (1833 HK)</a> in the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index (HSTECH INDEX)</a> at the September rebalance.</li>
<li>Constituent changes and capping changes will result in a one-way turnover of 3.7% and that will result in a round-trip trade of HK$7.8bn (US$1bn).</li>
<li>Short interest is near the lows on both stocks but there has been a recent tick higher for <a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASM Pacific Technology (522 HK)</a>.</li>
</ul>



ASM Pacific Technology (522 HK) is expected to replace Ping An Healthcare and Technol (1833 HK) in the Hang Seng TECH Index (HSTECH INDEX) at the September rebalance.
Constituent changes and capping changes will result in a one-way turnover of 3.7% and that will result in a round-trip trade of HK$7.8bn (US$1bn).
Short interest is near the lows on both stocks but there has been a recent tick higher for ASM Pacific Technology (522 HK).


HSTECH Index Rebalance Preview: ASM Pacific (522) Could Replace Ping An Health (1833); US$1bn Trade

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.

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Kuaishou Technology (1024 HK)

HK Short Interest Weekly: Ping An, Meituan, China Mobile, HSBC, Haidilao, Picc P&C, Gwmotor, Psbc

We analyzed the latest HK SFC report for aggregate short position as of Jul 19th and highlight short interest changes in Ping An, Meituan, China...

Ke Yan, CFA, FRM

[Blue Lotus Daily-TMT Update]:1797 HK/JD US/BABA US/PDD US/3690 HK/1024HK/700HK/NTE US/TCOMUS/AMZNUS

Popular live streamer Dong Yuhui leaves East Buy, AliExpress fined for data privacy violation in Korea, and Guangdong Province allows games to be...

Blue Lotus Research Institute

CX Daily: China’s Macro Leverage Ratio Edges Up to Fresh Record

Debt / China’s macro leverage ratio edges up to fresh record China’s macro leverage ratio hit a new high in the second quarter of 2024, although...

Caixin Global

Tencent/Netease: Zero for Major Names; Industry Revenue Growth Flattish in First Half

We analyzed the July China game approval data. Though China is approving games at an speed that is upbeat for investors, concerns remains as to...

Ke Yan, CFA, FRM

HSTECH Index Rebalance Preview: ASM Pacific (522) Could Replace Ping An Health (1833); US$1bn Trade

ASMPT is down a LOT today following results that were weaker than expected and guidance that was lower than projected earlier. With potential...

Brian Freitas

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HK Short Interest Weekly: Ping An, Meituan, China Mobile, HSBC, Haidilao, Picc P&C, Gwmotor, Psbc

We analyzed the latest HK SFC report for aggregate short position as of Jul 19th and highlight short interest changes in Ping An, Meituan, China...

Ke Yan, CFA, FRM

[Blue Lotus Daily-TMT Update]:1797 HK/JD US/BABA US/PDD US/3690 HK/1024HK/700HK/NTE US/TCOMUS/AMZNUS

​Popular live streamer Dong Yuhui leaves East Buy, AliExpress fined for data privacy violation in Korea, and Guangdong Province allows games to be...

Blue Lotus Research Institute

CX Daily: China’s Macro Leverage Ratio Edges Up to Fresh Record

Debt / China’s macro leverage ratio edges up to fresh record China’s macro leverage ratio hit a new high in the second quarter of 2024, although...

Caixin Global

Tencent/Netease: Zero for Major Names; Industry Revenue Growth Flattish in First Half

We analyzed the July China game approval data. Though China is approving games at an speed that is upbeat for investors, concerns remains as to...

Ke Yan, CFA, FRM

HSTECH Index Rebalance Preview: ASM Pacific (522) Could Replace Ping An Health (1833); US$1bn Trade

ASMPT is down a LOT today following results that were weaker than expected and guidance that was lower than projected earlier. With potential...

Brian Freitas

Popular live streamer Dong Yuhui leaves East Buy, AliExpress fined for data privacy violation in Korea, and Guangdong Province allows games to be...