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.</li>
<li>We highlight flows for Meituan, Kuaishou, CNOOC, PetroChina, Tencent, BYD, HSBC, HKEx.</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.
We highlight flows for Meituan, Kuaishou, CNOOC, PetroChina, Tencent, BYD, HSBC, HKEx.


Hong Kong Connect Flows (July): Meituan, Kuaishou, CNOOC, PetroChina, Tencent, BYD, HSBC, HKEx

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Nine Chinese automakers including BYD, Great Wall Motor, NIO, Xpeng, Li Auto, Zeekr, Aion, Neta and Leap reported their Jul 2023 sales volumes on 1 Aug 2023.</li><li>Sales volume of the nine automakers combined rose 67% YoY (ranged from -28% to +228%) and 6% MoM (ranged from -17% to +91%) in Jul 2023.</li><li>NEV trio all beat our expectation by 1,000-2,000 units. Li Auto recorded a sales volume of more than 34,000 units in Jul 2023, stronger than our previous forecast.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nine Chinese automakers including BYD, Great Wall Motor, NIO, Xpeng, Li Auto, Zeekr, Aion, Neta and Leap reported their Jul 2023 sales volumes on 1 Aug 2023.Sales volume of the nine automakers combined rose 67% YoY (ranged from -28% to +228%) and 6% MoM (ranged from -17% to +91%) in Jul 2023.NEV trio all beat our expectation by 1,000-2,000 units. Li Auto recorded a sales volume of more than 34,000 units in Jul 2023, stronger than our previous forecast.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Auto Sector – Jul NEV: All-time high sales for seven brands

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 28th.</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 estimate the outflows to be USD 65.0 million and highlight flows for Kuaishou Technology, Tencent, HSBC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 28th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We estimate the outflows to be USD 65.0 million and highlight flows for Kuaishou Technology, Tencent, HSBC.


Hong Kong Connect Flows (Jul 28th): Kuaishou Technology, Tencent, HSBC

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jul 21st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Byd Company, China Mobile, Wuxi Apptec, Bidu.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 21st.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Byd Company, China Mobile, Wuxi Apptec, Bidu.


HK Short Interest Weekly: Byd Company, China Mobile, Wuxi Apptec, Bidu

<ul><li>China’s passenger-vehicle (PV) retail sales volume rose 2% YoY and 12% MoM in Jun 2023 amid high base, 5% higher than our prior forecast, driving the 1H23 retail sales volume 5% higher than a year ago.</li><li>Wholesale volume rose 2% YoY and 11% MoM to 2.27mn units in Jun 2023, the highest Jun in history, and 9% higher than our prior forecast.</li><li>Wholesale volume rose 9% YoY (or +0.41mn units YoY) in 1H23, aided by 88% YoY growth (or +0.83mn units YoY) of exports.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China’s passenger-vehicle (PV) retail sales volume rose 2% YoY and 12% MoM in Jun 2023 amid high base, 5% higher than our prior forecast, driving the 1H23 retail sales volume 5% higher than a year ago.Wholesale volume rose 2% YoY and 11% MoM to 2.27mn units in Jun 2023, the highest Jun in history, and 9% higher than our prior forecast.Wholesale volume rose 9% YoY (or +0.41mn units YoY) in 1H23, aided by 88% YoY growth (or +0.83mn units YoY) of exports.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Auto Sector – Strong June provides more confidence for 2H23

China

Li Auto Inc. manufactures automobiles. The Company designs, develops, and sells smart new energy electric sport utility vehicles. Li Auto conducts businesses in China.

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Li Auto (2015 HK)

Hong Kong Connect Flows (July): Meituan, Kuaishou, CNOOC, PetroChina, Tencent, BYD, HSBC, HKEx

We analyzed the Hong Kong Connect Scheme for July and highlight flows for Meituan, Kuaishou, CNOOC, PetroChina, Tencent, BYD, HSBC, HKEx.

Ke Yan, CFA, FRM

China Auto Sector – Jul NEV: All-time high sales for seven brands

Nine Chinese automakers including BYD, Great Wall Motor, NIO, Xpeng, Li Auto, Zeekr, Aion, Neta and Leap reported their Jul 2023 sales volumes on 1...

CMB International

Hong Kong Connect Flows (Jul 28th): Kuaishou Technology, Tencent, HSBC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Kuaishou Technology, Tencent, HSBC.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Byd Company, China Mobile, Wuxi Apptec, Bidu

We analyzed the latest HK SFC report for aggregate short position as of Jul 21st and highlight short interest changes in Byd Company, China Mobile,...

Ke Yan, CFA, FRM

China Auto Sector – Strong June provides more confidence for 2H23

China’s passenger-vehicle (PV) retail sales volume rose 2% YoY and 12% MoM in Jun 2023 amid high base, 5% higher than our prior forecast

CMB International

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