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 Sep 19th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Pop Mart Intl, CSPC Pharma, Hua Hong Semiconductor.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 19th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Pop Mart Intl, CSPC Pharma, Hua Hong Semiconductor.


HK Short Interest Weekly: Pop Mart Intl, CSPC Pharma, Hua Hong Semiconductor

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 19th.</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 Alibaba, Beigene, China Pacific Insurance, Duality Biotherapeutics, Xiaomi, Tencent, ICBC, Great Wall Motor.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 19th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Beigene, China Pacific Insurance, Duality Biotherapeutics, Xiaomi, Tencent, ICBC, Great Wall Motor.


HK Connect Flows Weekly (Sep 19th): Alibaba, Beigene, China Pacific Insurance

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>HSI tested new highs before fading, as weak breadth and strong option volumes highlighted diverging signals in Hong Kong equities.</li>
<li>Technically, HSI may have reached a level from which minor corrections have started.</li>
<li>Option trading activity surged, reaching its busiest day since November, even as overall market momentum faltered.</li>
</ul>


HSI tested new highs before fading, as weak breadth and strong option volumes highlighted diverging signals in Hong Kong equities.
Technically, HSI may have reached a level from which minor corrections have started.
Option trading activity surged, reaching its busiest day since November, even as overall market momentum faltered.


Hong Kong Single Stock Options Weekly (Sept 15 – 19): Caution Signs Emerge as HSI Stretches Higher

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 12th.</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 Alibaba, Horizon Robotics, Pop Mart Intl, BYD, Meituan, Ping An Insurance, Akeso, China Telecom, Xiaomi, Kuaishou.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 12th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Horizon Robotics, Pop Mart Intl, BYD, Meituan, Ping An Insurance, Akeso, China Telecom, Xiaomi, Kuaishou.


HK Connect Flows Weekly (Sep 12th): Alibaba, Horizon Robotics, Pop Mart Intl, BYD, Meituan

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/nio-inc-2d526675-c878-4104-840f-87fed1735e85" target="_blank" data-smartkarma-citation="entities:35652:1" rel="noopener">NIO (9866 HK)</a> / <a href="https://www.smartkarma.com/entities/nio-inc" target="_blank" data-smartkarma-citation="entities:27399:1" rel="noopener">NIO (NIO US)</a> is looking to raise up to US$1.15bn, including the overallotment option, in an equity offering across Hong Kong and the U.S.</li>
<li>The HK offering is priced at HK$43.36/share and the ADR pricing is US$5.57/share. <a href="https://www.smartkarma.com/entities/nio-inc" target="_blank" data-smartkarma-citation="entities:27399:1" rel="noopener">NIO (NIO US)</a> closed at US$5.72/share overnight, so expect <a href="https://www.smartkarma.com/entities/nio-inc-2d526675-c878-4104-840f-87fed1735e85" target="_blank" data-smartkarma-citation="entities:35652:1" rel="noopener">NIO (9866 HK)</a> to open around HK$44.55/share.</li>
<li>There will be buying from global index trackers at the time of settlement of the offering shares. The buying from <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> trackers is more nuanced.</li>
</ul>



NIO (9866 HK) / NIO (NIO US) is looking to raise up to US$1.15bn, including the overallotment option, in an equity offering across Hong Kong and the U.S.
The HK offering is priced at HK$43.36/share and the ADR pricing is US$5.57/share. NIO (NIO US) closed at US$5.72/share overnight, so expect NIO (9866 HK) to open around HK$44.55/share.
There will be buying from global index trackers at the time of settlement of the offering shares. The buying from Hang Seng TECH Index (HSTECH INDEX) trackers is more nuanced.


NIO (9866 HK/NIO US): Index Implications of US$1bn+ Offering

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)

HK Short Interest Weekly: Pop Mart Intl, CSPC Pharma, Hua Hong Semiconductor

We analyzed the latest HK SFC report for aggregate short position as of Sep 19th and highlight short interest changes in Pop Mart Intl, CSPC...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Sep 19th): Alibaba, Beigene, China Pacific Insurance

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Beigene, China Pacific Insurance, Duality...

Ke Yan, CFA, FRM

Hong Kong Single Stock Options Weekly (Sept 15 – 19): Caution Signs Emerge as HSI Stretches Higher

HSI tested fresh highs before fading, with weakening breadth and a surge in single stock option activity pointing to diverging signals across Hong...

John Ley

HK Connect Flows Weekly (Sep 12th): Alibaba, Horizon Robotics, Pop Mart Intl, BYD, Meituan

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Horizon Robotics (9660 HK), Pop Mart...

Ke Yan, CFA, FRM

NIO (9866 HK/NIO US): Index Implications of US$1bn+ Offering

NIO (9866 HK) is looking to raise up to US$1.15bn in an equity offering across HK/US. Global passive trackers will buy around 13% of the offering....

Brian Freitas

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