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 November 3rd.</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 Li Ning, Semiconductor Manufacturing International, Xiaomi, Wuxi Biologics, Kuaishou Technology.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 3rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Li Ning, Semiconductor Manufacturing International, Xiaomi, Wuxi Biologics, Kuaishou Technology.


Hong Kong Connect Flows (Nov 3rd): Li Ning, SMIC, Xiaomi

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Nov 3rd 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), Sinopec (386 HK), Li Ning (2331 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), HSBC (5 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Nov 3rd 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), Sinopec (386 HK), Li Ning (2331 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), HSBC (5 HK).


Hong Kong Buybacks Weekly (Nov 3rd): AIA, China Petroleum & Chemical, Li Ning

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows into Meituan, Wuxi Biologics, SMIC, GWM, HKEX.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into Meituan, Wuxi Biologics, SMIC, GWM, HKEX.


Hong Kong Connect Flows (October): Four Months of Inflows

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This is the somewhat brand-spanking-new Quiddity HK Connect SOUTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and Mainland Connect NORTHBOUND Monitor.</li>
<li>Last week, China Mobile (941), SMIC (981) and CNOOC (883) all saw total SOUTHBOUND turnover top 75% of value traded on a gross basis, indicating huge participation. </li>
<li>Meituan was again the top SOUTHBOUND inflow, now net inflow every day for more than a month. Total Net Inflows at HK$6.9bn now 14 weeks straight in the positive column.</li>
</ul>


This is the somewhat brand-spanking-new Quiddity HK Connect SOUTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and Mainland Connect NORTHBOUND Monitor.
Last week, China Mobile (941), SMIC (981) and CNOOC (883) all saw total SOUTHBOUND turnover top 75% of value traded on a gross basis, indicating huge participation. 
Meituan was again the top SOUTHBOUND inflow, now net inflow every day for more than a month. Total Net Inflows at HK$6.9bn now 14 weeks straight in the positive column.


Quiddity HK Connect SOUTHBOUND (To 27-Oct-23); Meituan & Tech IN, High Div SOEs OUT, Financials MIA

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.

Equity Bottom-Up

<ul><li>Thanks to the rather distressed valuation at just 14x FY24E P/E (our TP is based on 19x P/E, even 1 s.d. below its 5-year average of 28x), we maintain BUY on Li Ning.</li><li>We are still cautious about its retail sales growth trend (because the brand popularity might has declined recently and its products are not as value as before) but we do appreciate Li Ning’s efforts to de-stock its inventory in both the channel and trade fair orders, in order to reset the channel health and investors’ expectations.</li><li>Li Ning reported fairly weak retail sales growth in 3Q23</li></ul><p><em>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.</em></p>

Thanks to the rather distressed valuation at just 14x FY24E P/E (our TP is based on 19x P/E, even 1 s.d. below its 5-year average of 28x), we maintain BUY on Li Ning.We are still cautious about its retail sales growth trend (because the brand popularity might has declined recently and its products are not as value as before) but we do appreciate Li Ning’s efforts to de-stock its inventory in both the channel and trade fair orders, in order to reset the channel health and investors’ expectations.Li Ning reported fairly weak retail sales growth in 3Q23Content 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.

Li Ning (2331 HK) – Value Is Distressed but End Demand Is Key

China

Li Ning Company Limited researches, designs, manufactures, distributes, and retails sports footwear, apparel and accessories for sport and leisure use.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Li Ning (2331 HK)

Hong Kong Connect Flows (Nov 3rd): Li Ning, SMIC, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Li Ning, Semiconductor Manufacturing International, Xiaomi,...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Nov 3rd): AIA, China Petroleum & Chemical, Li Ning

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

Hong Kong Connect Flows (October): Four Months of Inflows

We analyzed the Hong Kong Connect Scheme for October and highlight flows for Meituan, Wuxi Biologics, SMIC, Great Wall Motor, HKEX.

Ke Yan, CFA, FRM

Quiddity HK Connect SOUTHBOUND (To 27-Oct-23); Meituan & Tech IN, High Div SOEs OUT, Financials MIA

SOUTHBOUND saw net buying. Again. HK$6.9bn over four days. The oil and telecom SOEs continue to see outflows. Meituan continues to see inflows....

Travis Lundy

Li Ning (2331 HK) – Value Is Distressed but End Demand Is Key

Thanks to the rather distressed valuation at just 14x FY24E P/E (our TP is based on 19x P/E, even 1 s.d. below its 5-year average of 28x), we...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)