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 March 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 highlight flows for Xiaomi, CMB, Meituan, Ke, Li Auto, Tencent, BYD Electronic, SMIC, HKEx, Alibaba.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 28th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Xiaomi, CMB, Meituan, Ke, Li Auto, Tencent, BYD Electronic, SMIC, HKEx, Alibaba.


HK Connect Flows Weekly (Mar 28th): Xiaomi, CMB, Meituan, Ke, Li Auto, Tencent, BYD Electronic, SMIC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 21st.</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 Ke, China Mobile, Alibaba, Kuaishou, BOC, China Resources Beer, SMIC, Meituan.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 21st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Ke, China Mobile, Alibaba, Kuaishou, BOC, China Resources Beer, SMIC, Meituan.


Hong Kong Connect Flows (Mar 21st): Ke, China Mobile, Alibaba, Kuaishou, BOC, CR Beer, SMIC

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>We reiterate our view of overweighting high quality names among Property &amp; PM sector given that 1) Shenzhen/Suzhou further relaxed home purchase policies which further proved regulators’ determination in upholding the market confidence in our view</li><li>2) we think there is ample room for fine-tuning in tier-1 cities (Figure 1)</li><li>3) property transaction data are robust </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>

We reiterate our view of overweighting high quality names among Property &amp; PM sector given that 1) Shenzhen/Suzhou further relaxed home purchase policies which further proved regulators’ determination in upholding the market confidence in our view2) we think there is ample room for fine-tuning in tier-1 cities (Figure 1)3) property transaction data are robust 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.

Property - City-Level Relaxation Came Earlier...

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Longfor Group, Cikarang Listrindo</li>
<li>The Chinese government has announced a GDP growth target of “around 5%” for 2025 (matching the growth target and actual level achieved in 2024), according to Premier Li Qiang’s annual government work report unveiled during the Two Sessions meeting.</li>
<li>Meanwhile, the government has raised the fiscal budget deficit target to 4% of GDP (vs. 3% previously), and lowered its annual CPI inflation target to “around 2%” (reflecting downward pressure on prices).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Longfor Group, Cikarang Listrindo
The Chinese government has announced a GDP growth target of “around 5%” for 2025 (matching the growth target and actual level achieved in 2024), according to Premier Li Qiang’s annual government work report unveiled during the Two Sessions meeting.
Meanwhile, the government has raised the fiscal budget deficit target to 4% of GDP (vs. 3% previously), and lowered its annual CPI inflation target to “around 2%” (reflecting downward pressure on prices).


Blue Lotus Research Institute

Andy Fu

China growth and global non-US Internet equities

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>As we previously noted, Chinese housing market started 2025 with a bang but quickly deteriorated. This trend became more pronounced post CNY; </li>
<li>Is this a temporary lull from the very strong start? Or it signals something more troublesome in consumption in 2025? </li>
<li>We now think our forecasted 25% GTV growth by Beike in C1Q25 is at risk.</li>
</ul>


As we previously noted, Chinese housing market started 2025 with a bang but quickly deteriorated. This trend became more pronounced post CNY; 
Is this a temporary lull from the very strong start? Or it signals something more troublesome in consumption in 2025? 
We now think our forecasted 25% GTV growth by Beike in C1Q25 is at risk.


Fast Deterioration of Housing Transaction Post CNY Pointed to Fragile Recovery

China

Longfor Properties Co. Ltd. operates in the property development, property investment and property management businesses in China.

Price Gauge
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Longfor Properties (960 HK)

HK Connect Flows Weekly (Mar 28th): Xiaomi, CMB, Meituan, Ke, Li Auto, Tencent, BYD Electronic, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, CMB, Meituan, Ke, Li Auto, Tencent, BYD...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Mar 21st): Ke, China Mobile, Alibaba, Kuaishou, BOC, CR Beer, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Ke, China Mobile, Alibaba, Kuaishou, BOC, China Resources...

Ke Yan, CFA, FRM

Property - City-Level Relaxation Came Earlier...

Shenzhen made another move on policy relaxation including 1) lowering CPF down payment ratio from 30% to 20% for 2nd home buyers

CMB International

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Longfor Group, Cikarang Listrindo

Lucror Analytics

Fast Deterioration of Housing Transaction Post CNY Pointed to Fragile Recovery

Home transactions in 2025 are below trend post Chinese New Year due to a temporary lull after crowded trading, with potential downside risk for...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect Flows Weekly (Mar 28th): Xiaomi, CMB, Meituan, Ke, Li Auto, Tencent, BYD Electronic, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, CMB, Meituan, Ke, Li Auto, Tencent, BYD...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Mar 21st): Ke, China Mobile, Alibaba, Kuaishou, BOC, CR Beer, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Ke, China Mobile, Alibaba, Kuaishou, BOC, China Resources...

Ke Yan, CFA, FRM

Property - City-Level Relaxation Came Earlier...

Shenzhen made another move on policy relaxation including 1) lowering CPF down payment ratio from 30% to 20% for 2nd home buyers

CMB International

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Longfor Group, Cikarang Listrindo

Lucror Analytics

Fast Deterioration of Housing Transaction Post CNY Pointed to Fragile Recovery

​Home transactions in 2025 are below trend post Chinese New Year due to a temporary lull after crowded trading, with potential downside risk for...

Blue Lotus Research Institute

Home transactions in 2025 are below trend post Chinese New Year due to a temporary lull after crowded trading, with potential downside risk for...