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 analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 57.0% as of Sep 19th.</li>
<li>The average A-H premium changed by -0.8ppt week-on-week, led by industrials, energy, health care and offset by real estate, consumer staples, utilities.</li>
<li>We highlight weekly changes in A-H premium for Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home, Qingdao Port, China Minsheng Banking.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 57.0% as of Sep 19th.
The average A-H premium changed by -0.8ppt week-on-week, led by industrials, energy, health care and offset by real estate, consumer staples, utilities.
We highlight weekly changes in A-H premium for Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home, Qingdao Port, China Minsheng Banking.


A-H Premium Weekly (Sep 19th): Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home, Qingdao Port

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 57.8% as of Sep 12th.</li>
<li>The average A-H premium changed by -2.5ppt week-on-week, led by information technology, consumer staples, financials and offset by consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan Power, Fudan Microelectronics, Zijin Mining, CSSC O&amp;M Engineering, Baiyunshan Pharma, SMIC.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 57.8% as of Sep 12th.
The average A-H premium changed by -2.5ppt week-on-week, led by information technology, consumer staples, financials and offset by consumer discretionary.
We highlight weekly changes in A-H premium for China Longyuan Power, Fudan Microelectronics, Zijin Mining, CSSC O&amp;M Engineering, Baiyunshan Pharma, SMIC.


A-H Premium Weekly (Sep 12th): China Longyuan Power, Fudan Microelectronics, Zijin Mining

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 60.1% as of Sep 5th.</li>
<li>The average A-H premium changed by -0.9ppt week-on-week, led by utilities, energy, health care and offset by real estate, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for China Zheshang Bank, China Communications Construction, Goldwind, Weichai Power.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 60.1% as of Sep 5th.
The average A-H premium changed by -0.9ppt week-on-week, led by utilities, energy, health care and offset by real estate, consumer discretionary.
We highlight weekly changes in A-H premium for China Zheshang Bank, China Communications Construction, Goldwind, Weichai Power.


A-H Premium Weekly (Sep 5th): China Zheshang Bank, China Communications Construction, Goldwind

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>
<strong>Firing on All Cylinders :</strong><a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a> delivered robust 15.7% YoY revenue growth and 25% profit increase in H1 2025, driven by strong domestic demand and overseas expansion.</li>
<li>
<strong>Disciplined Execution</strong> : Smart Home remained the largest contributor, while Energy Solutions and Intelligent Building Technology delivered fastest growth; overseas revenue rose 17.7% YoY, now 42.5% of group sales.</li>
<li>Available at compelling valuation of 13.7x P/E (FY25e), Midea emphasizes R&amp;D leadership, digital transformation, and green solutions to sustain long-term growth.</li>
</ul>



Firing on All Cylinders :Midea Group (300 HK) delivered robust 15.7% YoY revenue growth and 25% profit increase in H1 2025, driven by strong domestic demand and overseas expansion.

Disciplined Execution : Smart Home remained the largest contributor, while Energy Solutions and Intelligent Building Technology delivered fastest growth; overseas revenue rose 17.7% YoY, now 42.5% of group sales.
Available at compelling valuation of 13.7x P/E (FY25e), Midea emphasizes R&amp;D leadership, digital transformation, and green solutions to sustain long-term growth.


Midea Group(300 HK)-Firing on All Cylinders; Disciplined Execution Across Legacy &Emerging Verticals

<ul>
<li>We compile our picks across Japan, China and India based on bottom-up triggers in each company.Our top picks in China <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK) and</a> <a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a>
</li>
<li>Post our insight <a href="https://www.smartkarma.com/insights/dongfeng-motor-489hk-abandoned-restructuring-cash-mcap-can-it-be-a-dark-horse-in-coming-future" target="_blank" data-smartkarma-citation="insights:190701" rel="noopener">Dongfeng Motor(489HK)-Abandoned Restructuring,Cash &gt; MCap : Can It Be A Dark Horse In Coming Future?</a> , <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> is up 150% driven by delisting offer.</li>
<li>Our top picks in Japan are<a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a>,<a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> and in India,it is <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a>,<a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN) and </a><a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)</a><a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener"> </a>
</li>
</ul>


We compile our picks across Japan, China and India based on bottom-up triggers in each company.Our top picks in China Chow Tai Fook Jewellery (1929 HK) and Midea Group (300 HK)

Post our insight Dongfeng Motor(489HK)-Abandoned Restructuring,Cash &gt; MCap : Can It Be A Dark Horse In Coming Future? , Dongfeng Motor (489 HK) is up 150% driven by delisting offer.
Our top picks in Japan areDenso Corp (6902 JP),ROHM Co Ltd (6963 JP) and in India,it is Mahindra &amp; Mahindra (MM IN),Ashok Leyland (AL IN) and TVS Motor (TVSL IN) 



Shortlist Of High Conviction Ideas Across China, Japan, India - August 2025

China

Midea Group CO., LTD manufactures, markets and installs household electrical appliances, compressors and components. Midea also provides services in information technology, corporate investment consultation, software and hardware development, property management and corporate engineering supports. Midea Group provides its products worldwide.

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Midea Group Co Ltd A (000333 CH)

A-H Premium Weekly (Sep 19th): Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home, Qingdao Port

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 12th): China Longyuan Power, Fudan Microelectronics, Zijin Mining

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan Power, Fudan Microelectronics, Zijin Mining,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 5th): China Zheshang Bank, China Communications Construction, Goldwind

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Zheshang Bank, China Communications Construction,...

Ke Yan, CFA, FRM

Midea Group(300 HK)-Firing on All Cylinders; Disciplined Execution Across Legacy &Emerging Verticals

Midea Group (300 HK) reports strong H12025 results driven by growth across verticals. Available at compelling valuation of 13.7x P/E, company has...

Sreemant Dudhoria,CFA

Shortlist Of High Conviction Ideas Across China, Japan, India - August 2025

Here is an update on Midea Group recent results announced on 29Aug, which we missed in the note. For the first six months ended 30 June 2025,...

Sreemant Dudhoria,CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Sep 19th): Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home, Qingdao Port

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 12th): China Longyuan Power, Fudan Microelectronics, Zijin Mining

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan Power, Fudan Microelectronics, Zijin Mining,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 5th): China Zheshang Bank, China Communications Construction, Goldwind

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Zheshang Bank, China Communications Construction,...

Ke Yan, CFA, FRM

Midea Group(300 HK)-Firing on All Cylinders; Disciplined Execution Across Legacy &Emerging Verticals

​Midea Group (300 HK) reports strong H12025 results driven by growth across verticals. Available at compelling valuation of 13.7x P/E, company has...

Sreemant Dudhoria,CFA

Shortlist Of High Conviction Ideas Across China, Japan, India - August 2025

Here is an update on Midea Group recent results announced on 29Aug, which we missed in the note. For the first six months ended 30 June 2025,...

Sreemant Dudhoria,CFA

Midea Group (300 HK) reports strong H12025 results driven by growth across verticals. Available at compelling valuation of 13.7x P/E, company has...