Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 170 stocks over the last week. The average A-H premium was 65.2% as of Feb 13th.</li>
<li>The average A-H premium changed by -2.8ppt week-on-week, led by consumer staples, utilities, industrials and offset by communication services.</li>
<li>We highlight weekly changes in A-H premium for Shanghai Electric, China Energy Engineering, Sinotrans, BYD, Flat Glass, Zijin Mining.</li>
</ul>


We analyse the changes of A-H premium on 170 stocks over the last week. The average A-H premium was 65.2% as of Feb 13th.
The average A-H premium changed by -2.8ppt week-on-week, led by consumer staples, utilities, industrials and offset by communication services.
We highlight weekly changes in A-H premium for Shanghai Electric, China Energy Engineering, Sinotrans, BYD, Flat Glass, Zijin Mining.


A-H Premium Weekly (Feb 13th): Shanghai Electric, China Energy Engineering, Sinotrans, BYD

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Anker Innovations Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anker-innovations-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36238:1" rel="noopener">Anker Innovations Technology (300866 CH)</a> (AIT), a global consumer electronics company, aims to raise around US$1bn in its H-share listing.</li>
<li>AIT sells products across three major product lines — smart charging and power storage, smart home and innovation, and smart audio and video.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Anker Innovations Technology (300866 CH) (AIT), a global consumer electronics company, aims to raise around US$1bn in its H-share listing.
AIT sells products across three major product lines — smart charging and power storage, smart home and innovation, and smart audio and video.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Anker Innovations Technology A/H Listing - Building a Global Brand

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Montage Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-c827a672-7027-4114-b744-0fc66a5d1d98" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener">Montage Technology (6809 HK)</a> priced its H Share at HK$106.89, raising HK$7,043 million (US$901 million) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/montage-technology-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:216984" rel="noopener">Montage Technology H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/montage-technology-h-share-listing-6809-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:219421" rel="noopener">Montage Technology H Share Listing (6809 HK): Valuation Insights</a>. </li>
<li>Montage's international and retail oversubscription rates were significantly above the median of recent large AH listings. The AH discount remains attractive.</li>
</ul>



Montage Technology (6809 HK) priced its H Share at HK$106.89, raising HK$7,043 million (US$901 million) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Montage Technology H Share Listing: The Investment Case and Montage Technology H Share Listing (6809 HK): Valuation Insights. 
Montage's international and retail oversubscription rates were significantly above the median of recent large AH listings. The AH discount remains attractive.


Montage Technology H Share Listing (6809 HK): Trading Debut

<ul>
<li>We analyse the changes of A-H premium on 170 stocks over the last week. The average A-H premium was 68.0% as of Feb 6th.</li>
<li>The average A-H premium changed by 1.6ppt week-on-week, led by utilities, information technology, industrials and offset by consumer staples, energy, communication services.</li>
<li>We highlight weekly changes in A-H premium for China Oilfield Services, Huaxin Building Materials, Cngr Advanced Material, China Suntien Green Energy, Cgn Power, BYD.</li>
</ul>


We analyse the changes of A-H premium on 170 stocks over the last week. The average A-H premium was 68.0% as of Feb 6th.
The average A-H premium changed by 1.6ppt week-on-week, led by utilities, information technology, industrials and offset by consumer staples, energy, communication services.
We highlight weekly changes in A-H premium for China Oilfield Services, Huaxin Building Materials, Cngr Advanced Material, China Suntien Green Energy, Cgn Power, BYD.


A-H Premium Weekly (Feb 6th): China Oilfield Services, Huaxin Building Materials

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muyuan-foods-co-ltd" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foods Co (2714 HK)</a> priced its H Share at HK$39 to raise HK$10,684 million (US$1.4 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/muyuan-foods-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:218326" rel="noopener">Muyuan Foods H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/muyuan-foods-h-share-listing-2714-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:219264" rel="noopener">Muyuan Foods H Share Listing (2714 HK): Valuation Insights</a>. </li>
<li>Muyuan's international and retail oversubscription rates were below the median of recent large AH listings. The AH discount remains attractive.</li>
</ul>



Muyuan Foods Co (2714 HK) priced its H Share at HK$39 to raise HK$10,684 million (US$1.4 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Muyuan Foods H Share Listing: The Investment Case and Muyuan Foods H Share Listing (2714 HK): Valuation Insights. 
Muyuan's international and retail oversubscription rates were below the median of recent large AH listings. The AH discount remains attractive.


Muyuan Foods H Share Listing (2714 HK): Trading Debut

China

Midea Group is a global technology group and one of the world's largest manufacturers of home appliances, offering a comprehensive range of products including air conditioners, refrigerators, washing machines, and kitchen appliances. The company also specializes in industrial technologies, intelligent building solutions, and robotics and automation. Midea Group was founded in 1968 and is headquartered in Foshan, Guangdong, China.

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Midea Group (300 HK)

A-H Premium Weekly (Feb 13th): Shanghai Electric, China Energy Engineering, Sinotrans, BYD

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Shanghai Electric, China Energy Engineering, Sinotrans, BYD,...

Ke Yan, CFA, FRM

Aequitas: Anker Innovations Technology A/H Listing - Building a Global Brand

Anker Innovations Technology (300866 CH) (AIT), a global consumer electronics company, aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

A-H Premium Weekly (Feb 6th): China Oilfield Services, Huaxin Building Materials

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Oilfield Services, Huaxin Building Materials, Cngr...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Feb 13th): Shanghai Electric, China Energy Engineering, Sinotrans, BYD

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Shanghai Electric, China Energy Engineering, Sinotrans, BYD,...

Ke Yan, CFA, FRM

Aequitas: Anker Innovations Technology A/H Listing - Building a Global Brand

Anker Innovations Technology (300866 CH) (AIT), a global consumer electronics company, aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

Montage Technology H Share Listing (6809 HK): Trading Debut

Montage's international and retail oversubscription rates were significantly above the median of recent large AH listings. The AH discount remains...

Arun George

A-H Premium Weekly (Feb 6th): China Oilfield Services, Huaxin Building Materials

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Oilfield Services, Huaxin Building Materials, Cngr...

Ke Yan, CFA, FRM

Muyuan Foods H Share Listing (2714 HK): Trading Debut

Muyuan's international and retail oversubscription rates were below the median of recent large AH listings. The AH discount remains attractive.

Arun George