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.

Equity Bottom-Up

<ul>
<li>China announced game approval last night, after 8 months of silence.</li>
<li>We discussed in our previous note that China would resume game approval.</li>
<li>There is no game approved for Tencent and Netease this round but we believe their approval will come in due time.</li>
</ul>


China announced game approval last night, after 8 months of silence.
We discussed in our previous note that China would resume game approval.
There is no game approved for Tencent and Netease this round but we believe their approval will come in due time.


Tencent/Netease: China Game Approval Resumption Is a Relieve, but Not Out of Tunnel

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Zhihu Technology / Equity Capital Markets

<ul>
<li>Zhihu plans to raise around US$130m via a dual primary listing in Hong Kong.</li>
<li>Unlike all the prior dual primary/secondary listings which have been done via offering either only primary or a mix of primary+secondary shares, Zhihu’s offering will consist of only secondary shares.</li>
<li>In this note, we'll talk about the deal dynamics and structure.</li>
</ul>


Zhihu plans to raise around US$130m via a dual primary listing in Hong Kong.
Unlike all the prior dual primary/secondary listings which have been done via offering either only primary or a mix of primary+secondary shares, Zhihu’s offering will consist of only secondary shares.
In this note, we'll talk about the deal dynamics and structure.


Zhihu HK Secondary - Going Further than Autohome and Weibo, Stock Might Go Further Down as Well

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Mar 25th. </li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short interest changes in Wuxi Biologics, HK China Gas, Geely, Netease.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 25th. 
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short interest changes in Wuxi Biologics, HK China Gas, Geely, Netease.


HK Short Interest: Wuxi Biologics, HK China Gas, Geely, Netease

<ul>
<li>SK Shieldus (SKS) aims to raise around US$800m via a mix of issuing primary and secondary shares in its Korea IPO.</li>
<li>SKS is the security subsidiary of SK Square. It provides security services across four main categories: information security/Cybersecurity, convergence security, physical security, and Safety &amp; Care.</li>
<li>In this note, we will talk about the postive aspects of the deal.</li>
</ul>


SK Shieldus (SKS) aims to raise around US$800m via a mix of issuing primary and secondary shares in its Korea IPO.
SKS is the security subsidiary of SK Square. It provides security services across four main categories: information security/Cybersecurity, convergence security, physical security, and Safety &amp; Care.
In this note, we will talk about the postive aspects of the deal.


SK Shieldus IPO - The Positives - Decent Growth, Diversifying Its Revenue Base

<ul>
<li>On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas regulators to China ADRs audits.</li>
<li>On 8th Mar 2022, Securities Exchange Commission (SEC) had added five China ADR names to its provisional list of issuers under HFCAA, which set the clock ticking for their delisting.</li>
<li>In this note, we'll talk about the latest developments and its implications.</li>
</ul>


On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas regulators to China ADRs audits.
On 8th Mar 2022, Securities Exchange Commission (SEC) had added five China ADR names to its provisional list of issuers under HFCAA, which set the clock ticking for their delisting.
In this note, we'll talk about the latest developments and its implications.


China ADRs Delisting - Tide Is Turning with CSRC Showing Signs of a Compromise

China

NetEase, Inc. operates as an leading internet technology company providing online services including content, community, communication, and commerce. The Company develops and operates online games, electronic commerce, internet media, innovative business, and other businesses. NetEase expands its businesses to Japan, North American, and other other international markets.

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NetEase (9999 HK)

Tencent/Netease: China Game Approval Resumption Is a Relieve, but Not Out of Tunnel

China resumed game approval. We view this as a very positive development for game developers and to a larger extent the TMT industry.

Ke Yan, CFA, FRM

Zhihu HK Secondary - Going Further than Autohome and Weibo, Stock Might Go Further Down as Well

Zhihu plans to raise around US$130m via a dual primary listing in Hong Kong. In this note, we will talk about the deal dynamics.

Sumeet Singh

HK Short Interest: Wuxi Biologics, HK China Gas, Geely, Netease

We highlight week on week short interest changes in Wuxi Biologics, HK China Gas, Geely, Netease based on latest HK SFC short aggregate report.

Ke Yan, CFA, FRM

SK Shieldus IPO - The Positives - Decent Growth, Diversifying Its Revenue Base

SK Shieldus (SKS) aims to raise around US$800m via a mix of issuing primary and secondary shares in its Korea IPO. In this note, we talk about the...

Sumeet Singh

China ADRs Delisting - Tide Is Turning with CSRC Showing Signs of a Compromise

On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas...

Sumeet Singh

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