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 149 stocks over the last week. The average A-H premium was 81.5% as of May 23rd.</li>
<li>The average A-H premium changed by -2.2ppt week-on-week, led by health care, consumer discretionary, industrials and offset by consumer staples, real estate, utilities.</li>
<li>We highlight weekly changes in A-H premium for Asymchem Lab, Shanghai Junshi Biosciences, Remegen, Fuyao Glass, Jiangxi Copper.</li>
</ul>


We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 81.5% as of May 23rd.
The average A-H premium changed by -2.2ppt week-on-week, led by health care, consumer discretionary, industrials and offset by consumer staples, real estate, utilities.
We highlight weekly changes in A-H premium for Asymchem Lab, Shanghai Junshi Biosciences, Remegen, Fuyao Glass, Jiangxi Copper.


A-H Premium Weekly (May 23rd): CATL and Hengrui Listing Lowered Premium

<ul>
<li>We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 83.5% as of May 16th.</li>
<li>The average A-H premium changed by -0.8ppt week-on-week, led by energy, communication services, financials and offset by consumer staples.</li>
<li>We highlight weekly changes in A-H premium for Cosco Shipping Development, Qingdao Port International, Cosco Shipping, BYD.</li>
</ul>


We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 83.5% as of May 16th.
The average A-H premium changed by -0.8ppt week-on-week, led by energy, communication services, financials and offset by consumer staples.
We highlight weekly changes in A-H premium for Cosco Shipping Development, Qingdao Port International, Cosco Shipping, BYD.


A-H Premium Weekly (May 16th): Cosco Shipping Development, Qingdao Port International

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 11th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in China Mobile, Sinopec, Ishares A50, Smic, CNOOC, Meituan, Kuaishou, Tracker Fund.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 11th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in China Mobile, Sinopec, Ishares A50, Smic, CNOOC, Meituan, Kuaishou, Tracker Fund.


HK Short Interest Weekly: China Mobile, Sinopec, Smic, CNOOC, Meituan, Kuaishou

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 17th.</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 Alibaba (9988 HK), Tencent (700 HK), Xiaomi (1810 HK), Meituan (3690 HK), CCB (939 HK).</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 17th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba (9988 HK), Tencent (700 HK), Xiaomi (1810 HK), Meituan (3690 HK), CCB (939 HK).


HK Connect Flows Weekly (Apr 17th): Alibaba, Tencent, Xiaomi, Meituan, CCB

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>AH Premia bounce higher. Spread curve torsion is mild given how much AH is widening again. Two weeks in a row we see a big net move.</li>
<li>For a month I thought warning signs were flashing and spreads could widen. They are still widening despite really big net SOUTHBOUND buying.</li>
<li>I expected the right thing to do was hunker down and be flat H/A risk. Hs underperformed As by 3.7% over two weeks so it's tough to be flat enough.</li>
</ul>


AH Premia bounce higher. Spread curve torsion is mild given how much AH is widening again. Two weeks in a row we see a big net move.
For a month I thought warning signs were flashing and spreads could widen. They are still widening despite really big net SOUTHBOUND buying.
I expected the right thing to do was hunker down and be flat H/A risk. Hs underperformed As by 3.7% over two weeks so it's tough to be flat enough.


A/H Premium Tracker (To 11 Apr 2025):  Sharp AH Premia Widening

China

New China Life Insurance Company Limited provides life insurance in local and foreign currencies, acts as an insurance agent, provides checks, claims and insurance consulting. The Company's main products include life insurance, accident insurance, health insurance products and services.

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52-week Range	0.00 - 0.00
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New China Life Insurance (601336 CH)

A-H Premium Weekly (May 23rd): CATL and Hengrui Listing Lowered Premium

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Asymchem Lab, Shanghai Junshi Biosciences, Remegen, Fuyao...

Ke Yan, CFA, FRM

A-H Premium Weekly (May 16th): Cosco Shipping Development, Qingdao Port International

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Cosco Shipping Development, Qingdao Port International,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: China Mobile, Sinopec, Smic, CNOOC, Meituan, Kuaishou

We analyzed the latest HK SFC report for aggregate short position as of Apr 11th and highlight short interest changes in China Mobile, Sinopec,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Apr 17th): Alibaba, Tencent, Xiaomi, Meituan, CCB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Tencent, Xiaomi, Meituan, CCB.

Ke Yan, CFA, FRM

A/H Premium Tracker (To 11 Apr 2025): Sharp AH Premia Widening

Significant widening this week, even after a big rebound by Hs on Friday. Some of this may reverse next week, but I think the trade is still to see...

Travis Lundy

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52-week Range

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