Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

<ul>
<li>Gpixel Changchun launched Hongkong IPO aiming to raise up to HK$ 2.6B. They provide CMOS image sensors (CIS) in industrial imaging, scientific imaging, photography and video, and medical imaging.  </li>
<li>Gpixel Changchun intends to use the IPO proceeds for enhancing R&amp;D capabilities, product innovation, expanding production facilities and overseas business development.</li>
<li>Relatively, the valuation seems reasonable given the fact that company enjoys a market leader position in China and third position globally in the industrial and scientific imaging segment.</li>
</ul>


Gpixel Changchun launched Hongkong IPO aiming to raise up to HK$ 2.6B. They provide CMOS image sensors (CIS) in industrial imaging, scientific imaging, photography and video, and medical imaging.  
Gpixel Changchun intends to use the IPO proceeds for enhancing R&amp;D capabilities, product innovation, expanding production facilities and overseas business development.
Relatively, the valuation seems reasonable given the fact that company enjoys a market leader position in China and third position globally in the industrial and scientific imaging segment.


Gpixel Changchun IPO: Investors Can Sense a Reasonable Bet Here Given The Strengths and Positioning

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>As of end February, there have been 23 new listings on the Main Board of the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a>. There will be more in March.</li>
<li>Of the 23 new listings, we forecast 7 inclusions to the Hang Seng Composite Index (HSCI) in June. 6 of those stocks will then be added to Southbound Stock Connect.</li>
<li>As a stock with Weighted Voting Rights (WVR), <a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax Group (100 HK)</a> will need to wait till early August to be added to Southbound Stock Connect.</li>
</ul>


As of end February, there have been 23 new listings on the Main Board of the HKEX (388 HK). There will be more in March.
Of the 23 new listings, we forecast 7 inclusions to the Hang Seng Composite Index (HSCI) in June. 6 of those stocks will then be added to Southbound Stock Connect.
As a stock with Weighted Voting Rights (WVR), MiniMax Group (100 HK) will need to wait till early August to be added to Southbound Stock Connect.


HSCI Index Rebalance Preview: Semiconductor & Software Stocks Dominate Potential Adds in June

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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 27th.</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 Tencent, Alibaba, Xiaomi, Meituan, Hua Hong Semiconductor, Zijin Mining.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 27th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Alibaba, Xiaomi, Meituan, Hua Hong Semiconductor, Zijin Mining.


HK Connect Flows Weekly (Feb 27th): Tencent, Alibaba, Xiaomi, Meituan, Hua Hong Semiconductor

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.

Montage Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/montage-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:28236:1" rel="noopener">Montage Technology (688008 CH)</a> (MT), a provider of memory interface chips and interconnect chips, raised around US$1bn in its H-share listing</li>
<li>MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Montage Technology (688008 CH) (MT), a provider of memory interface chips and interconnect chips, raised around US$1bn in its H-share listing
MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Montage Technology A/H Trading - Highest Insti Coverage so Far

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

China

OmniVision Integrated Circuits Group is a fabless semiconductor company that designs and sells semiconductor devices. It specializes in CMOS image sensors, analog integrated circuits, and touch and display solutions for mobile communications, automotive electronics, and IoT devices. The company was founded on May 15, 2007, and is headquartered in Shanghai, China.

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Omnivision Integrated Circuits (501 HK)

Gpixel Changchun IPO: Investors Can Sense a Reasonable Bet Here Given The Strengths and Positioning

Gpixel Changchun launches Hong Kong IPO to raise funds for R&D, innovation, expansion and overseas development. Strong market position in...

Tina Banerjee

HSCI Index Rebalance Preview: Semiconductor & Software Stocks Dominate Potential Adds in June

Of the 23 stocks that have listed on the HKEX this year, 7 could be added to the HSCI at the close on 5 June, and 6 of those will be added to...

Brian Freitas

HK Connect Flows Weekly (Feb 27th): Tencent, Alibaba, Xiaomi, Meituan, Hua Hong Semiconductor

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

Ke Yan, CFA, FRM

Aequitas: Montage Technology A/H Trading - Highest Insti Coverage so Far

Montage Technology (688008 CH) (MT), a provider of memory interface chips and interconnect chips, raised around US$1bn in its H-share listing. In...

Sumeet Singh

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52-week Range

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Gpixel Changchun IPO: Investors Can Sense a Reasonable Bet Here Given The Strengths and Positioning

​Gpixel Changchun launches Hong Kong IPO to raise funds for R&D, innovation, expansion and overseas development. Strong market position in...

Tina Banerjee

HSCI Index Rebalance Preview: Semiconductor & Software Stocks Dominate Potential Adds in June

Of the 23 stocks that have listed on the HKEX this year, 7 could be added to the HSCI at the close on 5 June, and 6 of those will be added to...

Brian Freitas

HK Connect Flows Weekly (Feb 27th): Tencent, Alibaba, Xiaomi, Meituan, Hua Hong Semiconductor

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

Ke Yan, CFA, FRM

Aequitas: Montage Technology A/H Trading - Highest Insti Coverage so Far

Montage Technology (688008 CH) (MT), a provider of memory interface chips and interconnect chips, raised around US$1bn in its H-share listing. In...

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

Gpixel Changchun launches Hong Kong IPO to raise funds for R&D, innovation, expansion and overseas development. Strong market position in...