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 analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine. Northbound investors are selling A-share stocks worth USD 2.9bn in July.</li>
<li>The outflows were led by the financials, industrials, and materials sectors.</li>
<li>We highlight flows for Shenzhen Mindray, Zhejiang Huayou, Tianqi Lithium, Yunnan Energy New Material, Moutai, Sungrow, Ping An Bank, Wuxi Lead, Zhejiang Sanhua, Industrial Bank.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine. Northbound investors are selling A-share stocks worth USD 2.9bn in July.
The outflows were led by the financials, industrials, and materials sectors.
We highlight flows for Shenzhen Mindray, Zhejiang Huayou, Tianqi Lithium, Yunnan Energy New Material, Moutai, Sungrow, Ping An Bank, Wuxi Lead, Zhejiang Sanhua, Industrial Bank.


Northbound Flows Monthly (July): Financials, Industrials and Materials Led Outflows

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Outflows from consumer discretionary and consumer staple were offset by the inflows into material and energy.</li>
<li>We highlight inflows into Yunnan Energy New Material, Zhejiang Huayou Cobalt, BOE Technology and etc.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.
Outflows from consumer discretionary and consumer staple were offset by the inflows into material and energy.
We highlight inflows into Yunnan Energy New Material, Zhejiang Huayou Cobalt, BOE Technology and etc.


Northbound Flows: Yunnan Energy New Material, Zhejiang Huayou Cobalt, BOE Technology

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Yunnan Energy New Material  / Event-Driven

<ul>
<li>Inside is a recap of movements in the last week relating to the Hong Kong Stock Exchange -Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry.</li>
<li>Overall, net outflow over the past week was ~US$1.83bn, split between Shanghai (-US$1.3bn) and Shenzhen (-US$0.5bn).</li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/yunnan-chuangxin-new-material" target="_blank" data-smartkarma-citation="entities:27135:1" rel="noopener">Yunnan Chuangxin New (002812 CH)</a> and <a href="https://www.smartkarma.com/entities/shanghai-baosight-software-co" target="_blank" data-smartkarma-citation="entities:28228:1" rel="noopener">Shanghai Baosight (600845 CH)</a>. The largest outflows were in <a href="https://www.smartkarma.com/entities/sungrow-power-supply-co-ltd" target="_blank" data-smartkarma-citation="entities:4255:1" rel="noopener">Sungrow Power (300274 CH)</a> and <a href="https://www.smartkarma.com/entities/ping-an-bank-co-ltd-a" target="_blank" data-smartkarma-citation="entities:681:1" rel="noopener">Ping An Bank (000001 CH)</a>.</li>
</ul>


Inside is a recap of movements in the last week relating to the Hong Kong Stock Exchange -Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry.
Overall, net outflow over the past week was ~US$1.83bn, split between Shanghai (-US$1.3bn) and Shenzhen (-US$0.5bn).
The largest inflows were into Yunnan Chuangxin New (002812 CH) and Shanghai Baosight (600845 CH). The largest outflows were in Sungrow Power (300274 CH) and Ping An Bank (000001 CH).


Shanghai/​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (22 July 2022)

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Banks led the outflow as offshore investors are concerned about the risk from property sectors.</li>
<li>We highlight inflows into Mindray, Tianjin Zhonghuan, BYD and outflows from banks.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.
Banks led the outflow as offshore investors are concerned about the risk from property sectors.
We highlight inflows into Mindray, Tianjin Zhonghuan, BYD and outflows from banks.


Northbound Flows: Mindray, Tianjin Zhonghuan, BYD, Banks

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/noah-holdings-ltd-spon-ads" target="_blank" data-smartkarma-citation="entities:13585:1" rel="noopener">Noah Holdings (NOAH US)</a> priced its H Share at HK$292.00 per share (US$18.60 per ADS) to raise gross proceeds of US$41 million. The H Share will trade on 13 July. </li>
<li>The H Share listing is primarily to address the risk of a potential US delisting. With cash accounting for around 50% of the market cap, Noah is well capitalised. </li>
<li>The valuation is attractive for a company well-positioned to take advantage of any improving market sentiment and an easing of the risk-off sentiment.</li>
</ul>



Noah Holdings (NOAH US) priced its H Share at HK$292.00 per share (US$18.60 per ADS) to raise gross proceeds of US$41 million. The H Share will trade on 13 July. 
The H Share listing is primarily to address the risk of a potential US delisting. With cash accounting for around 50% of the market cap, Noah is well capitalised. 
The valuation is attractive for a company well-positioned to take advantage of any improving market sentiment and an easing of the risk-off sentiment.


Noah Holdings: Rich Pickings but Patience Required

China

Ping An Bank Co Ltd provides a full range of commercial banking services including RMB and foreign currency deposit, loan, international and domestic settlement, discount, currency trading, letter of credit, bank guarantee, and other related services.

Price Gauge
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Ping An Bank Co Ltd A (000001 CH)

Northbound Flows Monthly (July): Financials, Industrials and Materials Led Outflows

Northbound investors sold $2.9bn stocks last month. We highlight flows for Shenzhen Mindray, Zhejiang Huayou, Tianqi Lithium, Yunnan Energy New...

Ke Yan, CFA, FRM

Northbound Flows: Yunnan Energy New Material, Zhejiang Huayou Cobalt, BOE Technology

Northbound connect recorded second week of outflows. We highlight inflows into Yunnan Energy New Material, Zhejiang Huayou Cobalt, BOE Technology...

Ke Yan, CFA, FRM

Shanghai/Shenzhen Northbound Connect: Weekly Moves (22 July 2022)

Overall, net outflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$1.83bn, split between Shanghai (...

David Blennerhassett

Northbound Flows: Mindray, Tianjin Zhonghuan, BYD, Banks

Northbound trade recorded $3.2bn outlfows last week. We highlight inflows into Shenzhen Mindray, Tianjin Zhonghuan, BYD and outflows from banks.

Ke Yan, CFA, FRM

Noah Holdings: Rich Pickings but Patience Required

The valuation is attractive for a company well-positioned to take advantage of any improving market sentiment and an easing of the risk-off sentiment.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Northbound Flows Monthly (July): Financials, Industrials and Materials Led Outflows

Northbound investors sold $2.9bn stocks last month. We highlight flows for Shenzhen Mindray, Zhejiang Huayou, Tianqi Lithium, Yunnan Energy New...

Ke Yan, CFA, FRM

Northbound Flows: Yunnan Energy New Material, Zhejiang Huayou Cobalt, BOE Technology

Northbound connect recorded second week of outflows. We highlight inflows into Yunnan Energy New Material, Zhejiang Huayou Cobalt, BOE Technology...

Ke Yan, CFA, FRM

Shanghai/​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (22 July 2022)

Overall, net outflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$1.83bn, split between Shanghai (...

David Blennerhassett

Northbound Flows: Mindray, Tianjin Zhonghuan, BYD, Banks

Northbound trade recorded $3.2bn outlfows last week. We highlight inflows into Shenzhen Mindray, Tianjin Zhonghuan, BYD and outflows from banks.

Ke Yan, CFA, FRM

Noah Holdings: Rich Pickings but Patience Required

The valuation is attractive for a company well-positioned to take advantage of any improving market sentiment and an easing of the risk-off sentiment.

Arun George

Shanghai/Shenzhen Northbound Connect: Weekly Moves (22 July 2022)