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 weekly Hong Kong Connect flows with our data engine for holding position as of November 14th.</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, Xiaomi, CNOOC, ICBC, Ping An Insurance, Petrochina.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 14th.
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, Xiaomi, CNOOC, ICBC, Ping An Insurance, Petrochina.


HK Connect Flows Weekly (Nov 14th): Alibaba, Xiaomi, CNOOC, ICBC, Ping An Insurance, Petrochina

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Sunwoda Electronic Co Ltd A / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>Market dynamics remain overwhelmingly risk-on; with plenty of global liquidity, we expect upside to continue into year-end and the early part of 2026.</li>
<li>Remain Overweight Taiwan, China, Korea, U.S., and Greece. Many buys in these countries, and also Europe and Japan. EURO STOXX 50 on the cusp of major breakout above 5500</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
Market dynamics remain overwhelmingly risk-on; with plenty of global liquidity, we expect upside to continue into year-end and the early part of 2026.
Remain Overweight Taiwan, China, Korea, U.S., and Greece. Many buys in these countries, and also Europe and Japan. EURO STOXX 50 on the cusp of major breakout above 5500


Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Meta Connect 2025 was held on 17 Sep (US Time) and Meta officially launched three new smart glasses including Meta Ray-Ban Display, Ray-Ban Meta (Gen 2) updated version and Oakley Meta Vanguard.</li><li>The key focus was on its first smart glasses with a HUD display and Meta Neural Band to allow gesture interaction.</li><li>Meta has also upgraded Ray-Ban Meta (Gen 2) with longer battery life and improved resolution, and cooperated with Oakley to extend smart glasses in sportswear market. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Meta Connect 2025 was held on 17 Sep (US Time) and Meta officially launched three new smart glasses including Meta Ray-Ban Display, Ray-Ban Meta (Gen 2) updated version and Oakley Meta Vanguard.The key focus was on its first smart glasses with a HUD display and Meta Neural Band to allow gesture interaction.Meta has also upgraded Ray-Ban Meta (Gen 2) with longer battery life and improved resolution, and cooperated with Oakley to extend smart glasses in sportswear market. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology - Meta Connect 2025: Smart glasses launches continue to fuel supply chain innovation

<ul><li>We conducted tracking for delivery lead times for the first two days of iPhone 17 pre-orders (9/12-9/13), and our analysis shows that average delivery lead times for most iPhone 17 models are longer than iPhone 16 last year, implying betterthan-feared consumer demand for iPhone 17.</li><li>In particular, pre-orders for iPhone 17 base model (US$100 cheaper vs iPhone 16) and China market (subsidies, high trade-in value) are tracking much stronger than iPhone 16 last year.</li><li>Despite market concerns on macro/tariffs, muted AI upgrades and earlier pull-in orders, we believe a stronger iPhone 17 pre-order trend will continue to drive re-rating across Apply supply chain in the near term.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We conducted tracking for delivery lead times for the first two days of iPhone 17 pre-orders (9/12-9/13), and our analysis shows that average delivery lead times for most iPhone 17 models are longer than iPhone 16 last year, implying betterthan-feared consumer demand for iPhone 17.In particular, pre-orders for iPhone 17 base model (US$100 cheaper vs iPhone 16) and China market (subsidies, high trade-in value) are tracking much stronger than iPhone 16 last year.Despite market concerns on macro/tariffs, muted AI upgrades and earlier pull-in orders, we believe a stronger iPhone 17 pre-order trend will continue to drive re-rating across Apply supply chain in the near term.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology - iPhone 17 pre-order takeaways: longer delivery lead times suggest stronger demand YoY

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 5th.</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, Ping An Insurance, Xiaomi, Tencent, Pop Mart Intl, Shandong Gold Mining, Horizon Robotics, ZTE, China Hongqiao, Kuaishou.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 5th.
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, Ping An Insurance, Xiaomi, Tencent, Pop Mart Intl, Shandong Gold Mining, Horizon Robotics, ZTE, China Hongqiao, Kuaishou.


HK Connect Flows Weekly (Sep 5th): Alibaba, Ping An Insurance, Xiaomi, Tencent, Pop Mart Intl

China

Q TECHNOLOGY (GROUP) Company Limited is a PRC-based camera module manufacturer focusing on mid-to-high end camera module market for Chinese branded smartphone, tablet and PC manufacturers.

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Q Technology Group (1478 HK)

HK Connect Flows Weekly (Nov 14th): Alibaba, Xiaomi, CNOOC, ICBC, Ping An Insurance, Petrochina

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Xiaomi, CNOOC, ICBC, Ping An Insurance, Petrochina.

Ke Yan, CFA, FRM

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact. Actionable Themes: Communications, Manufacturing (Robotics and Batteries),...

Vermilion Research

Technology - Meta Connect 2025: Smart glasses launches continue to fuel supply chain innovation

Meta Connect 2025 was held on 17 Sep (US Time) and Meta officially launched three new smart glasses including Meta Ray-Ban Display, Ray-Ban Meta...

CMB International

Technology - iPhone 17 pre-order takeaways: longer delivery lead times suggest stronger demand YoY

In particular, pre-orders for iPhone 17 base model (US$100 cheaper vs iPhone 16) and China market (subsidies, high trade-in value) are tracking...

CMB International

HK Connect Flows Weekly (Sep 5th): Alibaba, Ping An Insurance, Xiaomi, Tencent, Pop Mart Intl

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Ping An Insurance (2318 HK), Xiaomi...

Ke Yan, CFA, FRM

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52-week Range

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