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 143 stocks over the last week. The average A-H premium was 112.5% as of Apr 14th.</li>
<li>The average A-H premium changed by -4.9ppt week on week, led by consumer discretionary, health care, financials.</li>
<li>We highlight weekly changes in A-H premium for Remegen, CREC, Yankuang Energy, CRRC, GWM, CICC.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 112.5% as of Apr 14th.
The average A-H premium changed by -4.9ppt week on week, led by consumer discretionary, health care, financials.
We highlight weekly changes in A-H premium for Remegen, CREC, Yankuang Energy, CRRC, GWM, CICC.


A-H Premium Weekly (Apr 14th): Remegen, CREC, Yankuang Energy, CRRC, GWM, CICC

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.

Event-Driven

Xiamen International Port H / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xiamen-international-port-h" target="_blank" data-smartkarma-citation="entities:5390:1" rel="noopener">Xiamen International Port H (3378 HK)</a>'s composite document is out with the H Shareholders’ class meeting scheduled for 16 September. The IFA considers the offer to be fair and reasonable. </li>
<li>The key conditions are approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders' rejection). There is no minimum acceptance condition.</li>
<li>This is a done deal. At last close and for a 6 October payment, the gross and annualised spread to the offer is 0.9% and 7.6%, respectively. </li>
</ul>



Xiamen International Port H (3378 HK)'s composite document is out with the H Shareholders’ class meeting scheduled for 16 September. The IFA considers the offer to be fair and reasonable. 
The key conditions are approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders' rejection). There is no minimum acceptance condition.
This is a done deal. At last close and for a 6 October payment, the gross and annualised spread to the offer is 0.9% and 7.6%, respectively. 


Xiamen Port’s H Share Class Meeting on 16 September

<ul>
<li>The pre-condition for <a href="https://www.smartkarma.com/entities/xiamen-international-port-h" target="_blank" data-smartkarma-citation="entities:5390:1" rel="noopener">Xiamen International Port H (3378 HK)</a>’s privatisation offer from Xiamen Port Holding is satisfied. The offer is HK$2.25 per H share. </li>
<li>The key conditions are approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders' rejection). There is no minimum acceptance condition.</li>
<li>The offer is attractive. At last close and for a 21 October payment, the gross and annualised spread to the offer is 2.7% and 16.0%, respectively.</li>
</ul>


The pre-condition for Xiamen International Port H (3378 HK)’s privatisation offer from Xiamen Port Holding is satisfied. The offer is HK$2.25 per H share. 
The key conditions are approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders' rejection). There is no minimum acceptance condition.
The offer is attractive. At last close and for a 21 October payment, the gross and annualised spread to the offer is 2.7% and 16.0%, respectively.


<ul>
<li>We analyse the changes of A/H premium on 141 stocks over the last week.</li>
<li>Average A/H premium changed by 1.3ppt last week, led by consumer staple, consumer discretionary and offset by financials and materials.</li>
<li>We highlight stocks reached 52 week high of A-H premium: Chalco, Huaxin Cement, Chongqing Iron, CMS, Cosco Ship Eng, QHD Port.</li>
</ul>


We analyse the changes of A/H premium on 141 stocks over the last week.
Average A/H premium changed by 1.3ppt last week, led by consumer staple, consumer discretionary and offset by financials and materials.
We highlight stocks reached 52 week high of A-H premium: Chalco, Huaxin Cement, Chongqing Iron, CMS, Cosco Ship Eng, QHD Port.


A-H Premium Weekly: Chalco, Huaxin Cement, Chongqing Iron, CMS, Cosco Ship Eng, QHD Port

<ul>
<li>We analyse the changes of A/H premium on 140 stocks over the last week.</li>
<li>A-H premium declined by 0.5ppt week on week, mainly due to consumer discretionary, communication services and financials, offset by consumer staple and material. </li>
<li>We highlight A-H premium for Steel &amp; Cement companies, Great Wall Motor, and Longyuan.</li>
</ul>


We analyse the changes of A/H premium on 140 stocks over the last week.
A-H premium declined by 0.5ppt week on week, mainly due to consumer discretionary, communication services and financials, offset by consumer staple and material. 
We highlight A-H premium for Steel &amp; Cement companies, Great Wall Motor, and Longyuan.


A-H Premium Weekly: Steel & Cement at 52w High, Great Wall Motor, Longyuan

China

Qinhuangdao Port Company Limited loads, stores, transports port cargo. The Company's main products include liquid chemicals, iron ore and coal, oil and other cargo, containers and other products.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Qinhuangdao Port Co Ltd H (3369 HK)

A-H Premium Weekly (Apr 14th): Remegen, CREC, Yankuang Energy, CRRC, GWM, CICC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Remegen, CREC, Yankuang Energy, CRRC, GWM, CICC.

Ke Yan, CFA, FRM

Xiamen Port’s Pre-Condition Satisfied

The pre-condition is satisfied. Interims are on 26 August. At last close and for a 21 October payment, the annualised spread to the offer is 16.0%....

Arun George

A-H Premium Weekly: Chalco, Huaxin Cement, Chongqing Iron, CMS, Cosco Ship Eng, QHD Port

A-H premium increased by 1.3ppt last week. We highlight stocks reached 52 week high of A-H premium: Chalco, Huaxin Cement, Chongqing Iron, CMS,...

Ke Yan, CFA, FRM

A-H Premium Weekly: Steel & Cement at 52w High, Great Wall Motor, Longyuan

We highlight week on week A-H premium changes for Steel & Cement companies (Angang, Maanshan, Huaxin, Chongqing), Great Wall Motor, and Longyuan.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Apr 14th): Remegen, CREC, Yankuang Energy, CRRC, GWM, CICC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Remegen, CREC, Yankuang Energy, CRRC, GWM, CICC.

Ke Yan, CFA, FRM

Xiamen Port’s H Share Class Meeting on 16 September

This is a done deal. At the last close price of HK$2.23 per H Share and for a 6 October payment, the annualised spread to the offer is 7.6%.

Arun George

Xiamen Port’s Pre-Condition Satisfied

The pre-condition is satisfied. Interims are on 26 August. At last close and for a 21 October payment, the annualised spread to the offer is 16.0%....

Arun George

A-H Premium Weekly: Chalco, Huaxin Cement, Chongqing Iron, CMS, Cosco Ship Eng, QHD Port

A-H premium increased by 1.3ppt last week. We highlight stocks reached 52 week high of A-H premium: Chalco, Huaxin Cement, Chongqing Iron, CMS,...

Ke Yan, CFA, FRM

A-H Premium Weekly: Steel & Cement at 52w High, Great Wall Motor, Longyuan

We highlight week on week A-H premium changes for Steel & Cement companies (Angang, Maanshan, Huaxin, Chongqing), Great Wall Motor, and Longyuan.

Ke Yan, CFA, FRM