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 March 21st.</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 Ke, China Mobile, Alibaba, Kuaishou, BOC, China Resources Beer, SMIC, Meituan.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 21st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Ke, China Mobile, Alibaba, Kuaishou, BOC, China Resources Beer, SMIC, Meituan.


Hong Kong Connect Flows (Mar 21st): Ke, China Mobile, Alibaba, Kuaishou, BOC, CR Beer, SMIC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 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, Guotai Junan Securities, Tencent, Kuaishou, Xiaomi, Geely Automobile, SMIC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 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, Guotai Junan Securities, Tencent, Kuaishou, Xiaomi, Geely Automobile, SMIC.


Hong Kong Connect Flows (Mar 14th): Alibaba, Guotai Junan, Tencent, Kuaishou, Xiaomi, Geely, SMIC

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows into Alibaba, Li Auto, China Mobile and outflows from Tencent.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into Alibaba, Li Auto, China Mobile and outflows from Tencent.


Hong Kong Connect Flows (February): $6bn Inflows into Alibaba

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>HK Alpha Portfolio returned 13.58% in February and outperformed the benchmark by 7.68%. The portfolio has outperformed Hong Kong indexes by 5.16% to 11.48% since its inception on 10/01/24.</li>
<li>About 50% of the portfolio's excess returns have been from alpha generation. The portfolio had no exposure to Real Estate, Energy, or Utilities.</li>
<li>At month-end we sold <a href="https://www.smartkarma.com/entities/aac-technologies-holdings-inc" target="_blank" data-smartkarma-citation="entities:6544:1" rel="noopener">AAC Technologies Holdings (2018 HK)</a> , <a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com Group (9961 HK)</a> , <a href="https://www.smartkarma.com/entities/miniso-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:36659:1" rel="noopener">MINISO Group Holding (9896 HK)</a> , and trimmed <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> .</li>
</ul>


HK Alpha Portfolio returned 13.58% in February and outperformed the benchmark by 7.68%. The portfolio has outperformed Hong Kong indexes by 5.16% to 11.48% since its inception on 10/01/24.
About 50% of the portfolio's excess returns have been from alpha generation. The portfolio had no exposure to Real Estate, Energy, or Utilities.
At month-end we sold AAC Technologies Holdings (2018 HK) , Trip.com Group (9961 HK) , MINISO Group Holding (9896 HK) , and trimmed Xiaomi Corp (1810 HK) .


HONG KONG ALPHA PORTFOLIO (February 2025)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a> looks set to break the tea chain jinx in its listing today, while <a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a> will set its pricing.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> was back with a US$4bn+ deal in <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Mixue Group (2097 HK) looks set to break the tea chain jinx in its listing today, while JX Advanced Metals (5016 JP) will set its pricing.
On the placements front, Japan Post Holdings (6178 JP) was back with a US$4bn+ deal in Japan Post Bank (7182 JP).


ECM Weekly (3rd Mar 2025) - Japan Post Bank, JX Advance, Mixue, Chifeng, JSW Cement, Premier, Guzman

China

RoboSense Technology Co., Ltd provides LiDAR and perception solutions. The Company offers hardware, sensors, and AI perception software. RoboSense Technology applies its products in a wide range of application scenarios, particularly ADAS (advanced driving assistance system) and robotics. RoboSense Technology serves customers in China and North America.

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Robosense Technology (2498 HK)

Hong Kong Connect Flows (Mar 21st): Ke, China Mobile, Alibaba, Kuaishou, BOC, CR Beer, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Ke, China Mobile, Alibaba, Kuaishou, BOC, China Resources...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Mar 14th): Alibaba, Guotai Junan, Tencent, Kuaishou, Xiaomi, Geely, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Guotai Junan Securities, Tencent, Kuaishou,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (February): $6bn Inflows into Alibaba

We analyzed the Hong Kong Connect Scheme for February and highlighted flows for Alibaba, Li Auto, China Mobile and outflows from Tencent.

Ke Yan, CFA, FRM

HONG KONG ALPHA PORTFOLIO (February 2025)

HK Alpha portfolio returned 13.6% in February outperforming its benchmark and all HK indexes. Since inception HK Alpha has returned 13.1% with...

David Mudd

ECM Weekly (3rd Mar 2025) - Japan Post Bank, JX Advance, Mixue, Chifeng, JSW Cement, Premier, Guzman

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)