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 analyzed the latest HK SFC report for aggregate short position as of Nov 1st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Mnso, HSBC, China Mobile, Baba, Li Auto.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 1st.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Mnso, HSBC, China Mobile, Baba, Li Auto.


HK Short Interest Weekly: Mnso, HSBC, China Mobile, Baba, Li Auto

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND gross trading activity bounced sharply. Net buying increased sharply too. 9 names traded more than US$1bn. The top 3 names saw US$8.6bn of buying. </li>
<li>The trend continues to net sales of ETFs and high div SOEs. net buying is very, very broad-based. </li>
<li>I expect HK-listed tech to continue getting bought. It is something of a safe haven against Trump tariffs as they don't compete in the US much.</li>
</ul>


SOUTHBOUND gross trading activity bounced sharply. Net buying increased sharply too. 9 names traded more than US$1bn. The top 3 names saw US$8.6bn of buying. 
The trend continues to net sales of ETFs and high div SOEs. net buying is very, very broad-based. 
I expect HK-listed tech to continue getting bought. It is something of a safe haven against Trump tariffs as they don't compete in the US much.


HK Connect SOUTHBOUND Flows (To 8 Nov 2024); High-Div SOEs Sold, Tech Bought... Again

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC) / Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC)

<ul>
<li>In 4Q24, the Company expects revenue to be flat to up 2% QoQ and gross margin to range from 18% to 20%.</li>
<li>2025 will expect AI to grow 10%+, others segment grows about single digits.  </li>
<li>SMIC's capex increase ~60k/8" equivalent capacity this year, and plan to increase around 50k per year.</li>
</ul>


In 4Q24, the Company expects revenue to be flat to up 2% QoQ and gross margin to range from 18% to 20%.
2025 will expect AI to grow 10%+, others segment grows about single digits.  
SMIC's capex increase ~60k/8" equivalent capacity this year, and plan to increase around 50k per year.


Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>While Trump's sweeping wins in presidential, senate and house, and supreme court earlier gave him unprecedented mandate to reform the US economy, his agenda is unrealistic to begin with; </li>
<li>ADS/Electrification, GAI/renewable/employment, (3) inflation/trade/ immigration are just three that the Trump Administration will likely backpedal.  Execution of Trump's economic agenda requires perfect coordination which is tough to pull off</li>
<li>For a short term trade, we recommend PDD and BYD. We also like Xiaomi. Consumption stocks can benefit from stimulus package from the Chinese government.</li>
</ul>


While Trump's sweeping wins in presidential, senate and house, and supreme court earlier gave him unprecedented mandate to reform the US economy, his agenda is unrealistic to begin with; 
ADS/Electrification, GAI/renewable/employment, (3) inflation/trade/ immigration are just three that the Trump Administration will likely backpedal.  Execution of Trump's economic agenda requires perfect coordination which is tough to pull off
For a short term trade, we recommend PDD and BYD. We also like Xiaomi. Consumption stocks can benefit from stimulus package from the Chinese government.


What Trump Can and Cannot Accomplish in His 2nd Term

<ul>
<li>SOUTHBOUND had a small up week in 28% lower gross week on week. SOUTHBOUND activity is now the lowest in many weeks, not keeping up with mainland volumes.</li>
<li>ETFs were net sold, and high-div SOEs (China Mobile, CNOOC) were sold yet again. BABA, Xiaomi, Tencent, GCL were bought. </li>
<li>The buying of tech continues. I expect this to last for a while.</li>
</ul>


SOUTHBOUND had a small up week in 28% lower gross week on week. SOUTHBOUND activity is now the lowest in many weeks, not keeping up with mainland volumes.
ETFs were net sold, and high-div SOEs (China Mobile, CNOOC) were sold yet again. BABA, Xiaomi, Tencent, GCL were bought. 
The buying of tech continues. I expect this to last for a while.


HK Connect SOUTHBOUND Flows (To 1 Nov 2024); High-Div SOEs Sold, Tech Bought

China

Semiconductor Manufacturing International Corporation operates a semiconductor foundry. The Company provides integrated circuit foundry and technology services including the testing, development, design, manufacturing, packaging, and sale of integrated circuits. Semiconductor Manufacturing International offers its products and services around the world.

Semiconductor Manufacturing International Corp (SMIC) (981 HK)

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

Semiconductor Manufacturing International Corp (SMIC) (981 HK)

HK Short Interest Weekly: Mnso, HSBC, China Mobile, Baba, Li Auto

We analyzed the latest HK SFC report for aggregate short position as of Nov 1st and highlight short interest changes in Mnso, HSBC, China Mobile,...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 8 Nov 2024); High-Div SOEs Sold, Tech Bought... Again

SOUTHBOUND was a Very Big Buyer of HK shares last week. Given the movement in ADRs after the close because of no fiscal stim, one should expect...

Travis Lundy

SMIC (981.HK): Keeping a Steady Growth

Company forecasts steady revenue growth and gross margin improvement, with a focus on AI and capacity expansion, likely to grow around 50k/ 8"...

Patrick Liao

What Trump Can and Cannot Accomplish in His 2nd Term

Trump's ambitious economic agenda faces challenges and backpedaling. We see energy electrification, GAI power demand and inflation/immigration...

Blue Lotus Research Institute

HK Connect SOUTHBOUND Flows (To 1 Nov 2024); High-Div SOEs Sold, Tech Bought

SOUTHBOUND was a net buyer, again. Volumes were lower. High-div SOEs - so well bought in the early part of the year - are being liquidated in...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Short Interest Weekly: Mnso, HSBC, China Mobile, Baba, Li Auto

We analyzed the latest HK SFC report for aggregate short position as of Nov 1st and highlight short interest changes in Mnso, HSBC, China Mobile,...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 8 Nov 2024); High-Div SOEs Sold, Tech Bought... Again

SOUTHBOUND was a Very Big Buyer of HK shares last week. Given the movement in ADRs after the close because of no fiscal stim, one should expect...

Travis Lundy

SMIC (981.HK): Keeping a Steady Growth

​Company forecasts steady revenue growth and gross margin improvement, with a focus on AI and capacity expansion, likely to grow around 50k/ 8"...

Patrick Liao

What Trump Can and Cannot Accomplish in His 2nd Term

​Trump's ambitious economic agenda faces challenges and backpedaling. We see energy electrification, GAI power demand and inflation/immigration...

Blue Lotus Research Institute

HK Connect SOUTHBOUND Flows (To 1 Nov 2024); High-Div SOEs Sold, Tech Bought

SOUTHBOUND was a net buyer, again. Volumes were lower. High-div SOEs - so well bought in the early part of the year - are being liquidated in...

Travis Lundy

Company forecasts steady revenue growth and gross margin improvement, with a focus on AI and capacity expansion, likely to grow around 50k/ 8"...

Trump's ambitious economic agenda faces challenges and backpedaling. We see energy electrification, GAI power demand and inflation/immigration...