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 Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of January 19th.</li>
<li>We estimate the weekly outflows to be US$3,217.1 million, led by materials, industrials, and offset by information technology, financials.</li>
<li>We highlight flows for BYD, Chongqing Changan Automobile, and Wuliangye.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of January 19th.
We estimate the weekly outflows to be US$3,217.1 million, led by materials, industrials, and offset by information technology, financials.
We highlight flows for BYD, Chongqing Changan Automobile, and Wuliangye.


Northbound Flows (Jan 19th): BYD, Chongqing Changan Automobile, Wuliangye

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of October 27th.</li>
<li>We estimate the weekly outflows to be US$50.4 million, led by information technology, financials, and offset by materials, utilities, communication services.</li>
<li>We have highlighted northbound flows for Moutai, CATL and Midea.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of October 27th.
We estimate the weekly outflows to be US$50.4 million, led by information technology, financials, and offset by materials, utilities, communication services.
We have highlighted northbound flows for Moutai, CATL and Midea.


Northbound Flows (Oct 27th): Moutai, CATL, Midea

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This is the brand spanking new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the <a href="https://www.smartkarma.com/insights/quiddity-a-h-premium-weekly-sep-8-icbc-abc-ccb-boc-vanke-ncl-rails" target="_blank" rel="noopener">A/H Premium Monitor</a> and HK Connect SOUTHBOUND Monitor.</li>
<li>The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).</li>
<li>We like the nifty interactive tables and charts. We welcome feedback on how to make it more useful going forward.</li>
</ul>


This is the brand spanking new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.
The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).
We like the nifty interactive tables and charts. We welcome feedback on how to make it more useful going forward.


Quiddity Mainland Connect NORTHBOUND Flows (Week to 8Sep23) : BYD, ZTE, Zhongji Innolight, Amperex

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Consumer Discretionary (inflows of $2,146 million), Financials (inflows of $1,619 million), Consumer Staples (inflows of $1,100 million) led the inflows while led the outflows.</li>
<li>We highlight flows for Moutai, CATL, BYD, Wuliangye, East Money, Haitian Flavoring, Luxshare, Longi Green, Wus Printed, Yonyou Network.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Consumer Discretionary (inflows of $2,146 million), Financials (inflows of $1,619 million), Consumer Staples (inflows of $1,100 million) led the inflows while led the outflows.
We highlight flows for Moutai, CATL, BYD, Wuliangye, East Money, Haitian Flavoring, Luxshare, Longi Green, Wus Printed, Yonyou Network.


Northbound Flows Monthly (July): $7.3bn Inflows

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>Performance of China A-share consumer staples stayed lacklustre in the last three months, underperforming benchmark indexes. Negative consumer sentiments have weighted on them. </li>
<li>The pullback in valuations, however, has made them look more appealing now. Excluding <a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-co-ltd" target="_blank" data-smartkarma-citation="entities:15577:1" rel="noopener">Foshan Haitian Flavouring &amp; Food (603288 CH)</a>, there has been no earnings downgrades. </li>
<li>Both <a href="https://www.smartkarma.com/entities/shanxi-xinghuacun-fen-wine-factory-co" target="_blank" data-smartkarma-citation="entities:9288:1" rel="noopener">Shanxi Xinghuacun Fen Wine Factory Co (600809 CH)</a> and <a href="https://www.smartkarma.com/entities/anjoy-foods-group-co-ltd" target="_blank" data-smartkarma-citation="entities:30110:1" rel="noopener">Fu Jian Anjoy Foods Group (603345 CH)</a> have pre-announced 1H23 results which showed good 2Q23 earnings.</li>
</ul>


Performance of China A-share consumer staples stayed lacklustre in the last three months, underperforming benchmark indexes. Negative consumer sentiments have weighted on them. 
The pullback in valuations, however, has made them look more appealing now. Excluding Foshan Haitian Flavouring &amp; Food (603288 CH), there has been no earnings downgrades. 
Both Shanxi Xinghuacun Fen Wine Factory Co (600809 CH) and Fu Jian Anjoy Foods Group (603345 CH) have pre-announced 1H23 results which showed good 2Q23 earnings.


China A-Share Consumer Staples: The Most Challenging Time Is Behind

China

Shanxi Xinghuacun Fen Wine Factory Co., Ltd. operates in the winery business. The Company's products include Fen wine, Zhuyeqing, and other white spirits.

Shanxi Xinghuacun Fen Wine Factory Co (600809 CH)

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

Shanxi Xinghuacun Fen Wine Factory Co (600809 CH)

Northbound Flows (Jan 19th): BYD, Chongqing Changan Automobile, Wuliangye

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for BYD, Chongqing Changan Automobile, Wuliangye.

Ke Yan, CFA, FRM

Northbound Flows (Oct 27th): Moutai, CATL, Midea

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and we highlight flows for Moutai, CATL and Midea.

Ke Yan, CFA, FRM

Quiddity Mainland Connect NORTHBOUND Flows (Week to 8Sep23) : BYD, ZTE, Zhongji Innolight, Amperex

The Brand-Spanking New Quiddity Mainland Connect NORTHBOUND Flows Monitor. Tables and Charts of Top 10-30 names/flows, flows and position by...

Travis Lundy

Northbound Flows Monthly (July): $7.3bn Inflows

We analyzed the Shanghai/Shenzhen Connect Scheme for July and highlight flows for Moutai, CATL, BYD, Wuliangye, East Money, Haitian Flavoring,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Northbound Flows (Jan 19th): BYD, Chongqing Changan Automobile, Wuliangye

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for BYD, Chongqing Changan Automobile, Wuliangye.

Ke Yan, CFA, FRM

Northbound Flows (Oct 27th): Moutai, CATL, Midea

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and we highlight flows for Moutai, CATL and Midea.

Ke Yan, CFA, FRM

Quiddity Mainland Connect NORTHBOUND Flows (Week to 8Sep23) : BYD, ZTE, Zhongji Innolight, Amperex

The Brand-Spanking New Quiddity Mainland Connect NORTHBOUND Flows Monitor. Tables and Charts of Top 10-30 names/flows, flows and position by...

Travis Lundy

Northbound Flows Monthly (July): $7.3bn Inflows

We analyzed the Shanghai/Shenzhen Connect Scheme for July and highlight flows for Moutai, CATL, BYD, Wuliangye, East Money, Haitian Flavoring,...

Ke Yan, CFA, FRM

China A-Share Consumer Staples: The Most Challenging Time Is Behind

Negative consumer appetite has affected the performance of Chinese A-share consumer staples. With no significant earnings downgrades for most, the...

Osbert Tang, CFA