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 117.4% as of Apr 7th.</li>
<li>The average A-H premium changed by 3.5ppt week on week, led by communication services, health care, real estate and offset by utilities.</li>
<li>We highlight weekly changes in A-H premium for China Vanke, China Rail Group, Huatai Securities, Yankuang Energy, CRRC, CICC, GWM.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 117.4% as of Apr 7th.
The average A-H premium changed by 3.5ppt week on week, led by communication services, health care, real estate and offset by utilities.
We highlight weekly changes in A-H premium for China Vanke, China Rail Group, Huatai Securities, Yankuang Energy, CRRC, CICC, GWM.


A-H Premium Weekly (Apr 7th): China Vanke, China Rail Group, Huatai Securities, Yankuang Energy

<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 113.6% as of Mar 31st.</li>
<li>The average A-H premium changed by -0.5ppt week on week, led by communication services, energy, utilities and offset by consumer staples, health care.</li>
<li>We highlight weekly changes in A-H premium for Yankuang Energy, CRRC, China Telecom, CCCC.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 113.6% as of Mar 31st.
The average A-H premium changed by -0.5ppt week on week, led by communication services, energy, utilities and offset by consumer staples, health care.
We highlight weekly changes in A-H premium for Yankuang Energy, CRRC, China Telecom, CCCC.


A-H Premium Weekly (Mar 31st): Yankuang Energy, CRRC, China Telecom, CCCC

<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 114.1% as of Mar 24th.</li>
<li>The average A-H premium changed by 0.6ppt week on week, led by information technology, industrials, utilities and offset by communication services, consumer discretionary, energy.</li>
<li>We highlight weekly changes in A-H premium for Dongfang Electric, CEEC, Great Wall Motor.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 114.1% as of Mar 24th.
The average A-H premium changed by 0.6ppt week on week, led by information technology, industrials, utilities and offset by communication services, consumer discretionary, energy.
We highlight weekly changes in A-H premium for Dongfang Electric, CEEC, Great Wall Motor.


A-H Premium Weekly (Mar 24th): Dongfang Electric, CEEC, Great Wall Motor

<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 113.5% as of Mar 17th.</li>
<li>The average A-H premium changed by -1.6ppt week on week, led by consumer discretionary, consumer staples, information technology and offset by communication services.</li>
<li>We highlight weekly changes in A-H premium for China Telecom, China Shenhua, Great Wall Motor, CEEC.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 113.5% as of Mar 17th.
The average A-H premium changed by -1.6ppt week on week, led by consumer discretionary, consumer staples, information technology and offset by communication services.
We highlight weekly changes in A-H premium for China Telecom, China Shenhua, Great Wall Motor, CEEC.


A-H Premium Weekly (Mar 17th): China Telecom, China Shenhua, Great Wall Motor, CEEC

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The oil majors - <a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC Ltd (883 HK)</a>, <a href="https://www.smartkarma.com/entities/china-petroleum-chemical-h" target="_blank" data-smartkarma-citation="entities:369:1" rel="noopener">China Petroleum &amp; Chemical (386 HK)</a> and <a href="https://www.smartkarma.com/entities/petrochina-co-ltd-h" target="_blank" data-smartkarma-citation="entities:262:1" rel="noopener">PetroChina (857 HK)</a> - are interesting plays on government's plan to boost capital market valuations.</li>
<li>Higher dividend payout, privatisation of undervalued subsidiaries, return to A-shares, share buyback and upping stake by major shareholders are just some example of supporting tactics.</li>
<li>The government may possibly mobilise more offshore funds of SOEs to add stakes. We think ROE expansion and capital market valuations to gain importance in senior management KPIs.</li>
</ul>


The oil majors - CNOOC Ltd (883 HK), China Petroleum &amp; Chemical (386 HK) and PetroChina (857 HK) - are interesting plays on government's plan to boost capital market valuations.
Higher dividend payout, privatisation of undervalued subsidiaries, return to A-shares, share buyback and upping stake by major shareholders are just some example of supporting tactics.
The government may possibly mobilise more offshore funds of SOEs to add stakes. We think ROE expansion and capital market valuations to gain importance in senior management KPIs.


China Oil Sector: A Look from SOE Valuation Enhancement Angle

China

Sinopec Oilfield Service Corporation provides oilfield services. The services include geophysics, drilling engineering, logging and mud logging, special downhole operations, engineering construction, oil field service and offshore oil projects.

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

Sinopec Oilfield Service H (1033 HK)

A-H Premium Weekly (Apr 7th): China Vanke, China Rail Group, Huatai Securities, Yankuang Energy

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Vanke, China Rail Group, Huatai Securities, Yankuang...

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 31st): Yankuang Energy, CRRC, China Telecom, CCCC

We analyzed A-H premium for last week and highlight weekly changes in A-H premium for Yankuang Energy, CRRC, China Telecom, CCCC.

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 24th): Dongfang Electric, CEEC, Great Wall Motor

We analyzed WoW changes in A-H premium and highlight changes in A-H premium for Dongfang Electric, CEEC, Great Wall Motor.

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 17th): China Telecom, China Shenhua, Great Wall Motor, CEEC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Telecom, China Shenhua, Great Wall Motor, CEEC.

Ke Yan, CFA, FRM

China Oil Sector: A Look from SOE Valuation Enhancement Angle

Higher dividend payout, privatisation of undervalued subsidiaries, return to A-shares, share buyback and upping stake by major shareholders can...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)