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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 29th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Smoore (6969 HK), Jd Health (6618 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 29th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Smoore (6969 HK), Jd Health (6618 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Xiaomi (1810 HK).


Hong Kong Buybacks: AIA, Smoore, JD Health

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Orient Overseas International / Index Rebalance

<ul>
<li>Current at 66 constituents, we expect to reach 80 <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI INDEX</a> constituents by the end of the year before moving higher towards 100 index members in 2023.</li>
<li>We list 10 stocks that could be added to the index in June - with one-way turnover close to 6%, the actual number of inclusions will be lower.</li>
<li>We also list out another 8 stocks that could possibly be added in June, though the probability of a September/ December inclusion is higher.</li>
</ul>


Current at 66 constituents, we expect to reach 80 HSI INDEX constituents by the end of the year before moving higher towards 100 index members in 2023.
We list 10 stocks that could be added to the index in June - with one-way turnover close to 6%, the actual number of inclusions will be lower.
We also list out another 8 stocks that could possibly be added in June, though the probability of a September/ December inclusion is higher.


HSI Index Rebalance Preview: Will The Pace of Inclusions Pick Up?

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

Smoore International Holdings / Equity Bottom-Up

<ul>
<li>The new draft of the e-cigarette law will crack down the domestic market.</li>
<li>The revenue growth rate plunged in 2H21 despite the fact that the growth rate accelerated for the whole year 2021.</li>
<li>We set a downside of 27% and a price target of HK$13.90 for 2022.</li>
</ul>


The new draft of the e-cigarette law will crack down the domestic market.
The revenue growth rate plunged in 2H21 despite the fact that the growth rate accelerated for the whole year 2021.
We set a downside of 27% and a price target of HK$13.90 for 2022.


Smoore (6969 HK): Harsher E-Cigarette Law and Lower Growth Rate in 2H21

<ul>
<li>The growth rate of the Chinese e-cigarette market bounced up to 73% in 2021 from 7% in 2020. </li>
<li>The global e-cigarette market increased by 23% in 2021, but Smoore is only good at vaping components.</li>
<li>We conclude that Smoore has an upside of 86% for year end 2022.</li>
</ul>


The growth rate of the Chinese e-cigarette market bounced up to 73% in 2021 from 7% in 2020. 
The global e-cigarette market increased by 23% in 2021, but Smoore is only good at vaping components.
We conclude that Smoore has an upside of 86% for year end 2022.


Smoore (6969 HK): Expanding Market Sizes, Both Domestic and Global

<ul>
<li>Smoore’s Chinese clients are now formally legal after the new law promulgated last month.</li>
<li>Smoore’s revenue from mainland China grew by 330% in 1H21, compared to 102% in 2H20.</li>
<li>We believe Smoore components for e-cigarette producers is very similar to CALT’s advantage in e-car batteries.</li>
</ul>


Smoore’s Chinese clients are now formally legal after the new law promulgated last month.
Smoore’s revenue from mainland China grew by 330% in 1H21, compared to 102% in 2H20.
We believe Smoore components for e-cigarette producers is very similar to CALT’s advantage in e-car batteries.


Smoore (6969 HK): Clients Formally Legal, See CALT-Like Advantage

China

Smoore International Holdings Limited offering vaping technology solutions with advanced research and development technology. The Company manufactures and produces closed system vaping devices, self branded open system vaping devices, vaping components, and other products. Smoore International Holdings markets its products throughout Hong Kong.

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Smoore International Holdings (6969 HK)

Hong Kong Buybacks: AIA, Smoore, JD Health

We highlight the top 3 companies that repurchased the most shares from the market last week were Aia (1299 HK), Smoore (6969 HK), Jd Health (6618 HK).

Ke Yan, CFA, FRM

HSI Index Rebalance Preview: Will The Pace of Inclusions Pick Up?

There could be 5-6 inclusions to the HSI in June as part of the move to 80 members. We list 10 stocks that could be added to the index, and another...

Brian Freitas

Smoore (6969 HK): Harsher E-Cigarette Law and Lower Growth Rate in 2H21

The new draft of the e-cigarette law will crack down the domestic market. The revenue growth rate plunged in 2H21. We set a downside of 27% and a...

Ming Lu

Smoore (6969 HK): Expanding Market Sizes, Both Domestic and Global

The growth rate of the Chinese e-cigarette market bounced up to 73% in 2021 from 7% in 2020. The global market increased by 23% in 2021. We...

Ming Lu

Smoore (6969 HK): Clients Formally Legal, See CALT-Like Advantage

Smoore’s Chinese clients are formally legal after the new law. Revenue from mainland China grew by 330% in 1H21. Smoore components for e-cigarette...

Ming Lu

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