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 Dec 27th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Weimob, Byd Electronic, Meituan, Baba.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 27th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Weimob, Byd Electronic, Meituan, Baba.


HK Short Interest Weekly: Weimob, Byd Electronic, Meituan, Baba

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene</a> and <a href="https://www.smartkarma.com/entities/zto-express-cayman-inc" target="_blank" data-smartkarma-citation="entities:33488:1" rel="noopener">ZTO Express Cayman</a> are potential inclusions for the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index</a> in March while <a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical</a> and <a href="https://www.smartkarma.com/entities/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning</a> are potential deletions.</li>
<li>There is a lower probability of <a href="https://www.smartkarma.com/entities/yum-china-holdings-inc-0533692c-6dae-4014-baa1-ed0b050638f2" target="_blank" data-smartkarma-citation="entities:29259:1" rel="noopener">Yum China Holdings (9987 HK)</a> replacing <a href="https://www.smartkarma.com/entities/sunny-optical-technology-group" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical Technology Group (2382 HK)</a> in the index in March.</li>
<li>There could be a few more index inclusions for <a href="https://www.smartkarma.com/entities/zto-express-cayman-inc" target="_blank" data-smartkarma-citation="entities:33488:1" rel="noopener">ZTO Express Cayman</a> in March and the stock could outperform its peers over the next few months.</li>
</ul>



BeiGene and ZTO Express Cayman are potential inclusions for the Hang Seng China Enterprises Index in March while Sino Biopharmaceutical and Li Ning are potential deletions.
There is a lower probability of Yum China Holdings (9987 HK) replacing Sunny Optical Technology Group (2382 HK) in the index in March.
There could be a few more index inclusions for ZTO Express Cayman in March and the stock could outperform its peers over the next few months.


HSCEI Index Rebalance Preview: Increase in Velocity Could Lead to 3 Changes in March

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 20th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Tencent,  Weimob, AIA, Jd, Hkex.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 20th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Tencent,  Weimob, AIA, Jd, Hkex.


HK Short Interest Weekly: Tencent, Weimob, AIA, Jd, Hkex

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 27th.</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 Tencent, SMIC, China Mobile, ICBC, Weimob, Alibaba.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 27th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, SMIC, China Mobile, ICBC, Weimob, Alibaba.


Hong Kong Connect Flows (Dec 27th): Tencent, SMIC, China Mobile, ICBC, Weimob, Alibaba

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Communication Services had 39% of single stock option volumes vs only 22% of the open interest highlighting short expiry / speculative nature of trading.</li>
<li>Tencent and Baidu heading in opposite directions – Baidu vol on the inexpensive side vs Tencent vol.</li>
<li>Xiaomi one of only 2 optionable names trading at 52-week high (Sunny optical being the other).</li>
</ul>


Communication Services had 39% of single stock option volumes vs only 22% of the open interest highlighting short expiry / speculative nature of trading.
Tencent and Baidu heading in opposite directions – Baidu vol on the inexpensive side vs Tencent vol.
Xiaomi one of only 2 optionable names trading at 52-week high (Sunny optical being the other).


EQD | Hong Kong Single Stock Options Weekly December 16 – 20

China

Sunny Optical Technology Group Co., Limited designs and manufactures optical and optical related products. The Company's products include glass/plastic lenses, prisms, mobile phone camera modules, microscopes, surveying instruments, and other analytical instruments.

Price Gauge
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Sunny Optical Technology Group (2382 HK)

HK Short Interest Weekly: Weimob, Byd Electronic, Meituan, Baba

We analyzed the latest HK SFC report for aggregate short position as of Dec 27th and highlight short interest changes in Weimob, Byd Electronic,...

Ke Yan, CFA, FRM

HSCEI Index Rebalance Preview: Increase in Velocity Could Lead to 3 Changes in March

There could be up to 3 changes for the HSCEI in March. Estimated one-way turnover is 5.24% resulting in a round-trip trade of HK$5,276m (US$680m)....

Brian Freitas

HK Short Interest Weekly: Tencent, Weimob, AIA, Jd, Hkex

We analyzed the latest HK SFC report for aggregate short position as of Dec 20th and highlight short interest changes in Tencent, Weimob, AIA, Jd,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Dec 27th): Tencent, SMIC, China Mobile, ICBC, Weimob, Alibaba

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, SMIC, China Mobile, ICBC, Weimob, Alibaba.

Ke Yan, CFA, FRM

EQD | Hong Kong Single Stock Options Weekly December 16 – 20

Tencent and Baidu showing contrasting price and volatility levels with Baidu implied vol looking relatively inexpensive. Xiaomi stands out as one...

John Ley

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)