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 22nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Kuaishou Technology, Jd.com, Xpeng, CMB.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 22nd.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Kuaishou Technology, Jd.com, Xpeng, CMB.


HK Short Interest Weekly: Kuaishou, Jd, Xpeng, CMB

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND gross trading activity dropped sharply again to the lowest in a few months but net SOUTHBOUND buying remains very strong, with big flows on tech.</li>
<li>Most of the top names were tech names - both in gross and net buys. Only 1 tech name in top five net sells.</li>
<li>Last week I said I expect HK-listed tech to continue getting bought. Alibaba, Tencent, Xiaomi, etc are safe havens against Trump tariffs as they don't compete in the US. Continue.</li>
</ul>


SOUTHBOUND gross trading activity dropped sharply again to the lowest in a few months but net SOUTHBOUND buying remains very strong, with big flows on tech.
Most of the top names were tech names - both in gross and net buys. Only 1 tech name in top five net sells.
Last week I said I expect HK-listed tech to continue getting bought. Alibaba, Tencent, Xiaomi, etc are safe havens against Trump tariffs as they don't compete in the US. Continue.


HK Connect SOUTHBOUND Flows (To 29 Nov 2024); SB Trading Volumes Lower, Still Strong Net Buying Tech

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Sunny Optical Technology Group / Equity Bottom-Up

<ul><li>We hosted Sunny Optical at 4Q outlook investor call this week.</li><li>Mgmt. reiterated that 2024 guidance for HCM/HLS/VLS/auto module/XR businesses remains unchanged and has been well on track YTD.</li><li>Mgmt. is also confident that new CEO and mgmt. team will continue to lead Sunny for sustainable long-term growth. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We hosted Sunny Optical at 4Q outlook investor call this week.Mgmt. reiterated that 2024 guidance for HCM/HLS/VLS/auto module/XR businesses remains unchanged and has been well on track YTD.Mgmt. is also confident that new CEO and mgmt. team will continue to lead Sunny for sustainable long-term growth. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sunny Optical (2382 HK) - NDR Takeaway: Guidance Well on Track

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>Treasuries surged yesterday, with yields falling 10-13 bps across the curve after a strong auction of 2Y notes and in the wake of US President-elect Donald Trump’s nomination of Scott Bessent as the next Treasury Secretary.</li>
<li>Mr Bessent is expected to implement Mr Trump’s tax cuts, while reducing the budget deficit and boosting GDP growth through deregulation and other pro-growth policies.</li>
<li>The yield on the 2Y UST fell 10 bps to 4.27%, while that on the 10Y UST declined 13 bps to 4.28%. </li>
</ul>


Treasuries surged yesterday, with yields falling 10-13 bps across the curve after a strong auction of 2Y notes and in the wake of US President-elect Donald Trump’s nomination of Scott Bessent as the next Treasury Secretary.
Mr Bessent is expected to implement Mr Trump’s tax cuts, while reducing the budget deficit and boosting GDP growth through deregulation and other pro-growth policies.
The yield on the 2Y UST fell 10 bps to 4.27%, while that on the 10Y UST declined 13 bps to 4.28%. 


Lucror Analytics - Morning Views Asia - November 26, 2024

<ul><li>Sunny Optical announced that CEO and Executive Director, Mr. Sun Yang has resigned from current roles due to health reasons, and Mr. Wang Wenjie (current Executive Director and Executive Vice President) has been appointed as his successor, effective from 26 Nov 2024.</li><li>Mr. Wang worked in Sunny for over 35 years since his graduation in 1989. He was appointed as executive director in 2013, and is currently responsible for strategic planning and information management, as well as Sunny Optical Research Institute.</li><li>Having spoken with the company, we believe the following is relevant: 1) the departure is Mr. Sun’s decision, 2) his relationship with the board is good, 3) it is not performance issue, 4) mgmt. expects a seamless transition. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sunny Optical announced that CEO and Executive Director, Mr. Sun Yang has resigned from current roles due to health reasons, and Mr. Wang Wenjie (current Executive Director and Executive Vice President) has been appointed as his successor, effective from 26 Nov 2024.Mr. Wang worked in Sunny for over 35 years since his graduation in 1989. He was appointed as executive director in 2013, and is currently responsible for strategic planning and information management, as well as Sunny Optical Research Institute.Having spoken with the company, we believe the following is relevant: 1) the departure is Mr. Sun’s decision, 2) his relationship with the board is good, 3) it is not performance issue, 4) mgmt. expects a seamless transition. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sunny Optical (2382 HK) - CEO Transition Announced, Remain Confident in Mgmt. And LT Opportunity

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.

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Sunny Optical Technology Group (2382 HK)

HK Short Interest Weekly: Kuaishou, Jd, Xpeng, CMB

We analyzed the latest HK SFC report for aggregate short position as of Nov 22nd and highlight short interest changes in Kuaishou, Jd, Xpeng, CMB.

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 29 Nov 2024); SB Trading Volumes Lower, Still Strong Net Buying Tech

SOUTHBOUND volumes fell again this week to the lowest in months but net flows continue to be strong. This week was all about tech.

Travis Lundy

Sunny Optical (2382 HK) - NDR Takeaway: Guidance Well on Track

Mgmt. reiterated that 2024 guidance for HCM/HLS/VLS/auto module/XR businesses remains unchanged and has been well on track YTD.

CMB International

Lucror Analytics - Morning Views Asia - November 26, 2024

Mr Bessent is expected to implement Mr Trump’s tax cuts, while reducing the budget deficit and boosting GDP growth through deregulation and other...

Lucror Analytics

Sunny Optical (2382 HK) - CEO Transition Announced, Remain Confident in Mgmt. And LT Opportunity

We think Mr. Wang is well regarded internally at Sunny and externally by key stakeholders, including customers and major shareholders

CMB International

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