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 Hong Kong Connect flows with our data engine for holding position as of October 10th.</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 Alibaba, SMIC, Xiaomi, Innovent Biologics, Meituan, HKEx, Ping An Insurance, CMB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 10th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, SMIC, Xiaomi, Innovent Biologics, Meituan, HKEx, Ping An Insurance, CMB.


Hong Kong Connect Flows (Oct 10th): Alibaba, SMIC, Xiaomi, Innovent Biologics, Meituan, HKEx

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 26th.</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 Alibaba, HKEx, Kuaishou Technology, Meituan, Tencent, China Mobile, CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 26th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, HKEx, Kuaishou Technology, Meituan, Tencent, China Mobile, CNOOC.


Hong Kong Connect Flows (Sep 26th): Alibaba, HKEx, Kuaishou Technology, Meituan, Tencent

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.

Thematic (Sector/Industry)

<ul><li>Chinese life insurers saw strong monthly premium growth in Aug on top of low bases, since the print of six H-share listed life peers rallied by 50% YoY to RMB 139bn in Aug, +41.2pct from last month, lifting the cumulative amount to RMB1,430bn, up 6.3% YoY in 8M24.</li><li>New China Life/Sunshine Life/PICC Life doubled the premium by +122%/104%/95% YoY in August (Fig.1), driven in part by the low base effect of PIR cut to 3.0% beginning in Aug 23, and the “stop-sale” impact of PIR cut for traditional life policies to 2.5% since Sep 24, in our view.</li><li>China Life/Ping An Life/CPIC Life grew premium income by 29%/38%/53% YoY in August, indicating respective highest monthly YoY growth year-to-date as well. </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.

Chinese life insurers saw strong monthly premium growth in Aug on top of low bases, since the print of six H-share listed life peers rallied by 50% YoY to RMB 139bn in Aug, +41.2pct from last month, lifting the cumulative amount to RMB1,430bn, up 6.3% YoY in 8M24.New China Life/Sunshine Life/PICC Life doubled the premium by +122%/104%/95% YoY in August (Fig.1), driven in part by the low base effect of PIR cut to 3.0% beginning in Aug 23, and the “stop-sale” impact of PIR cut for traditional life policies to 2.5% since Sep 24, in our view.China Life/Ping An Life/CPIC Life grew premium income by 29%/38%/53% YoY in August, indicating respective highest monthly YoY growth year-to-date as well. 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.

China Insurance - 8M24 Monthly: Life Jumped on Top of Low Base

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Roughly six weeks ago, <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a> announced the scrip option condition was met. Just that <a href="https://www.smartkarma.com/entities/shanghai-fosun-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:8045:1" rel="noopener">Shanghai Fosun Pharmaceutical (2196 HK)</a> (the Offeror) was weighing its options</li>
<li>This situation mirrored <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a>'s (eventual) scrip option. And in place of Pleasant Lake in that transaction; Henlius has Loyal Valley Capital (5.8309% shareholder) behind the scenes.</li>
<li>Late Friday, Henlius updated the terms of Fosun's Offer to now include the scrip option alternative. We expected nothing less. 1H24 results will also be out later today. </li>
</ul>


Roughly six weeks ago, Shanghai Henlius Biotech (2696 HK) announced the scrip option condition was met. Just that Shanghai Fosun Pharmaceutical (2196 HK) (the Offeror) was weighing its options
This situation mirrored L'Occitane (973 HK)'s (eventual) scrip option. And in place of Pleasant Lake in that transaction; Henlius has Loyal Valley Capital (5.8309% shareholder) behind the scenes.
Late Friday, Henlius updated the terms of Fosun's Offer to now include the scrip option alternative. We expected nothing less. 1H24 results will also be out later today. 


<ul><li>CN listed insurers released better-than-expected July premiums with life prints showing continued strong momentum on top of a high base in 7M23.</li><li>Six Hshare listed life peers in aggregate grew by +8.8%/+3.1% YoY to RMB 118bn/ RMB1,291bn in July and 7M24, +0.4pct/+0.5pct from last month.</li><li>Top life names contributed resilient increases as China Life/ Ping An Life/ NCI/ PICC Life each rose by +8.3%/+17.2%/+11.3% /+21.8% YoY in July.</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.

CN listed insurers released better-than-expected July premiums with life prints showing continued strong momentum on top of a high base in 7M23.Six Hshare listed life peers in aggregate grew by +8.8%/+3.1% YoY to RMB 118bn/ RMB1,291bn in July and 7M24, +0.4pct/+0.5pct from last month.Top life names contributed resilient increases as China Life/ Ping An Life/ NCI/ PICC Life each rose by +8.3%/+17.2%/+11.3% /+21.8% YoY in July.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.

China Insurance - 7M24 Monthly: Life Momentum Kept Strong

China

Sunshine Insurance Group Company Limited offers insurance services. The Company provides property insurance, life insurance, credit guarantee insurance, and other services. Sunshine Insurance Group provides its services throughout China.

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Sunshine Insurance Group Lt (6963 HK)

Hong Kong Connect Flows (Oct 10th): Alibaba, SMIC, Xiaomi, Innovent Biologics, Meituan, HKEx

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, SMIC, Xiaomi, Innovent Biologics, Meituan, HKEx,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Sep 26th): Alibaba, HKEx, Kuaishou Technology, Meituan, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, HKEx, Kuaishou Technology, Meituan, Tencent,...

Ke Yan, CFA, FRM

China Insurance - 8M24 Monthly: Life Jumped on Top of Low Base

Chinese life insurers saw strong monthly premium growth in Aug on top of low bases, since the print of six H-share listed life peers rallied by 50%...

CMB International

Henlius (2696 HK): Was There Any Doubt?

The scrip option is here. Currently trading at a gross/annualised spread of 7.4%/16.2%, assuming mid-February payment. I'd get involved here. I'd...

David Blennerhassett

China Insurance - 7M24 Monthly: Life Momentum Kept Strong

CN listed insurers released better-than-expected July premiums with life prints showing continued strong momentum on top of a high base in 7M23.

CMB International

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