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 May 30th 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 Tencent (700 HK), AIA (1299 HK), Meituan (3690 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), Cosco Shipping (1919 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 30th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Meituan (3690 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), Cosco Shipping (1919 HK).


Hong Kong Buybacks Weekly (May 30th): Tencent, AIA, Meituan

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Lens Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lens-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:24231:1" rel="noopener">Lens Technology (300433 CH)</a>, a precision manufacturing solution provider, aims to raise around US$1.5bn in its H-share listing.</li>
<li>Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$1.5bn in its H-share listing.
Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Lens Technology A/H Listing - Diversifying but Is Tarrified for Now

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>There could be 3 constituent changes for the CSI Hong Kong Connect Internet Index in June. Plus there are some fairly large capping changes for some stocks.</li>
<li>Estimated one-way turnover is 4.9% and the round-trip trade is HK$5.4bn (US$694m). The impact on the deletes will be a lot larger than the impact on the adds.</li>
<li>The forecast adds have outperformed the forecast deletes over the near-term, though the trade has been quite volatile over the medium term.</li>
</ul>


There could be 3 constituent changes for the CSI Hong Kong Connect Internet Index in June. Plus there are some fairly large capping changes for some stocks.
Estimated one-way turnover is 4.9% and the round-trip trade is HK$5.4bn (US$694m). The impact on the deletes will be a lot larger than the impact on the adds.
The forecast adds have outperformed the forecast deletes over the near-term, though the trade has been quite volatile over the medium term.


CSI Hong Kong Connect Internet Index Rebalance Preview: 6 Changes & US$700m Trade

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 27 May, HYBE announced that it will sell its 9.4% in S.M.Entertainment (2.21 million shares) for about 243 billion won (US$145 million) to Tencent Music Entertainment.</li>
<li>HYBE's sale of its stake in SM Entertainment is expected to take place on Friday (30 May) after the market close through an after hours block deal trade. </li>
<li>The block deal sale of SM Entertainment by HYBE to Tencent is likely to have a negative impact on SM Entertainment's shares mainly due to large share price discount (15.3%).</li>
</ul>


On 27 May, HYBE announced that it will sell its 9.4% in S.M.Entertainment (2.21 million shares) for about 243 billion won (US$145 million) to Tencent Music Entertainment.
HYBE's sale of its stake in SM Entertainment is expected to take place on Friday (30 May) after the market close through an after hours block deal trade. 
The block deal sale of SM Entertainment by HYBE to Tencent is likely to have a negative impact on SM Entertainment's shares mainly due to large share price discount (15.3%).


HYBE to Sell Its 9.4% Stake in SM Entertainment to Tencent Music in a Block Deal Sale

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>3690 HK/PDD US/BABA US: SAMR issues compliance guidelines for online platform fee practices (-/-/-)</li>
<li>3690 HK: "Shen Qiang Shou" and "Pin Hao Fan" Both Surpass 10 Million Daily Orders (+)</li>
<li>TCOM US: Thailand's Foreign Tourist Arrivals Decline by 2% YoY, Chinese Tourists Drop 33% (-)</li>
</ul>


3690 HK/PDD US/BABA US: SAMR issues compliance guidelines for online platform fee practices (-/-/-)
3690 HK: "Shen Qiang Shou" and "Pin Hao Fan" Both Surpass 10 Million Daily Orders (+)
TCOM US: Thailand's Foreign Tourist Arrivals Decline by 2% YoY, Chinese Tourists Drop 33% (-)


[Blue Lotus Daily-TMT Update]:3690 HK/PDD US/BABA US/TCOM US/700 HK/NTES US/1024 HK/JD US/BILI US/AI

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent Holdings (ADR) (TCEHY US)

Hong Kong Buybacks Weekly (May 30th): Tencent, AIA, Meituan

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Lens Technology A/H Listing - Diversifying but Is Tarrified for Now

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$1.5bn in its H-share listing.

Sumeet Singh

CSI Hong Kong Connect Internet Index Rebalance Preview: 6 Changes & US$700m Trade

There could be 3 changes for the index in June. Estimated one-way turnover is 4.9% and the round-trip trade is US$694m. The forecast adds have...

Brian Freitas

HYBE to Sell Its 9.4% Stake in SM Entertainment to Tencent Music in a Block Deal Sale

The block deal sale of SM Entertainment by HYBE to Tencent is likely to have a negative impact on SM Entertainment's shares mainly due to large...

Douglas Kim

[Blue Lotus Daily-TMT Update]:3690 HK/PDD US/BABA US/TCOM US/700 HK/NTES US/1024 HK/JD US/BILI US/AI

SAMR issues compliance guidelines for online platform fees; "Shen Qiang Shou" and "Pin Hao Fan" exceed 10M daily orders;Thailand sees decline in...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Buybacks Weekly (May 30th): Tencent, AIA, Meituan

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Lens Technology A/H Listing - Diversifying but Is Tarrified for Now

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$1.5bn in its H-share listing.

Sumeet Singh

CSI Hong Kong Connect Internet Index Rebalance Preview: 6 Changes & US$700m Trade

There could be 3 changes for the index in June. Estimated one-way turnover is 4.9% and the round-trip trade is US$694m. The forecast adds have...

Brian Freitas

HYBE to Sell Its 9.4% Stake in SM Entertainment to Tencent Music in a Block Deal Sale

The block deal sale of SM Entertainment by HYBE to Tencent is likely to have a negative impact on SM Entertainment's shares mainly due to large...

Douglas Kim

[Blue Lotus Daily-TMT Update]:3690 HK/PDD US/BABA US/TCOM US/700 HK/NTES US/1024 HK/JD US/BILI US/AI

​SAMR issues compliance guidelines for online platform fees; "Shen Qiang Shou" and "Pin Hao Fan" exceed 10M daily orders;Thailand sees decline in...

Blue Lotus Research Institute

SAMR issues compliance guidelines for online platform fees; "Shen Qiang Shou" and "Pin Hao Fan" exceed 10M daily orders;Thailand sees decline in...