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 March 15th.</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 Bank Of China, Tencent, CNOOC, Zto Express, Kuaishou Technology, Anta Sports Products.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 15th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Bank Of China, Tencent, CNOOC, Zto Express, Kuaishou Technology, Anta Sports Products.


Hong Kong Connect Flows (Mar 15th): BOC, Tencent, CNOOC, Zto Express, Kuaishou, Anta Sports

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Mar 8th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Zijin Mining, Techtronic Ind, CNOOC, Kuaishou, HSBC, Trip.Com.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 8th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Zijin Mining, Techtronic Ind, CNOOC, Kuaishou, HSBC, Trip.Com.


HK Short Interest Weekly: Zijin Mining, Techtronic Ind, CNOOC, Kuaishou, HSBC, Trip.Com

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A shares were up small on the week. The spivvier the better. HK was up better, especially among the liquid names.</li>
<li>Net SOUTHBOUND buying was +HK$21.4bn in the fourth post-holiday week vs +HK$17bn the week before. SOUTHBOUND has net bought every day since the end of Chinese New Year.</li>
<li>The flavour of SOUTHBOUND buying has been high-div SOEs for months and months. That is starting to change slightly. Tencent was a net buy the second week in a row. </li>
</ul>


A shares were up small on the week. The spivvier the better. HK was up better, especially among the liquid names.
Net SOUTHBOUND buying was +HK$21.4bn in the fourth post-holiday week vs +HK$17bn the week before. SOUTHBOUND has net bought every day since the end of Chinese New Year.
The flavour of SOUTHBOUND buying has been high-div SOEs for months and months. That is starting to change slightly. Tencent was a net buy the second week in a row. 


HK Connect SOUTHBOUND Flows (To 15 Mar 2024); Strong Net Buying on Tencent and ETFs

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>BABA/002352.SZ/1519.HK: Taobao/Tmall adjusts algorithm to favor merchants with better service capabilities (+/+/-)</li>
<li>3690 HK: Meituan QuanQuan shift from direct operating into third party operating, and cut nearly 200 BD job positions(+)</li>
<li>700 HK/259960 KRX:The development team of &lt;PUBG&gt; has unveiled its major game update plan for 2024.(+)  </li>
</ul>


BABA/002352.SZ/1519.HK: Taobao/Tmall adjusts algorithm to favor merchants with better service capabilities (+/+/-)
3690 HK: Meituan QuanQuan shift from direct operating into third party operating, and cut nearly 200 BD job positions(+)
700 HK/259960 KRX:The development team of &lt;PUBG&gt; has unveiled its major game update plan for 2024.(+)  


[Blue Lotus Daily - TMT Update]:BABA/002352 SZ/1519 HK/3690 HK/META/700 HK/259960 KRX

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

<ul>
<li>Naspers and Prosus continue to come under pressure relative to their underlying holdings.</li>
<li>Since our last update on the 1st of March, Naspers’ look through discount has widened by 1.6 percentage points to 42%. </li>
<li>Naspers' discount to Prosus’ market value has widened notably by 2.1 percentage points to 11.3%. Prosus’ discount is only 30bps wider and is trading at 35.4%.</li>
</ul>


Naspers and Prosus continue to come under pressure relative to their underlying holdings.
Since our last update on the 1st of March, Naspers’ look through discount has widened by 1.6 percentage points to 42%. 
Naspers' discount to Prosus’ market value has widened notably by 2.1 percentage points to 11.3%. Prosus’ discount is only 30bps wider and is trading at 35.4%.


NPN X PRX: Discounts Continue to Come Under Pressure

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.

Price Gauge
52-week Range	0.00 - 0.00
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Tencent Holdings (ADR) (TCEHY US)

Hong Kong Connect Flows (Mar 15th): BOC, Tencent, CNOOC, Zto Express, Kuaishou, Anta Sports

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Bank Of China, Tencent, CNOOC, Zto Express, Kuaishou, Anta...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Zijin Mining, Techtronic Ind, CNOOC, Kuaishou, HSBC, Trip.Com

We analyzed the latest HK SFC report for aggregate short position as of Mar 8th and highlight short interest changes in Zijin Mining, Techtronic...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 15 Mar 2024); Strong Net Buying on Tencent and ETFs

HK SOUTHBOUND Connect saw big net buying again. This week over HK$21bn. SOUTHBOUND has net bought every single day since the end of CNY. Starting...

Travis Lundy

[Blue Lotus Daily - TMT Update]:BABA/002352 SZ/1519 HK/3690 HK/META/700 HK/259960 KRX

Major e-commerce platforms adjust algorithms for better merchant service, Meituan shifts to third-party operations, PUBG announces major game...

Blue Lotus Research Institute

NPN X PRX: Discounts Continue to Come Under Pressure

The discounts continue to come under pressure after a salient narrowing from mid-February through to mid-March. Naspers has underperformed Prosus...

DMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Connect Flows (Mar 15th): BOC, Tencent, CNOOC, Zto Express, Kuaishou, Anta Sports

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Bank Of China, Tencent, CNOOC, Zto Express, Kuaishou, Anta...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Zijin Mining, Techtronic Ind, CNOOC, Kuaishou, HSBC, Trip.Com

We analyzed the latest HK SFC report for aggregate short position as of Mar 8th and highlight short interest changes in Zijin Mining, Techtronic...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 15 Mar 2024); Strong Net Buying on Tencent and ETFs

HK SOUTHBOUND Connect saw big net buying again. This week over HK$21bn. SOUTHBOUND has net bought every single day since the end of CNY. Starting...

Travis Lundy

[Blue Lotus Daily - TMT Update]:BABA/002352 SZ/1519 HK/3690 HK/META/700 HK/259960 KRX

​Major e-commerce platforms adjust algorithms for better merchant service, Meituan shifts to third-party operations, PUBG announces major game...

Blue Lotus Research Institute

NPN X PRX: Discounts Continue to Come Under Pressure

The discounts continue to come under pressure after a salient narrowing from mid-February through to mid-March. Naspers has underperformed Prosus...

DMA

Major e-commerce platforms adjust algorithms for better merchant service, Meituan shifts to third-party operations, PUBG announces major game...