Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> plans to sell around US$9bn worth of <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>, trimming its stake by a third.</li>
<li>Initial news of the deal broke last week, and we had a look in, <a href="https://www.smartkarma.com/insights/japan-post-bank-possible-placement-here-we-go-again-with-the-us-9bn-overhang" target="_blank" data-smartkarma-citation="insights:96295" rel="noopener">Japan Post Bank Possible Placement - Here We Go Again with the US$9bn Overhang</a>.</li>
<li>In this note, we talk about the deal structure and impact.</li>
</ul>



Japan Post Holdings (6178 JP) plans to sell around US$9bn worth of Japan Post Bank (7182 JP), trimming its stake by a third.
Initial news of the deal broke last week, and we had a look in, Japan Post Bank Possible Placement - Here We Go Again with the US$9bn Overhang.
In this note, we talk about the deal structure and impact.


Japan Post Bank Placement - Deal Structure, past Deals, Index, Buyback

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>On Friday 24 February 2023, the Hang Seng Index Committee announced changes for the HSTECH Index - <a href="https://www.smartkarma.com/entities/weibo-corp" target="_blank" data-smartkarma-citation="entities:35280:1" rel="noopener">Weibo Corp (9898 HK)</a> IN, <a href="https://www.smartkarma.com/entities/ming-yuan-cloud-group" target="_blank" data-smartkarma-citation="entities:29268:1" rel="noopener">Ming Yuan Cloud Group (909 HK)</a> OUT.</li>
<li>Notably, the changes in FAF due to the new treatment for Dual Primary Companies means decent boosts in weight for <a href="https://www.smartkarma.com/entities/xpeng-inc-4cc65854-d10c-4d20-bf7e-ca0e016715ff" target="_blank" data-smartkarma-citation="entities:33772:1" rel="noopener">XPeng (9868 HK)</a> and <a href="https://www.smartkarma.com/entities/li-auto-inc-3dbe6187-544f-40dd-b9f9-72fba9c0110e" target="_blank" data-smartkarma-citation="entities:33811:1" rel="noopener">Li Auto (2015 HK)</a>. </li>
<li>Of the three "major" indices, this one produces the most fun - US$900mm+ and 8.7% flow one-way. And the big flows are additive to the other indices.</li>
</ul>


On Friday 24 February 2023, the Hang Seng Index Committee announced changes for the HSTECH Index - Weibo Corp (9898 HK) IN, Ming Yuan Cloud Group (909 HK) OUT.
Notably, the changes in FAF due to the new treatment for Dual Primary Companies means decent boosts in weight for XPeng (9868 HK) and Li Auto (2015 HK). 
Of the three "major" indices, this one produces the most fun - US$900mm+ and 8.7% flow one-way. And the big flows are additive to the other indices.


HSTECH Mar23 Index Review/​Flows - Weibo IN, Ming Yuan Cloud OUT, BIGLY Flows on Li Auto & Xpeng

<ul>
<li>HSCEI keeps its constituent count at 80 names, adds <a href="https://www.smartkarma.com/entities/xpeng-inc-4cc65854-d10c-4d20-bf7e-ca0e016715ff" target="_blank" data-smartkarma-citation="entities:33772:1" rel="noopener">XPeng (9868 HK)</a> and deletes <a href="https://www.smartkarma.com/entities/china-feihe-ltd" target="_blank" data-smartkarma-citation="entities:24413:1" rel="noopener">China Feihe (6186 HK)</a>. </li>
<li>There are decent flows in this rebal, with <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> and <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a> seeing selling, <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> seeing buying. <a href="https://www.smartkarma.com/entities/li-auto-inc-3dbe6187-544f-40dd-b9f9-72fba9c0110e" target="_blank" data-smartkarma-citation="entities:33811:1" rel="noopener">Li Auto (2015 HK)</a> sees FAF upweight.</li>
<li>
<a href="https://www.smartkarma.com/profiles/janaghan-jeyakumar-cfa" target="_blank" data-smartkarma-citation="accounts:3173" rel="noopener">Janaghan Jeyakumar, CFA</a> had called the deletion of China Feihe, but had another name higher on the ADD list. 3.2% and HK$2.6bn one-way flow.</li>
</ul>


HSCEI keeps its constituent count at 80 names, adds XPeng (9868 HK) and deletes China Feihe (6186 HK). 
There are decent flows in this rebal, with Tencent (700 HK) and Alibaba Group (9988 HK) seeing selling, Meituan (3690 HK) seeing buying. Li Auto (2015 HK) sees FAF upweight.

Janaghan Jeyakumar, CFA had called the deletion of China Feihe, but had another name higher on the ADD list. 3.2% and HK$2.6bn one-way flow.


HSCEI Mar23 Index Review/Flows - Xpeng Added, China Feihe Deleted, Li Auto Sees A Bump Up

<ul>
<li>There are no index changes, in what comes as a surprise given the index is now 9 months late getting to 80 names, with a target to get to 100. </li>
<li>There are, however, several capping changes, leading to nearly 3 days to sell on <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC Holdings (5 HK)</a> and 2.6% one-way turnover.</li>
<li>The lack of name changes is disappointing. They don't need to find names to delete, just names to add to improve tracking and coverage. This portends further slowness to change.</li>
</ul>


There are no index changes, in what comes as a surprise given the index is now 9 months late getting to 80 names, with a target to get to 100. 
There are, however, several capping changes, leading to nearly 3 days to sell on HSBC Holdings (5 HK) and 2.6% one-way turnover.
The lack of name changes is disappointing. They don't need to find names to delete, just names to add to improve tracking and coverage. This portends further slowness to change.


HSI Mar23 Index Review/Flows - No Changes But Flows; 100 Names a Loooong Way Off

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 24th.</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 China Mobile, Tencent, Byd, China Construction Bank.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 24th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, Tencent, Byd, China Construction Bank.


Hong Kong Connect Flows (Feb 24th): China Mobile, Tencent, Byd, CCB

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
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tencent Holdings (ADR) (TCEHY US)

Japan Post Bank Placement - Deal Structure, past Deals, Index, Buyback

Japan Post Holdings (6178 JP) plans to sell around US$9bn worth of Japan Post Bank (7182 JP), trimming its stake by a third. In this note, we talk...

Sumeet Singh

HSTECH Mar23 Index Review/Flows - Weibo IN, Ming Yuan Cloud OUT, BIGLY Flows on Li Auto & Xpeng

HSTECH is the most interesting of the 3 major Hang Seng indices. There is one inclusion worth 0.04% but the index sees 8.7% one-way turnover on...

Travis Lundy

HSCEI Mar23 Index Review/Flows - Xpeng Added, China Feihe Deleted, Li Auto Sees A Bump Up

The HSCEI Index Review sees one ADD (Xpeng) and one DELETE (China Feihe). These are not unexpected, and the change in FFW because of new treatment...

Travis Lundy

HSI Mar23 Index Review/Flows - No Changes But Flows; 100 Names a Loooong Way Off

The Hang Seng Index Committee had been targeting 80 names by June 2022. It missed, and continues to do so. No name changes here. HSBC, re-capped at...

Travis Lundy

Hong Kong Connect Flows (Feb 24th): China Mobile, Tencent, Byd, CCB

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for China Mobile, Tencent, Byd, China Construction Bank.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Post Bank Placement - Deal Structure, past Deals, Index, Buyback

Japan Post Holdings (6178 JP) plans to sell around US$9bn worth of Japan Post Bank (7182 JP), trimming its stake by a third. In this note, we talk...

Sumeet Singh

HSTECH Mar23 Index Review/​Flows - Weibo IN, Ming Yuan Cloud OUT, BIGLY Flows on Li Auto & Xpeng

HSTECH is the most interesting of the 3 major Hang Seng indices. There is one inclusion worth 0.04% but the index sees 8.7% one-way turnover on...

Travis Lundy

HSCEI Mar23 Index Review/Flows - Xpeng Added, China Feihe Deleted, Li Auto Sees A Bump Up

The HSCEI Index Review sees one ADD (Xpeng) and one DELETE (China Feihe). These are not unexpected, and the change in FFW because of new treatment...

Travis Lundy

HSI Mar23 Index Review/Flows - No Changes But Flows; 100 Names a Loooong Way Off

The Hang Seng Index Committee had been targeting 80 names by June 2022. It missed, and continues to do so. No name changes here. HSBC, re-capped at...

Travis Lundy

Hong Kong Connect Flows (Feb 24th): China Mobile, Tencent, Byd, CCB

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for China Mobile, Tencent, Byd, China Construction Bank.

Ke Yan, CFA, FRM

HSTECH Mar23 Index Review/Flows - Weibo IN, Ming Yuan Cloud OUT, BIGLY Flows on Li Auto & Xpeng