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 Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of November 18th.</li>
<li>We estimate the weekly inflows to be US$4,809.9 million, led by financials, consumer staples, consumer discretionary sectors.</li>
<li>We highlight flows for Moutai, Midea, China Merchants Bank, Ping An Insurance, Zijin Mining.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of November 18th.
We estimate the weekly inflows to be US$4,809.9 million, led by financials, consumer staples, consumer discretionary sectors.
We highlight flows for Moutai, Midea, China Merchants Bank, Ping An Insurance, Zijin Mining.


Northbound Flows (Nov 18th): Moutai, Midea, China Merchants Bank, Ping An Insurance, Zijin Mining

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

Brilliance China Automotive / Index Rebalance

<ul>
<li>We see 3 potential adds for the HSCI in December. We also see 26 potential adds and 16 potential deletes for the index in March.</li>
<li>Following the March rebalance, we see 22 potential inclusions to Stock Connect while we expect 37 stocks to be removed from the link.</li>
<li>Some of the potential deletions/ Stock Connect drops have large Southbound holdings and some of these positions could be pared back over the next few months.</li>
</ul>


We see 3 potential adds for the HSCI in December. We also see 26 potential adds and 16 potential deletes for the index in March.
Following the March rebalance, we see 22 potential inclusions to Stock Connect while we expect 37 stocks to be removed from the link.
Some of the potential deletions/ Stock Connect drops have large Southbound holdings and some of these positions could be pared back over the next few months.


HSCI Index Rebalance and Stock Connect: Changes at the Margins

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Equity Capital Markets

Lygend Resources & Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lygend-resources-technology" target="_blank" data-smartkarma-citation="entities:36493:1" rel="noopener">Lygend Resources &amp; Technology (LR HK)</a> is looking to raise about US$600m in its upcoming Hong Kong IPO.</li>
<li>Lygend Resources &amp; Technology (Lygend) is a nickel trading and production firm with a portfolio covering multiple areas across the nickel industry value chain.</li>
<li>In this note, we look at peers and undertake a peer comparison.</li>
</ul>



Lygend Resources &amp; Technology (LR HK) is looking to raise about US$600m in its upcoming Hong Kong IPO.
Lygend Resources &amp; Technology (Lygend) is a nickel trading and production firm with a portfolio covering multiple areas across the nickel industry value chain.
In this note, we look at peers and undertake a peer comparison.


Lygend Resources & Technology Pre-IPO Peer Comp - Peers Have Underperformed over the past Year

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of November 4th. </li>
<li>We estimate the weekly outflows to be US$727.6 million, led by consumer staples, utilities, and offset by materials, industrials, consumer discretionary.</li>
<li>We highlight flows for CATL, BYD, Mindray, Tianqi, Moutai, Yangtze Power, Yili, East Money, Wintech.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of November 4th. 
We estimate the weekly outflows to be US$727.6 million, led by consumer staples, utilities, and offset by materials, industrials, consumer discretionary.
We highlight flows for CATL, BYD, Mindray, Tianqi, Moutai, Yangtze Power, Yili, East Money, Wintech.


Northbound Flows (Nov 4th): Moutai, Yangtze Power, Yili, East Money, Wintech

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Consumer Staples ($4,362m of outflows) and financials ($1,929m of outflows) led the outflows in October.</li>
<li>We highlight inflows into Tianqi Lithium, BOE Technology, and outflows from Moutai, Ping An Bank/Insurance, Wulianye, Yili.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Consumer Staples ($4,362m of outflows) and financials ($1,929m of outflows) led the outflows in October.
We highlight inflows into Tianqi Lithium, BOE Technology, and outflows from Moutai, Ping An Bank/Insurance, Wulianye, Yili.


Northbound Flows Monthly (September): One Year High Outflows of $8.3bn

China

Tianqi Lithium Corporation develops, manufactures, and sells lithium products. The Company produces lithium carbonate, lithium chloride, lithium hydroxide, and other related products. Tianqi Lithium markets its products worldwide.

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Tianqi Lithium (9696 HK)

Northbound Flows (Nov 18th): Moutai, Midea, China Merchants Bank, Ping An Insurance, Zijin Mining

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Moutai, Midea, China Merchants Bank, Ping An...

Ke Yan, CFA, FRM

HSCI Index Rebalance and Stock Connect: Changes at the Margins

We see 3 inclusions for the index in Dec, and then 26 adds/16 deletions in March. Following the March rebal, we see 22 adds/37 deletions for Stock...

Brian Freitas

Lygend Resources & Technology Pre-IPO Peer Comp - Peers Have Underperformed over the past Year

Lygend Resources & Technology (LR HK) is looking to raise about US$600m in its upcoming Hong Kong IPO. In this note, we look at peers and undertake...

Clarence Chu

Northbound Flows (Nov 4th): Moutai, Yangtze Power, Yili, East Money, Wintech

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, BYD, Mindray, Tianqi, Moutai, Yangtze Power,...

Ke Yan, CFA, FRM

Northbound Flows Monthly (September): One Year High Outflows of $8.3bn

We analyzed the Shanghai/Shenzhen Connect Scheme for October and highlight flows for Tianqi Lithium, BOE Technology, Moutai, Ping An Bank...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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