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 June 9th.</li>
<li>We estimate the weekly inflows to be US$265.3 million, led by financials, consumer discretionary, industrials sectors, and offset by information technology, materials.</li>
<li>We highlight flows for Midea, China Pacific Insurance, Advanced Micro, Huatai Securities, Zhejiang Dahua Technology, Anhui Conch Cement, East Money Information, Asr Microelectronics, Wuliangye.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 9th.
We estimate the weekly inflows to be US$265.3 million, led by financials, consumer discretionary, industrials sectors, and offset by information technology, materials.
We highlight flows for Midea, China Pacific Insurance, Advanced Micro, Huatai Securities, Zhejiang Dahua Technology, Anhui Conch Cement, East Money Information, Asr Microelectronics, Wuliangye.


Northbound Flows (Jun 9th): Midea, China Pacific Insurance, Advanced Micro, Huatai Securities, Dahua

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 1st.</li>
<li>We estimate the weekly inflows to be US$560.9 million, led by information technology, financials, communication services sectors, and offset by materials, energy.</li>
<li>We estimate that the inflows was USD 561m and highlight flows for Longi Green Energy Technology.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 1st.
We estimate the weekly inflows to be US$560.9 million, led by information technology, financials, communication services sectors, and offset by materials, energy.
We estimate that the inflows was USD 561m and highlight flows for Longi Green Energy Technology.


Northbound Flows (Mar 1st): Longi Green Energy Technology

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of February 17th.</li>
<li>We estimate the weekly inflows to be US$1,241.6 million, led by industrials, consumer discretionary, information technology sectors, and offset by financials, utilities.</li>
<li>We highlight flows for Contemporary Amperex Technology, Sany Heavy Industry, Hundsun Technologies, Ping An Insurance, China Merchants Bank, Eve Energy.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of February 17th.
We estimate the weekly inflows to be US$1,241.6 million, led by industrials, consumer discretionary, information technology sectors, and offset by financials, utilities.
We highlight flows for Contemporary Amperex Technology, Sany Heavy Industry, Hundsun Technologies, Ping An Insurance, China Merchants Bank, Eve Energy.


Northbound Flows (Feb 17th): CATL, Sany Heavy, Hundsun, Ping An Insurance, CMB, Eve Energy

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of February 10th.</li>
<li>We estimate the weekly inflows to be US$456.0 million, led by financials, information technology, utilities sectors, and offset by materials, consumer discretionary.</li>
<li>We highlight flows for Ping An Insurance, Contemporary Amperex Technology, Kweichow Moutai, Luzhou Lao Jiao, Hundsun Technologies, Byd, Midea, Tongwei, Trina Solar</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of February 10th.
We estimate the weekly inflows to be US$456.0 million, led by financials, information technology, utilities sectors, and offset by materials, consumer discretionary.
We highlight flows for Ping An Insurance, Contemporary Amperex Technology, Kweichow Moutai, Luzhou Lao Jiao, Hundsun Technologies, Byd, Midea, Tongwei, Trina Solar


Northbound Flows (Feb 10th): Ping An Insurance, CATL, Moutai, Luzhou Lao Jiao, Hundsun

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 are 5 changes for the SSE50 Index that will be implemented at the close on 9 December. Passive selling on a few deletions is pretty large.</li>
<li>We estimate a one-way turnover of 4.07% at the December rebalance leading to a one-way trade of CNY 3.36bn. Index arb activity could add to the impact on the stocks.</li>
<li>The adds have dropped over the last few months while the deletes have moved higher. There could be a reversion of that trend till implementation of the changes.</li>
</ul>


There are 5 changes for the SSE50 Index that will be implemented at the close on 9 December. Passive selling on a few deletions is pretty large.
We estimate a one-way turnover of 4.07% at the December rebalance leading to a one-way trade of CNY 3.36bn. Index arb activity could add to the impact on the stocks.
The adds have dropped over the last few months while the deletes have moved higher. There could be a reversion of that trend till implementation of the changes.


SSE50 Index Rebalance: In Line with Forecasts; Trades Performing Well

China

Trina Solar Co., Ltd. operates as a photovoltaic smart energy overall solution provider. The Company produces solar photovoltaic power plant equipment, polycrystalline ingots, single crystal silicon rods, silicon wafers, solar cells, photovoltaic modules, and other products. Trina Solar markets its products throughout worldwide.

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Trina Solar (688599 CH)

Northbound Flows (Jun 9th): Midea, China Pacific Insurance, Advanced Micro, Huatai Securities, Dahua

We analyzed the Shanghai/Shenzhen Connect Scheme for last week and highlight flows for Midea, China Pacific Insurance, Advanced Micro, Huatai...

Ke Yan, CFA, FRM

Northbound Flows (Mar 1st): Longi Green Energy Technology

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Longi Green Energy Technology.

Ke Yan, CFA, FRM

Northbound Flows (Feb 17th): CATL, Sany Heavy, Hundsun, Ping An Insurance, CMB, Eve Energy

We analyzed the Shanghai/Shenzhen Connect Scheme for last week and highlight flows for CATL, Sany Heavy, Hundsun, Ping An Insurance, CMB, Eve Energy.

Ke Yan, CFA, FRM

Northbound Flows (Feb 10th): Ping An Insurance, CATL, Moutai, Luzhou Lao Jiao, Hundsun

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Ping An Insurance, CATL, Moutai, Luzhou Lao Jiao,...

Ke Yan, CFA, FRM

SSE50 Index Rebalance: In Line with Forecasts; Trades Performing Well

There are 5 changes for the index in Dec - all in line with forecasts. There is a big sector skew. Trades have been performing well. Pre...

Brian Freitas

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