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 analysed the earning revision of component stocks of STAR50 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on LOONGSON TECHNOLOGY, TRINA SOLAR, Xinjiang Daqo, SHENGYI ELECTRONICS, QI AN XIN TECHNOLOGY, NATIONAL SILICON INDUSTRY, JINKO SOLAR, Shengyi Electronics, Qi An Xin Technology, Jinko Solar.</li>
</ul>


We analysed the earning revision of component stocks of STAR50 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on LOONGSON TECHNOLOGY, TRINA SOLAR, Xinjiang Daqo, SHENGYI ELECTRONICS, QI AN XIN TECHNOLOGY, NATIONAL SILICON INDUSTRY, JINKO SOLAR, Shengyi Electronics, Qi An Xin Technology, Jinko Solar.


STAR50 Index Earning Revision (Sep): LOONGSON TECHNOLOGY, TRINA SOLAR, Xinjiang Daqo

<ul>
<li>We analysed the earning revision of component stocks of STAR50 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on JINKO SOLAR, Xinjiang Daqo, CAMBRICON TECHNOLOGIES, Ninebot, TRINA SOLAR, Cambricon Technologies, Ninebot, Trina Solar, Jinko Solar, Xinjiang Daqo.</li>
</ul>


We analysed the earning revision of component stocks of STAR50 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on JINKO SOLAR, Xinjiang Daqo, CAMBRICON TECHNOLOGIES, Ninebot, TRINA SOLAR, Cambricon Technologies, Ninebot, Trina Solar, Jinko Solar, Xinjiang Daqo.


STAR50 Index Earning Revision (Aug): JINKO SOLAR, Xinjiang Daqo, CAMBRICON, Ninebot

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

Shandong Himile Mechanical Science & Technology / Index Rebalance

Shandong Himile Mechanical Science & Technology

<ul>
<li>There could be 18 changes for the CSI A500 Index at the June rebalance. Turnover is estimated at 1.7% and the round-trip trade is around US$1bn.</li>
<li>The index was launched in September 2024, and the passive trackers have taken in a chunk of money since then. The flows to the stocks add to other index flows.</li>
<li>A long add/short deletes trade has been stable over the last few months. The forecast adds could outperform following announcement of the index changes on Friday.</li>
</ul>


There could be 18 changes for the CSI A500 Index at the June rebalance. Turnover is estimated at 1.7% and the round-trip trade is around US$1bn.
The index was launched in September 2024, and the passive trackers have taken in a chunk of money since then. The flows to the stocks add to other index flows.
A long add/short deletes trade has been stable over the last few months. The forecast adds could outperform following announcement of the index changes on Friday.


CSI A500 Index Rebalance Preview: Many Changes Expected; US$1bn Trade

<ul>
<li>CSI announced the changes for the December rebalance after market close on 29 November and the changes will be effective after the close of trading on 13 December.</li>
<li>There are 3 changes for the index, and we estimate one-way turnover of 1.7% resulting in a round-trip trade of CNY 570m (US$79m).</li>
<li>
<a href="https://www.smartkarma.com/entities/nexchip-semiconductor-corp" target="_blank" data-smartkarma-citation="entities:40390:1" rel="noopener">Nexchip Semiconductor (688249 CH)</a> and <a href="https://www.smartkarma.com/entities/united-nova-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:40389:1" rel="noopener">United Nova Technology (688469 CH)</a> are adds to other indices as well and the impact on the stocks will be a lot higher.</li>
</ul>


CSI announced the changes for the December rebalance after market close on 29 November and the changes will be effective after the close of trading on 13 December.
There are 3 changes for the index, and we estimate one-way turnover of 1.7% resulting in a round-trip trade of CNY 570m (US$79m).

Nexchip Semiconductor (688249 CH) and United Nova Technology (688469 CH) are adds to other indices as well and the impact on the stocks will be a lot higher.


CES China Semiconductor Chips Index Rebalance: Multiple Index Inclusions for the Adds

United Nova Technology   / Index Rebalance

<ul>
<li>Following a methodology change in mid-November for the CSI All Share Semiconductor Index, there are 7 adds and 29 deletes for the index in December.</li>
<li>Estimated one-way turnover at the rebalance is 6% leading to a round-trip trade of CNY 3.15bn (US$435m).</li>
<li>The adds outperformed the deletes bigly in the first 2 weeks of November. Some of those gains have been given back but a new uptrend seems to be taking shape.</li>
</ul>


Following a methodology change in mid-November for the CSI All Share Semiconductor Index, there are 7 adds and 29 deletes for the index in December.
Estimated one-way turnover at the rebalance is 6% leading to a round-trip trade of CNY 3.15bn (US$435m).
The adds outperformed the deletes bigly in the first 2 weeks of November. Some of those gains have been given back but a new uptrend seems to be taking shape.


CSI All Share Semiconductor Index Rebalance: Methodology Change Leads to 7 Adds, 29 Deletes

China

United Nova Technology Co.,Ltd. offers semiconductor foundry services. The Company provides wafer foundry, packaging and testing, development, and other services. United Nova Technology applies its products in energy, automotive, consumer electronics, internet of things, household appliances, and other industries.

Price Gauge
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United Nova Technology (688469 CH)

STAR50 Index Earning Revision (Sep): LOONGSON TECHNOLOGY, TRINA SOLAR, Xinjiang Daqo

We analyzed STAR50's consensus for Sep 2025 and highlighted changes of EPS in LOONGSON TECHNOLOGY (688047 CH), TRINA SOLAR (688599 CH), Xinjiang...

Ke Yan, CFA, FRM

STAR50 Index Earning Revision (Aug): JINKO SOLAR, Xinjiang Daqo, CAMBRICON, Ninebot

We analyzed STAR50's consensus for Aug 2025 and highlighted changes of EPS in JINKO SOLAR (688223 CH), Xinjiang Daqo (688303 CH), CAMBRICON...

Ke Yan, CFA, FRM

CSI A500 Index Rebalance Preview: Many Changes Expected; US$1bn Trade

We identify 18 potential changes for the CSI A500 Index. The index was launched in Sep 24 and has taken in a lot of AUM very quickly. The flows to...

Brian Freitas

CES China Semiconductor Chips Index Rebalance: Multiple Index Inclusions for the Adds

There are 3 changes for the index in December. Couple of the adds have multiple index inclusions and more potential inclusions to come over the...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

STAR50 Index Earning Revision (Sep): LOONGSON TECHNOLOGY, TRINA SOLAR, Xinjiang Daqo

We analyzed STAR50's consensus for Sep 2025 and highlighted changes of EPS in LOONGSON TECHNOLOGY (688047 CH), TRINA SOLAR (688599 CH), Xinjiang...

Ke Yan, CFA, FRM

STAR50 Index Earning Revision (Aug): JINKO SOLAR, Xinjiang Daqo, CAMBRICON, Ninebot

We analyzed STAR50's consensus for Aug 2025 and highlighted changes of EPS in JINKO SOLAR (688223 CH), Xinjiang Daqo (688303 CH), CAMBRICON...

Ke Yan, CFA, FRM

CSI A500 Index Rebalance Preview: Many Changes Expected; US$1bn Trade

We identify 18 potential changes for the CSI A500 Index. The index was launched in Sep 24 and has taken in a lot of AUM very quickly. The flows to...

Brian Freitas

CES China Semiconductor Chips Index Rebalance: Multiple Index Inclusions for the Adds

There are 3 changes for the index in December. Couple of the adds have multiple index inclusions and more potential inclusions to come over the...

Brian Freitas

CSI All Share Semiconductor Index Rebalance: Methodology Change Leads to 7 Adds, 29 Deletes

There are 7 adds, 29 deletes in Dec. Estimated one-way turnover is 6% leading to a round-trip trade of US$435m. There are same way flows from other...

Brian Freitas