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 1Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the inflows in 1Q2025 were US$1,760 million and holdings were US$307 billion, compared to outflows of US$20 billion in 4Q. </li>
<li>We highlight flows for BYD, Naura Technology, Cmb, Yangtze Power, Weichai Power.</li>
</ul>


We analyze the 1Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the inflows in 1Q2025 were US$1,760 million and holdings were US$307 billion, compared to outflows of US$20 billion in 4Q. 
We highlight flows for BYD, Naura Technology, Cmb, Yangtze Power, Weichai Power.


Northbound Flows (1Q2025): BYD, Naura Technology, Cmb, Yangtze Power, Weichai Power

<ul>
<li>We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 86.7% as of April 4th. </li>
<li>The average A-H premium changed by 1.6ppt week-on-week, led by consumer staples.</li>
<li>We highlight weekly changes in A-H premium for Joinn Lab, Beigene, Qinhuangdao Port, Sichuan Expressway.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 86.7% as of April 4th. 
The average A-H premium changed by 1.6ppt week-on-week, led by consumer staples.
We highlight weekly changes in A-H premium for Joinn Lab, Beigene, Qinhuangdao Port, Sichuan Expressway.


A-H Premium Weekly (Apr 4th): Joinn Lab, Beigene, Qinhuangdao Port, Sichuan Expressway

<ul>
<li>We analyse the changes of A-H premium on 150 stocks over the last week.</li>
<li>The average A-H premium was 85.0% as of Mar 28th. The average A-H premium changed by 1.8ppt week-on-week, led by real estate, communication services, financials.</li>
<li>We highlight weekly changes in A-H premium for Great Wall Motor, China Oilfield Services, Tsingtao Brewery, Cmoc, Xinhua Winshare Publishing And Media.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week.
The average A-H premium was 85.0% as of Mar 28th. The average A-H premium changed by 1.8ppt week-on-week, led by real estate, communication services, financials.
We highlight weekly changes in A-H premium for Great Wall Motor, China Oilfield Services, Tsingtao Brewery, Cmoc, Xinhua Winshare Publishing And Media.


A-H Premium Weekly (Mar 28th): Great Wall Motor, China Oilfield Services, Tsingtao Brewery, Cmoc

<ul>
<li>We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 83.3% as of Mar 21st.</li>
<li>The average A-H premium changed by -0.4ppt week-on-week, led by utilities, consumer discretionary, communication services and offset by consumer staples, financials.</li>
<li>We highlight weekly changes in A-H premium for Huadian Power, Livzon Pharma, Joinn Lab, Maanshan Iron&amp;Steel, Datang Intl Power.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 83.3% as of Mar 21st.
The average A-H premium changed by -0.4ppt week-on-week, led by utilities, consumer discretionary, communication services and offset by consumer staples, financials.
We highlight weekly changes in A-H premium for Huadian Power, Livzon Pharma, Joinn Lab, Maanshan Iron&amp;Steel, Datang Intl Power.


A-H Premium Weekly (Mar 21st): 47 Stocks at 52 Week High A-H Premium

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>What is new? China’s Ministry of Transport, National Development and Reform Commission (NDRC) and Ministry of Finance jointly announced on 18 Mar a circular regarding the policy on truck replacement [关于实施老旧营运货车报废更新 的通知].</li><li>Subsidies level in 2025 will be largely the same as that in 2024. Key changes include: (1) the scope of subsidies cover the scrapping of both NES III &amp; IV trucks; (2) the purchase of all trucks (previously only diesel trucks) will be eligible for subsidies.</li><li>Our view: The new subsidy programme enhances our positive view on the HDT sales this year, as (1) the fleet size of NES IV HDT accounts for 30% of the total HDT, which is sizable, based on our estimates; and (2) most importantly, the scope of new purchase will include natural gas trucks this year, whereas only diesel trucks were included last year. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

What is new? China’s Ministry of Transport, National Development and Reform Commission (NDRC) and Ministry of Finance jointly announced on 18 Mar a circular regarding the policy on truck replacement [关于实施老旧营运货车报废更新 的通知].Subsidies level in 2025 will be largely the same as that in 2024. Key changes include: (1) the scope of subsidies cover the scrapping of both NES III &amp; IV trucks; (2) the purchase of all trucks (previously only diesel trucks) will be eligible for subsidies.Our view: The new subsidy programme enhances our positive view on the HDT sales this year, as (1) the fleet size of NES IV HDT accounts for 30% of the total HDT, which is sizable, based on our estimates; and (2) most importantly, the scope of new purchase will include natural gas trucks this year, whereas only diesel trucks were included last year. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capital Goods - New Subsidies on Truck Replacement Cover NES IV and Natural Gas Trucks

China

Weichai Power Co., Ltd. specializes in the research and development, manufacturing and sales of diesel engines. The company's products are applicable to markets such as, heavy-duty vehicles, coaches, construction machines, vessels and power generator.

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Weichai Power Co Ltd H (2338 HK)

Northbound Flows (1Q2025): BYD, Naura Technology, Cmb, Yangtze Power, Weichai Power

We analyzed Northbound connect data for 1Q2025 and highlight flows for BYD, Naura Technology, Cmb, Yangtze Power, Weichai Power.

Ke Yan, CFA, FRM

A-H Premium Weekly (Apr 4th): Joinn Lab, Beigene, Qinhuangdao Port, Sichuan Expressway

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Joinn Lab, Beigene, Qinhuangdao Port, Sichuan Expressway.

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 28th): Great Wall Motor, China Oilfield Services, Tsingtao Brewery, Cmoc

We highlight weekly changes in A-H premium for Great Wall Motor, China Oilfield Services, Tsingtao Brewery, Cmoc, Xinhua Winshare Publishing And...

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 21st): 47 Stocks at 52 Week High A-H Premium

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Huadian Power, Livzon Pharma, Joinn Lab, Maanshan...

Ke Yan, CFA, FRM

Capital Goods - New Subsidies on Truck Replacement Cover NES IV and Natural Gas Trucks

China’s Ministry of Transport, National Development and Reform Commission (NDRC) and Ministry of Finance jointly announced on 18 Mar a circular...

CMB International

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