Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>The December rebalance of the HSI, HSCEI and HSTECH indices will use today's closing prices to cap the index constituents at 8%. This will lead to large flows.</li>
<li>The largest passive outflows as a result of capping will be on <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> due to their weight exceeding 8% in all three indices.</li>
<li>There are large funding outflows (in terms of days of ADV to trade) on quite a few Hong Kong property stocks as well as stocks from the financials sector.</li>
</ul>


The December rebalance of the HSI, HSCEI and HSTECH indices will use today's closing prices to cap the index constituents at 8%. This will lead to large flows.
The largest passive outflows as a result of capping will be on Meituan (3690 HK) and Tencent (700 HK) due to their weight exceeding 8% in all three indices.
There are large funding outflows (in terms of days of ADV to trade) on quite a few Hong Kong property stocks as well as stocks from the financials sector.


HSI, HSCEI, HSTECH: December Rebalance Flows Post Capping

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

Asymchem Laboratories Tianjin / Equity Capital Markets

<ul>
<li>Asymchem Laboratories (AL) aims to raise up to US$968m in its H-share listing in Hong Kong.</li>
<li>AL is a provider of outsourced pharmaceutical development and manufacturing solutions and services. </li>
<li>In this note, we will talk about the recent updates and IPO pricing.</li>
</ul>


Asymchem Laboratories (AL) aims to raise up to US$968m in its H-share listing in Hong Kong.
AL is a provider of outsourced pharmaceutical development and manufacturing solutions and services. 
In this note, we will talk about the recent updates and IPO pricing.


Asymchem Labs A/​H Listing - Pricing Seems Adequate Despite the Share Price Run Up

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.</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 inflows into Kuaishou, Smoore, and outflows from Tencent and Wuxi Biologics.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into Kuaishou, Smoore, and outflows from Tencent and Wuxi Biologics.


Hong Kong Connect Flows: Kuaishou, Smoore, Tencent, Wuxi Biologics

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>We reviewed the 2021 performance and summarized the 2022 outlook for China healthcare sector.</li>
<li>We listed the 2022 high conviction ideas and mainly analyzed the industry characteristics, the business, the core competitiveness, the forecast and the concerns of related companies.</li>
<li>Overall, there are still good investment opportunities in China healthcare industry in 2022.</li>
</ul>


We reviewed the 2021 performance and summarized the 2022 outlook for China healthcare sector.
We listed the 2022 high conviction ideas and mainly analyzed the industry characteristics, the business, the core competitiveness, the forecast and the concerns of related companies.
Overall, there are still good investment opportunities in China healthcare industry in 2022.


2022 High Conviction (China Healthcare) - Seek the Relative Certainties Out of the Uncertainties

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asymchem-laboratories-tianjin-co-ltd" target="_blank" data-smartkarma-citation="entities:28265:1" rel="noopener">Asymchem Laboratories (002821 CH)</a> is a global contract development manufacturing organisation (CDMO). Asymchem is pre-marketing an H Share listing to raise $1.5 billion, according to press reports.</li>
<li>Asymchem has delivered strong growth and margin progression (on a constant currency basis) over the track record period.</li>
<li>The forward indicators suggest that the near-term prospects remain solid. Overall, we think that Asymchem has robust fundamentals.  </li>
</ul>



Asymchem Laboratories (002821 CH) is a global contract development manufacturing organisation (CDMO). Asymchem is pre-marketing an H Share listing to raise $1.5 billion, according to press reports.
Asymchem has delivered strong growth and margin progression (on a constant currency basis) over the track record period.
The forward indicators suggest that the near-term prospects remain solid. Overall, we think that Asymchem has robust fundamentals.  


Asymchem Laboratories H Share Listing: On-Demand Science

China

WuXi Biologics (Cayman) Inc. is a leading open-access R&D capability and technology platform company serving the pharmaceutical, biotechnology, and medical device industries, with operations in China, U.S., and Iceland.  We provide a broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process.  Our services are designed to help our global partners in shortening the cycle and lowering the cost of drug and medical device R&D through cost-effective and efficient solutions. 

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Wuxi Biologics (2269 HK)

HSI, HSCEI, HSTECH: December Rebalance Flows Post Capping

The Dec rebalance of the HK indices will use today's closing prices to cap the stocks at 8%. Meituan and Tencent will see large outflows due to...

Brian Freitas

Hong Kong Connect Flows: Kuaishou, Smoore, Tencent, Wuxi Biologics

We highlight HK Connect inflows into Kuaishou (1024 HK), Smoore (6969 HK), as well as outflows from Tencent (700 HK), Wuxi Biologics (2269 HK).

Ke Yan, CFA, FRM

2022 High Conviction (China Healthcare) - Seek the Relative Certainties Out of the Uncertainties

The article analyzed the 2021 review and 2022 high conviction ideas, including the industry characteristics, the business, the core...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSI, HSCEI, HSTECH: December Rebalance Flows Post Capping

The Dec rebalance of the HK indices will use today's closing prices to cap the stocks at 8%. Meituan and Tencent will see large outflows due to...

Brian Freitas

Asymchem Labs A/​H Listing - Pricing Seems Adequate Despite the Share Price Run Up

Asymchem Laboratories (AL) aims to raise up to US$968m in its H-share listing in Hong Kong. In this note, we will talk about the IPO pricing.

Sumeet Singh

Hong Kong Connect Flows: Kuaishou, Smoore, Tencent, Wuxi Biologics

We highlight HK Connect inflows into Kuaishou (1024 HK), Smoore (6969 HK), as well as outflows from Tencent (700 HK), Wuxi Biologics (2269 HK).

Ke Yan, CFA, FRM

2022 High Conviction (China Healthcare) - Seek the Relative Certainties Out of the Uncertainties

The article analyzed the 2021 review and 2022 high conviction ideas, including the industry characteristics, the business, the core...

Xinyao (Criss) Wang

Asymchem Laboratories H Share Listing: On-Demand Science

Asymchem is pre-marketing an H Share listing to raise $1.5 billion, according to press reports. The forward indicators suggest that the near-term...

Arun George

Asymchem Labs A/H Listing - Pricing Seems Adequate Despite the Share Price Run Up