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

Zhejiang Sanhua Intellignt Controls / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intellignt-controls-co-ltd" target="_blank" data-smartkarma-citation="entities:12940:1" rel="noopener">Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH)</a> (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to raise around US$1bn in its H-share listing.</li>
<li>ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we look at the PHIP updates and talk about the likely A/H premium.</li>
</ul>



Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to raise around US$1bn in its H-share listing.
ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
We have looked at the company’s past performance in our previous note. In this note, we look at the PHIP updates and talk about the likely A/H premium.


Zhejiang Sanhua Intelligent Controls A/H Listing - PHIP Updates and Thoughts on A/H Premium

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>In May, onshore Chinese investors bought US$5.85bn of HK-listed stocks, down sharply from the $19-21 bn net buying range of the past three months. The favorite stocks also changed sharply.</li>
<li>The hitherto Southbound favorites, Tencent, Alibaba and Xiaomi were sold down. Onshore investors’ current favorites seem to be the high dividend yield stocks, particularly China Mobile, CNOOC, China Construction Bank.</li>
<li>Competitive pressures crashed food delivery and EV share prices. But Southbound investors seem to see these share price drawdowns as buying opportunities. Meituan, Li Auto were bought in significant measure.</li>
</ul>


In May, onshore Chinese investors bought US$5.85bn of HK-listed stocks, down sharply from the $19-21 bn net buying range of the past three months. The favorite stocks also changed sharply.
The hitherto Southbound favorites, Tencent, Alibaba and Xiaomi were sold down. Onshore investors’ current favorites seem to be the high dividend yield stocks, particularly China Mobile, CNOOC, China Construction Bank.
Competitive pressures crashed food delivery and EV share prices. But Southbound investors seem to see these share price drawdowns as buying opportunities. Meituan, Li Auto were bought in significant measure.


Asian Equities: Southbound Flows Turning to Dividends and Beaten Down Sectors

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 analyzed the latest HK SFC report for aggregate short position as of May 30th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Catl, Horizonrobot, ICBC, Fl2 Csop Hsi, Fi2 Csop Hsi.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 30th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Catl, Horizonrobot, ICBC, Fl2 Csop Hsi, Fi2 Csop Hsi.


HK Short Interest Weekly: Catl, Horizonrobot, ICBC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 6th.</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 flows for Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 6th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent, Xiaomi.


HK Connect Flows Weekly (Jun 6th): Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent, Xiaomi

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>Nvidia H20 sales to China were barred last month. Nvidia first mentioned designing a new China-specific chip. Maybe not: it looks very difficult to work around the updated US limits</li>
<li>Semiconductor design software was barred last week. Synopsys suspended its guidance. My industry checks suggests that the ban applies to Xiaomi (ie the new smartphone chip) and to Lenovo. </li>
<li>Hanmi Semi stopped shipping TC Bonder to Chinese clients. This is critical to make HBM memory that goes into AI processors.</li>
</ul>


Nvidia H20 sales to China were barred last month. Nvidia first mentioned designing a new China-specific chip. Maybe not: it looks very difficult to work around the updated US limits
Semiconductor design software was barred last week. Synopsys suspended its guidance. My industry checks suggests that the ban applies to Xiaomi (ie the new smartphone chip) and to Lenovo. 
Hanmi Semi stopped shipping TC Bonder to Chinese clients. This is critical to make HBM memory that goes into AI processors.


US – China: Restrictions on Semiconductors Are Getting Worse

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi (1810 HK)

Zhejiang Sanhua Intelligent Controls A/H Listing - PHIP Updates and Thoughts on A/H Premium

Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to...

Sumeet Singh

Asian Equities: Southbound Flows Turning to Dividends and Beaten Down Sectors

In May, CN onshore investors moved from tech giants to high dividend yield stocks - CN Mobile, CNOOC & CCB. They saw buying opportunities in the...

Manishi Raychaudhuri

HK Short Interest Weekly: Catl, Horizonrobot, ICBC

We analyzed the latest HK SFC report for aggregate short position as of May 30th and highlight short interest changes in Catl, Horizonrobot, ICBC,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jun 6th): Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent,...

Ke Yan, CFA, FRM

US – China: Restrictions on Semiconductors Are Getting Worse

Nvidia might not have a workaround for a new China-specific chip. EDA software ban also for consumer electronics Xiaomi, Lenovo. Hanmi Semi halted...

Nicolas Baratte

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zhejiang Sanhua Intelligent Controls A/H Listing - PHIP Updates and Thoughts on A/H Premium

Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to...

Sumeet Singh

Asian Equities: Southbound Flows Turning to Dividends and Beaten Down Sectors

In May, ​CN onshore investors moved from tech giants to high dividend yield stocks - CN Mobile, CNOOC & CCB. They saw buying opportunities in the...

Manishi Raychaudhuri

HK Short Interest Weekly: Catl, Horizonrobot, ICBC

We analyzed the latest HK SFC report for aggregate short position as of May 30th and highlight short interest changes in Catl, Horizonrobot, ICBC,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jun 6th): Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent,...

Ke Yan, CFA, FRM

US – China: Restrictions on Semiconductors Are Getting Worse

​Nvidia might not have a workaround for a new China-specific chip. EDA software ban also for consumer electronics Xiaomi, Lenovo. Hanmi Semi halted...

Nicolas Baratte

In May, CN onshore investors moved from tech giants to high dividend yield stocks - CN Mobile, CNOOC & CCB. They saw buying opportunities in the...

Nvidia might not have a workaround for a new China-specific chip. EDA software ban also for consumer electronics Xiaomi, Lenovo. Hanmi Semi halted...