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 analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 129.8% as of Feb 9th.</li>
<li>The average A-H premium changed by 6.2ppt week-on-week, led by health care, materials, real estate and offset by consumer discretionary, communication services.</li>
<li>We highlight weekly changes in A-H premium for Zijin Mining, Conch Cement, China Vanke, Air China, Shandong Gold, RemeGen, CICC, Shanghai Junshi.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 129.8% as of Feb 9th.
The average A-H premium changed by 6.2ppt week-on-week, led by health care, materials, real estate and offset by consumer discretionary, communication services.
We highlight weekly changes in A-H premium for Zijin Mining, Conch Cement, China Vanke, Air China, Shandong Gold, RemeGen, CICC, Shanghai Junshi.


A-H Premium Weekly (Feb 9th): Zijin Mining, Conch Cement, China Vanke, Air China, Shandong Gold

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 122.2% as of Jan 12th.</li>
<li>The average A-H premium changed by -0.9ppt week-on-week, led by communication services, information technology, financials and offset by consumer staples, real estate, utilities.</li>
<li>We highlight weekly changes in A-H premium for China Tourism, Ccb, Fuyao Glass In, China Longyuan, Flat Glass Gro, Smic.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 122.2% as of Jan 12th.
The average A-H premium changed by -0.9ppt week-on-week, led by communication services, information technology, financials and offset by consumer staples, real estate, utilities.
We highlight weekly changes in A-H premium for China Tourism, Ccb, Fuyao Glass In, China Longyuan, Flat Glass Gro, Smic.


A-H Premium Weekly (Jan 12th): China Tourism, Ccb, Fuyao Glass, China Longyuan, Flat Glass Gro, SMIC

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 123.1% as of Dec 29th.</li>
<li>The average A-H premium changed by -4.6ppt week on week, led by communication services, health care, consumer discretionary and offset by consumer staples.</li>
<li>We highlight weekly changes in A-H premium for China Tourism, ZTE, Datang Intl, First Tractor, Hua Hong Semi.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 123.1% as of Dec 29th.
The average A-H premium changed by -4.6ppt week on week, led by communication services, health care, consumer discretionary and offset by consumer staples.
We highlight weekly changes in A-H premium for China Tourism, ZTE, Datang Intl, First Tractor, Hua Hong Semi.


A-H Premium Weekly (Dec 29th): China Tourism, ZTE, Datang Intl, First Tractor, Hua Hong Semi

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 127.6% as of Dec 22nd.</li>
<li>The average A-H premium changed by -0.9ppt week on week, led by communication services, real estate, utilities and offset by health care, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for China Tourism, Ping An Insurance, China Southern, BYD, Fuyao Glass Industry.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 127.6% as of Dec 22nd.
The average A-H premium changed by -0.9ppt week on week, led by communication services, real estate, utilities and offset by health care, consumer discretionary.
We highlight weekly changes in A-H premium for China Tourism, Ping An Insurance, China Southern, BYD, Fuyao Glass Industry.


A-H Premium Weekly (Dec 22nd): China Tourism, Ping An Insurance, China Southern, BYD

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Shanghai Junshi Biosciences  / Event-Driven

<ul>
<li>The New and Better (5mos old) A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>SOUTHBOUND and NORTHBOUND flows were both sells, respectively, but liquid Hs with H/A pairs OUT-perform As on average by 100+bp. Liquidation by overseas investors feels finished. </li>
<li>
<strong>Time to go long Hs vs As for the new year at 52wk wide discounts.</strong> 3 Short H/A pairs now switched to long. 3 new pairs long this week. </li>
</ul>


The New and Better (5mos old) A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
SOUTHBOUND and NORTHBOUND flows were both sells, respectively, but liquid Hs with H/A pairs OUT-perform As on average by 100+bp. Liquidation by overseas investors feels finished. 

Time to go long Hs vs As for the new year at 52wk wide discounts. 3 Short H/A pairs now switched to long. 3 new pairs long this week. 


A/H Premium Tracker (To 15 Dec 23): Time To Go Long Hs Vs As.

China

Xinhua Winshare Publishing and Media Company Ltd. retails and distributes books and offers services.  The Company operates a chain of retail bookstores, distributes textbooks and supplementary materials, and provides ancillary support and services to book publishers.

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Xinhua Winshare (811 HK)

A-H Premium Weekly (Feb 9th): Zijin Mining, Conch Cement, China Vanke, Air China, Shandong Gold

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Zijin Mining, Conch Cement, China Vanke, Air China, Shandong...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jan 12th): China Tourism, Ccb, Fuyao Glass, China Longyuan, Flat Glass Gro, SMIC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Tourism, Ccb, Fuyao Glass In, China Longyuan, Flat...

Ke Yan, CFA, FRM

A-H Premium Weekly (Dec 29th): China Tourism, ZTE, Datang Intl, First Tractor, Hua Hong Semi

We analyzed A-H premium changes in the past week and highlighted A-H premium changes for China Tourism, ZTE, Datang Intl, First Tractor, Hua Hong...

Ke Yan, CFA, FRM

A-H Premium Weekly (Dec 22nd): China Tourism, Ping An Insurance, China Southern, BYD

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Tourism, Ping An Insurance, China Southern, BYD, Fuyao...

Ke Yan, CFA, FRM

A/H Premium Tracker (To 15 Dec 23): Time To Go Long Hs Vs As.

A/H Premiums reached their highest average (arithmetic - not the HS Index) in a year on Monday. And then turned. Overseas liquidation feels...

Travis Lundy

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