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 155 stocks over the last week. The average A-H premium was 72.7% as of Jun 13th.</li>
<li>The average A-H premium changed by -5.0ppt week-on-week, led by consumer staples, energy, health care and offset by consumer discretionary, information technology.</li>
<li>We highlight weekly changes in A-H premium for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service, Livzon Pharmaceutical, COSCO Shipping Energy.</li>
</ul>


We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 72.7% as of Jun 13th.
The average A-H premium changed by -5.0ppt week-on-week, led by consumer staples, energy, health care and offset by consumer discretionary, information technology.
We highlight weekly changes in A-H premium for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service, Livzon Pharmaceutical, COSCO Shipping Energy.


A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This is the Brand Spanking New and Extra Spiffy H/A-Share Discount/Premium Weekly designed to help investors see the relationships easily. We used to do it. </li>
<li>We decided to bring it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 19 Trade Recommendations. </li>
<li>We hope this new version serves readers even better. Feedback is actively solicited to see if we can improve it from here. </li>
</ul>


This is the Brand Spanking New and Extra Spiffy H/A-Share Discount/Premium Weekly designed to help investors see the relationships easily. We used to do it. 
We decided to bring it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 19 Trade Recommendations. 
We hope this new version serves readers even better. Feedback is actively solicited to see if we can improve it from here. 


The Brand Spanking New Extra Spiffy 🦄H/A-Share Discount/Premium Weekly (As of 11 Aug 2023)

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

Xinjiang Goldwind Science & Technology / Equity Bottom-Up

<ul>
<li>With a massive 125% rally YTD, <a href="https://www.smartkarma.com/entities/xinjiang-goldwind-science-technology-h" target="_blank" data-smartkarma-citation="entities:10112:1" rel="noopener">Xinjiang Goldwind Science &amp; Technology (2208 HK)</a> is no longer cheap. Its yield of 3.5% for FY25 cannot stand out as attractive.</li>
<li>Good 9M24 earnings growth is partly due to an extremely low base last year. However, the average bidding price of WTG suppliers is still 50% below that in early 2022. </li>
<li>Net operating cash outflow surged 37.8% YoY, adding pressure to its balance sheet. Its gearing has increased by 7pp over the last nine months.</li>
</ul>


With a massive 125% rally YTD, Xinjiang Goldwind Science &amp; Technology (2208 HK) is no longer cheap. Its yield of 3.5% for FY25 cannot stand out as attractive.
Good 9M24 earnings growth is partly due to an extremely low base last year. However, the average bidding price of WTG suppliers is still 50% below that in early 2022. 
Net operating cash outflow surged 37.8% YoY, adding pressure to its balance sheet. Its gearing has increased by 7pp over the last nine months.


Xinjiang Goldwind (2208 HK): We Should Be More Prudent

<ul>
<li>We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 78.0% as of Jun 6th.</li>
<li>The average A-H premium changed by -0.8ppt week-on-week, led by consumer staples, industrials, utilities and offset by real estate, information technology, energy.</li>
<li>We highlight weekly changes in A-H premium for Jl Mag Rare-Earth, Jiangsu Expressway, Sichuan Expressway, CICC.</li>
</ul>


We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 78.0% as of Jun 6th.
The average A-H premium changed by -0.8ppt week-on-week, led by consumer staples, industrials, utilities and offset by real estate, information technology, energy.
We highlight weekly changes in A-H premium for Jl Mag Rare-Earth, Jiangsu Expressway, Sichuan Expressway, CICC.


A-H Premium Weekly (Jun 6th): Jiangsu Expressway, Sichuan Expressway, CICC

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Hainan Drinda Automotive Trim / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hainan-drinda-automotive-trim" target="_blank" data-smartkarma-citation="entities:29412:1" rel="noopener">Hainan Drinda Automotive Trim (002865 CH)</a> (HDNET) raised around US$180m via its A/H listing.</li>
<li>HDNET is a specialized manufacturer of PV cells which are used in making PV modules.</li>
<li>We have looked at the company’s past performance and other deal dynamics, in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Hainan Drinda Automotive Trim (002865 CH) (HDNET) raised around US$180m via its A/H listing.
HDNET is a specialized manufacturer of PV cells which are used in making PV modules.
We have looked at the company’s past performance and other deal dynamics, in our earlier notes. In this note, we talk about the trading dynamics.


Hainan Drinda New Energy (A/H IPO) Trading - Tepid Demand, No Over-Allotment

China

Xinjiang Goldwind Science & Technology Co., Ltd. manufactures wind generator sets, provides consulting service in building and operating wind generating plants, builds and operates middle-sized wind generating plants.

Xinjiang Goldwind Science & Technology (2208 HK)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Xinjiang Goldwind Science & Technology (2208 HK)

A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service,...

Ke Yan, CFA, FRM

Xinjiang Goldwind (2208 HK): We Should Be More Prudent

Goldwind's impressive YTD rally may not be sustainable as its yield is no longer attractive, with a surge in net operating cash outflow and...

Osbert Tang, CFA

A-H Premium Weekly (Jun 6th): Jiangsu Expressway, Sichuan Expressway, CICC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Jl Mag Rare-Earth, Jiangsu Expressway, Sichuan Expressway,...

Ke Yan, CFA, FRM

Hainan Drinda New Energy (A/H IPO) Trading - Tepid Demand, No Over-Allotment

Hainan Drinda Automotive Trim (002865 CH) (HDNET) raised around US$180m via its A/H listing. In this note, we talk about the trading dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service,...

Ke Yan, CFA, FRM

The Brand Spanking New Extra Spiffy 🦄H/A-Share Discount/Premium Weekly (As of 11 Aug 2023)

Quiddity's New & Improved And Really Quite Spiffy H/A Discount Monitor. All the H/A Pairs, universe & sector metrics, with interactive tables and...

Travis Lundy

Xinjiang Goldwind (2208 HK): We Should Be More Prudent

Goldwind's impressive YTD rally may not be sustainable as its yield is no longer attractive, with a surge in net operating cash outflow and...

Osbert Tang, CFA

A-H Premium Weekly (Jun 6th): Jiangsu Expressway, Sichuan Expressway, CICC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Jl Mag Rare-Earth, Jiangsu Expressway, Sichuan Expressway,...

Ke Yan, CFA, FRM

Hainan Drinda New Energy (A/H IPO) Trading - Tepid Demand, No Over-Allotment

Hainan Drinda Automotive Trim (002865 CH) (HDNET) raised around US$180m via its A/H listing. In this note, we talk about the trading dynamics.

Sumeet Singh