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 analysed the earning revision of component stocks of HS TECH in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on BYD, Ntes, Kuaishou, Lenovo, Li Auto, Horizonrobot, China Lit, Asmpt.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on BYD, Ntes, Kuaishou, Lenovo, Li Auto, Horizonrobot, China Lit, Asmpt.


HS TECH Index Earning Revision (Jun): BYD, Ntes, Kuaishou, Lenovo, Li Auto, Horizonrobot, China Lit

<ul>
<li>We analysed the earning revision of component stocks of HSCEI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Ntes, Meituan, Bidu, CCB, ICBC, Beigene, Shenzhou Intl, Zijin Mining.</li>
</ul>


We analysed the earning revision of component stocks of HSCEI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Ntes, Meituan, Bidu, CCB, ICBC, Beigene, Shenzhou Intl, Zijin Mining.


HSCEI Index Earning Revision (Jun): Ntes, Meituan, Bidu, CCB, ICBC, Beigene, Shenzhou Intl

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of Tencent (700 HK), Meituan (3690 HK), CCB (939 HK), Xiaomi (1810 HK), BYD (1211 HK).</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of Tencent (700 HK), Meituan (3690 HK), CCB (939 HK), Xiaomi (1810 HK), BYD (1211 HK).


Hong Kong Connect Flows (June): Inflows Accelerated, Xiaomi/Tencent Profit Taking Continued

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>The EU ended the direct purchase subsidies for EVs; that is a negative for <a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI (006400 KS)</a>.</li>
<li>Management is quite bullish, but the last two quarters result were quite informative on the level of margin and contribution from the battery business. </li>
<li>It trades around 112x PER while historically around 25-35x PER and its competitor <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a> is only trading at 20x. </li>
</ul>


The EU ended the direct purchase subsidies for EVs; that is a negative for Samsung SDI (006400 KS).
Management is quite bullish, but the last two quarters result were quite informative on the level of margin and contribution from the battery business. 
It trades around 112x PER while historically around 25-35x PER and its competitor Contemporary Amperex Technology (CATL) (3750 HK) is only trading at 20x. 


Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Over the past five trading days, <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>
Highlights: Diagonal Spreads continue to enjoy huge popularity. Strategies tend to have a short-term horizon of one month, and over 60% of strategies exhibit a bearish bias.</li>
<li>
Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,</li>
</ul>



Context: Over the past five trading days, BYD (1211 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.

Highlights: Diagonal Spreads continue to enjoy huge popularity. Strategies tend to have a short-term horizon of one month, and over 60% of strategies exhibit a bearish bias.

Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,


BYD (1211 HK) Top Trades Highlight Bearish Bias Among HK Option Traders

China

XPeng Inc. designs, produces, and distributes electric vehicles. The Company designs, develops, manufactures and markets smart smart electric vehicles, as well as finance, parts, and maintenance services. XPeng serves customers in China.

Price Gauge
52-week Range	0.00 - 0.00
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XPeng (9868 HK)

HS TECH Index Earning Revision (Jun): BYD, Ntes, Kuaishou, Lenovo, Li Auto, Horizonrobot, China Lit

We analyzed HS TECH's consensus for Jun 2025 and highlighted changes of EPS in BYD, Ntes, Kuaishou, Lenovo, Li Auto, Horizonrobot, China Lit, Asmpt.

Ke Yan, CFA, FRM

HSCEI Index Earning Revision (Jun): Ntes, Meituan, Bidu, CCB, ICBC, Beigene, Shenzhou Intl

We analyzed HSCEI's consensus for Jun 2025 and highlighted changes of EPS in Ntes, Meituan, Bidu, CCB, ICBC, Beigene, Shenzhou Intl, Zijin Mining.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (June): Inflows Accelerated, Xiaomi/Tencent Profit Taking Continued

We analyzed the Hong Kong Connect Scheme for June and highlighted flows for Tencent (700 HK), Meituan (3690 HK), CCB (939 HK), Xiaomi (1810 HK),...

Ke Yan, CFA, FRM

Samsung SDI (006400): Still a No

EU ending purchase subsidies for EVs is negative for Samsung SDI; management bullish but recent quarters show margin issue. Trading at 112x PER vs...

Henry Soediarko

BYD (1211 HK) Top Trades Highlight Bearish Bias Among HK Option Traders

BYD (1211 HK) option strategies show popularity of Diagonal Spreads and reveal short-term bearish bias in the option market. Providing actionable...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HS TECH Index Earning Revision (Jun): BYD, Ntes, Kuaishou, Lenovo, Li Auto, Horizonrobot, China Lit

We analyzed HS TECH's consensus for Jun 2025 and highlighted changes of EPS in BYD, Ntes, Kuaishou, Lenovo, Li Auto, Horizonrobot, China Lit, Asmpt.

Ke Yan, CFA, FRM

HSCEI Index Earning Revision (Jun): Ntes, Meituan, Bidu, CCB, ICBC, Beigene, Shenzhou Intl

We analyzed HSCEI's consensus for Jun 2025 and highlighted changes of EPS in Ntes, Meituan, Bidu, CCB, ICBC, Beigene, Shenzhou Intl, Zijin Mining.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (June): Inflows Accelerated, Xiaomi/Tencent Profit Taking Continued

We analyzed the Hong Kong Connect Scheme for June and highlighted flows for Tencent (700 HK), Meituan (3690 HK), CCB (939 HK), Xiaomi (1810 HK),...

Ke Yan, CFA, FRM

Samsung SDI (006400): Still a No

​EU ending purchase subsidies for EVs is negative for Samsung SDI; management bullish but recent quarters show margin issue. Trading at 112x PER vs...

Henry Soediarko

BYD (1211 HK) Top Trades Highlight Bearish Bias Among HK Option Traders

​BYD (1211 HK) option strategies show popularity of Diagonal Spreads and reveal short-term bearish bias in the option market. Providing actionable...

Gaudenz Schneider

EU ending purchase subsidies for EVs is negative for Samsung SDI; management bullish but recent quarters show margin issue. Trading at 112x PER vs...

BYD (1211 HK) option strategies show popularity of Diagonal Spreads and reveal short-term bearish bias in the option market. Providing actionable...