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 analyze the 2Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the inflows in 2Q2025 were US$6,431 million and holdings were US$320 billion.</li>
<li>We highlight flows for Catl, Moutai, Midea, Jiangsu Hengrui Medicine, Wuliangye.</li>
</ul>


We analyze the 2Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the inflows in 2Q2025 were US$6,431 million and holdings were US$320 billion.
We highlight flows for Catl, Moutai, Midea, Jiangsu Hengrui Medicine, Wuliangye.


Northbound Flows (2Q2025): Catl, Moutai, Midea, Jiangsu Hengrui Medicine

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Bloks Group, a fast-growing toy company and leader of assembly character toys, filed for a Hong Kong IPO. The company is headquartered in Shanghai, PRC, and has 410 full-time employees.</li>
<li>Bloks Group has raised $200M+ to date from investors, including YF Capital, Legend Capital, Source Code Capital, Gaorong Capital and SinoMedia Asia Pacific.</li>
<li>The Chinese toy maker has delivered an exceptional revenue hyper-growth of 169% y/y in 2023. Elite operating metrics and impressive financial profile make IPO attractive for investors.</li>
</ul>


Bloks Group, a fast-growing toy company and leader of assembly character toys, filed for a Hong Kong IPO. The company is headquartered in Shanghai, PRC, and has 410 full-time employees.
Bloks Group has raised $200M+ to date from investors, including YF Capital, Legend Capital, Source Code Capital, Gaorong Capital and SinoMedia Asia Pacific.
The Chinese toy maker has delivered an exceptional revenue hyper-growth of 169% y/y in 2023. Elite operating metrics and impressive financial profile make IPO attractive for investors.


Bloks Group IPO: Exceptional Revenue Hyper-Growth and Profitability Are Unique Among Toy Makers

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Financials ($1,425 million worth of outflows), and Consumer Staples ($854 million worth of outflows) led the outflows (first chart below).</li>
<li>We highlight inflows into CATL, Mindray, Will Semi, BYD, Wuxi Apptec, and outflows from CMB, Wuliangye, Shanghai United, Midea, Hygon.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Financials ($1,425 million worth of outflows), and Consumer Staples ($854 million worth of outflows) led the outflows (first chart below).
We highlight inflows into CATL, Mindray, Will Semi, BYD, Wuxi Apptec, and outflows from CMB, Wuliangye, Shanghai United, Midea, Hygon.


Northbound Flows (December): Five Months of Outflows

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of December 22nd.</li>
<li>We estimate the weekly outflows to be US$281.8 million, led by information technology, financials, and offset by industrials, materials, consumer discretionary.</li>
<li>We highlight flows for CATL, Chongqing Changan Automobile, CMB, Zhongji Innolight.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of December 22nd.
We estimate the weekly outflows to be US$281.8 million, led by information technology, financials, and offset by industrials, materials, consumer discretionary.
We highlight flows for CATL, Chongqing Changan Automobile, CMB, Zhongji Innolight.


Northbound Flows (Dec 22nd): CATL, Chongqing Changan Automobile, CMB, Zhongji Innolight

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Thematic (Sector/Industry)

<ul><li>Chinese regulators approved 89 new video games in June, the largest batch this year, bringing the number of new approvals in the first half to 521 and topping the total for all of last year.</li><li>NetEase, China’s second-largest gaming company, received a license for Where Winds Meet, an interactive open world action-adventure game, for mobile and personal computers.</li><li>Tencent Holdings Ltd., the world’s largest gaming company, was absent from the list after it received several approvals earlier this year.</li></ul>

Chinese regulators approved 89 new video games in June, the largest batch this year, bringing the number of new approvals in the first half to 521 and topping the total for all of last year.NetEase, China’s second-largest gaming company, received a license for Where Winds Meet, an interactive open world action-adventure game, for mobile and personal computers.Tencent Holdings Ltd., the world’s largest gaming company, was absent from the list after it received several approvals earlier this year.

China Clears 89 More New Video Games in June

China

Youzu Interactive Co Ltd is an electronic gaming company.

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Youzu Interactive (002174 CH)

Northbound Flows (2Q2025): Catl, Moutai, Midea, Jiangsu Hengrui Medicine

We analyzed the Shanghai/Shenzhen Connect Scheme for June and highlighted flows for Catl, Moutai, Midea, Jiangsu Hengrui Medicine, Wuliangye.

Ke Yan, CFA, FRM

Bloks Group IPO: Exceptional Revenue Hyper-Growth and Profitability Are Unique Among Toy Makers

Bloks Group, a fast-growing leader of assembly character toys, is seeking to raise capital in Hong Kong. The company is something exceptional in...

Andrei Zakharov

Northbound Flows (December): Five Months of Outflows

We analyzed the Shanghai/Shenzhen Connect Scheme for December and highlight flows for CATL, Mindray, Will Semi, BYD, Wuxi Apptec, CMB, Wuliangye,...

Ke Yan, CFA, FRM

Northbound Flows (Dec 22nd): CATL, Chongqing Changan Automobile, CMB, Zhongji Innolight

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, Chongqing Changan Automobile, CMB, Zhongji...

Ke Yan, CFA, FRM

China Clears 89 More New Video Games in June

Chinese regulators approved 89 new video games in June, the largest batch this year, bringing the number of new approvals in the first half to 521...

Caixin Global

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52-week Range

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