External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Core business of diagnostic testing services for medical institution alliances maintained rapid growth.</li><li>The unaudited revenue from diagnostic testing services for medical institution alliances increased 143.6% YoY to RMB1,043.4mn primarily driven by the increased number of on-site diagnostic centers and the rise of average revenue of unit on-site diagnostic centers thanks to the expanded service capacities and coverage.</li><li>In 9M22, Yunkang has established 110 new on-site diagnostic centers and now operated 385 centers in total.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Core business of diagnostic testing services for medical institution alliances maintained rapid growth.The unaudited revenue from diagnostic testing services for medical institution alliances increased 143.6% YoY to RMB1,043.4mn primarily driven by the increased number of on-site diagnostic centers and the rise of average revenue of unit on-site diagnostic centers thanks to the expanded service capacities and coverage.In 9M22, Yunkang has established 110 new on-site diagnostic centers and now operated 385 centers in total.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yunkang Group (2325 HK) – Continued Solid Revenue Growth in 9M22

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/deewin-tianxia" target="_blank" data-smartkarma-citation="entities:36075:1" rel="noopener">Deewin Tianxia (2418 HK)</a> raised around US$123m in its Hong Kong IPO.</li>
<li>DT’s subscription rates had been lackluster with weak coverage on the institutional tranche and the retail portion being undersubscribed.</li>
<li>Given its smaller size, in our view, the firm should come in at a discount to its peer average.</li>
</ul>



Deewin Tianxia (2418 HK) raised around US$123m in its Hong Kong IPO.
DT’s subscription rates had been lackluster with weak coverage on the institutional tranche and the retail portion being undersubscribed.
Given its smaller size, in our view, the firm should come in at a discount to its peer average.


Deewin Tianxia IPO Trading - Weak Subscription Rates, Retail Portion Undersubscribed

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>We see 28 potential inclusions to the HSCI in September, plus another 9 stocks that are close to the inclusion cutoff. Some stocks are already a part of Stock Connect.</li>
<li>There could be 22 deletions from the index on market cap, liquidity and prolonged suspension. Most of the deletions would be moved to the 'sell-only' Southbound Stock Connect list.</li>
<li>Some of the stocks that remain in the HSCI could move to the 'sell-only' Southbound Stock Connect list since their average market cap drops below HKD 5bn.</li>
</ul>


We see 28 potential inclusions to the HSCI in September, plus another 9 stocks that are close to the inclusion cutoff. Some stocks are already a part of Stock Connect.
There could be 22 deletions from the index on market cap, liquidity and prolonged suspension. Most of the deletions would be moved to the 'sell-only' Southbound Stock Connect list.
Some of the stocks that remain in the HSCI could move to the 'sell-only' Southbound Stock Connect list since their average market cap drops below HKD 5bn.


HSCI Index Rebalance and Stock Connect: Potential Changes in September

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>With LIC not delivering and Delhivery needing insurance, combined with the Korean cancellations and HK silence, it looks like its going to be a quiet few weeks for IPOs.</li>
<li>On placements, both the Korean deals were a disappointment, despite being well-flagged.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
With LIC not delivering and Delhivery needing insurance, combined with the Korean cancellations and HK silence, it looks like its going to be a quiet few weeks for IPOs.
On placements, both the Korean deals were a disappointment, despite being well-flagged.


ECM Weekly (22nd May 22) - JD, LIC, Delhivery, Leapmotor, Vista, Paradeep, Woori, Hyundai Heavy, NIO

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yunkang-group" target="_blank" data-smartkarma-citation="entities:35631:1" rel="noopener">Yunkang Group (2325 HK)</a> raised around US$139m in its Hong Kong IPO.</li>
<li>On its bookbuild, subscription rates were lackluster and market sentiment hasn’t been the greatest.</li>
<li>Similar recent deals with weak subscription rates had seen subdued listing performances by the end of their respective first weeks.</li>
</ul>



Yunkang Group (2325 HK) raised around US$139m in its Hong Kong IPO.
On its bookbuild, subscription rates were lackluster and market sentiment hasn’t been the greatest.
Similar recent deals with weak subscription rates had seen subdued listing performances by the end of their respective first weeks.


Yunkang Group IPO Trading -  Subdued Subscription Rates Combined with Uncertain Future Profitability

China

Yunkang Group is a leading medical operation service organization primarily engaged in providing diagnostic testing services. Its services include diagnostic outsourcing for hospitals, establishing on-site diagnostic centers for medical institution alliances, and offering personalized diagnostic testing for non-medical institutions. The company is headquartered in Guangzhou, China, and was established in 2018.

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Yunkang Group (2325 HK)