Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 170 stocks over the last week. The average A-H premium was 59.2% as of Jan 30th.</li>
<li>The average A-H premium changed by 0.7ppt week-on-week, led by consumer discretionary, utilities, industrials and offset by energy, real estate, financials.</li>
<li>We highlight weekly changes in A-H premium for China Railway, CNOOC, Ningbo Joyson Electronic, YOFC, Tianqi Lithium, Foshan Haitian Flavouring And Food.</li>
</ul>


We analyse the changes of A-H premium on 170 stocks over the last week. The average A-H premium was 59.2% as of Jan 30th.
The average A-H premium changed by 0.7ppt week-on-week, led by consumer discretionary, utilities, industrials and offset by energy, real estate, financials.
We highlight weekly changes in A-H premium for China Railway, CNOOC, Ningbo Joyson Electronic, YOFC, Tianqi Lithium, Foshan Haitian Flavouring And Food.


A-H Premium Weekly (Jan 30th): China Railway, CNOOC, Ningbo Joyson Electronic, YOFC, Tianqi Lithium

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Montage Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/montage-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:28236:1" rel="noopener">Montage Technology (688008 CH)</a>, the world's largest memory interconnect chip supplier,  has launched an H Share listing to raise US$902 million.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/montage-technology-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:216984" rel="noopener">Montage Technology H Share Listing: The Investment Case</a>. The price momentum is strong amid a well-documented surge in memory chip prices.  </li>
<li>The proposed AH discount of 41.3% (based on the 29 January A Share price) is attractive. Overall, I would participate in the listing.</li>
</ul>



Montage Technology (688008 CH), the world's largest memory interconnect chip supplier,  has launched an H Share listing to raise US$902 million.
I discussed the H Share listing in Montage Technology H Share Listing: The Investment Case. The price momentum is strong amid a well-documented surge in memory chip prices.  
The proposed AH discount of 41.3% (based on the 29 January A Share price) is attractive. Overall, I would participate in the listing.


Montage Technology H Share Listing (6809 HK): Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muyuan-foods-co-ltd" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foods Co (2714 HK)</a>, the world’s largest pork company, has launched an H Share listing to raise US$1.4 billion.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/muyuan-foods-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:218326" rel="noopener">Muyuan Foods H Share Listing: The Investment Case</a>. </li>
<li>The proposed AH discount of 23.1% (based on the 28 January A Share price) is attractive. Overall, I would participate in the listing.</li>
</ul>



Muyuan Foods Co (2714 HK), the world’s largest pork company, has launched an H Share listing to raise US$1.4 billion.
I discussed the H Share listing in Muyuan Foods H Share Listing: The Investment Case. 
The proposed AH discount of 23.1% (based on the 28 January A Share price) is attractive. Overall, I would participate in the listing.


Muyuan Foods H Share Listing (2714 HK): Valuation Insights

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Wuxi Lead Intelligent Equipmen / Equity Capital Markets

Wuxi Lead Intelligent Equipmen (300450 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equipmen" target="_blank" data-smartkarma-citation="entities:27971:1" rel="noopener">Wuxi Lead Intelligent Equipmen (300450 CH)</a>, aims to raise up to US$700m in its H-share listing.</li>
<li>WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Wuxi Lead Intelligent Equipmen (300450 CH), aims to raise up to US$700m in its H-share listing.
WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.
We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.


Aequitas: Wuxi Lead Intelligent Equipment A/H Listing - PHIP Updates and Thoughts on A/H Premium

Eastroc Beverage / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd-f3283290-a611-4cb4-8857-93101786e283" target="_blank" data-smartkarma-citation="entities:45048:1" rel="noopener">Eastroc Beverage Group (9980 HK)</a>, the largest functional beverage company in China, has launched an H Share listing to raise US$1.3 billion.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/eastroc-beverage-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:218181" rel="noopener">Eastroc Beverage H Share Listing: The Investment Case</a>. </li>
<li>The proposed AH discount of 12.6% (based on the 23 January A Share price) is tight and will draw mixed views. Overall, I will tilt towards participating in the listing. </li>
</ul>



Eastroc Beverage Group (9980 HK), the largest functional beverage company in China, has launched an H Share listing to raise US$1.3 billion.
I discussed the H Share listing in Eastroc Beverage H Share Listing: The Investment Case. 
The proposed AH discount of 12.6% (based on the 23 January A Share price) is tight and will draw mixed views. Overall, I will tilt towards participating in the listing. 


Eastroc Beverage H Share Listing (9980 HK): Valuation Insights

China

Zhejiang Sanhua Intelligent Controls Co., Ltd. researches, manufactures, and sells refrigeration and air-conditioning electrical parts and auto parts. The company specializes in environmentally friendly thermal management solutions, developing HVAC systems, home appliance equipment, and thermal management solutions for new energy vehicles. It was founded in 1994 and is headquartered in Shaoxing, China.

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Sanhua Intelligent Controls (2050 HK)

A-H Premium Weekly (Jan 30th): China Railway, CNOOC, Ningbo Joyson Electronic, YOFC, Tianqi Lithium

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Railway, CNOOC, Ningbo Joyson Electronic, YOFC, Tianqi...

Ke Yan, CFA, FRM

Aequitas: Wuxi Lead Intelligent Equipment A/H Listing - PHIP Updates and Thoughts on A/H Premium

Wuxi Lead Intelligent Equipmen (300450 CH), aims to raise up to US$700m in its H-share listing. In this note, we talk about the PHIP updates and...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Jan 30th): China Railway, CNOOC, Ningbo Joyson Electronic, YOFC, Tianqi Lithium

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Railway, CNOOC, Ningbo Joyson Electronic, YOFC, Tianqi...

Ke Yan, CFA, FRM

Montage Technology H Share Listing (6809 HK): Valuation Insights

The price momentum is strong amid a well-documented surge in memory chip prices. The proposed AH discount of 41.3% (based on the 29 January A Share...

Arun George

Muyuan Foods H Share Listing (2714 HK): Valuation Insights

Muyuan Foods, the world’s largest pork company, has launched an H Share listing to raise US$1.4 billion. The proposed AH discount of 23.1% is...

Arun George

Aequitas: Wuxi Lead Intelligent Equipment A/H Listing - PHIP Updates and Thoughts on A/H Premium

Wuxi Lead Intelligent Equipmen (300450 CH), aims to raise up to US$700m in its H-share listing. In this note, we talk about the PHIP updates and...

Sumeet Singh

Eastroc Beverage H Share Listing (9980 HK): Valuation Insights

The proposed AH discount of 12.6% (based on the 23 January A Share price) is tight and will draw mixed views. Overall, I will tilt towards...

Arun George