ChinaDaily Briefs

China: Nongfu Spring, Asymchem Laboratories, Horizon Construction Development, Weilong Delicious Global and more

In today’s briefing:

  • Index Rebalance & ETF Flow Recap: MSCI, HSI, HSCEI, Sensex, ASX100/200, MAKRO, Shell, CG Services
  • Asymchem Labs A/H Listing – PHIP Updates and a Look at Valuations
  • Horizon Construction Dev (宏信建设发展) Pre-IPO – Good Growth, Stable Margins, but Fueled by Debt
  • ECM Weekly (21st Nov 2021) – Weilong, Cloud Village, SF Intra, China Tourism, Asymchem, Gushengtang

Index Rebalance & ETF Flow Recap: MSCI, HSI, HSCEI, Sensex, ASX100/200, MAKRO, Shell, CG Services

By Brian Freitas

  • Lots of rebalance announcements in the past week: one pair of changes for the Sensex and HSCEI, four adds for the HSI, and three adds for the HSCI.
  • 19 November was the review cutoff for the December rebalance of the ASX100 and ASX200 indices. There will be changes before the regular rebalance and then at the rebalance.
  • Inflows to KraneShares CSI China Internet ETF (KWEB US) continued taking assets over US$9bn while ishares msci cntry asa jpn idx fnd etf (AAXJ US) had another week of outflows.

Asymchem Labs A/H Listing – PHIP Updates and a Look at Valuations

By Sumeet Singh

  • Asymchem Laboratories (AL) aims to raise around US$1-1.5bn in its H-share listing in Hong Kong.
  • AL is a provider of outsourced pharmaceutical development and manufacturing solutions and services. 
  • In this note, we will talk about the recent updates, undertake a peer comparison and look at the likely valuations.

Horizon Construction Dev (宏信建设发展) Pre-IPO – Good Growth, Stable Margins, but Fueled by Debt

By Zhen Zhou, Toh

  • Horizon Construction Development (1887128D HK) (HCD) is looking to raise US$500m in its upcoming Hong Kong IPO.
  • HCD is an equipment operation service provider in China. It provides services covering the full cycle of projects.
  • The company has been growing fast while margins have been largely stable but we are not particularly excited about the business.

ECM Weekly (21st Nov 2021) – Weilong, Cloud Village, SF Intra, China Tourism, Asymchem, Gushengtang

By Zhen Zhou, Toh

  • Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
  • India IPO will likely take a breather after Paytm (PAYTM IN) disastrous debut.
  • Hong Kong will be Hong Kong will be where most of the attention will be after getting a wave of approvals in this week. Stay tuned to our coverage.

Before it’s here, it’s on Smartkarma