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 analyzed the latest HK SFC report for aggregate short position as of Aug 30th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Trip.Com, Shk Ppt, Anta Sports, Tencent, Baba, CCB, Jd, Meituan.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 30th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Trip.Com, Shk Ppt, Anta Sports, Tencent, Baba, CCB, Jd, Meituan.


HK Short Interest Weekly: Trip.Com, Shk Ppt, Anta Sports, Tencent, Baba, CCB, Jd, Meituan

Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Thematic (Sector/Industry)

<ul>
<li>Jackson Hole is annual event among central bankers and economists, where Fed Chair Powell will also be speaking on Friday</li>
<li>In the scenario of a new Fed rate cut cycle, we expect Hong Kong RE, China RE and Singapore RE to benefit, while investors can reduce exposure in Japan RE</li>
<li>We also recommend some trade ideas based on our analysis and suggest specific stocks</li>
</ul>


Jackson Hole is annual event among central bankers and economists, where Fed Chair Powell will also be speaking on Friday
In the scenario of a new Fed rate cut cycle, we expect Hong Kong RE, China RE and Singapore RE to benefit, while investors can reduce exposure in Japan RE
We also recommend some trade ideas based on our analysis and suggest specific stocks


A Scenario Analysis: If Fed Initiates a Rate Cut Cycle, How Should Investors Position Themselves?

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>The epicenter of the Asian ETF selloff last week was Japan, recording an outflow of nearly $100B from equity funds taking the net flows back to breakeven for the YTD.</li>
<li>
<a href="https://www.smartkarma.com/entities/seazen" target="_blank" data-smartkarma-citation="entities:14882:1" rel="noopener">Seazen (Formerly Future Land) (1030 HK)</a> and <a href="https://www.smartkarma.com/entities/swire-properties-ltd" target="_blank" data-smartkarma-citation="entities:5775:1" rel="noopener">Swire Properties (1972 HK)</a> had positive announcements while <a href="https://www.smartkarma.com/entities/new-oriental-education-techn" target="_blank" data-smartkarma-citation="entities:32210:1" rel="noopener">New Oriental Education &amp; Techn (9901 HK)</a> and <a href="https://www.smartkarma.com/entities/yum-china-holdings-inc-0533692c-6dae-4014-baa1-ed0b050638f2" target="_blank" data-smartkarma-citation="entities:29259:1" rel="noopener">Yum China Holdings (9987 HK)</a> announced earnings.
</li>
<li>
<a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom Hong Kong (762 HK)</a> shares are under pressure as the telco sector goes through a price war in cloud services and investors take profits from high dividend names.
</li>
</ul>


The epicenter of the Asian ETF selloff last week was Japan, recording an outflow of nearly $100B from equity funds taking the net flows back to breakeven for the YTD.

Seazen (Formerly Future Land) (1030 HK) and Swire Properties (1972 HK) had positive announcements while New Oriental Education &amp; Techn (9901 HK) and Yum China Holdings (9987 HK) announced earnings.


China Unicom Hong Kong (762 HK) shares are under pressure as the telco sector goes through a price war in cloud services and investors take profits from high dividend names.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (August 10)

<ul>
<li>China ETF flows were steady for the week, however Southbound Connect flows were negative for the first time since February.</li>
<li><a href="https://www.smartkarma.com/entities/prada-s-p-a" target="_blank" data-smartkarma-citation="entities:889:1" rel="noopener">Prada S.P.A. (1913 HK)</a>  shares standout in the luxury brand sector as Miu Miu sales surged.  <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> slightly beat estimates but still have BioSecure Act overhang.</li>
<li>Property development firms <a href="https://www.smartkarma.com/entities/hang-lung-properties-ltd" target="_blank" data-smartkarma-citation="entities:49:1" rel="noopener">Hang Lung Properties (101 HK)</a> and <a href="https://www.smartkarma.com/entities/wharf-holdings-ltd" target="_blank" data-smartkarma-citation="entities:51:1" rel="noopener">Wharf Holdings (4 HK)</a> were hurt by poor results, while <a href="https://www.smartkarma.com/entities/new-oriental-education-techn" target="_blank" data-smartkarma-citation="entities:32210:1" rel="noopener">New Oriental Education &amp; Techn (9901 HK)</a> saw earnings miss estimates.</li>
</ul>


China ETF flows were steady for the week, however Southbound Connect flows were negative for the first time since February.
Prada S.P.A. (1913 HK)  shares standout in the luxury brand sector as Miu Miu sales surged.  WuXi AppTec (2359 HK) slightly beat estimates but still have BioSecure Act overhang.
Property development firms Hang Lung Properties (101 HK) and Wharf Holdings (4 HK) were hurt by poor results, while New Oriental Education &amp; Techn (9901 HK) saw earnings miss estimates.


The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (August 2)

<ul>
<li>We look at the global macro themes that are impacting the equity market including the US election, the Fed and China's latest rate cut</li>
<li>We also look at the latest condition in Hong Kong, including the rates, the economy and the physical RE market</li>
<li>HK RE stocks continue to trade at compelling valuation, but fund flows are needed if we want a re-rating</li>
</ul>


We look at the global macro themes that are impacting the equity market including the US election, the Fed and China's latest rate cut
We also look at the latest condition in Hong Kong, including the rates, the economy and the physical RE market
HK RE stocks continue to trade at compelling valuation, but fund flows are needed if we want a re-rating


HK RE Series (3): Global Macro Starts to Turn More Supportive, Stock Valuation Is Compelling

Hong Kong

Sun Hung Kai Properties Limited develops and invests in properties. The Company operates and manages hotels, properties, car parking, and transportation infrastructures. Sun Hung Kai Properties serves customers in Hong Kong.

Price Gauge
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Sun Hung Kai Properties (16 HK)

HK Short Interest Weekly: Trip.Com, Shk Ppt, Anta Sports, Tencent, Baba, CCB, Jd, Meituan

We analyzed the latest HK SFC report for aggregate short position as of Aug 30th and highlight short interest changes in Trip.Com, Shk Ppt, Anta...

Ke Yan, CFA, FRM

A Scenario Analysis: If Fed Initiates a Rate Cut Cycle, How Should Investors Position Themselves?

We conducted a scenario analysis on Asia real estate if Fed is to initiate a new rate cut cycle. Within Asia, we expect Hong Kong, China and...

Jacob Cheng

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (August 10)

Japan had massive outflows in equity ETF's for the week. Property firms Seazen and Swire Properties had positive earnings news. New Oriental and...

David Mudd

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (August 2)

Southbound Connect flows were negative for the first week since February. Prada benefited from a weak JPY and Wuxi AppTec beat estimates. HK...

David Mudd

HK RE Series (3): Global Macro Starts to Turn More Supportive, Stock Valuation Is Compelling

In this update, we explored the macro themes, including US presidential election, the Fed and China's rate cut and their impact on HK RE stocks. We...

Jacob Cheng

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)