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.

Equity Capital Markets

Lianlian DigiTech / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lianlian-digitech" target="_blank" data-smartkarma-citation="entities:39940:1" rel="noopener">Lianlian DigiTech</a>  is looking to raise at least US$500m in its upcoming HK IPO. The deal will be run by CICC and JP Morgan.</li>
<li>LianLian DigiTech is a digital technology company that provides a range of digital payment services and value-added services to customers in China and around the world.</li>
<li>The firm ranked first among all independent digital payment solution providers in China in terms of TPV in 2022, with a market share of 9.1%, according to Frost &amp; Sullivan.</li>
</ul>



Lianlian DigiTech  is looking to raise at least US$500m in its upcoming HK IPO. The deal will be run by CICC and JP Morgan.
LianLian DigiTech is a digital technology company that provides a range of digital payment services and value-added services to customers in China and around the world.
The firm ranked first among all independent digital payment solution providers in China in terms of TPV in 2022, with a market share of 9.1%, according to Frost &amp; Sullivan.


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 117.2% as of Jul 14th.</li>
<li>The average A-H premium changed by -3.0ppt week on week, led by consumer discretionary, consumer staples, utilities and offset by real estate, communication services.</li>
<li>We highlight weekly changes in A-H premium for BankComm, ICBC, ABC, CCB, Remegen.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 117.2% as of Jul 14th.
The average A-H premium changed by -3.0ppt week on week, led by consumer discretionary, consumer staples, utilities and offset by real estate, communication services.
We highlight weekly changes in A-H premium for BankComm, ICBC, ABC, CCB, Remegen.


A-H Premium Weekly (Jul 14th): 52 Week High A-H for Banks

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jul 7th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight changes of short interests in ABC, ICBC, Li Ning.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 7th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight changes of short interests in ABC, ICBC, Li Ning.


HK Short Interest Weekly: ABC, ICBC, Li Ning

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 7th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We analyzed southbound Hong Kong connect flows in the past week and highlight flows for  China Mobile, ICBC, ABC, Tencent, HSBC, BYD.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 7th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We analyzed southbound Hong Kong connect flows in the past week and highlight flows for  China Mobile, ICBC, ABC, Tencent, HSBC, BYD.


Hong Kong Connect Flows (Jul 7th): China Mobile, ICBC, ABC, Tencent, HSBC, BYD

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

Bank of Chongqing Co Ltd H / Equity Bottom-Up

<ul>
<li>Combination of high NIM contraction with high loan growth is not a good combination</li>
<li>BOC has seen its NIM down 14% in the past year but against 12% loan growth</li>
<li>PBOC pressure to cut rates and for banks to support ailing debtors, is a risk</li>
</ul>


Combination of high NIM contraction with high loan growth is not a good combination
BOC has seen its NIM down 14% in the past year but against 12% loan growth
PBOC pressure to cut rates and for banks to support ailing debtors, is a risk


Bank of Chongqing - One Of Worst NIM Contraction, But With High Loan Growth

China

Agricultural Bank of China Limited provides a full range of commercial banking services. The Banks services includes RMB and foreign currency deposit, loan, international and domestic settlement, bill discount, currency trading, bank guarantee, and treasury bill underwriting.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Agricultural Bank Of China (1288 HK)

LianLian DigiTech Pre-IPO Tearsheet

Lianlian DigiTech is looking to raise at least US$500m in its upcoming HK IPO. The deal will be run by CICC and JP Morgan.

Sumeet Singh

A-H Premium Weekly (Jul 14th): 52 Week High A-H for Banks

We analyzed A-H premium changes in the past week and highlight A-H premium changes for BankComm, ICBC, ABC, CCB, Remegen.

Ke Yan, CFA, FRM

HK Short Interest Weekly: ABC, ICBC, Li Ning

We analyzed the latest HK SFC report for aggregate short position as of Jul 7th and highlight short interest changes in ABC, ICBC, Li Ning.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Jul 7th): China Mobile, ICBC, ABC, Tencent, HSBC, BYD

We analyzed the Hong Kong Connect Scheme for last week and highlight flows for China Mobile, ICBC, ABC, Tencent, HSBC, BYD.

Ke Yan, CFA, FRM

Bank of Chongqing - One Of Worst NIM Contraction, But With High Loan Growth

NIM contraction at BOC is severe and this is despite high loan growth. Risk is that this worsens in coming quarters, with weaker economy. Credit...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)