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 analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Nov 3rd based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Sinopec (386 HK), Li Ning (2331 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), HSBC (5 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Nov 3rd based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Sinopec (386 HK), Li Ning (2331 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), HSBC (5 HK).


Hong Kong Buybacks Weekly (Nov 3rd): AIA, China Petroleum & Chemical, Li Ning

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.

Thematic (Sector/Industry)

<ul><li>Eleven Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Oct 2023 sales volumes on 1 Nov 2023.</li><li>Sales volume of the 11 automakers combined rose 54% YoY (ranging from -33% to +302%) and 6% MoM (ranging from -20% to 112%) in Oct.</li><li>Seven out of the 11 automakers posted their all-time high sales volume in Oct.</li></ul>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.

Eleven Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Oct 2023 sales volumes on 1 Nov 2023.Sales volume of the 11 automakers combined rose 54% YoY (ranging from -33% to +302%) and 6% MoM (ranging from -20% to 112%) in Oct.Seven out of the 11 automakers posted their all-time high sales volume in Oct.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.

China Auto Sector – NEV sales push at month-end leads to Oct beat

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows into Meituan, Wuxi Biologics, SMIC, GWM, HKEX.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into Meituan, Wuxi Biologics, SMIC, GWM, HKEX.


Hong Kong Connect Flows (October): Four Months of Inflows

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 119.1% as of Oct 27th.</li>
<li>The average A-H premium changed by -1.7ppt week on week, led by utilities, consumer discretionary, industrials and offset by consumer staples.</li>
<li>We highlight weekly changes in A-H premium for Beigene, China Merchants Securities, Guangzhou Auto, China Longyuan.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 119.1% as of Oct 27th.
The average A-H premium changed by -1.7ppt week on week, led by utilities, consumer discretionary, industrials and offset by consumer staples.
We highlight weekly changes in A-H premium for Beigene, China Merchants Securities, Guangzhou Auto, China Longyuan.


A-H Premium Weekly (Oct 27th): Beigene, CMS, Guangzhou Auto, China Longyuan

<ul><li>China’s passenger-vehicle (PV) retail sales volume rose 6% YoY and 3% MoM to 1.97mn units in Sep 2023, 4% higher than our prior forecast.</li><li>YTD retail sales volume rose 4% YoY. Wholesale volume rose 7% YoY and 9% MoM to 2.49mn units in Sep 2023, the best Sep in history, and 9% higher than our prior forecast.</li><li>Wholesale volume rose 7% YoY (or +1.14mn units YoY) YTD, all aided by 67% YoY growth (or +1.14mn units YoY) of exports. </li></ul>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.

China’s passenger-vehicle (PV) retail sales volume rose 6% YoY and 3% MoM to 1.97mn units in Sep 2023, 4% higher than our prior forecast.YTD retail sales volume rose 4% YoY. Wholesale volume rose 7% YoY and 9% MoM to 2.49mn units in Sep 2023, the best Sep in history, and 9% higher than our prior forecast.Wholesale volume rose 7% YoY (or +1.14mn units YoY) YTD, all aided by 67% YoY growth (or +1.14mn units YoY) of exports. 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.

China Auto Sector – Strong 4Q23 sales mixed with rising competition

China

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

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Great Wall Motor (2333 HK)

Hong Kong Buybacks Weekly (Nov 3rd): AIA, China Petroleum & Chemical, Li Ning

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK),...

Ke Yan, CFA, FRM

China Auto Sector – NEV sales push at month-end leads to Oct beat

Eleven Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Oct 2023 sales...

CMB International

Hong Kong Connect Flows (October): Four Months of Inflows

We analyzed the Hong Kong Connect Scheme for October and highlight flows for Meituan, Wuxi Biologics, SMIC, Great Wall Motor, HKEX.

Ke Yan, CFA, FRM

A-H Premium Weekly (Oct 27th): Beigene, CMS, Guangzhou Auto, China Longyuan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Beigene, China Merchants Securities, Guangzhou Auto, China...

Ke Yan, CFA, FRM

China Auto Sector – Strong 4Q23 sales mixed with rising competition

China’s passenger-vehicle (PV) retail sales volume rose 6% YoY and 3% MoM to 1.97mn units in Sep 2023, 4% higher than our prior forecast.

CMB International

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