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 Oct 14th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in AIA, Li Auto, Wuxi Biologics, SHK PPT, CMB.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 14th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in AIA, Li Auto, Wuxi Biologics, SHK PPT, CMB.


HK Short Interest Weekly: AIA, Li Auto, Wuxi Biologics, SHK PPT, CMB

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Oct 7th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in AIA Group and Yum China.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 7th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in AIA Group and Yum China.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The only way that noisy shareholders in <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> can be eliminated, allowing management and employees to focus on "making Toshiba stronger" is to arrange a privatisation. </li>
<li>
<a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a> approached <a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals Ltd (OZL AU)</a> with a bid of A$25/share. Oz very quickly rejected. There are hints now that A$30 may be the price.   </li>
<li>After 23 months of negotiations with various parties, culminating in a protracted on-again, off-again, negotiation with Dye &amp; Durham, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> is now without an Offer.</li>
</ul>


The only way that noisy shareholders in Toshiba Corp (6502 JP) can be eliminated, allowing management and employees to focus on "making Toshiba stronger" is to arrange a privatisation. 

BHP Group Ltd (BHP AU) approached OZ Minerals Ltd (OZL AU) with a bid of A$25/share. Oz very quickly rejected. There are hints now that A$30 may be the price.   
After 23 months of negotiations with various parties, culminating in a protracted on-again, off-again, negotiation with Dye &amp; Durham, Link Administration (LNK AU) is now without an Offer.


Last Week in Event SPACE: Toshiba, Oz Minerals, Link Admin, Sands China

<ul>
<li>Macau gaming companies gained this week as Hong Kong is expected to ease Covid restrictions, with Macau expected to follow suit.</li>
<li>Last week, the six incumbent Macau gaming operators submitted tenders for the gaming concessions, together with last-minute interloper, the Genting Group.</li>
<li>
<a href="https://www.smartkarma.com/entities/sands-china-ltd" target="_blank" data-smartkarma-citation="entities:182:1" rel="noopener">Sands China (1928 HK)</a> has borrowed heavily and also leads other Macau gaming plays in dividends paid out to shareholders. This may not be lost on Macau officials. </li>
</ul>


Macau gaming companies gained this week as Hong Kong is expected to ease Covid restrictions, with Macau expected to follow suit.
Last week, the six incumbent Macau gaming operators submitted tenders for the gaming concessions, together with last-minute interloper, the Genting Group.

Sands China (1928 HK) has borrowed heavily and also leads other Macau gaming plays in dividends paid out to shareholders. This may not be lost on Macau officials. 


Sands China (1928 HK): Positives And Negatives

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.

<ul>
<li>Bloomberg reported <a href="https://www.smartkarma.com/entities/mgm-resorts-international" target="_blank" data-smartkarma-citation="entities:16227:1" rel="noopener">MGM Resorts International (MGM US)</a> recently approached <a href="https://www.smartkarma.com/entities/genting-singapore-ltd" target="_blank" data-smartkarma-citation="entities:439:1" rel="noopener">Genting Singapore (GENS SP)</a>’s controlling shareholder, <a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a>, to express an interest in a deal.  </li>
<li>While the discussions with MGM Resorts have fizzled out, other potential suitors are reportedly interested. Shares are in a trading halt pending a response to an SGX query.</li>
<li>Genting Singapore trades at a discount to peers. Precedent transactions suggest a potential privatisation price of at least S$1.00 per share, a 33% premium to the last close. </li>
</ul>


Bloomberg reported MGM Resorts International (MGM US) recently approached Genting Singapore (GENS SP)’s controlling shareholder, Genting Bhd (GENT MK), to express an interest in a deal.  
While the discussions with MGM Resorts have fizzled out, other potential suitors are reportedly interested. Shares are in a trading halt pending a response to an SGX query.
Genting Singapore trades at a discount to peers. Precedent transactions suggest a potential privatisation price of at least S$1.00 per share, a 33% premium to the last close. 


Genting Singapore in the Crosshairs of Potential Suitors

Hong Kong

Sands China Ltd. develops, owns, and operates integrated resorts, retail malls, and casinos. The Company also manages convention and exhibition halls in Macau.

Price Gauge
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Sands China (1928 HK)

HK Short Interest Weekly: AIA, Li Auto, Wuxi Biologics, SHK PPT, CMB

We analyzed the latest HK SFC report for aggregate short position as of {} and highlight short interest changes in AIA, Li Auto, Wuxi Biologics,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: AIA, Yum China

We analyzed the latest HK SFC report for aggregate short position as of October 7th and highlight short interest changes in AIA and Yum China.

Ke Yan, CFA, FRM

Last Week in Event SPACE: Toshiba, Oz Minerals, Link Admin, Sands China

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett