Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A bad week for HK and Chinese shares. National Team buying seems lighter into the waning days of the Year of the Rabbit.</li>
<li>Net SOUTHBOUND buying was HK$4.0bn in the shortened pre-holiday week.</li>
<li>Remarkable this past week, again, was the tendency to net sell names which were down hard, and net buy names which have been performing well.</li>
</ul>


A bad week for HK and Chinese shares. National Team buying seems lighter into the waning days of the Year of the Rabbit.
Net SOUTHBOUND buying was HK$4.0bn in the shortened pre-holiday week.
Remarkable this past week, again, was the tendency to net sell names which were down hard, and net buy names which have been performing well.


HK Connect SOUTHBOUND Flows (To 9 Feb 2024); Net Tech Selling STILL, Net SOE Buying, STILL

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 Feb 9th 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 HSBC (5 HK), Wuxi Biologics (2269 HK), AIA (1299 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), AIA (1299 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 9th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were HSBC (5 HK), Wuxi Biologics (2269 HK), AIA (1299 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), AIA (1299 HK).


Hong Kong Buybacks Weekly (Feb 9th): Hsbc, Wuxi Biologics, Aia

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Agilus Diagnostics Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/agilus-diagnostics-limited" target="_blank" data-smartkarma-citation="entities:40210:1" rel="noopener">Agilus Diagnostics Limited (SRLL IN)</a> is looking to raise around US$200m in its upcoming India IPO.</li>
<li>Agilus Diagnostics Limited (Agilus) is a diagnostic testing service provider.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



Agilus Diagnostics Limited (SRLL IN) is looking to raise around US$200m in its upcoming India IPO.
Agilus Diagnostics Limited (Agilus) is a diagnostic testing service provider.
In this note, we look at the company’s past performance.


Agilus Diagnostics Limited Pre-IPO - Still Recovering from COVID

<ul>
<li>A bad week for HK and Chinese shares. National Team buying seems lighter into the waning days of the Year of the Rabbit. </li>
<li>Net SOUTHBOUND selling was HK$9.4bn on the week, with net selling every day as the market fell hard - both in HK and the mainland.</li>
<li>Remarkable this past week was the tendency to net sell names which were down hard, and net buy names which have been performing well. </li>
</ul>


A bad week for HK and Chinese shares. National Team buying seems lighter into the waning days of the Year of the Rabbit. 
Net SOUTHBOUND selling was HK$9.4bn on the week, with net selling every day as the market fell hard - both in HK and the mainland.
Remarkable this past week was the tendency to net sell names which were down hard, and net buy names which have been performing well. 


HK Connect SOUTHBOUND Flows (To 2 Feb 2024); Net Selling (Much Tech), Net SOE Buying, Still

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>The approval rate of Draft Bill is very low. So, it's more of a “strangulation” of investment sentiment. But considering the 2024 US presidential election, similar negative proposals may resurface. </li>
<li>WuXi AppTec has little control over the entire situation.There's “valuation discount” for China CXOs due to geopolitical conflicts. It’s difficult to completely rule out the possibility of “deliberate short selling”. </li>
<li>If look deeper, considering "sensitive situations" at present, to some extent, we may have already been in a financial war.The goal of short selling is to pick up cheap chips. </li>
</ul>


The approval rate of Draft Bill is very low. So, it's more of a “strangulation” of investment sentiment. But considering the 2024 US presidential election, similar negative proposals may resurface. 
WuXi AppTec has little control over the entire situation.There's “valuation discount” for China CXOs due to geopolitical conflicts. It’s difficult to completely rule out the possibility of “deliberate short selling”. 
If look deeper, considering "sensitive situations" at present, to some extent, we may have already been in a financial war.The goal of short selling is to pick up cheap chips. 


WuXi AppTec (2359.HK/603259.CH) - Behind the Plunge Is a War

China

WuXi Biologics (Cayman) Inc. is a leading open-access R&D capability and technology platform company serving the pharmaceutical, biotechnology, and medical device industries, with operations in China, U.S., and Iceland.  We provide a broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process.  Our services are designed to help our global partners in shortening the cycle and lowering the cost of drug and medical device R&D through cost-effective and efficient solutions. 

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Wuxi Biologics (2269 HK)

HK Connect SOUTHBOUND Flows (To 9 Feb 2024); Net Tech Selling STILL, Net SOE Buying, STILL

SOUTHBOUND saw net buying on this shortened week pre-CNY as stocks rebounded from the previous week's dramatic selloff. High Div SOEs were bought...

Travis Lundy

Hong Kong Buybacks Weekly (Feb 9th): Hsbc, Wuxi Biologics, Aia

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were HSBC (5 HK), Wuxi...

Ke Yan, CFA, FRM

Agilus Diagnostics Limited Pre-IPO - Still Recovering from COVID

Agilus Diagnostics Limited (SRLL IN) is looking to raise around US$200m in its upcoming India IPO. In this note, we talk about the company's past...

Sumeet Singh

HK Connect SOUTHBOUND Flows (To 2 Feb 2024); Net Selling (Much Tech), Net SOE Buying, Still

SOUTHBOUND Connect saw net outflows every day and ended the week at -9.4bn HKD. Lots of tech selling. Lots of momentum-action (selling what was...

Travis Lundy

WuXi AppTec (2359.HK/603259.CH) - Behind the Plunge Is a War

The plunge of WuXi AppTec and its subsidiaries are due to some negative progress of US Draft Bill - There're already 6 senators votes secured at...

Xinyao (Criss) Wang

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