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 the weekly Hong Kong Connect flows with our data engine.</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 highlight stocks that Chinese were buying  before CNY: Meituan, Tencent, Kuaishou, China Mobile. </li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight stocks that Chinese were buying  before CNY: Meituan, Tencent, Kuaishou, China Mobile. 


Hong Kong Connect Flows: What Were Chinese Buying Before CNY

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>China allocations fall to a 2-year low, driven by widespread closures in <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba Group (BABA US)</a> New Oriental Education (EDU US), China Mobile (941 HK) and CNOOC Ltd.</li>
<li>Active GEM Managers head in to 2022 with Consumer Discretionary and Communication Services the key China sector exposures, though Industrial stocks stand out the main overweight.</li>
<li>On a stock level, the most widely held company is Tencent, held by 81% of the managers in our analysis and taking the crown from Alibaba Group in 2021. </li>
</ul>


China allocations fall to a 2-year low, driven by widespread closures in Alibaba Group (BABA US) New Oriental Education (EDU US), China Mobile (941 HK) and CNOOC Ltd.
Active GEM Managers head in to 2022 with Consumer Discretionary and Communication Services the key China sector exposures, though Industrial stocks stand out the main overweight.
On a stock level, the most widely held company is Tencent, held by 81% of the managers in our analysis and taking the crown from Alibaba Group in 2021. 


China:  EM Active Fund Positioning Update.  BABA Drives Allocations Lower

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Aquila Acquisition Corporation / Equity Capital Markets

<ul>
<li>Aquila Acquisition Corporation (AAC) aims to raise around US$300m via Hong Kong’s first SPAC listing.</li>
<li>AAC is promoted by CMB International Asset Management Limited (CMBIAM) and AAC Mgmt Holding Ltd (AACMH).</li>
<li>In this tear sheet, we will talk about the deal background and structure.</li>
</ul>


Aquila Acquisition Corporation (AAC) aims to raise around US$300m via Hong Kong’s first SPAC listing.
AAC is promoted by CMB International Asset Management Limited (CMBIAM) and AAC Mgmt Holding Ltd (AACMH).
In this tear sheet, we will talk about the deal background and structure.


Aquila Acquisition Corporation Tear Sheet - Aiming to Be Hong Kong’s First SPAC Listing

AirPower Technologies / Equity Capital Markets

<ul>
<li>AirPower Technologies (1679085D HK) is looking to raise US$1bn in its upcoming Hong Kong IPO.</li>
<li>Airpower Technologies is an industrial gases solution provider with a nationwide footprint in China. </li>
<li>In this note, we will talk about the company's past performance.</li>
</ul>


AirPower Technologies (1679085D HK) is looking to raise US$1bn in its upcoming Hong Kong IPO.
Airpower Technologies is an industrial gases solution provider with a nationwide footprint in China. 
In this note, we will talk about the company's past performance.


Airpower Technologies Pre-IPO - Steady Topline Growth but Lacks Pricing Power

Beijing Yuanxin Technology Group Co Ltd / Equity Capital Markets

<ul>
<li>Beijing Yuanxin Tech (BYT) is looking to raise US$500m in its upcoming Hong Kong IPO.</li>
<li>As per F&amp;S, the firm is the No. 1 integrated healthcare fulfilment platform in China focusing on prescription drugs</li>
<li>In this note, we look at the company’s fundamentals and operations and share our thoughts about the IPO.</li>
</ul>


Beijing Yuanxin Tech (BYT) is looking to raise US$500m in its upcoming Hong Kong IPO.
As per F&amp;S, the firm is the No. 1 integrated healthcare fulfilment platform in China focusing on prescription drugs
In this note, we look at the company’s fundamentals and operations and share our thoughts about the IPO.


Beijing Yuanxin (北京圆心) Pre-IPO - Growing at the Expense of Margins

China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

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Meituan (3690 HK)

Hong Kong Connect Flows: What Were Chinese Buying Before CNY

We highlight stocks that Chinese were buying via Southbound Stock Connect before CNY: Meituan (3690 HK), Tencent (700 HK), Kuaishou (1024 HK),...

Ke Yan, CFA, FRM

China: EM Active Fund Positioning Update. BABA Drives Allocations Lower

China allocations fall to 2-year low, driven by widespread closures in Alibaba Group, New Oriental Education, China Mobile and CNOOC Ltd.

Steven Holden

Aquila Acquisition Corporation Tear Sheet - Aiming to Be Hong Kong’s First SPAC Listing

Aquila Acquisition Corporation (AAC) aims to raise around US$300m via Hong Kong’s first SPAC listing. In this note, we look at the deal background...

Sumeet Singh

Airpower Technologies Pre-IPO - Steady Topline Growth but Lacks Pricing Power

AirPower Technologies (1679085D HK) is looking to raise US$1bn in its upcoming Hong Kong IPO. In this note, we look at the company's past performance.

Sumeet Singh

Beijing Yuanxin (北京圆心) Pre-IPO - Growing at the Expense of Margins

Beijing Yuanxin Tech (BYT) is looking to raise US$500m in its upcoming Hong Kong IPO. In this note, we look at the company's past performance.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)