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 analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 129.3% as of Dec 8th.</li>
<li>The average A-H premium changed by 1.8ppt week on week, led by consumer staples, health care, energy and offset by consumer discretionary, utilities.</li>
<li>We highlight weekly changes in A-H premium for CMB, Ping An Insurance, Beigene.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 129.3% as of Dec 8th.
The average A-H premium changed by 1.8ppt week on week, led by consumer staples, health care, energy and offset by consumer discretionary, utilities.
We highlight weekly changes in A-H premium for CMB, Ping An Insurance, Beigene.


A-H Premium Weekly (Dec 8th): CMB, Ping An Insurance, Beigene

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 1st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Meituan, Wharf, Leapmotor, Baba, New Oriental, AIA, Xiaomi, HSBC, Lenovo.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 1st.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Meituan, Wharf, Leapmotor, Baba, New Oriental, AIA, Xiaomi, HSBC, Lenovo.


HK Short Interest Weekly: Meituan, Wharf, Leapmotor, Baba, New Oriental, AIA, Xiaomi, HSBC, Lenovo

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Hygon Information Technology C / Event-Driven

<ul>
<li>Local indices in China including the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300 Index</a>, <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI 500 Index</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50 Index</a> and <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50 Index</a> will rebalance at the close tomorrow.</li>
<li>There are many changes for the indices and there are stocks that are adds and/or deletes from multiple indices which results in cumulative or offsetting flows.</li>
<li>We estimate turnover at the close tomorrow in China will be around US$7.5bn with big impact on a lot of stocks.</li>
</ul>


Local indices in China including the CSI 300 Index, CSI 500 Index, STAR50 Index and SSE50 Index will rebalance at the close tomorrow.
There are many changes for the indices and there are stocks that are adds and/or deletes from multiple indices which results in cumulative or offsetting flows.
We estimate turnover at the close tomorrow in China will be around US$7.5bn with big impact on a lot of stocks.


China: Consolidated Flows at the Close Tomorrow

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of December 1st.</li>
<li>We estimate the weekly inflows to be US$359.9 million, led by information technology, health care, utilities sectors, and offset by financials, materials.</li>
<li>We highlight flows for Hygon Information Technology, Shanghai United Imaging Healthcare, BYD, CMB, Wuliangye, Midea, CATL.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of December 1st.
We estimate the weekly inflows to be US$359.9 million, led by information technology, health care, utilities sectors, and offset by financials, materials.
We highlight flows for Hygon Information Technology, Shanghai United Imaging Healthcare, BYD, CMB, Wuliangye, Midea, CATL.


Northbound Flows (Dec 1st): Hygon Information, Shanghai United Imaging Healthcare, BYD

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 127.1% as of Dec 1st.</li>
<li>The average A-H premium changed by 4.7ppt week on week, led by consumer staples, utilities, communication services.</li>
<li>We highlight weekly changes in A-H premium for CMB, Ping An Insurance, Beigene, Ganfeng Lithium.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 127.1% as of Dec 1st.
The average A-H premium changed by 4.7ppt week on week, led by consumer staples, utilities, communication services.
We highlight weekly changes in A-H premium for CMB, Ping An Insurance, Beigene, Ganfeng Lithium.


A-H Premium Weekly (Dec 1st): CMB, Ping An Insurance, Beigene, Ganfeng Lithium

China

WuXi AppTec Co., Ltd. manufactures medical products. The Company produces biological agents, antibodies, biological diagnostic reagents, and other products. WuXi AppTec also provides biological analysis, technical study, and other services.

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WuXi AppTec (603259 CH)

A-H Premium Weekly (Dec 8th): CMB, Ping An Insurance, Beigene

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CMB, Ping An Insurance and Beigene.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Meituan, Wharf, Leapmotor, Baba, New Oriental, AIA, Xiaomi, HSBC, Lenovo

We analyzed the latest HK SFC report for aggregate short position as of Dec 1st and highlight short interest changes in Meituan, Wharf, Leapmotor,...

Ke Yan, CFA, FRM

China: Consolidated Flows at the Close Tomorrow

Local indices in China rebalance tomorrow and we estimate passives will need to trade around CNY 54bn (US$7.5bn). There will be big impact on some...

Brian Freitas

Northbound Flows (Dec 1st): Hygon Information, Shanghai United Imaging Healthcare, BYD

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Hygon Information Technology, Shanghai United...

Ke Yan, CFA, FRM

A-H Premium Weekly (Dec 1st): CMB, Ping An Insurance, Beigene, Ganfeng Lithium

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CMB, Ping An Insurance, Beigene, Ganfeng Lithium.

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

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