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 150 stocks over the last week. The average A-H premium was 83.5% as of Mar 14th.</li>
<li>The average A-H premium changed by -0.9ppt week-on-week, led by consumer discretionary, consumer staples, energy and offset by information technology, real estate, materials.</li>
<li>We highlight weekly changes in A-H premium for CIMC, Sinotrans, Joinn Lab, Huahong Semicon, Huaneng Power, Tigermed, Asymchem Lab.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 83.5% as of Mar 14th.
The average A-H premium changed by -0.9ppt week-on-week, led by consumer discretionary, consumer staples, energy and offset by information technology, real estate, materials.
We highlight weekly changes in A-H premium for CIMC, Sinotrans, Joinn Lab, Huahong Semicon, Huaneng Power, Tigermed, Asymchem Lab.


A-H Premium Weekly (Mar 14th): CIMC, Sinotrans, Joinn Lab, Huahong Semicon, Huaneng Power

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li><em>The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</em></li>
<li>SOUTHBOUND inflow strong but SOEs not leading. Hang Seng down again, A-shares down more. Bank buying minimal. </li>
<li>AH Premia fell 30bp on average. 1% for Liquid names. HK vs A-shares saw an even wider spread (the opposite of last week). SUPER-tight AH premia saw best H outperformance.</li>
</ul>


The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
SOUTHBOUND inflow strong but SOEs not leading. Hang Seng down again, A-shares down more. Bank buying minimal. 
AH Premia fell 30bp on average. 1% for Liquid names. HK vs A-shares saw an even wider spread (the opposite of last week). SUPER-tight AH premia saw best H outperformance.


A/H Premium Tracker (To 26 Jul 2024): SB Bought, NB Sold, HK/China Markets Weak, Spreads Volatile

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

Equity Capital Markets

Chifeng Jilong Gold Mining / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chifeng-jilong-gold-mining-co-ltd" target="_blank" data-smartkarma-citation="entities:7782:1" rel="noopener">Chifeng Jilong Gold Mining (600988 CH)</a> , a gold mining company in China, raised around US$363m in its H-share listing in Hong Kong.</li>
<li>It operates six gold mines in Asia and Africa and has been listed on the Shenzhen Stock Exchange since 2004.</li>
<li>We have covered the company and deal background in our previous notes. In this note, we talk about the trading dynamics.</li>
</ul>



Chifeng Jilong Gold Mining (600988 CH) , a gold mining company in China, raised around US$363m in its H-share listing in Hong Kong.
It operates six gold mines in Asia and Africa and has been listed on the Shenzhen Stock Exchange since 2004.
We have covered the company and deal background in our previous notes. In this note, we talk about the trading dynamics.


Chifeng Jilong A/H Trading - Weak Institutional Demand and Probably Close to Fair Value

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chifeng-jilong-gold-mining-co-ltd" target="_blank" data-smartkarma-citation="entities:7782:1" rel="noopener">Chifeng Jilong Gold Mining (600988 CH)</a>, a company owning multiple gold mines across the world, aims to raise around US$500m in its H-share listing. </li>
<li>It is principally engaged in the mining, processing and sales of gold.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Chifeng Jilong Gold Mining (600988 CH), a company owning multiple gold mines across the world, aims to raise around US$500m in its H-share listing. 
It is principally engaged in the mining, processing and sales of gold.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Chifeng Jilong A/H Listing: Riding on the Gold Rush

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The YTD rally in the Hong Kong and China markets has made it appealing for highly leveraged and outperforming stocks to make placements to raise fresh equity.</li>
<li>
<a href="https://www.smartkarma.com/entities/gds-holdings-ltd" target="_blank" data-smartkarma-citation="entities:32157:1" rel="noopener">GDS Holdings (9698 HK)</a>, <a href="https://www.smartkarma.com/entities/china-youran-dairy-group-ltd" target="_blank" data-smartkarma-citation="entities:31075:1" rel="noopener">China Youran Dairy Group (9858 HK)</a>, <a href="https://www.smartkarma.com/entities/shandong-gold-mining-co-ltd-4527fb98-bb5d-4d74-91fe-66f9c0224eb3" target="_blank" data-smartkarma-citation="entities:27455:1" rel="noopener">Shandong Gold Mining (1787 HK)</a>, <a href="https://www.smartkarma.com/entities/zhaojin-mining-industry-company-ltd-h" target="_blank" data-smartkarma-citation="entities:4626:1" rel="noopener">Zhaojin Mining Industry (1818 HK)</a>, and <a href="https://www.smartkarma.com/entities/byd-electronic-international-co-ltd" target="_blank" data-smartkarma-citation="entities:1927:1" rel="noopener">BYD Electronics (285 HK)</a> are possible candidates.</li>
<li>Four of the top 30 YTD best-performing Hang Seng Composite stocks have made placements in the last three months, raising a total of HK$1.3bn with mixed performance since then.</li>
</ul>


The YTD rally in the Hong Kong and China markets has made it appealing for highly leveraged and outperforming stocks to make placements to raise fresh equity.

GDS Holdings (9698 HK), China Youran Dairy Group (9858 HK), Shandong Gold Mining (1787 HK), Zhaojin Mining Industry (1818 HK), and BYD Electronics (285 HK) are possible candidates.
Four of the top 30 YTD best-performing Hang Seng Composite stocks have made placements in the last three months, raising a total of HK$1.3bn with mixed performance since then.


China & HK Strategy: Assessing Placement Risks, Who Needs Money?

China

Shandong Gold Mining Co., Ltd. operates gold mining and production businesses. The Company provides gold exploration, processing, and outsourcing gold smelting services. Shandong Gold Mining also conducts gold jewelry purification and non-ferrous metal production businesses.

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Shandong Gold Mining (1787 HK)

A-H Premium Weekly (Mar 14th): CIMC, Sinotrans, Joinn Lab, Huahong Semicon, Huaneng Power

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CIMC, Sinotrans, Joinn Lab, Huahong Semicon, Huaneng Power,...

Ke Yan, CFA, FRM

A/H Premium Tracker (To 26 Jul 2024): SB Bought, NB Sold, HK/China Markets Weak, Spreads Volatile

Spreads were volatile this past week. The narrowest AH Premia saw significant H outperformance while the wider spreads saw much more muted...

Travis Lundy

Chifeng Jilong A/H Trading - Weak Institutional Demand and Probably Close to Fair Value

Chifeng Jilong (CJ), a gold mining company in China, raised around US$363m in its H-share listing in Hong Kong. In this note, we talk about the...

Nicholas Tan

Chifeng Jilong A/H Listing: Riding on the Gold Rush

Chifeng Jilong, a company owning multiple gold mines across the world, aims to raise around US$500m in its H-share listing.

Nicholas Tan

China & HK Strategy: Assessing Placement Risks, Who Needs Money?

The YTD rally prompts high-gearing stocks to raise fresh equity through placements, with GDS Holdings, China Youran Dairy, Shandong Gold, Zhaojin...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

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