Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Sunshine Insurance Group  Lt / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sunshine-insurance-group-co-lt" target="_blank" data-smartkarma-citation="entities:36464:1" rel="noopener">Sunshine Insurance Group (6963 HK)</a> (SIG), a life, health and P&amp;C insurance company, raised around US$850m in its HK IPO in Dec 2022. Its IPO linked lockup will expire tomorrow.</li>
<li>SIG is an integrated insurance provider which offers both life and health (L&amp;H) and property and casualty (P&amp;C) insurance in China</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Sunshine Insurance Group (6963 HK) (SIG), a life, health and P&amp;C insurance company, raised around US$850m in its HK IPO in Dec 2022. Its IPO linked lockup will expire tomorrow.
SIG is an integrated insurance provider which offers both life and health (L&amp;H) and property and casualty (P&amp;C) insurance in China
In this note, we will talk about the lock-up dynamics and updates since our last note.


Sunshine Insurance Group IPO Lock-Up - US$5.3bn Lockup Release Tomorrow, with No Liquidity

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This is the somewhat brand-spanking-new Quiddity HK Connect SOUTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and Mainland Connect NORTHBOUND Monitor.</li>
<li>SOUTHBOUND flows the last four weeks clearly indicate a momentum move. The top net sells are all down. The top buys are all up.</li>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> and <a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-international-corp-smic" target="_blank" data-smartkarma-citation="entities:14231:1" rel="noopener">Semiconductor Manufacturing International Corp (SMIC) (981 HK)</a> were the top net SOUTHBOUND inflows as SOUTHBOUND bought HK$8.515bn this past week.</li>
</ul>


This is the somewhat brand-spanking-new Quiddity HK Connect SOUTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and Mainland Connect NORTHBOUND Monitor.
SOUTHBOUND flows the last four weeks clearly indicate a momentum move. The top net sells are all down. The top buys are all up.

Xiaomi Corp (1810 HK) and Semiconductor Manufacturing International Corp (SMIC) (981 HK) were the top net SOUTHBOUND inflows as SOUTHBOUND bought HK$8.515bn this past week.


HK Connect SOUTHBOUND (To 3 Nov 23); CNOOC & China Mobile AGAIN See Outflows, SMIC & Xiaomi See Buys

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Israel-Palestine /Cover Story: Hamas attack on Israel reignites region’s cycle of violence</li><li>Fraud /: Hong Kong takes aim at banking fraud as complaints surge</li><li>Securities /: China tightens rules for short selling to prop up stocks</li></ul>

Israel-Palestine /Cover Story: Hamas attack on Israel reignites region’s cycle of violenceFraud /: Hong Kong takes aim at banking fraud as complaints surgeSecurities /: China tightens rules for short selling to prop up stocks

CX Daily: Hamas Attack on Israel Reignites Region’s Cycle of Violence

David Blennerhassett

NTT (Nippon Telegraph & Telephone) / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/monex-group-inc" target="_blank" data-smartkarma-citation="entities:14211:1" rel="noopener">Monex (8698 JP)</a> and Docomo announced an agreement. It is not clear ANY of this has to happen at prices favourable to minorities. But equally, it won't be egregiously bad.</li>
<li>
<a href="https://www.smartkarma.com/entities/people-s-insurance-co-group-of-china-ltd-h" target="_blank" data-smartkarma-citation="entities:362:1" rel="noopener">People's Insurance (PICC) (1339 HK)</a>'s implied stub is at a lifetime low. The market is assigning HK$35.6bn less for its steady and profitable life/health insurance stub ops, year-to-date.</li>
<li>
<a href="https://www.smartkarma.com/entities/jmdc-inc" target="_blank" data-smartkarma-citation="entities:28673:1" rel="noopener">JMDC (4483 JP)</a> is a growth stock, growing organically. It is a rare enough thing. If you want to buy the back end, wait until it gets here.</li>
</ul>



Monex (8698 JP) and Docomo announced an agreement. It is not clear ANY of this has to happen at prices favourable to minorities. But equally, it won't be egregiously bad.

People's Insurance (PICC) (1339 HK)'s implied stub is at a lifetime low. The market is assigning HK$35.6bn less for its steady and profitable life/health insurance stub ops, year-to-date.

JMDC (4483 JP) is a growth stock, growing organically. It is a rare enough thing. If you want to buy the back end, wait until it gets here.


Last Week in Event SPACE: Monex/NTT, PICC/PICC P&C, Vertex

Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>PICC P&amp;C's thesis has materialized and played out well this year, with the stock being HK's best-performing Chinese insurer.</li>
<li>Samsung Life's share price recovered slightly since our last update as LT Korean government bond yields further increased.</li>
<li>Prudential's thesis is slowly being played out, with its P/BV discount to AIA having narrowed; but still a long way to go. </li>
</ul>


PICC P&amp;C's thesis has materialized and played out well this year, with the stock being HK's best-performing Chinese insurer.
Samsung Life's share price recovered slightly since our last update as LT Korean government bond yields further increased.
Prudential's thesis is slowly being played out, with its P/BV discount to AIA having narrowed; but still a long way to go. 


APAC Insurers Series (#3): Initial Theses At Different Stages of Being Played Out

China

PICC Property and Casualty Company Limited provides insurance services. The Company provides property loss insurances, liability insurances, credit insurances, accidental injury insurances, short term health insurances, guarantee insurances, and other insurance products. PICC Property and Casualty also operates investment businesses.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

PICC Property & Casualty H (2328 HK)

Sunshine Insurance Group IPO Lock-Up - US$5.3bn Lockup Release Tomorrow, with No Liquidity

Sunshine Insurance Group (6963 HK) (SIG), a life, health and P&C insurance company, raised around US$850m in its HK IPO in Dec 2022. Its IPO linked...

Sumeet Singh

HK Connect SOUTHBOUND (To 3 Nov 23); CNOOC & China Mobile AGAIN See Outflows, SMIC & Xiaomi See Buys

HK Connect SOUTHBOUND flows saw net inflows for the 15th week in a row with +HKD 8.5bn. H/A pairs saw Hs outperform their As by 56bp. Flows are...

Travis Lundy

CX Daily: Hamas Attack on Israel Reignites Region’s Cycle of Violence

Israel-Palestine /Cover Story: Hamas attack on Israel reignites region’s cycle of violence Fraud /: Hong Kong takes aim at banking fraud as...

Caixin Global

Last Week in Event SPACE: Monex/NTT, PICC/PICC P&C, Vertex

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

APAC Insurers Series (#3): Initial Theses At Different Stages of Being Played Out

Theses for the three insurers we highlighted are at different stages of being played out: PICC P&C's has most materialized while Pru's still has a...

Alec Tseung

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)