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 for holding position as of May 25th.</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 flows for Tencent, China Mobile, Li Ning, China Construction Bank.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 25th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, China Mobile, Li Ning, China Construction Bank.


Hong Kong Connect Flows (May 25th): Tencent, China Mobile, Li Ning, China Construction Bank

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 19th.</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 flows for Tencent, China Construction Bank, China Mobile, Li Auto.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 19th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, China Construction Bank, China Mobile, Li Auto.


Hong Kong Connect Flows (May 19th): Tencent, China Construction Bank, China Mobile, Li Auto

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a> moved 96mn shares of <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> into CCASS. Tencent shares fell hard. If the share price fell because of a block offering, that would be unwarranted. </li>
<li>
<a href="https://www.smartkarma.com/entities/ecopro-co-ltd" target="_blank" data-smartkarma-citation="entities:19029:1" rel="noopener">Ecopro (086520 KS)</a> is up an eye-watering 590% in the past three months, primarily on <a href="https://www.smartkarma.com/entities/ecopro-bm-co-ltd" target="_blank" data-smartkarma-citation="entities:27873:1" rel="noopener">Ecopro BM (247540 KS)</a>'s outperformance, together with sentiment towards soon-to-be-listed 52.8% held Ecopro Materials. </li>
<li>Japan's Finance Minister said that companies need to improve their PBRs, and that "increasing corporate value of listed companies would allow for Japan to realise sustainable growth."</li>
</ul>



Prosus (PRX NA) moved 96mn shares of Tencent (700 HK) into CCASS. Tencent shares fell hard. If the share price fell because of a block offering, that would be unwarranted. 

Ecopro (086520 KS) is up an eye-watering 590% in the past three months, primarily on Ecopro BM (247540 KS)'s outperformance, together with sentiment towards soon-to-be-listed 52.8% held Ecopro Materials. 
Japan's Finance Minister said that companies need to improve their PBRs, and that "increasing corporate value of listed companies would allow for Japan to realise sustainable growth."


Last Week in Event SPACE: Tencent, Ecopro, Japan’s Governance, Jardines, Citizen

Melco International Development / Event-Driven

<ul>
<li>The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.</li>
<li>Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.</li>
<li>Stocks mentioned in this insight include: <a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco International Development (200 HK)</a>, <a href="https://www.smartkarma.com/entities/cmge-technology-group-ltd" target="_blank" data-smartkarma-citation="entities:451:1" rel="noopener"> CMGE Tech (302 HK)</a>, <a href="https://www.smartkarma.com/entities/differ-group-auto-limited" target="_blank" data-smartkarma-citation="entities:3479:1" rel="noopener">Differ Group Auto (6878 HK)</a>, and <a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical (1177 HK)</a>
</li>
</ul>


The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.
Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.
Stocks mentioned in this insight include: Melco International Development (200 HK),  CMGE Tech (302 HK), Differ Group Auto (6878 HK), and Sino Biopharmaceutical (1177 HK)



Hong Kong CEO & Director Dealings (13 Apr): Melco, CMGE, Differ, Sino Biopharmaceutical

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>We suggest investors to look beyond CMGE’s soft FY22 (rev -31% YoY) which is disrupted by licenses suspension. </li><li>Looking into 2023E, we see high visibility for CMGE to regain momentum (forecasting rev +97% in FY23E), backed by 11 new titles to be launched (including two highly-anticipated titles: Soul Land: Shrek College, Sword and Fairy: Wen Qing).</li><li>Sword and Fair World (仙剑世界), a self developed metaverse platform to be launched in 2H23E, will bring further upside if it is executed well.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We suggest investors to look beyond CMGE’s soft FY22 (rev -31% YoY) which is disrupted by licenses suspension. Looking into 2023E, we see high visibility for CMGE to regain momentum (forecasting rev +97% in FY23E), backed by 11 new titles to be launched (including two highly-anticipated titles: Soul Land: Shrek College, Sword and Fairy: Wen Qing).Sword and Fair World (仙剑世界), a self developed metaverse platform to be launched in 2H23E, will bring further upside if it is executed well.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CMGE Technology (302 HK) – Eyes on strong pipeline in FY23E

China

7Road Holdings Limited operates as an online game developer and operator. The Company develops, distributes, and licenses web and mobile games. 7Road Holdings publishes its games worldwide.

iDreamSky Technology Holdings Limited operates as a holding company. The Company, through its subsidiaries, designs, develops, and distributes video games for mobile, consoles, PC, and tablets, as well as offers live gaming services. iDreamSky Technology Holdings serves customers worldwide.

Mobvista Inc. operates as a holding company. The Company, through its subsidiaries, offers technology platform that provides mobile advertising and mobile analytics services to the application developers. Mobvista serves clients worldwide.

China Digital Video Holdings Limited is a digital video technology solution and service company in the TV broadcasting industry in China. The Company provides a full range of solutions, services, and products to TV broadcasters and other digital video content providers, focusing mainly on the post-production segment, a critical part of the PRC TV broadcasting market.

Babytree Group operates Chinese parenting website. The Company and its subsidiaries, engaged in the advertising, e-commerce, and content monetization businesses. Babytree Group provides services for worldwide customers.

Guangzhou KingTeller Technology Co. Ltd specializes in ATM (Automated Teller Machine)'s research & development, manufacturing, deployment and after-sale services.

Guangzhou Kingteller Technology (002177 CH)

Hengxin Mobile Business Co Ltd sells mobile information products and provides related services.The Company sells mobile handsets and other mobile information products such as proxy server, and provides mobile information services such as voice and music magazines platform and search platform.

Oriental Times Media Corporation produces and operates HD digital entertainment platforms and TV shows. The Company also designs, manufactures and markets digital measuring instruments.

Shenzhen Hirisun Technology Incorporated provides information technology solutions to the electric power industry. The Company's services include system integration, software development and technical advisory services.

DouYu International Holdings Limited operates as a holding company. The Company, through its subsidiaries, focuses on development of live game streaming. DouYu International Holdings serves customers in China.

Gravity Co. Ltd. develops and distributes online games in many countries across the world, especially in Japan, Taiwan, and Thailand.  The Company's principal product is Ragnarok Online.  Gravity also offers mobile games, participates in the production of a televised animation series, and license the merchandising of character-related products based on their online games.

iHeartMedia, Inc. provides media entertainment services. The Company offers radio broadcasting, entertainment data distribution, and media advertising services. iHeartMedia serves customers worldwide.

Vividthree Holdings Ltd. operates as a holding company. The Company, through its subsidiaries, produces and distributes motion pictures. Vividthree Holdings serves customers Singapore and Malaysia.

Matrimony.com owns and operates matrimony websites. The company offers matrimony and matchmaking services through its matrimony websites and outlets. 

ReWorld operates a social networking Internet website built around sustainable development.  The website allows individuals, companies and associations to exchange information, conduct marketing, and recruit members.

Eventbrite, Inc. operates as a platform as a service company. The Company offers a platform that allows users to provide online event planning services, as well as publishes, promotes, and sells tickets through social networks and e-mails. Evenbrite operates in the United States.

Leadtek Research Inc. manufactures and markets communication equipments, computer and peripheral products, industrial control systems, and toys.  The Company also designs and trades information software.

CMGE Technology Group Limited serves customers in China.

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CMGE Tech (302 HK)

Hong Kong Connect Flows (May 25th): Tencent, China Mobile, Li Ning, China Construction Bank

We analyzed the Hong Kong Connect Scheme for last week and highlight flows for Tencent, China Mobile, Li Ning, China Construction Bank。

Ke Yan, CFA, FRM

Hong Kong Connect Flows (May 19th): Tencent, China Construction Bank, China Mobile, Li Auto

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent, China Construction Bank, China Mobile, Li Auto.

Ke Yan, CFA, FRM

Last Week in Event SPACE: Tencent, Ecopro, Japan’s Governance, Jardines, Citizen

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

Hong Kong CEO & Director Dealings (13 Apr): Melco, CMGE, Differ, Sino Biopharmaceutical

The data in this insight is collated from the "shareholding disclosure" link on the HKEx website. These insights also flag those companies where...

David Blennerhassett

CMGE Technology (302 HK) – Eyes on strong pipeline in FY23E

We suggest investors to look beyond CMGE’s soft FY22 (rev -31% YoY) which is disrupted by licenses suspension. Looking into 2023E, we see high...

CMB International

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