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 143 stocks over the last week. The average A-H premium was 120.6% as of Jul 7th.</li>
<li>The average A-H premium changed by 5.9ppt week on week, led by consumer staples, consumer discretionary, energy.</li>
<li>We highlight weekly changes in A-H premium for BankComm, ICBC, CCB, BYD, Asymchem, Hisense, Baiyunshan, Yankuang Energy, New China Life.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 120.6% as of Jul 7th.
The average A-H premium changed by 5.9ppt week on week, led by consumer staples, consumer discretionary, energy.
We highlight weekly changes in A-H premium for BankComm, ICBC, CCB, BYD, Asymchem, Hisense, Baiyunshan, Yankuang Energy, New China Life.


A-H Premium Weekly (Jul 7th): BankComm, ICBC, CCB, BYD, Asymchem, Hisense, Baiyunshan

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 25th.</li>
<li>We estimate the weekly outflows to be US$2,561.1 million, led by materials, financials, and offset by communication services, utilities, energy.</li>
<li>We highlight flows for CATL, Luxshare Precision Industry, Longi Green, China Merchants Bank, Wuliangye Yibin, Ping An Insurance, Ping An Bank, East Money Information.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 25th.
We estimate the weekly outflows to be US$2,561.1 million, led by materials, financials, and offset by communication services, utilities, energy.
We highlight flows for CATL, Luxshare Precision Industry, Longi Green, China Merchants Bank, Wuliangye Yibin, Ping An Insurance, Ping An Bank, East Money Information.


Northbound Flows (May 25th): CATL, Luxshare Precision, Longi Green, CMB, Wuliangye, East Money

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

Thematic (Sector/Industry)

<ul>
<li>Active China A-Share funds scale back Financials exposure to record lows.</li>
<li>A-Share Financials are the largest sector underweight by some distance, held below benchmark by -8.6% on average</li>
<li>Outside of 6 well held stocks, active A-Share managers are staying well clear of a long tail of companies that are well represented in the MSCI China A-Share benchmark.</li>
</ul>


Active China A-Share funds scale back Financials exposure to record lows.
A-Share Financials are the largest sector underweight by some distance, held below benchmark by -8.6% on average
Outside of 6 well held stocks, active A-Share managers are staying well clear of a long tail of companies that are well represented in the MSCI China A-Share benchmark.


APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Equity Capital Markets

JF Wealth Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jf-wealth-holdings" target="_blank" data-smartkarma-citation="entities:36805:1" rel="noopener">JF Wealth Holdings (9636 HK)</a> raised around US$129m in its Hong Kong IPO.</li>
<li>JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note we will talk about the demand and trading dynamics.</li>
</ul>



JF Wealth Holdings (9636 HK) raised around US$129m in its Hong Kong IPO.
JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market.
We have covered various aspects of the deal in our previous notes. In this note we will talk about the demand and trading dynamics.


JF Wealth IPO Trading - Tepid Subscription Here Probably Won’t Buck Recent HK IPO Trends

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jf-wealth-holdings" target="_blank" data-smartkarma-citation="entities:36805:1" rel="noopener">JF Wealth Holdings (9636 HK)</a> is looking to raise US$143m in its Hong Kong IPO.</li>
<li>JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market. </li>
<li>In this note, we discuss our earnings estimates, and thoughts on valuation.</li>
</ul>



JF Wealth Holdings (9636 HK) is looking to raise US$143m in its Hong Kong IPO.
JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market. 
In this note, we discuss our earnings estimates, and thoughts on valuation.


JF Wealth Holdings IPO - Can Get Similar Exposure at Cheaper Valuations

China

Haitong Securities Co., Ltd. offers securities services. The Company provides securities brokerage, asset management, securities investment, share transfer agency, and capital intermediary services. Haitong Securities focuses on  online brokerage, wealth management, and institutional investors.

Haitong Securities Co Ltd (A) (600837 CH)

Huatai Securities Co., Ltd. provides financial company. The Company provides securities brokerage services, research consulting services, investment banking and direct investment services, fixed-income services and asset management services.

China Merchants Securities Co., Ltd. provides securities services. The Company offers securities brokerage, securities investment consulting, securities underwriting, and other services. China Merchants Securities also operates investment management.

China Merchants Securities Co Ltd (A) (600999 CH)

CSC Financial Co., Ltd. provides investment management services. The Company offers investment banking, wealth management, and trading and institutional client services. CSC Financial conducts its business in Hong Kong.

Guotai Junan Securities Co.,Ltd. provides financial services. The Company offers corporate finance, fixed income securities, asset management, risk management, and other services. Guotai Junan Securities Company serves clients throughout China.

GF Securities Co Ltd. is a securities firm. The Company offers investment banking services including equity and bond underwriting, mergers and acquisitions consulting, financial consulting, brokerage services, and asset management services.

Guosen Securities Co.,Ltd offers securities services. The Company provides securities brokerage, securities investment, securities consulting, and other services. Guosen Securities provides its services throughout China.

Shenwan Hongyuan Group Co., Ltd. provides securities services. The Company offers securities brokerage, securities investment consulting, securities investment fund agency, securities asset management, and other services. Shenwan Hongyuan Group provides services in China.

China Galaxy Securities Co., Ltd. provides securities services. The Company provides securities underwriting, securities brokerage, securities investment advisory, securities transaction, and other services. China Galaxy Securities provides its services throughout China.

Founder Securities Company Limited's major business includes securities brokerage, securities investment consulting, securities trading, financial advisory on securities investment and trading activities, proprietary trading, securities asset management, investment fund distribution, margin business, and provide intermediate agency services for Founder Futures Limited.

State Street Corporation services institutional investors and manages financial assets worldwide.  The Company's products and services include custody, accounting, administration, daily pricing, international exchange services, cash management, financial asset management, securities lending, and investment advisory services.

Tradeweb Markets Inc. builds and operates electronic marketplaces for rates, credit, equities/ETFs and money markets. The company serves institutional, wholesale and retail clients in 62 countries including large global asset managers, insurance companies, central banks, financial advisory firms, proprietary trading firms, hedge funds, banks and dealers.

Northern Trust Corporation is a financial holding company that provides investment management, asset and fund administration, fiduciary, and banking solutions for corporations, institutions, and affluent individuals. Northern Trust's banking operations are its primary operations.

LPL Financial Holdings, Inc. offers technology, brokerage and investment advisory services through business relationships with all types of financial advisors. Through proprietary technology, custody and clearing platforms, the Company offers access to financial products and services that enable them to provide financial advice and brokerage services to retail investors.

Raymond James Financial, Inc. provides financial services to individuals, corporations, and municipalities through its subsidiary investment firms. The Company operates throughout the United States, Canada and overseas.

T. Rowe Price Group Inc. is a financial services holding company. The Company, through its subsidiaries, provides investment advisory services to individual and institutional investors. T. Rowe manages a broad range of U.S. and international stock, blended asset, bond, and money market mutual funds and other investment portfolios.

Cboe Global Markets, Inc. operates a marketplace for the trading of standardized, listed options on equity securities. The Company is recognized for its role in the trading of options on individual equities, market indexes and exchange-traded funds, their suite of products, their markets and their hybrid trading model.

Brookfield Asset Management Ltd. operates as an investment management firm. The Company focuses on property development, renewable energy, infrastructure, insurance, and private equity. Brookfield Asset Management serves customers worldwide.

Yuanta Financial Holding Co., Ltd. is a holding company. Its main businesses include brokerage, margin financing, domestic and overseas issuance, financial and M&A advisory, primary listings, corporate financial, securities underwriting and placements, etc. The company also holds the leading position in the derivatives business.

Daiwa Securities Group Inc. is a holding company. The Group provides a comprehensive financial services including dealing, brokerage, underwriting, and distribution of securities.  Other services are research & systems development, custody service, and asset management. Daiwa has subsidiaries in US, Europe, Asia, and Middle East.

CITIC Securities Co., Ltd. provides securities brokerage, trading, underwriting, investment banking, asset management, and investment consulting services.

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Citic Securities (H) (6030 HK)

A-H Premium Weekly (Jul 7th): BankComm, ICBC, CCB, BYD, Asymchem, Hisense, Baiyunshan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for BankComm, ICBC, CCB, BYD, Asymchem, Hisense, Baiyunshan,...

Ke Yan, CFA, FRM

Northbound Flows (May 25th): CATL, Luxshare Precision, Longi Green, CMB, Wuliangye, East Money

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, Luxshare Precision, Longi Green, China...

Ke Yan, CFA, FRM

JF Wealth IPO Trading - Tepid Subscription Here Probably Won’t Buck Recent HK IPO Trends

JF Wealth Holdings (9636 HK) raised around US$129m in its Hong Kong IPO. In this note we will talk about the demand and trading dynamics.

Clarence Chu

JF Wealth Holdings IPO - Can Get Similar Exposure at Cheaper Valuations

JF Wealth Holdings (9636 HK) is looking to raise US$143m in its Hong Kong IPO. In this note, we discuss our earnings estimates, and thoughts on...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Jul 7th): BankComm, ICBC, CCB, BYD, Asymchem, Hisense, Baiyunshan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for BankComm, ICBC, CCB, BYD, Asymchem, Hisense, Baiyunshan,...

Ke Yan, CFA, FRM

Northbound Flows (May 25th): CATL, Luxshare Precision, Longi Green, CMB, Wuliangye, East Money

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, Luxshare Precision, Longi Green, China...

Ke Yan, CFA, FRM

China A-Share Financials: Out Of Love

China A-Share managers scale back Financials exposure to record lows. Outside of the top 6 stocks, active managers show little appetite for the...

Steven Holden

JF Wealth IPO Trading - Tepid Subscription Here Probably Won’t Buck Recent HK IPO Trends

JF Wealth Holdings (9636 HK) raised around US$129m in its Hong Kong IPO. In this note we will talk about the demand and trading dynamics.

Clarence Chu

JF Wealth Holdings IPO - Can Get Similar Exposure at Cheaper Valuations

JF Wealth Holdings (9636 HK) is looking to raise US$143m in its Hong Kong IPO. In this note, we discuss our earnings estimates, and thoughts on...

Clarence Chu