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 monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows for Bank of China, Tencent, China Mobile, CNOOC, ZTO, Anta.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows for Bank of China, Tencent, China Mobile, CNOOC, ZTO, Anta.


Hong Kong Connect Flows (Mar): 12 Month High of $9.8bn Inflows

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A shares were down small on the week. Larger caps down more. H-shares down more after a hard Friday.</li>
<li>Net SOUTHBOUND buying was +HK35.8bn after $21.4bn the week before. SOUTHBOUND has net bought every day since the end of Chinese New Year.</li>
<li>The flavour of SOUTHBOUND buying has been high-div SOEs for months and months. That is starting to change slightly. Tencent was the top net buy this week.</li>
</ul>


A shares were down small on the week. Larger caps down more. H-shares down more after a hard Friday.
Net SOUTHBOUND buying was +HK35.8bn after $21.4bn the week before. SOUTHBOUND has net bought every day since the end of Chinese New Year.
The flavour of SOUTHBOUND buying has been high-div SOEs for months and months. That is starting to change slightly. Tencent was the top net buy this week.


HK Connect SOUTHBOUND Flows (To 22 Mar 2024); Strong Net Buying on Tencent and ETFs

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Mar 15th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Techtronic Ind, Zijin Mining, Innovent Bio, Kuaishou, Pacific Basin, Citic Sec, Link Reit, CKI.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 15th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Techtronic Ind, Zijin Mining, Innovent Bio, Kuaishou, Pacific Basin, Citic Sec, Link Reit, CKI.


HK Short Interest Weekly: Techtronic Ind, Zijin Mining, Innovent Bio, Kuaishou, Pacific Basin

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 22nd.</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 Bank Of China, China Mobile, Xiaomi, Zto Express, Tencent, Meituan.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 22nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Bank Of China, China Mobile, Xiaomi, Zto Express, Tencent, Meituan.


Hong Kong Connect Flows (Mar 22nd): Bank Of China, China Mobile, Xiaomi, Zto Express, Tencent

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>The bank's announcement that it expects at least a 30% decline in profit due to impairments is rare, in its clarity, not unexpected in the content.</li>
<li>There may be gaining momentum for banks in Greater China to more clearly show their credit metrics, which given economies there, are not likely to be positive. </li>
<li>Credit costs to loans have been in decline at this bank, and the surge they are forecasting, is understandable; perhaps partly given developments at China Evergrande?</li>
</ul>


The bank's announcement that it expects at least a 30% decline in profit due to impairments is rare, in its clarity, not unexpected in the content.
There may be gaining momentum for banks in Greater China to more clearly show their credit metrics, which given economies there, are not likely to be positive. 
Credit costs to loans have been in decline at this bank, and the surge they are forecasting, is understandable; perhaps partly given developments at China Evergrande?


Bank of Jiujiang - Rare Announcement Expecting at Least 30% Profit Decline

United Kingdom

HSBC Holdings plc is the holding company for the HSBC Group. The Company provides a variety of international banking and financial services, including retail and corporate banking, trade, trusteeship, securities, custody, capital markets, treasury, private and investment banking, and insurance.  The Group operates worldwide.

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HSBC Holdings (5 HK)

Hong Kong Connect Flows (Mar): 12 Month High of $9.8bn Inflows

We analyzed the Hong Kong Connect Scheme for March and highlight flows for Bank of China, Tencent, China Mobile, CNOOC, ZTO, Anta.

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 22 Mar 2024); Strong Net Buying on Tencent and ETFs

HUGE inflows into HK stocks by HK SOUTHBOUND Connect led by Tencent and the Tracker Fund. High-div SOEs were the main target before. Still seeing...

Travis Lundy

HK Short Interest Weekly: Techtronic Ind, Zijin Mining, Innovent Bio, Kuaishou, Pacific Basin

We analyzed the latest HK SFC report for aggregate short position as of Mar 15th and highlight short interest changes in Techtronic Ind, Zijin...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Mar 22nd): Bank Of China, China Mobile, Xiaomi, Zto Express, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Bank Of China, China Mobile, Xiaomi, Zto Express, Tencent,...

Ke Yan, CFA, FRM

Bank of Jiujiang - Rare Announcement Expecting at Least 30% Profit Decline

Bank of Jiujiang announced that its profit would be at least 30% lower for FY23 due to worsening credit metrics. This is incredibly rare to see...

Daniel Tabbush

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