HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>If we take a close look at the HFCAA, there are three points that are really hard for China to accept, which could be an irreconcilable contradiction.</li>
<li>There could be a trend of delisting from the US market and then relisting on HKEX or A-share market in the future. Investors could suffer losses when companies come back.</li>
<li>Overall, the regulatory risk and delisting risk are two real unknowns. Therefore, investors should pay attention to the relevant companies and get prepared in advance.</li>
</ul>


If we take a close look at the HFCAA, there are three points that are really hard for China to accept, which could be an irreconcilable contradiction.
There could be a trend of delisting from the US market and then relisting on HKEX or A-share market in the future. Investors could suffer losses when companies come back.
Overall, the regulatory risk and delisting risk are two real unknowns. Therefore, investors should pay attention to the relevant companies and get prepared in advance.


The Impact of HFCAA on China ADR (China Healthcare Companies)

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

KraneShares CSI China Internet ETF / Event-Driven

<ul>
<li>China ADRs were sharply lower last week as the SEC started to name companies that were identified under the Holding Foreign Companies Accountable Act (HFCAA).</li>
<li>Then <a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Global</a> dropped 44% on Friday following reports that the their proposals to prevent data/security leaks did not meet CAC's requirements and work on the HK listing was halted.</li>
<li>With 2024 not too far away, a lot of the U.S. listed companies will look at listing in Hong Kong in the near future. That will have its own implications.</li>
</ul>


China ADRs were sharply lower last week as the SEC started to name companies that were identified under the Holding Foreign Companies Accountable Act (HFCAA).
Then DiDi Global dropped 44% on Friday following reports that the their proposals to prevent data/security leaks did not meet CAC's requirements and work on the HK listing was halted.
With 2024 not too far away, a lot of the U.S. listed companies will look at listing in Hong Kong in the near future. That will have its own implications.


China ADRs & HFCAA: Pace of Homecoming Listings Should Pick Up & Implications

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.

<ul>
<li>On 8th Mar 2022, Securities Exchange Commission (SEC) added five China ADR names to its provisional list of issuers under the Holding Foreign Companies Accountable Act (HFCAA).</li>
<li>There is nothing new about the list, on 2nd Dec 2021, SEC had issued final amendments to implement the HFCAA which had already spoken about the list and its implications.</li>
<li>In this note, we'll talk about the latest developments its possible timelines and implications.</li>
</ul>


On 8th Mar 2022, Securities Exchange Commission (SEC) added five China ADR names to its provisional list of issuers under the Holding Foreign Companies Accountable Act (HFCAA).
There is nothing new about the list, on 2nd Dec 2021, SEC had issued final amendments to implement the HFCAA which had already spoken about the list and its implications.
In this note, we'll talk about the latest developments its possible timelines and implications.


China ADRs Delisting - SEC Sets the Clock Ticking and Sends China ADRs Tripping

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>1211HK/XPEV/NIO/LI/000625 CH/0175 HK/601127 CH/9863 HK: Hyper Auto announces free charging for owners(-)</li>
<li>9926 HK: Akeso submits new indication application for Cardonilimab BsAb treatment of gastric cancer (+)</li>
<li>ACMR : ACM Research publishes 2024 revenue outlook ( + )</li>
</ul>


1211HK/XPEV/NIO/LI/000625 CH/0175 HK/601127 CH/9863 HK: Hyper Auto announces free charging for owners(-)
9926 HK: Akeso submits new indication application for Cardonilimab BsAb treatment of gastric cancer (+)
ACMR : ACM Research publishes 2024 revenue outlook ( + )


[Blue Lotus Daily]: 1211HK/XPEV/NIO/LI/000625 CH/0175 HK/601127 CH/9863 HK/9926 HK/ACMR

United States

ACM Research, Inc. develops wet processing technology. The Company produces equipment for a range of applications in integrated circuits and wafer level packaging, as well as offers coating, developer, wet stripping, scrubber, and plating systems. ACM Research serves customers worldwide.

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ACM Research (ACMR US)

The Impact of HFCAA on China ADR (China Healthcare Companies)

We analyzed the points in HFCAA that are difficult for China to accept.Such irreconcilable contradiction could lead to a trend of delisting from...

Xinyao (Criss) Wang

China ADRs & HFCAA: Pace of Homecoming Listings Should Pick Up & Implications

The SEC naming 5 companies under the HFCAA put China ADRs under pressure last week. The news that the CAC had nixed DIDI's HK listing plans added...

Brian Freitas

China ADRs Delisting - SEC Sets the Clock Ticking and Sends China ADRs Tripping

On 8th Mar 2022, Securities Exchange Commission (SEC) added five China ADR names to its provisional list of issuers under the Holding Foreign...

Sumeet Singh

[Blue Lotus Daily]: 1211HK/XPEV/NIO/LI/000625 CH/0175 HK/601127 CH/9863 HK/9926 HK/ACMR

Hyper Auto announces free charging for owners；Akeso submits new indication application for Cardonilimab BsAb treatment of gastric cancer;ACM...

Blue Lotus Research Institute

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