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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jan 13th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Tencent (700 HK), Esr (1821 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Great Wall Motor (2333 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jan 13th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Tencent (700 HK), Esr (1821 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Great Wall Motor (2333 HK).


Hong Kong Buybacks Weekly (Jan 13th): Aia, Tencent, ESR

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 30th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in China Life, Alibaba, 3SBio, JD.com.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 30th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in China Life, Alibaba, 3SBio, JD.com.


HK Short Interest Weekly: China Life, Alibaba, 3SBio, JD.com

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>On Jan 5, the State Council of the PRC officially announced the approval on HKMainland border reopening followed by a detailed scheme arranged by the HK government, which enabled 60,000-person daily cap to travel across the border since 8 Jan, including mainland visitors (MCVs) coming to Hong Kong, reaching approx. 40% average daily traffic back to the pre-COVID period in 2019.</li><li>Buoyed by this positive news, we believe AIA Hong Kong will gain new business momentum to the upside amidst thriving market sentiment driven by the release of MCVs’ pent-up demands for US dollar savings and high-end health protections starting in 2023.</li><li>We raise our VNB growth forecast on AIA in FY23E, and roll over TP to FY24E at HK$118. Reiterate BUY.</li></ul><p><em>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.</em></p>

On Jan 5, the State Council of the PRC officially announced the approval on HKMainland border reopening followed by a detailed scheme arranged by the HK government, which enabled 60,000-person daily cap to travel across the border since 8 Jan, including mainland visitors (MCVs) coming to Hong Kong, reaching approx. 40% average daily traffic back to the pre-COVID period in 2019.Buoyed by this positive news, we believe AIA Hong Kong will gain new business momentum to the upside amidst thriving market sentiment driven by the release of MCVs’ pent-up demands for US dollar savings and high-end health protections starting in 2023.We raise our VNB growth forecast on AIA in FY23E, and roll over TP to FY24E at HK$118. Reiterate BUY.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.

AIA Group Ltd. (1299 HK) – Pent-up demands to boost HK growth; Raise TP

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jan 6th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Tencent (700 HK), Aac Technologies (2018 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Great Wall Motor (2333 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jan 6th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Tencent (700 HK), Aac Technologies (2018 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Great Wall Motor (2333 HK).


Hong Kong Buybacks Weekly (Jan 6th): AIA, Tencent, AAC Technologies

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 23rd. </li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Li Ning, Country Garden, HKEX, JD.com, Longfor. </li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 23rd. 
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Li Ning, Country Garden, HKEX, JD.com, Longfor. 


HK Short Interest Weekly: Li Ning, Country Garden, HKEX, JD.com, Longfor

Hong Kong

AIA Group Limited offers insurance and financial services. The Company writes life insurance for individuals, businesses, accident, and health insurance, as well as retirement planning and wealth management services.

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AIA Group Ltd (1299 HK)

Hong Kong Buybacks Weekly (Jan 13th): Aia, Tencent, ESR

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Aia (1299 HK),...

Ke Yan, CFA, FRM

HK Short Interest Weekly: China Life, Alibaba, 3SBio, JD.com

We analyzed the latest HK SFC report for aggregate short position as of Dec 30th and highlight short interest changes in China Life, Alibaba,...

Ke Yan, CFA, FRM