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 December 9th.</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 inflows into HKEx, Ping An H&amp;T, and outflows from Tencent, Xiaomi, Li Ning, Meituan, Country Garden Service.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 9th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into HKEx, Ping An H&amp;T, and outflows from Tencent, Xiaomi, Li Ning, Meituan, Country Garden Service.


Hong Kong Connect Flows (Dec 9th): HKEx, Ping An H&T, Tencent, Xiaomi, Li Ning, Meituan

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Medbanks Network Technology / Equity Capital Markets

<ul>
<li>Specialty Pharmacy Business is the main revenue contributor,but it’s hard for Medbanks to achieve breakeven or turn loss into profits by relying on this business due to its low margin.</li>
<li>Physician Research Assistance and Health Insurance Services have higher margin, but they have to face different challenges based on our analysis. They are hard to turn things around.</li>
<li>In fact, Medbanks does not control the core resources or establish high barriers in front of competition. Whether its ecological story would finally work still needs time to verify. </li>
</ul>


Specialty Pharmacy Business is the main revenue contributor,but it’s hard for Medbanks to achieve breakeven or turn loss into profits by relying on this business due to its low margin.
Physician Research Assistance and Health Insurance Services have higher margin, but they have to face different challenges based on our analysis. They are hard to turn things around.
In fact, Medbanks does not control the core resources or establish high barriers in front of competition. Whether its ecological story would finally work still needs time to verify. 


Pre-IPO Medbanks Network Technology - PHIP Updates: The Business Model Has yet to Be Verified

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>Richard Liu came back to manage JD.com after he resigned half a year ago.</li>
<li>Alibaba Health revenue increased 23% YoY in 1H23, which benefited from hospitals being closed.</li>
<li>Pinduoduo revenue increased by 65% YoY and operating profit increased 388% YoY in 3Q22.</li>
</ul>


Richard Liu came back to manage JD.com after he resigned half a year ago.
Alibaba Health revenue increased 23% YoY in 1H23, which benefited from hospitals being closed.
Pinduoduo revenue increased by 65% YoY and operating profit increased 388% YoY in 3Q22.


China Internet Weekly (5Dec2022): JD.com, Baidu, IQiyi, Alibaba Health, ZTO, Pinduoduo, KE

Thematic (Sector/Industry)

<ul>
<li>The latest press conference has many statements that appeared publicly for the first time or were rarely used before,which reflected the intention to pave the way for the tone change.</li>
<li>We don't expect there would be an official announcement stating clearly "ending the Zero COVID policy", but policy adjustments would be made accordingly. The reopening timeline could be brought forward.</li>
<li>The economic problem is not simply caused by the pandemic, which is just the last straw to topple the dominoes. We analyzed the impact of reopening and investment opportunities. </li>
</ul>


The latest press conference has many statements that appeared publicly for the first time or were rarely used before,which reflected the intention to pave the way for the tone change.
We don't expect there would be an official announcement stating clearly "ending the Zero COVID policy", but policy adjustments would be made accordingly. The reopening timeline could be brought forward.
The economic problem is not simply caused by the pandemic, which is just the last straw to topple the dominoes. We analyzed the impact of reopening and investment opportunities. 


China to End Zero COVID Policy? - Reexamine the Reopening Timeline and Potential Impact

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 2nd.</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 inflows into Meituan, Country Garden, China Mobile and outflows from Longfor, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 2nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into Meituan, Country Garden, China Mobile and outflows from Longfor, Tencent.


Hong Kong Connect Flows (Dec 2nd): Meituan, Country Garden, China Mobile, Longfor, Tencent

China

Alibaba Health Information Technology Limited is an integrated healthcare information and content service provider. The Company uses product identification, authentication, and tracking system data for its healthcare information.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Alibaba Health Information Tec (241 HK)

Hong Kong Connect Flows (Dec 9th): HKEx, Ping An H&T, Tencent, Xiaomi, Li Ning, Meituan

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for HKEx, Ping An H&T, Tencent, Xiaomi, Li Ning, Meituan,...

Ke Yan, CFA, FRM

Pre-IPO Medbanks Network Technology - PHIP Updates: The Business Model Has yet to Be Verified

Medbanks can't turn loss into profit by relying on Specialty Pharmacy Business due to its low margin.Without core resource/high barrier, whether...

Xinyao (Criss) Wang

China Internet Weekly (5Dec2022): JD.com, Baidu, IQiyi, Alibaba Health, ZTO, Pinduoduo, KE

Richard Liu came back to manage JD.com after he resigned half a year ago. Alibaba Health revenue increased 23% YoY in 1H23, which benefited from...

Ming Lu

China to End Zero COVID Policy? - Reexamine the Reopening Timeline and Potential Impact

Recent conference reflect the intention to pave the way for tone change. Reopen timeline may be brought forward though it's still possible to “step...

Xinyao (Criss) Wang

Hong Kong Connect Flows (Dec 2nd): Meituan, Country Garden, China Mobile, Longfor, Tencent

We analyzed the Hong Kong Connect Scheme for last week and highlight flows for Meituan, Country Garden, China Mobile, Longfor, Tencent.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)