HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

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

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 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

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, the two Japanese IPO set the ball rolling for the year end rush, with a few more lined up in Hong Kong along with Sunshine.</li>
<li>There were a few largish selldowns in Japan and India and given Hong Kong's recent performace, it will see some deals soon as well.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, the two Japanese IPO set the ball rolling for the year end rush, with a few more lined up in Hong Kong along with Sunshine.
There were a few largish selldowns in Japan and India and given Hong Kong's recent performace, it will see some deals soon as well.


ECM Weekly (4th Dec 2022) - Skymark, Daiei, Sunshine, Lygend, Weilong, NRI, Zomato, Goto, Bobcat

MedSci Healthcare Holdings / Equity Capital Markets

<ul>
<li>The large physician network is actually the cornerstone for <a href="https://www.smartkarma.com/entities/medsci-healthcare-holdings-limited" target="_blank" data-smartkarma-citation="entities:35939:1" rel="noopener">MedSci Healthcare (MHH HK)</a>’s precision omni-channel marketing solutions and RWS solutions, and also the key to support the overall investment logic.</li>
<li>In fierce competition, how to retain physician network for a long time, convert them into business value continuously and achieve the high growth trend expected by the market is challenging.</li>
<li>In terms of valuation, MedSci’s valuation could be higher than Medlive due to its stronger physician platform solutions business and medical professional network, but could be lower than HUAYIWANG. </li>
</ul>


The large physician network is actually the cornerstone for MedSci Healthcare (MHH HK)’s precision omni-channel marketing solutions and RWS solutions, and also the key to support the overall investment logic.
In fierce competition, how to retain physician network for a long time, convert them into business value continuously and achieve the high growth trend expected by the market is challenging.
In terms of valuation, MedSci’s valuation could be higher than Medlive due to its stronger physician platform solutions business and medical professional network, but could be lower than HUAYIWANG. 


Pre-IPO MedSci Healthcare Holdings - The Investment Logic, the Business Analysis and the Risks

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The December rebalance of the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI INDEX</a>, <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI INDEX</a> and <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">HSTECH INDEX</a> takes place at the close today. One-way flow is estimated at HK$8.4bn.</li>
<li>There are 3 adds for the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI INDEX</a> and 4 adds/ 4 deletes for the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI INDEX</a>. There are float changes for a few stocks as well as capping changes. </li>
<li>There is excess volume on most adds/deletes post announcement and short interest has also picked up significantly.</li>
</ul>


The December rebalance of the HSI INDEX, HSCEI INDEX and HSTECH INDEX takes place at the close today. One-way flow is estimated at HK$8.4bn.
There are 3 adds for the HSI INDEX and 4 adds/ 4 deletes for the HSCEI INDEX. There are float changes for a few stocks as well as capping changes. 
There is excess volume on most adds/deletes post announcement and short interest has also picked up significantly.


Hang Seng Indexes: Rebalances Today; Recent Trading Data

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.

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Alibaba Health Information Tec (241 HK)

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

ECM Weekly (4th Dec 2022) - Skymark, Daiei, Sunshine, Lygend, Weilong, NRI, Zomato, Goto, Bobcat

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Pre-IPO MedSci Healthcare Holdings - The Investment Logic, the Business Analysis and the Risks

The physician network is the cornerstone for MedSci’s business model/logic. How to retain physicians for a long time, convert them into business...

Xinyao (Criss) Wang

Hang Seng Indexes: Rebalances Today; Recent Trading Data

The December rebalance of the HSI, HSCEI & HSTECH is at the close today. One-way flow is estimated at HK$8.4bn. Volumes and short interest have...

Brian Freitas

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