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 Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>The monthly inflows of US$9.3bn tops the monthly inflows in the past 12 months. The inflows were led by the financials, consumer staples, and industrial sectors.</li>
<li>We highlight inflows into Moutai, Ping An, CMB, ICBC, Wuliangye.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
The monthly inflows of US$9.3bn tops the monthly inflows in the past 12 months. The inflows were led by the financials, consumer staples, and industrial sectors.
We highlight inflows into Moutai, Ping An, CMB, ICBC, Wuliangye.


Northbound Flows (Feb): $9.3bn Inflows in Feb

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Contemporary Amperex Technology (CATL) / Event-Driven

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</li>
<li>Last week saw NORTHBOUND net BUY RMB 23.5bn of A-shares on strong average activity after RMB +49bn the previous four trading weeks. More efforts by authorities to eliminate selling.</li>
<li>No finance names of any kind in the top ten this week after 5/10 the week before. Slight tendencies to trade on reversion.</li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net BUY RMB 23.5bn of A-shares on strong average activity after RMB +49bn the previous four trading weeks. More efforts by authorities to eliminate selling.
No finance names of any kind in the top ten this week after 5/10 the week before. Slight tendencies to trade on reversion.


Mainland Connect NORTHBOUND Flows (To 1 Mar 2024): Foreigners Buy a New Set of Names

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

<ul>
<li>SSE 50 and SSE 180, respectively, aim to represent the performance of the 50 and 180 largest and most liquid A-share stocks listed on the Shanghai Stock Exchange.</li>
<li>In this insight, we take a look at our expectations for potential index changes for SSE 50 and SSE 180 during the June 2024 index rebal event.</li>
<li>Since my last insight, there have been a couple of changes to our expected ADDs basket and a couple of changes to our expected DELs basket for the SSE180 index.</li>
</ul>


SSE 50 and SSE 180, respectively, aim to represent the performance of the 50 and 180 largest and most liquid A-share stocks listed on the Shanghai Stock Exchange.
In this insight, we take a look at our expectations for potential index changes for SSE 50 and SSE 180 during the June 2024 index rebal event.
Since my last insight, there have been a couple of changes to our expected ADDs basket and a couple of changes to our expected DELs basket for the SSE180 index.


Quiddity Leaderboard SSE50/180 Jun 24: US$1.5bn Index Flows One-Way

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of February 9th.</li>
<li>We estimate the weekly inflows to be US$2,110.3 million, led by financials, consumer staples, industrials sectors, and offset by health care.</li>
<li>We highlight flows for Moutai, Boe Technology, Wuxi Apptec, Wanhua Chemical, CATL, Foxconn Industrial Internet.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of February 9th.
We estimate the weekly inflows to be US$2,110.3 million, led by financials, consumer staples, industrials sectors, and offset by health care.
We highlight flows for Moutai, Boe Technology, Wuxi Apptec, Wanhua Chemical, CATL, Foxconn Industrial Internet.


Northbound Flows (Feb 9th): Moutai, Boe Technology, Wuxi Apptec, Wanhua Chemical, CATL

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</li>
<li>Last week saw NORTHBOUND net BUY RMB 16.1bn of A-shares on VERY strong average activity after +9.9bn and +12.1bn RMB the two weeks before. Some National Team buying this week.</li>
<li>Renewables selling was tempered. Finance and Industry saw large net buying. Five of the top ten buys among liquid NORTHBOUND stocks were finance. Info Tech saw net selling. Again. </li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net BUY RMB 16.1bn of A-shares on VERY strong average activity after +9.9bn and +12.1bn RMB the two weeks before. Some National Team buying this week.
Renewables selling was tempered. Finance and Industry saw large net buying. Five of the top ten buys among liquid NORTHBOUND stocks were finance. Info Tech saw net selling. Again. 


Mainland Connect NORTHBOUND Flows (To 9 Feb 2024): Decent Net Momo Buying, Especially in Financials

China

Bank of Nanjing Co., Ltd. operates commercial banking businesses. The Company offers deposits, loans, settlement, discounting, financial bond issuance, government bond underwriting, bank guarantee, and other related financial services. Bank of Nanjing provides services for enterprises and individuals.

Bank of Beijing Company Ltd. attracts deposits and offers commercial banking services.  The Bank offers short-, medium- and long-term loans, insurance, foreign exchange, international settlement, government bonds, and other products and services.

China Everbright Bank Company Limited provides banking services. The Company offers deposits, loans, domestic settlement, currency trading, and other services. China Everbright Bank provides its services to individuals, enterprises, and other clients.

Bank of Ningbo Company Ltd is a full service commercial bank. The Bank provides personal and small business loans, trade financing, and retail banking services as well as personal savings and checking accounts. Bank of Ningbo is located in China.

China Minsheng Banking Corp., Ltd. operates in commercial banking businesses. The Bank provides deposit, loan, settlement, discount, financial bond issuance, government bond underwriting and trading, letter of credit, bank guarantee, and other related financial services.

Huaxia Bank Co. Ltd. operates banking businesses. The Company offers deposits, loans, settlement, bill discounting, currency trading, bank guarantee, wealth management, and other banking services. Huaxia Bank provides services for enterprises and individuals.

Bank of Shanghai Co., Ltd. offers banking services. The Company provides deposits, loans, foreign exchange, fund management, and other services. Bank of Shanghai provides its services to individuals, enterprises, and other clients.

Ping An Bank Co Ltd provides a full range of commercial banking services including RMB and foreign currency deposit, loan, international and domestic settlement, discount, currency trading, letter of credit, bank guarantee, and other related services.

Bank of Hangzhou Co.,Ltd offers banking services. The Company offers deposits, loans, settlement, currency trading, credit cards issuing, wealth management, and other banking services. Bank of Hangzhou also operates online banking businesses.

China CITIC Bank Corporation Limited provides banking services. The Company offers deposits, loans, domestic settlement,  currency trading, bank guarantee, and other services. China CITIC Bank provides its services to individuals, enterprises, and other clients.

Hang Seng Bank Limited and its subsidiaries provide banking and related financial services.

CIMB Group Holdings Berhad provides commercial banking and related financial services. The Company and its subsidiaries, operate as a regional universal bank offering a full range of financial products and services, covering corporate and investment banking, consumer banking, treasury, insurance and asset management.

Standard Chartered PLC is an international banking group operating principally in Asia, Africa, and the Middle East. The Company offers its products and services in the personal, consumer, corporate, institutional and treasury areas.

CTBC Financial Holding Company Ltd. is a holding company.  Through its subsidiaries, the Company provides a variety of banking and financial services, including deposit, loan, guarantee, international banking, trust banking, credit card, investment banking, safety deposit box, and Internet banking services.

Punjab National Bank provides financial services such as corporate and personal banking, industrial finance, agricultural finance, financing of trade and international banking. The Company provides services to domestic conglomerates, medium and small industrial units, exporters, non-resident Indians and multinational companies.

Bank of Baroda owns and operates commercial banks in India.  The Group's banks provide the traditional forms of banking services, including CD's, Credit Card services and a variety of car loans, in addition to gold banking and a range of insurance services.  The Group also owns IBU International Finance Limited, an international banking company in Hong Kong.

Public Bank Berhad provides a range of banking and financial services which include leasing and factoring, stock and futures broking, financing for the purchase of licensed public vehicles, and other financial services. The Group's overseas operations include branches in Hong Kong, Sri Lanka, Laos, Cambodia, and Vietnam.

KB Financial Group Inc. (the "Company"), in accordance with Financial Holding Companies Act, was established on September 29, 2008, through stock transfer with the former shareholders of its subsidiaries including Kookmin Bank in order to provide management services and financing to associated companies. The headquarters are located at Seoul, Korea

E.Sun Financial Holding Company Ltd. is a holding company.  Through its subsidiaries, the Company provides banking, brokerage and dealer services.

Mega Financial Holding Co., Ltd. is a holding company.  Through its subsidiaries, the Company accepts deposits, issues financial debentures, provides medium and long term loans to enterprises, as well as provides brokerage, dealer and insurance services.

Mega Financial Holding Co., Ltd (2886 TT)

Bank of Jiangsu Co., Ltd. operates as a commercial bank. The Company offers deposits, loans, gross settlement, investment, wealth management, bill discounting, online banking, and other banking services. Bank of Jiangsu also conducts internet finance businesses.

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Bank of Jiangsu (600919 CH)

Northbound Flows (Feb): $9.3bn Inflows in Feb

Analysis of Shanghai/Shenzhen northbound Connect flows shows record monthly inflows of US$9.3bn, led by financials, consumer staples, and...

Ke Yan, CFA, FRM

Mainland Connect NORTHBOUND Flows (To 1 Mar 2024): Foreigners Buy a New Set of Names

Mainland Connect NORTHBOUND net flows were again heavily to the buy side. This is the fifth week of trading in a row of net buying. Almost every...

Travis Lundy

Quiddity Leaderboard SSE50/180 Jun 24: US$1.5bn Index Flows One-Way

According to my latest estimates, the SSE 50 expected ADDs and DELs could see US$1.34bn index buying and US$697mn index selling respectively.

Janaghan Jeyakumar, CFA

Northbound Flows (Feb 9th): Moutai, Boe Technology, Wuxi Apptec, Wanhua Chemical, CATL

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Moutai, Boe Technology, Wuxi Apptec, Wanhua...

Ke Yan, CFA, FRM

Mainland Connect NORTHBOUND Flows (To 9 Feb 2024): Decent Net Momo Buying, Especially in Financials

NORTHBOUND saw very strong overall activity and decent net buying in the four-day week ahead of the long Chinese New Year holidays. Renewables...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Northbound Flows (Feb): $9.3bn Inflows in Feb

​Analysis of Shanghai/Shenzhen northbound Connect flows shows record monthly inflows of US$9.3bn, led by financials, consumer staples, and...

Ke Yan, CFA, FRM

Mainland Connect NORTHBOUND Flows (To 1 Mar 2024): Foreigners Buy a New Set of Names

Mainland Connect NORTHBOUND net flows were again heavily to the buy side. This is the fifth week of trading in a row of net buying. Almost every...

Travis Lundy

Quiddity Leaderboard SSE50/180 Jun 24: US$1.5bn Index Flows One-Way

According to my latest estimates, the SSE 50 expected ADDs and DELs could see US$1.34bn index buying and US$697mn index selling respectively.

Janaghan Jeyakumar, CFA

Northbound Flows (Feb 9th): Moutai, Boe Technology, Wuxi Apptec, Wanhua Chemical, CATL

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Moutai, Boe Technology, Wuxi Apptec, Wanhua...

Ke Yan, CFA, FRM

Mainland Connect NORTHBOUND Flows (To 9 Feb 2024): Decent Net Momo Buying, Especially in Financials

NORTHBOUND saw very strong overall activity and decent net buying in the four-day week ahead of the long Chinese New Year holidays. Renewables...

Travis Lundy

Analysis of Shanghai/Shenzhen northbound Connect flows shows record monthly inflows of US$9.3bn, led by financials, consumer staples, and...