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 April 28th.</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 estimate the inflows to be USD 201m and highlight flows for Meituan, China Construction Bank.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 28th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We estimate the inflows to be USD 201m and highlight flows for Meituan, China Construction Bank.


Hong Kong Connect Flows (Apr 28th): Meituan, China Construction Bank

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 21st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Galaxy Ent, Baba, East Buy, Anta Sports, Zijin Mining, Li Auto.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 21st.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Galaxy Ent, Baba, East Buy, Anta Sports, Zijin Mining, Li Auto.


HK Short Interest Weekly: Galaxy Ent, Baba, East Buy, Anta Sports, Zijin Mining, Li Auto

China/Asia TMT

Shawn Yang

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

Thematic (Sector/Industry)

<ul>
<li>BZ: Kanzhun Limited: China State Council issued a series of policies to stabilize employment market.(+)</li>
<li>BILI/1024HK/3690HK: New Internet ads measures take effect since May 1(-/-/+)</li>
<li>3690 HK: RED preparing to launch group buying function (-)</li>
</ul>


BZ: Kanzhun Limited: China State Council issued a series of policies to stabilize employment market.(+)
BILI/1024HK/3690HK: New Internet ads measures take effect since May 1(-/-/+)
3690 HK: RED preparing to launch group buying function (-)


China TMT Update(Apr.28)-BZ/BILI/1024/3690HK: RED Preparing to Launch Group Buying Function (-)

<ul>
<li>3690HK / 1024HK:  Douyin launches local services partner conference (-)</li>
<li>NIO: Wait times for NIO ES7 shortened to 3 weeks (-)</li>
<li>LEGN:  Legend Bio announced positive Caltitude-4 data, raising private placement of US$200mn（/）</li>
</ul>


3690HK / 1024HK:  Douyin launches local services partner conference (-)
NIO: Wait times for NIO ES7 shortened to 3 weeks (-)
LEGN:  Legend Bio announced positive Caltitude-4 data, raising private placement of US$200mn（/）


China TMT Update (Apr.26) - 3690HK/ 1024HK/NIO/LEGN:Douyin Launches Local Services Conference

Equity Bottom-Up

<ul>
<li>We expect that Kuaishou’s 1Q23/2023 top line would be basically in line vs cons, as major business lines are recovering as macro rebounds. </li>
<li>However, we estimate that its 1Q23/2023 bottom line would still largely miss cons by (36%)/(39%), due to our concerns of increasing competition from WeChat Video Account and Douyin.</li>
<li>Maintain SELL rating and cut TP to HK$ 45 to reflect intensifying competition landscape. Our TP implies 1.8X PS/221X PE in 2023.  </li>
</ul>


We expect that Kuaishou’s 1Q23/2023 top line would be basically in line vs cons, as major business lines are recovering as macro rebounds. 
However, we estimate that its 1Q23/2023 bottom line would still largely miss cons by (36%)/(39%), due to our concerns of increasing competition from WeChat Video Account and Douyin.
Maintain SELL rating and cut TP to HK$ 45 to reflect intensifying competition landscape. Our TP implies 1.8X PS/221X PE in 2023.  


[Kuaishou (1024 HK, SELL, TP HK$45) Target Price Change]: Competition Intensifies from Major Players

China

Kuaishou Technology operates as a content community and social platform. The Company helps users create, upload and watch short videos on mobile devices. Kuaishou Technology offers services worldwide.

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Kuaishou Technology (1024 HK)

Hong Kong Connect Flows (Apr 28th): Meituan, China Construction Bank

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Meituan, China Construction Bank.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Galaxy Ent, Baba, East Buy, Anta Sports, Zijin Mining, Li Auto

We analyzed the latest HK SFC report for aggregate short position as of Apr 21st and highlight short interest changes in Galaxy Ent, Baba, East...

Ke Yan, CFA, FRM

China TMT Update(Apr.28)-BZ/BILI/1024/3690HK: RED Preparing to Launch Group Buying Function (-)

BZ: State Council issued policies to stabilize employment market; BILI/1024HK/3690HK: New Internet ads measures take effect since May ; 3690HK: RED...

Blue Lotus Research Institute

China TMT Update (Apr.26) - 3690HK/ 1024HK/NIO/LEGN:Douyin Launches Local Services Conference

3690HK/1024HK: Douyin launches local services partner conference (-)；NIO: Wait times for NIO ES7 shortened to 3 weeks (-)；LEGN: Legend Bio...

Blue Lotus Research Institute

[Kuaishou (1024 HK, SELL, TP HK$45) Target Price Change]: Competition Intensifies from Major Players

Maintain SELL rating and cut TP to HK$ 45 to reflect intensifying competition landscape. Our TP implies 1.8X PS/221X PE in 2023.

Blue Lotus Research Institute

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52-week Range

Market Cap (USDm)

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