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 Mar 11 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 China Gas (384 HK), Dynam Japan (6889 HK), Tianli Education (1773 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were China Mobile (941 HK), China Gas (384 HK), Man Wah (1999 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 11 based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were China Gas (384 HK), Dynam Japan (6889 HK), Tianli Education (1773 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were China Mobile (941 HK), China Gas (384 HK), Man Wah (1999 HK).


<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 04 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 Man Wah (1999 HK), China Gas (384 HK), Hysan Development (14 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were China Mobile (941 HK), China Gas (384 HK), Man Wah (1999 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 04 based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Man Wah (1999 HK), China Gas (384 HK), Hysan Development (14 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were China Mobile (941 HK), China Gas (384 HK), Man Wah (1999 HK).


Hong Kong Buybacks: Man Wah, China Gas, Hysan

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>Russia-Ukraine war has raised commodity prices which are negative towards commodity users in short term. However, we see silver linings for Chinese utilities and energy companies in the longer term.</li>
<li>The conflict is expected to accelerate the progress of renewable projects currently under development, lead to a faster diversification away from fossils and increase gas supply from Russia to China. </li>
<li>Key beneficiaries include <a href="https://www.smartkarma.com/entities/xinjiang-goldwind-science-technology-h" target="_blank" data-smartkarma-citation="entities:10112:1" rel="noopener">Xinjiang Goldwind (2208 HK)</a>, <a href="https://www.smartkarma.com/entities/dongfang-electric-corporation-limited" target="_blank" data-smartkarma-citation="entities:1251:1" rel="noopener">Dongfang Electric (1072 HK)</a>, <a href="https://www.smartkarma.com/entities/china-longyuan-power-group-corp-ltd" target="_blank" data-smartkarma-citation="entities:14215:1" rel="noopener">China Longyuan Power (916 HK)</a>, <a href="https://www.smartkarma.com/entities/china-energy-engineering-group" target="_blank" data-smartkarma-citation="entities:21017:1" rel="noopener">Energy China (3996 HK)</a>, <a href="https://www.smartkarma.com/entities/power-construction-corporation-of-china-limited" target="_blank" data-smartkarma-citation="entities:24220:1" rel="noopener">Power China (601669 CH)</a> and the gas utilities.</li>
</ul>


Russia-Ukraine war has raised commodity prices which are negative towards commodity users in short term. However, we see silver linings for Chinese utilities and energy companies in the longer term.
The conflict is expected to accelerate the progress of renewable projects currently under development, lead to a faster diversification away from fossils and increase gas supply from Russia to China. 
Key beneficiaries include Xinjiang Goldwind (2208 HK), Dongfang Electric (1072 HK), China Longyuan Power (916 HK), Energy China (3996 HK), Power China (601669 CH) and the gas utilities.


Russia-Ukraine War: Longer Term Implications for China Utilities and Energy

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 25 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 China Gas (384 HK), China Mobile (941 HK), Pop Mart (9992 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were China Mobile (941 HK), China Gas (384 HK), Kingdee (268 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 25 based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were China Gas (384 HK), China Mobile (941 HK), Pop Mart (9992 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were China Mobile (941 HK), China Gas (384 HK), Kingdee (268 HK).


Hong Kong Buybacks: China Gas, China Mobile, Pop Mart

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 18 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 China Mobile (941 HK), China Gas (384 HK), Kingdee International (268 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were China Mobile (941 HK), 3Sbio (1530 HK), Tencent (700 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 18 based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were China Mobile (941 HK), China Gas (384 HK), Kingdee International (268 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were China Mobile (941 HK), 3Sbio (1530 HK), Tencent (700 HK).


Hong Kong Buybacks: China Mobile Buy Back at 1Y High Price

Hong Kong

Zhongyu Gas Holdings Limited operates in exploration, exploitation, development and production of coal bed methane and the sale of coalbed methane in the PRC. It also develops, constructs and operates natural gas projects in PRC, which include design and construction of natural gas pipeline network and ancillary facilities, and sale and maintenance of natural gas and its appliances.

China Resources Gas Group Ltd distributes natural gas and petroleum gas in the cities of Chengdu, Fuyang, Huaibei, Linhai, Suzhou and Wuxi in the PRC. The Company also operates compressed natural gas filling stations in Chengdu, Nanjing and Wuxi. The group also is involved in bottled liquefied petroleum gas distribution in cities of Fuyang, Suzhou and Wuxi.

Towngas China Company Ltd. distributes and markets gas.  The Company sells LPG (liquefied petroleum gas) in  bulk and in cylinder, provides piped LPG and natural gas, constructs gas pipelines, operates city gas-pipeline networks and gas stations, and sells LPG  and natural gas household appliances.

Binhai Investment Company Ltd, through its subsidiaries, operates gas businesses.  The Company constructs gas pipeline networks, provides piped gas to customers in mainland China, wholesales and retails liquefied petroleum gas (LPG) by way of refueling gas cylinders or tanks for domestic, industrial and commercial customers, and sell LPG equipment and domestic gas appliances.

China Power International Development Limited, through its subsidiaries, develops, constructs, owns, manages, and operates large power plants in China.

HK Electric Investments and HK Electric Investments Limited is a fixed single investment trust in Hong Kong with a focus on the power industry. The Trust is a vertically integrated power utility and its operations comprise the generation, transmission, distribution, and supply of electricity to Hong Kong Island and Lamma Island.

Guangdong Investment Limited, through its subsidiaries, operates water supply, power and electricity, and infrastructure businesses.  The Company also invests in and develops real estate properties, operates department stores, and provides financial services.

China Oil and Gas Group Ltd. is engaged in the investments in, and the operation and management of the natural gas and energy related business. Gas operations include city piped gas business, natural gas vehicle refilling stations, pipeline construction and operation, as well as transportation, delivery and distribution of compressed natural gas (CNG) and liquefied natural gas (LNG).

Beijing Gas Blue Sky Holdings Limited operates as an integrated natural gas provider, distributor, and operator. The Company offers natural gas transportation, trading, and distribution services. Beijing Gas Blue Sky Holdings serves customers in Hong Kong.

Beijing Enterprises Water Group Limited, through its subsidiaries, develops water treatment systems.  The Group specializes in water services and environmental protection businesses, with waste water treatment as its core business segment.

Southwest Gas Corporation purchases, transports, and distributes natural gas to residential, commercial, and industrial customers in portions of Arizona, Nevada, and California.  The Company also provides construction services to utility companies, including trenching and installation, replacement, and maintenance services for energy distribution systems.

National Fuel Gas Company is an integrated natural gas company with operations in all segments of the natural gas industry, including utility, pipeline and storage, exploration and production, and marketing operations.  The Company operates across the United States.

Indraprastha Gas Limited processes and distributes compressed natural gas and liquefied petroleum gas. The Company has been jointly promoted by Bharat Petroleum Corporation and Gas Authority of India.

UGI Corporation distributes and markets energy products and services.  The Company is a domestic and international distributor of propane.  UGI also distributes and markets natural gas and electricity, and sells related products and services in the Middle Atlantic region of the United States.

New Jersey Resources Corporation provides retail and wholesale energy services to customers in New Jersey and in states from the Gulf Coast to New England, and Canada.  The Company's principal subsidiary, New Jersey Natural Gas Co., is a local distribution company serving customers in central and northern New Jersey.

Gujarat Gas Limited provides natural gas. The Company supplies piped natural gas to residential, commercial, and industrial customers. Gujarat Gas serves customers in India.

ONE Gas, Inc. is a regulated natural gas utility. The Company distributes natural gas to customers in Oklahoma, Kansas and Texas. ONE Gas serves the residential, commercial, industrial, transportation, and wholesale industries.

Spire Inc. is a public utility company involved in the retail distribution of natural gas. The Company serves an area in eastern Missouri and parts of several other counties. Spire also operates underground natural gas storage fields and transports and stores liquid propane.

Enagas SA imports, stores, and transports natural gas. The Company imports liquid natural gas on methane carriers and operates regasification plants in Barcelona, Huelva, and Cartagena. Enagas also receives natural gas through pipelines over the Pyrenees Mountains and across the Strait of Gibraltar. The Company transports gas throughout Spain through its high-pressure pipelines.

Italgas S.p.A. provides gas distribution services. The Company offers delivery points management, pressure reduction plants, withdrawal cabins, fault reporting, and laboratory testing services. Italgas conducts its business in Italy.

China Gas Holdings Ltd. invests in, operates and manages natural gas distribution pipelines.  The Company distributes and sells natural gas to residential, commercial and industrial users, and bottles and sells compressed natural gas.  China Gas also constructs and operates gas stations.

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China Gas Holdings (384 HK)

Hong Kong Buybacks: China Gas

We highlight the top 3 companies that repurchased the most shares in HK were China Gas (384 HK), Dynam Japan (6889 HK), Tianli Education (1773 HK)...

Ke Yan, CFA, FRM

Hong Kong Buybacks: Man Wah, China Gas, Hysan

We highlight the top 3 companies that repurchased the most shares in HK last week were Man Wah (1999 HK), China Gas (384 HK), Hysan Development (14...

Ke Yan, CFA, FRM

Russia-Ukraine War: Longer Term Implications for China Utilities and Energy

We should not overlook the potential long term impact of the Russia-Ukraine war on the Chinese utilities and energy companies as we find some...

Osbert Tang, CFA

Hong Kong Buybacks: China Gas, China Mobile, Pop Mart

We highlight the top 3 companies that repurchased the most shares in HK in the past week were China Gas (384 HK), China Mobile (941 HK), Pop Mart...

Ke Yan, CFA, FRM

Hong Kong Buybacks: China Mobile Buy Back at 1Y High Price

We highlight the top 3 companies that repurchased the most shares from the Hong Kong market in the past week were China Mobile (941 HK), China Gas...

Ke Yan, CFA, FRM

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