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 analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 121.6% as of Nov 10th.</li>
<li>The average A-H premium changed by 3.1ppt week on week, led by information technology, utilities, communication services and offset by consumer discretionary, real estate.</li>
<li>We highlight weekly changes in A-H premium for Ping An Insurance, Ganfeng Lithium, Gwmotor, China Longyuan.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 121.6% as of Nov 10th.
The average A-H premium changed by 3.1ppt week on week, led by information technology, utilities, communication services and offset by consumer discretionary, real estate.
We highlight weekly changes in A-H premium for Ping An Insurance, Ganfeng Lithium, Gwmotor, China Longyuan.


A-H Premium Weekly (Nov 10th): Ping An Insurance, Ganfeng Lithium, GWM, China Longyuan

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 119.1% as of Oct 27th.</li>
<li>The average A-H premium changed by -1.7ppt week on week, led by utilities, consumer discretionary, industrials and offset by consumer staples.</li>
<li>We highlight weekly changes in A-H premium for Beigene, China Merchants Securities, Guangzhou Auto, China Longyuan.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 119.1% as of Oct 27th.
The average A-H premium changed by -1.7ppt week on week, led by utilities, consumer discretionary, industrials and offset by consumer staples.
We highlight weekly changes in A-H premium for Beigene, China Merchants Securities, Guangzhou Auto, China Longyuan.


A-H Premium Weekly (Oct 27th): Beigene, CMS, Guangzhou Auto, China Longyuan

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 125.4% as of Oct 6th.</li>
<li>The average A-H premium changed by 8.1ppt week on week, led by health care, information technology, materials.</li>
<li>We highlight weekly changes in A-H premium for Cm Bank, Postal Savings, Conch Cement, Beigene, Sinopec Corp.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 125.4% as of Oct 6th.
The average A-H premium changed by 8.1ppt week on week, led by health care, information technology, materials.
We highlight weekly changes in A-H premium for Cm Bank, Postal Savings, Conch Cement, Beigene, Sinopec Corp.


A-H Premium Weekly (Oct 6th): CMB, Postal Savings, Conch Cement, Beigene, Sinopec

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

China Power International / Equity Bottom-Up

<ul>
<li>Power output for <a href="https://www.smartkarma.com/entities/china-power-international" target="_blank" data-smartkarma-citation="entities:15548:1" rel="noopener">China Power International (2380 HK)</a> is healthy in Jul-Aug, following the solid trend in 1H23. The drop in hydropower has moderated and wind and solar stayed decent.</li>
<li>Capacity growth will reach 43% in FY23. With just 7.8% YoY in 1H23, most of the new capacity will be added in 4Q23, accelerating both output and profitability.</li>
<li>The parent SPIC's massive clean energy assets are candidates for potential injection. CPI's high EPS CAGR of 28.8% means that it well deserves premium valuation multiples. </li>
</ul>


Power output for China Power International (2380 HK) is healthy in Jul-Aug, following the solid trend in 1H23. The drop in hydropower has moderated and wind and solar stayed decent.
Capacity growth will reach 43% in FY23. With just 7.8% YoY in 1H23, most of the new capacity will be added in 4Q23, accelerating both output and profitability.
The parent SPIC's massive clean energy assets are candidates for potential injection. CPI's high EPS CAGR of 28.8% means that it well deserves premium valuation multiples. 


China Power International (2380 HK): Continuing the Turnaround Trend

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 117.4% as of Sep 29th.</li>
<li>The average A-H premium changed by 1.5ppt week on week, led by health care, industrials, consumer discretionary and offset by consumer staples, utilities, real estate.</li>
<li>We highlight weekly changes in A-H premium for Beigene, China Vanke, Guangzhou Automobile Group, Wuapptec Co Ltd.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 117.4% as of Sep 29th.
The average A-H premium changed by 1.5ppt week on week, led by health care, industrials, consumer discretionary and offset by consumer staples, utilities, real estate.
We highlight weekly changes in A-H premium for Beigene, China Vanke, Guangzhou Automobile Group, Wuapptec Co Ltd.


A-H Premium Weekly (Sep 29th): Beigene, China Vanke, Guangzhou Automobile, Wuapptec, Byd

China

Huadian Power International Corporation Limited generates and sells electricity which is all fed into the Shandong Provincial Grid operated by Shandong Electric Power (Group) Corporation (SEPCO), the immediate holding company of the Company.  The Company also sells heat.

Jiangsu Eastern Shenghong Co., Ltd. manufactures and distributes textile products. The Company produces polyester filament and other chemical fiber products. Jiangsu Eastern Shenghong also conducts electricity-heat generation and petrochemical businesses.

Jiangsu Eastern Shenghong Co., Ltd. (000301 CH)

Guangxi Guiguan Electric Power Co.,Ltd. operates power generation businesses. The Company provides hydroelectric power and other power products. Guangxi Guiguan Electric Power also produces thermal power, wind power, and other power products.

Datang International Power Generation Co.,Ltd offers power generation services. The Company provides power project development, electricity transmission, and power distribution services. Datang International Power Generation also conducts coal, coal chemistry, transport, and recycling businesses.

Datang International Power Gen (601991 CH)

Huaneng Power International, Inc. develops, constructs, owns and operates coal-fired power plants throughout China. It also builds gas-fired, hydroelectric and wind power generation in China and owns Tuas Power which controls power generation facilities in Singapore.

Shenergy Company Limited develops, constructs, and invests in electric power and other energy related projects.  The Company distributes electric power, heat, and gas.

Hubei Energy Group Co Ltd is principally engaged in power generation, natural gas distribution, and coal trading businesses. The Company's products include hydropower, thermal power, wind power, coal, and natural gas.

Shenzhen Energy Group Company, Ltd. generates and distributes electricity and gas. The Company supplies power to cities in the Peoples Republic of China, including Shenzhen, Huizhou and Dongguan, Guangdong Province.

Shenzhen Energy Group Co, Ltd. (000027 CH)

Shanghai Electric Power Co., Ltd. operates coal-fired power plants to generate electric power and heat for the Shanghai region.

Shanghai Electric Power Company (600021 CH)

Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd generates electric power and distributes heat and water. The Company serves western Inner Mongolia area.

Inner Mongolia Mengdian Huaneng Thermal (600863 CH)

Engie Brasil Energia S.A. operates as an independent power producer. The Company offers exploration and production, transportation, distribution, and trading of electricity and natural gas. Engie Brasil Energia serves customers in Brazil.

Talen Energy Corporation provides utility services. The Company generates, distributes, transmits, and markets electricity, as well as produces and supplies natural gas and other renewable energy products for residential and commercial users. Talen Energy serves customers in the United States.

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

Meridian Energy Ltd. operates as a state-owned electricity generator. The Company produces hydro-electric power and supplies electricity to residential, business, and rural customers. Meridian Energy provides services throughout New Zealand.

Neyveli Lignite Corporation Limited generates and distributes power, mines and processes lignite, manufactures fertilizers & chemicals and processes and sells clay of all kinds. The Company's other activities include the briquetting and carbonization of lignite and its main products include electric power, lignite, nekolin, pulverized nekolin, urea, coke fines and leco.

Algonquin Power & Utilities Corp. owns and has interests in a diverse portfolio of renewable power generation and sustainable infrastructure assets across North America. The Company's interests include renewable energy facilities, thermal energy facilities, and water distribution and waste-water facilities.

Aboitiz Power Corporation provides hydroelectric power generation.

Ormat Technologies, Inc. develops and operates renewable energy projects. The Company offers geothermal, recovered energy, and energy management and storage solutions. Ormat Technologies serves customers worldwide.

Greencoat U.K. Wind PLC is a closed-end investment trust incorporated in the UK. The Fund invests in wind farm projects predominantly with a capacity of over 10MW. The substantial majority of the portfolio will be operating UK wind farm projects. The Company will invest in equity and associated debt instruments when making acquisitions in wind farms.

Capital Power Corporation operates a diversified portfolio of power generating facilities. The Company develops, acquiring and optimizing power generation from a diverse range of energy sources.

China Longyuan Power Group Corp Ltd designs, develops, manages, and operates wind farms.  The Company also sells the electricity generated by the wind farms.

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China Longyuan Power (916 HK)

A-H Premium Weekly (Nov 10th): Ping An Insurance, Ganfeng Lithium, GWM, China Longyuan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Ping An Insurance, Ganfeng Lithium, Gwmotor, China Longyuan.

Ke Yan, CFA, FRM

A-H Premium Weekly (Oct 27th): Beigene, CMS, Guangzhou Auto, China Longyuan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Beigene, China Merchants Securities, Guangzhou Auto, China...

Ke Yan, CFA, FRM

A-H Premium Weekly (Oct 6th): CMB, Postal Savings, Conch Cement, Beigene, Sinopec

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Cm Bank, Postal Savings, Conch Cement, Beigene, Sinopec Corp.

Ke Yan, CFA, FRM

China Power International (2380 HK): Continuing the Turnaround Trend

CPI's capacity growth is expected to reach 43% in FY23, with most of them to be added in 4Q23, boosting output and profitability. Its high EPS CAGR...

Osbert Tang, CFA

A-H Premium Weekly (Sep 29th): Beigene, China Vanke, Guangzhou Automobile, Wuapptec, Byd

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Beigene, China Vanke, Guangzhou Automobile, Wuapptec, Byd.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)