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 143 stocks over the last week. The average A-H premium was 111.3% as of Apr 28th.</li>
<li>The average A-H premium changed by 0.8ppt week on week, led by consumer staples, consumer discretionary, health care and offset by information technology, energy, real estate.</li>
<li>We highlight weekly changes in A-H premium for Postal Savings, BankComm, CCB, Sinopec, China Shenhua, CRRC, Tigermed, GWM.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 111.3% as of Apr 28th.
The average A-H premium changed by 0.8ppt week on week, led by consumer staples, consumer discretionary, health care and offset by information technology, energy, real estate.
We highlight weekly changes in A-H premium for Postal Savings, BankComm, CCB, Sinopec, China Shenhua, CRRC, Tigermed, GWM.


A-H Premium Weekly (Apr 28th): Sinopec, China Shenhua, CRRC, Tigermed, GWM

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of April 28th.</li>
<li>We estimate the weekly outflows to be US$844.5 million, led by financials, consumer staples, and offset by industrials, information technology.</li>
<li>We highlight flows for Kweichow Moutai, East Money Information, Contemporary Amperex Technology, Gree Electric Appliances, China Merchants Bank.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of April 28th.
We estimate the weekly outflows to be US$844.5 million, led by financials, consumer staples, and offset by industrials, information technology.
We highlight flows for Kweichow Moutai, East Money Information, Contemporary Amperex Technology, Gree Electric Appliances, China Merchants Bank.


Northbound Flows (Apr 28th): Kweichow Moutai, East Money, CATL, Gree Electric Appliances, CMB

<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

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>Active China A-Share funds scale back Financials exposure to record lows.</li>
<li>A-Share Financials are the largest sector underweight by some distance, held below benchmark by -8.6% on average</li>
<li>Outside of 6 well held stocks, active A-Share managers are staying well clear of a long tail of companies that are well represented in the MSCI China A-Share benchmark.</li>
</ul>


Active China A-Share funds scale back Financials exposure to record lows.
A-Share Financials are the largest sector underweight by some distance, held below benchmark by -8.6% on average
Outside of 6 well held stocks, active A-Share managers are staying well clear of a long tail of companies that are well represented in the MSCI China A-Share benchmark.


<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 110.7% as of Apr 21st.</li>
<li>The average A-H premium changed by -1.8ppt week on week, led by communication services, real estate, information technology.</li>
<li>We highlight weekly changes in A-H premium for Postal Savings Bank, China Rail, CRRC, China Coal, GWM, Everbright Sec, CSC Financial.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 110.7% as of Apr 21st.
The average A-H premium changed by -1.8ppt week on week, led by communication services, real estate, information technology.
We highlight weekly changes in A-H premium for Postal Savings Bank, China Rail, CRRC, China Coal, GWM, Everbright Sec, CSC Financial.


A-H Premium Weekly (Apr 21st): Postal Savings Bank, China Rail, CRRC, China Coal, GWM

China

China Merchants Bank Co., Ltd. operates as a commercial bank. The Company provides deposits, loans, wealth management, asset custody, finance leasing, investment banking, and other banking services. China Merchants Bank conducts businesses domestically and internationally.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

China Merchants Bank A (600036 CH)

A-H Premium Weekly (Apr 28th): Sinopec, China Shenhua, CRRC, Tigermed, GWM

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Postal Savings, BankComm, CCB, Sinopec, China Shenhua, CRRC,...

Ke Yan, CFA, FRM

Northbound Flows (Apr 28th): Kweichow Moutai, East Money, CATL, Gree Electric Appliances, CMB

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Kweichow Moutai, East Money Information, CATL, Gree...

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

A-H Premium Weekly (Apr 21st): Postal Savings Bank, China Rail, CRRC, China Coal, GWM

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Postal Savings Bank, China Rail, CRRC, China Coal, GWM,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Apr 28th): Sinopec, China Shenhua, CRRC, Tigermed, GWM

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Postal Savings, BankComm, CCB, Sinopec, China Shenhua, CRRC,...

Ke Yan, CFA, FRM

Northbound Flows (Apr 28th): Kweichow Moutai, East Money, CATL, Gree Electric Appliances, CMB

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Kweichow Moutai, East Money Information, CATL, Gree...

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 A-Share Financials: Out Of Love

China A-Share managers scale back Financials exposure to record lows. Outside of the top 6 stocks, active managers show little appetite for the...

Steven Holden

A-H Premium Weekly (Apr 21st): Postal Savings Bank, China Rail, CRRC, China Coal, GWM

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Postal Savings Bank, China Rail, CRRC, China Coal, GWM,...

Ke Yan, CFA, FRM