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 123.2% as of Mar 8th.</li>
<li>The average A-H premium changed by -1.4ppt week-on-week, led by consumer staples, industrials, financials and offset by information technology, consumer discretionary, energy.</li>
<li>We highlight weekly changes in A-H premium for CNOOC, Air China, China Southern Air, Guangzhou Auto.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 123.2% as of Mar 8th.
The average A-H premium changed by -1.4ppt week-on-week, led by consumer staples, industrials, financials and offset by information technology, consumer discretionary, energy.
We highlight weekly changes in A-H premium for CNOOC, Air China, China Southern Air, Guangzhou Auto.


A-H Premium Weekly (Mar 8th): CNOOC, Air China, China Southern Air, Guangzhou Auto

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 124.5% as of Mar 1st.</li>
<li>The average A-H premium changed by 1.8ppt week-on-week, led by real estate, health care, information technology and offset by utilities, materials.</li>
<li>We highlight weekly changes in A-H premium for ZTE, China Southern, SMIC, Ganfeng Lithium, Flat Glass Group.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 124.5% as of Mar 1st.
The average A-H premium changed by 1.8ppt week-on-week, led by real estate, health care, information technology and offset by utilities, materials.
We highlight weekly changes in A-H premium for ZTE, China Southern, SMIC, Ganfeng Lithium, Flat Glass Group.


A-H Premium Weekly (Mar 1st): ZTE, China Southern, SMIC, Ganfeng Lithium, Flat Glass Group

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 2nd.</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 highlight the weekly Hong Kong connect flows for Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 2nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight the weekly Hong Kong connect flows for Tencent.


Hong Kong Connect Flows (Feb 2nd): Tencent

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Hollysys Automation Technologies / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a> and Dazheng have traded barbs since Glass Lewis and ISS recommended voting against Ascendent’s US$26.50 offer at the EGM on 8 February.  </li>
<li>While Dazheng may have been held to a higher standard than Ascendent, the proxy statement shows that the impasse was mainly due to Dazheng’s inability to get its act together. </li>
<li>The simple majority voting threshold and no shareholder publicly backing Dazheng’s call to vote NO will help the vote get up. The gross/annualised spread for an end-March close is 7.1%/52.1%.</li>
</ul>



Hollysys Automation Technologies (HOLI US) and Dazheng have traded barbs since Glass Lewis and ISS recommended voting against Ascendent’s US$26.50 offer at the EGM on 8 February.  
While Dazheng may have been held to a higher standard than Ascendent, the proxy statement shows that the impasse was mainly due to Dazheng’s inability to get its act together. 
The simple majority voting threshold and no shareholder publicly backing Dazheng’s call to vote NO will help the vote get up. The gross/annualised spread for an end-March close is 7.1%/52.1%.


<ul>
<li>Bloomberg <a href="https://au.finance.yahoo.com/news/glass-lewis-tells-hollysys-shareholders-092020273.html" target="_blank" rel="noopener">reports</a> that Glass Lewis has recommended <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a> shareholders vote against Ascendent Capital’s US$26.50 offer on 8 February.</li>
<li>Glass Lewis notes that Hollysys could fetch “<em>potentially materially greater value</em>” from other bidders. Glass Lewis seems to ignore that Dazheng failed to demonstrate that it could complete its offer.</li>
<li>Despite Glass Lewis’s recommendation, the vote will likely get up. At the last close, the gross/annualised spread for an end-March close is 4.5%/28.0%.</li>
</ul>


Bloomberg reports that Glass Lewis has recommended Hollysys Automation Technologies (HOLI US) shareholders vote against Ascendent Capital’s US$26.50 offer on 8 February.
Glass Lewis notes that Hollysys could fetch “potentially materially greater value” from other bidders. Glass Lewis seems to ignore that Dazheng failed to demonstrate that it could complete its offer.
Despite Glass Lewis’s recommendation, the vote will likely get up. At the last close, the gross/annualised spread for an end-March close is 4.5%/28.0%.


Hollysys (HOLI US): Glass Lewis Says to Vote NO. Should You Listen?

China

China Railway Signal & Communication Corporation Limited manufactures rail transit related systems. The Company researches, develops, designs, manufactures, sells and installs rail transit communication and signal systems. China Railway Signal & Communication also provides consulting, design and supervision work for urban transit projects and mainline railway projects.

China Railway Signal & Communication (3969 HK)

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

China Railway Signal & Communication (3969 HK)

A-H Premium Weekly (Mar 8th): CNOOC, Air China, China Southern Air, Guangzhou Auto

Analysis of A-H premium changes on 146 stocks shows average premium of 123.2% on Mar 8th, with a -1.4ppt. We highlight changes for for CNOOC, Air...

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 1st): ZTE, China Southern, SMIC, Ganfeng Lithium, Flat Glass Group

We analyzed A-H premium changes in the past week and highlight A-H premium changes for ZTE, China Southern, SMIC, Ganfeng Lithium, Flat Glass Group.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Feb 2nd): Tencent

We have analyzed southbound Hong Kong connect flows in the past week and highlighted Hong Kong connect flows for Tencent.

Ke Yan, CFA, FRM

Hollysys (HOLI US): The State of Play

The simple majority voting threshold and no shareholder publicly backing Dazheng’s call to vote NO will help the vote get up. The gross/annualised...

Arun George

Hollysys (HOLI US): Glass Lewis Says to Vote NO. Should You Listen?

ISS also recommends voting against the offer - “Given the questionable effort to maximize price, the unreasonably high standard to which...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Mar 8th): CNOOC, Air China, China Southern Air, Guangzhou Auto

​Analysis of A-H premium changes on 146 stocks shows average premium of 123.2% on Mar 8th, with a -1.4ppt. We highlight changes for for CNOOC, Air...

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 1st): ZTE, China Southern, SMIC, Ganfeng Lithium, Flat Glass Group

We analyzed A-H premium changes in the past week and highlight A-H premium changes for ZTE, China Southern, SMIC, Ganfeng Lithium, Flat Glass Group.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Feb 2nd): Tencent

We have analyzed southbound Hong Kong connect flows in the past week and highlighted Hong Kong connect flows for Tencent.

Ke Yan, CFA, FRM

Hollysys (HOLI US): The State of Play

The simple majority voting threshold and no shareholder publicly backing Dazheng’s call to vote NO will help the vote get up. The gross/annualised...

Arun George

Hollysys (HOLI US): Glass Lewis Says to Vote NO. Should You Listen?

ISS also recommends voting against the offer - “Given the questionable effort to maximize price, the unreasonably high standard to which...

Arun George

Analysis of A-H premium changes on 146 stocks shows average premium of 123.2% on Mar 8th, with a -1.4ppt. We highlight changes for for CNOOC, Air...