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 117.6% as of Nov 3rd.</li>
<li>The average A-H premium changed by -1.5ppt week on week, led by utilities, information technology, communication services and offset by energy.</li>
<li>We highlight weekly changes in A-H premium for Ganfeng Lithium, China Merchant Securities and Wuapptec.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 117.6% as of Nov 3rd.
The average A-H premium changed by -1.5ppt week on week, led by utilities, information technology, communication services and offset by energy.
We highlight weekly changes in A-H premium for Ganfeng Lithium, China Merchant Securities and Wuapptec.


A-H Premium Weekly (Nov 3rd): Ganfeng Lithium, CMS, Wuxi Apptec

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> update notes a new MBO proposal at US$25 per share, a bidders shortlist in several weeks and an update on the special meeting. </li>
<li>The update suggests several potential bidders and enough shareholders with the required record date to convene the special meeting to appoint independent directors. </li>
<li>The MBO proposal, while potentially a delaying tactic, suggests that the Board are under pressure for a solution and is aiming for a friendly takeover. </li>
</ul>



Hollysys Automation Technologies (HOLI US) update notes a new MBO proposal at US$25 per share, a bidders shortlist in several weeks and an update on the special meeting. 
The update suggests several potential bidders and enough shareholders with the required record date to convene the special meeting to appoint independent directors. 
The MBO proposal, while potentially a delaying tactic, suggests that the Board are under pressure for a solution and is aiming for a friendly takeover. 


Hollysys (HOLI US): MBO Proposal and Updates

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 120.6% as of Oct 20th.</li>
<li>The average A-H premium changed by 2.0ppt week on week, led by consumer staples, financials, industrials and offset by information technology, communication services, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Postal Savings, Byd and CICC.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 120.6% as of Oct 20th.
The average A-H premium changed by 2.0ppt week on week, led by consumer staples, financials, industrials and offset by information technology, communication services, consumer discretionary.
We highlight weekly changes in A-H premium for Postal Savings, Byd and CICC.


A-H Premium Weekly (Oct 20th): Postal Savings, Byd, CICC

<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

<ul>
<li>The <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> Board succumbs to shareholder pressure by announcing the formation of a special committee to conduct a formal sale process.</li>
<li>Hollysys has received non-binding proposals from six parties since December 2020. The most recent is a non-binding proposal from the Recco consortium at US$25.00 per share.</li>
<li>The Board’s change of heart should encourage previous bidders to re-engage. Recco’s offer, while attractive, is not a knockout bid, suggesting a possible bidding war. </li>
</ul>


The Hollysys Automation Technologies (HOLI US) Board succumbs to shareholder pressure by announcing the formation of a special committee to conduct a formal sale process.
Hollysys has received non-binding proposals from six parties since December 2020. The most recent is a non-binding proposal from the Recco consortium at US$25.00 per share.
The Board’s change of heart should encourage previous bidders to re-engage. Recco’s offer, while attractive, is not a knockout bid, suggesting a possible bidding war. 


Hollysys (HOLI US): Board Starts a Formal Sale Process

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
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Dividend (Yield)	0.00

China Railway Signal & Communication (3969 HK)

A-H Premium Weekly (Nov 3rd): Ganfeng Lithium, CMS, Wuxi Apptec

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Ganfeng Lithium, China Merchant Securities and Wuapptec.

Ke Yan, CFA, FRM

Hollysys (HOLI US): MBO Proposal and Updates

The MBO proposal, while potentially a delaying tactic, suggests that the Board are under pressure for a solution and is aiming for a friendly...

Arun George

A-H Premium Weekly (Oct 20th): Postal Savings, Byd, CICC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Postal Savings, Byd and China International Capital Corp.

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

Hollysys (HOLI US): Board Starts a Formal Sale Process

The Board’s change of heart should encourage previous bidders to re-engage. While attractive, Recco’s US$25 per share offer is not a knockout bid,...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)