Equity Research in HK and Mainland China

Li Tang

Thematic (Sector/Industry)

<ul>
<li>Relevant government departments have reportedly issued opinions on the supervision of presales funds</li>
<li>Property lending dropped YoY in January despite adequate liquidity in last month</li>
<li>We think policy support is still inadequate and should step up in the real estate sector on the demand-side</li>
</ul>


Relevant government departments have reportedly issued opinions on the supervision of presales funds
Property lending dropped YoY in January despite adequate liquidity in last month
We think policy support is still inadequate and should step up in the real estate sector on the demand-side


China Plan Easing Rules on Presales Funds Held in Escrow

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Quantitative Analysis

<ul>
<li>An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top100 stocks in the MSCI GEM Index.</li>
<li>The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.</li>
<li>Developed over nearly 4 years and implemented in its current state for nearly 2 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.</li>
</ul>


An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top100 stocks in the MSCI GEM Index.
The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.
Developed over nearly 4 years and implemented in its current state for nearly 2 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Wanda Commercial Management Group / Equity Capital Markets

<ul>
<li>Wanda Commercial Management Group (WCMG) is looking to raise up to US$4bn in its upcoming Hong Kong IPO.</li>
<li>WCMG is a commercial operation service provider. As of Oct 2021, the firm managed 398 malls with total gross floor area (GFA) under management of 56.5m sqm.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>


Wanda Commercial Management Group (WCMG) is looking to raise up to US$4bn in its upcoming Hong Kong IPO.
WCMG is a commercial operation service provider. As of Oct 2021, the firm managed 398 malls with total gross floor area (GFA) under management of 56.5m sqm.
In this note, we will talk about the not so positive aspects of the deal.


Wanda Commercial Management Pre-IPO - The Negatives - Parents Leverage Status Will Be an Overhang

<ul>
<li>Wanda Commercial Management Group (WCMG) is looking to raise up to US$4bn in its upcoming Hong Kong IPO.</li>
<li>WCMG is a commercial operation service provider. As of Oct 2021, the firm managed 398 malls with total gross floor area (GFA) under management of 56.5m sqm.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


Wanda Commercial Management Group (WCMG) is looking to raise up to US$4bn in its upcoming Hong Kong IPO.
WCMG is a commercial operation service provider. As of Oct 2021, the firm managed 398 malls with total gross floor area (GFA) under management of 56.5m sqm.
In this note, we will talk about the positive aspects of the deal.


Wanda Commercial Management Group Pre-IPO - The Positives - Aiming for One of HK's Largest 2022 IPOs

<ul>
<li>Some developers have been informed by banks that M&amp;A loans will not be counted in the "three red lines" if these loans are used for takeovers of insolvent companies' projects</li>
<li>Stronger state and private developers will be given funding support for project-level M&amp;A</li>
<li>The impact of credit policy plus local level policy shifts will be continued</li>
</ul>


Some developers have been informed by banks that M&amp;A loans will not be counted in the "three red lines" if these loans are used for takeovers of insolvent companies' projects
Stronger state and private developers will be given funding support for project-level M&amp;A
The impact of credit policy plus local level policy shifts will be continued


Developers Informed by Banks that M&A Loans Are Excluded from Three Red Lines

Hong Kong

China Resources Land Limited, through its subsidiaries, develops and invests in properties.  The Company also provides corporate financing and electrical engineering services.

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China Resources Land (1109 HK)

China Plan Easing Rules on Presales Funds Held in Escrow

Recovery of the real estate sector is still reliant on the demand side, which should take longer to recover as people wait for policy support and...

Li Tang

Screening for GEMs: February 2022

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

Wanda Commercial Management Pre-IPO - The Negatives - Parents Leverage Status Will Be an Overhang

Wanda Commercial Management Group (WCMG) is looking to raise up to US$4bn in its upcoming Hong Kong IPO. In this note, we talk about the not so...

Sumeet Singh

Wanda Commercial Management Group Pre-IPO - The Positives - Aiming for One of HK's Largest 2022 IPOs

Wanda Commercial Management Group (WCMG) is looking to raise up to US$4bn in its upcoming Hong Kong IPO. In this note, we talk about the positive...

Sumeet Singh

Developers Informed by Banks that M&A Loans Are Excluded from Three Red Lines

We maintain our view that state-backed developers would take the advantage to obtain quality assets and gain market share, of which our recommends

Li Tang

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