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 142 stocks over the last week. The average A-H premium was 109.1% as of Jan 13th.</li>
<li>The average A-H premium changed by -0.1ppt week on week, led by real estate, information technology, communication services and offset by utilities, financials, health care.</li>
<li>We highlight weekly changes in A-H premium for Fuyao Glass, Shenhua, Minsheng, Yankuang Energy, China Longyuan, Flat Glass.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 109.1% as of Jan 13th.
The average A-H premium changed by -0.1ppt week on week, led by real estate, information technology, communication services and offset by utilities, financials, health care.
We highlight weekly changes in A-H premium for Fuyao Glass, Shenhua, Minsheng, Yankuang Energy, China Longyuan, Flat Glass.


A-H Premium Weekly (Jan 13th): Fuyao Glass, Shenhua, Minsheng, Yankuang Energy, China Longyuan

<ul>
<li>We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 111.8% as of Dec 30th.</li>
<li>The average A-H premium changed by -0.0ppt weeok on week, led by utilities, real estate, consumer discretionary and offset by communication services, consumer staples, energy.</li>
<li>We highlight weekly changes in A-H premium for Xinjiang Goldwind, Weichai Power, Baiyunshan, China Telecom, Sinopec Oilfield, Cosco Shipping.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 111.8% as of Dec 30th.
The average A-H premium changed by -0.0ppt weeok on week, led by utilities, real estate, consumer discretionary and offset by communication services, consumer staples, energy.
We highlight weekly changes in A-H premium for Xinjiang Goldwind, Weichai Power, Baiyunshan, China Telecom, Sinopec Oilfield, Cosco Shipping.


A-H Premium Weekly (Dec 30th): Xinjiang Goldwind, Weichai Power, Baiyunshan

<ul>
<li>We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 111.8% as of Dec 23rd.</li>
<li>The average A-H premium changed by -1.6ppt weeok on week, led by consumer staples, communication services, energy and offset by information technology, real estate.</li>
<li>We highlight weekly changes in A-H premium for Xinjiang Gold Wind, Haier Smart Home, Weichai Power, Fuyao Glass, Shenhua, China Minsheng, Shanghai Junshi, Luoyang Glass.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 111.8% as of Dec 23rd.
The average A-H premium changed by -1.6ppt weeok on week, led by consumer staples, communication services, energy and offset by information technology, real estate.
We highlight weekly changes in A-H premium for Xinjiang Gold Wind, Haier Smart Home, Weichai Power, Fuyao Glass, Shenhua, China Minsheng, Shanghai Junshi, Luoyang Glass.


A-H Premium Weekly (Dec 23rd): Xinjiang Gold Wind, Haier Smart Home

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There are 5 changes for the SSE50 Index that will be implemented at the close on 9 December. Passive selling on a few deletions is pretty large.</li>
<li>We estimate a one-way turnover of 4.07% at the December rebalance leading to a one-way trade of CNY 3.36bn. Index arb activity could add to the impact on the stocks.</li>
<li>The adds have dropped over the last few months while the deletes have moved higher. There could be a reversion of that trend till implementation of the changes.</li>
</ul>


There are 5 changes for the SSE50 Index that will be implemented at the close on 9 December. Passive selling on a few deletions is pretty large.
We estimate a one-way turnover of 4.07% at the December rebalance leading to a one-way trade of CNY 3.36bn. Index arb activity could add to the impact on the stocks.
The adds have dropped over the last few months while the deletes have moved higher. There could be a reversion of that trend till implementation of the changes.


SSE50 Index Rebalance: In Line with Forecasts; Trades Performing Well

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Equity Bottom-Up

<ul><li>Chinese social media giant Tencent Holdings Ltd. and state telecom operator China Unicom were cleared by the country’s antitrust regulator to set up a joint venture to develop data and cloud-related businesses.</li><li>The new business, one of 15 investment deals that cleared antitrust review Tuesday, will focus on content delivery networks and edge computing.</li><li>The partnership is another tie-up between Tencent and China Unicom after a 2017 investment in which the social media giant acquired a 5.18% stake in the telecom company.</li></ul>

Chinese social media giant Tencent Holdings Ltd. and state telecom operator China Unicom were cleared by the country’s antitrust regulator to set up a joint venture to develop data and cloud-related businesses.The new business, one of 15 investment deals that cleared antitrust review Tuesday, will focus on content delivery networks and edge computing.The partnership is another tie-up between Tencent and China Unicom after a 2017 investment in which the social media giant acquired a 5.18% stake in the telecom company.

Tencent and China Unicom Tie Up in New Joint Venture

China

China Telecom Corporation Limited offers wireline telecom services. The Company provides internet access, mobile communications connecting, and other services. China Telecom also offers information consulting services.

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China Telecom (601728 CH)

A-H Premium Weekly (Jan 13th): Fuyao Glass, Shenhua, Minsheng, Yankuang Energy, China Longyuan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Fuyao Glass, Shenhua, Minsheng, Yankuang Energy, China...

Ke Yan, CFA, FRM

A-H Premium Weekly (Dec 30th): Xinjiang Goldwind, Weichai Power, Baiyunshan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Xinjiang Goldwind, Weichai Power, Baiyunshan, China Telecom,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Dec 23rd): Xinjiang Gold Wind, Haier Smart Home

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Xinjiang Gold Wind, Haier Smart Home, Weichai Power, Fuyao...

Ke Yan, CFA, FRM

SSE50 Index Rebalance: In Line with Forecasts; Trades Performing Well

There are 5 changes for the index in Dec - all in line with forecasts. There is a big sector skew. Trades have been performing well. Pre...

Brian Freitas

Tencent and China Unicom Tie Up in New Joint Venture

Chinese social media giant Tencent and state telecom operator China Unicom were cleared by the country’s antitrust regulator to set up a joint...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)