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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 12th.</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 flows for Cnooc, Bank Of China, Petrochina, China Shenhua Energy, CCB, HKEX, SMIC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 12th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Cnooc, Bank Of China, Petrochina, China Shenhua Energy, CCB, HKEX, SMIC.


Hong Kong Connect Flows (May 12th): CNOOC, BOC, Petrochina, China Shenhua Energy, CCB, HKEX, SMIC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 28th.</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 estimate the inflows to be USD 201m and highlight flows for Meituan, China Construction Bank.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 28th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We estimate the inflows to be USD 201m and highlight flows for Meituan, China Construction Bank.


Hong Kong Connect Flows (Apr 28th): Meituan, China Construction Bank

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Dragged by economic downturn and higher gas costs, TLG’s FY22 results slightly missed estimates.</li><li>TLG’s revenue slightly dropped 1.4%YoY to RMB7.54bn, and its gross profit and core net profit declined by 21.7%YoY and 35% YoY.</li><li>However, in 2H22, since the dollar margin improved to RMB0.47cbm, the core profit raised by 52%, compared to 1H22.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dragged by economic downturn and higher gas costs, TLG’s FY22 results slightly missed estimates.TLG’s revenue slightly dropped 1.4%YoY to RMB7.54bn, and its gross profit and core net profit declined by 21.7%YoY and 35% YoY.However, in 2H22, since the dollar margin improved to RMB0.47cbm, the core profit raised by 52%, compared to 1H22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tian Lun Gas (1600 HK) – Stay optimistic in 2023

<ul><li>C&amp;l gas sales has shown a rapid recovery since Dec 2022, and potentially suppressed gas demand for C&amp;I may further release in 2023. </li><li>Dollar margin continues to improve. As TLG implemented active price-cross measures and diversified its gas source, the Group’s dollar margin improved to around RMB0.5cbm in 3Q22, and the dollar margin in 2H22 went back to a similar level to previous years.</li><li>Great development potential for TLG’s rural household PV business with the gas-electric synergy model</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

C&amp;l gas sales has shown a rapid recovery since Dec 2022, and potentially suppressed gas demand for C&amp;I may further release in 2023. Dollar margin continues to improve. As TLG implemented active price-cross measures and diversified its gas source, the Group’s dollar margin improved to around RMB0.5cbm in 3Q22, and the dollar margin in 2H22 went back to a similar level to previous years.Great development potential for TLG’s rural household PV business with the gas-electric synergy modelContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tian Lun Gas (1600 HK) – Rapid Recovery in C&L’s Gas Sale

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 13th.</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 flows for China Mobile, Simcere Pharmaceutical, Tencent, Geely Automobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 13th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, Simcere Pharmaceutical, Tencent, Geely Automobile.


Hong Kong Connect Flows (Jan 13th): Tencent Profit Taking

China

China Tian Lun Gas Holdings Ltd. processes and distributes natural gas through urban pipelines.  The Company operates in Henan Province, China.  China Tian Lun Gas also operates a compressed natural gas filling station.

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China Tian Lun Gas (1600 HK)

Hong Kong Connect Flows (May 12th): CNOOC, BOC, Petrochina, China Shenhua Energy, CCB, HKEX, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Cnooc, Bank Of China, Petrochina, China Shenhua Energy,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Apr 28th): Meituan, China Construction Bank

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Meituan, China Construction Bank.

Ke Yan, CFA, FRM

Tian Lun Gas (1600 HK) – Stay optimistic in 2023

TLG’s revenue slightly dropped 1.4%YoY to RMB7.54bn, and its gross profit and core net profit declined by 21.7%YoY and 35% YoY.

CMB International

Tian Lun Gas (1600 HK) – Rapid Recovery in C&L’s Gas Sale

C&l gas sales has shown a rapid recovery since Dec 2022, and potentially suppressed gas demand for C&I may further release in 2023.

CMB International

Hong Kong Connect Flows (Jan 13th): Tencent Profit Taking

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for China Mobile, Simcere Pharmaceutical, Tencent, Geely...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)