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 143 stocks over the last week. The average A-H premium was 117.2% as of Jul 14th.</li>
<li>The average A-H premium changed by -3.0ppt week on week, led by consumer discretionary, consumer staples, utilities and offset by real estate, communication services.</li>
<li>We highlight weekly changes in A-H premium for BankComm, ICBC, ABC, CCB, Remegen.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 117.2% as of Jul 14th.
The average A-H premium changed by -3.0ppt week on week, led by consumer discretionary, consumer staples, utilities and offset by real estate, communication services.
We highlight weekly changes in A-H premium for BankComm, ICBC, ABC, CCB, Remegen.


A-H Premium Weekly (Jul 14th): 52 Week High A-H for Banks

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 23rd.</li>
<li>We estimate the weekly inflows to be US$43.7 million, led by industrials, information technology, communication services sectors, and offset by materials, financials.</li>
<li>We estimate the inflows to be USD 43 mil last week and highlight flows for China Cssc, Dahua.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 23rd.
We estimate the weekly inflows to be US$43.7 million, led by industrials, information technology, communication services sectors, and offset by materials, financials.
We estimate the inflows to be USD 43 mil last week and highlight flows for China Cssc, Dahua.


Northbound Flows (Jun 23rd): China Cssc, Dahua

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

Macroeconomics

<ul>
<li>It's often not what it seems when it comes to reading China's official data for new home sales, and the construction indicators for New Starts, Completions, and Under-Construction area</li>
<li>From a demand-supply perspective, the Under-Construction figures seem heavily over-estimated, given the way new starts are counted, industry practices, and 'dead supply'; closer to 4bn rather than 7bn sqm</li>
<li>The gap between sales and completions has more to do with data collection and definitions than the actual 'gap' - a much smaller problem than publicized</li>
</ul>


It's often not what it seems when it comes to reading China's official data for new home sales, and the construction indicators for New Starts, Completions, and Under-Construction area
From a demand-supply perspective, the Under-Construction figures seem heavily over-estimated, given the way new starts are counted, industry practices, and 'dead supply'; closer to 4bn rather than 7bn sqm
The gap between sales and completions has more to do with data collection and definitions than the actual 'gap' - a much smaller problem than publicized


China Housing: Demand-Supply Fundamentals - Part #3: Solving The Construction Indicators Puzzle

<ul>
<li>The common narrative today is how the deteriorating demographics in China will have a negative impact on the housing demand</li>
<li>The official aggregate figures indicate the same with the population aging, birth, and marriage data</li>
<li>The twist to this narrative is that <strong>in the near term, the situation for the non-rural population growth looks quite different from the overall figures</strong>
</li>
</ul>


The common narrative today is how the deteriorating demographics in China will have a negative impact on the housing demand
The official aggregate figures indicate the same with the population aging, birth, and marriage data
The twist to this narrative is that in the near term, the situation for the non-rural population growth looks quite different from the overall figures



China Housing - Demand-Supply Fundamentals Part #2: The “Demographic Twist"

<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 116.5% as of Jun 2nd.</li>
<li>The average A-H premium changed by 3.0ppt week on week, led by communication services, financials, industrials and offset by consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Conch Cement, China Vanke, China Southern, CSC Financial, COSCO Ship, China Longyuan.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 116.5% as of Jun 2nd.
The average A-H premium changed by 3.0ppt week on week, led by communication services, financials, industrials and offset by consumer discretionary.
We highlight weekly changes in A-H premium for Conch Cement, China Vanke, China Southern, CSC Financial, COSCO Ship, China Longyuan.


A-H Premium Weekly (Jun 2nd): Conch Cement, China Vanke, China Southern, CSC Financial, COSCO Ship

China

China Vanke Co., Ltd. operates real estate development businesses.  The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses.

Price Gauge
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China Vanke (000002 CH)

A-H Premium Weekly (Jul 14th): 52 Week High A-H for Banks

We analyzed A-H premium changes in the past week and highlight A-H premium changes for BankComm, ICBC, ABC, CCB, Remegen.

Ke Yan, CFA, FRM

Northbound Flows (Jun 23rd): China Cssc, Dahua

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for China Cssc Holding, Zhejiang Dahua.

Ke Yan, CFA, FRM

China Housing: Demand-Supply Fundamentals - Part #3: Solving The Construction Indicators Puzzle

China Property: Why Is the Under-Construction GFA so high and the Sales-Completions gap so large? We dig into the data definitions and industry...

Robert Ciemniak

China Housing - Demand-Supply Fundamentals Part #2: The “Demographic Twist"

The common saying goes "China will get old before it gets rich", but for the market for new homes, there are some important twists to the...

Robert Ciemniak

A-H Premium Weekly (Jun 2nd): Conch Cement, China Vanke, China Southern, CSC Financial, COSCO Ship

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Conch Cement, China Vanke, China Southern, CSC Financial,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)