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.</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 inflows into Meituan, CNOOC, China Mobile, Tencent, and Li Auto.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into Meituan, CNOOC, China Mobile, Tencent, and Li Auto.


Hong Kong Connect Flows: Meituan, CNOOC, China Mobile, Tencent, Li Auto

<ul>
<li>We analyse the changes of A/H premium on 139 stocks over the last week.</li>
<li>Healthcare, consumer discretionary and energy led the week on week A-H premium increase of 3.8ppt. </li>
<li>We highlight A-H premium changes in CICC, GWM, Cansino, CCC, Shanghai Fudan, CNOOC, PetroChina.</li>
</ul>


We analyse the changes of A/H premium on 139 stocks over the last week.
Healthcare, consumer discretionary and energy led the week on week A-H premium increase of 3.8ppt. 
We highlight A-H premium changes in CICC, GWM, Cansino, CCC, Shanghai Fudan, CNOOC, PetroChina.


A-H Premium Weekly: CICC, Great Wall Motor, Cansino

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel (KEP SP)</a> and <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp (SMM SP)</a> have announced the O&amp;M business combination and it is a little more interesting than expected. It is a Very Big Desirable Order Book.</li>
<li>
<a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>was trading at a 8% gross spread to terms a day before the vote, on headcount test concerns. But it was even close. </li>
<li>KKR and <a href="https://www.smartkarma.com/entities/hitachi-ltd" target="_blank" data-smartkarma-citation="entities:7797:1" rel="noopener">Hitachi Ltd (6501 JP)</a> have a deal to get KKR to buy <a href="https://www.smartkarma.com/entities/hitachi-transport-system-ltd" target="_blank" data-smartkarma-citation="entities:2395:1" rel="noopener">Hitachi Transport System (9086 JP)</a> in a VLBO (Very Leveraged BuyOut).</li>
</ul>



Keppel (KEP SP) and Sembcorp (SMM SP) have announced the O&amp;M business combination and it is a little more interesting than expected. It is a Very Big Desirable Order Book.

Razer Inc (1337 HK)was trading at a 8% gross spread to terms a day before the vote, on headcount test concerns. But it was even close. 
KKR and Hitachi Ltd (6501 JP) have a deal to get KKR to buy Hitachi Transport System (9086 JP) in a VLBO (Very Leveraged BuyOut).


Last Week in Event SPACE: Sembcorp/Keppel, Razer, Hitachi Transport, Renesas, CNOOC

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

Hang Seng China Enterprises Index / Event-Driven

<ul>
<li>Last evening <a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC Ltd (883 HK)</a> announced a special div of HK$1.18/share - that is higher than market expectations. <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a> could announce a special div next week.</li>
<li>Fair value for the HSCEI 2022 dividend futures moves higher to 250 DIPS off the back of <a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC Ltd</a>'s special div and the estimated <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a> special div.</li>
<li>The HSCEI 2022/23 steepener had dropped to -29 yesterday and should drop even lower today where we could see some covering.</li>
</ul>


Last evening CNOOC Ltd (883 HK) announced a special div of HK$1.18/share - that is higher than market expectations. JD.com Inc. (9618 HK) could announce a special div next week.
Fair value for the HSCEI 2022 dividend futures moves higher to 250 DIPS off the back of CNOOC Ltd's special div and the estimated JD.com Inc. (9618 HK) special div.
The HSCEI 2022/23 steepener had dropped to -29 yesterday and should drop even lower today where we could see some covering.


HSCEI Dividend Futures: CNOOC Special Drives 2022 Fair Value Higher, 22/23 Steepener Lower

Travis Lundy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC Ltd (883 HK)</a> released fantastic, above-consensus earnings for Q1, which were minimally impacted (positively) by non-recurring profits. </li>
<li>The driver was higher gas production on much higher prices. At current price, the implied PER is 3.0x for 2022.</li>
<li>And the company also announced a Special Dividend of HK$1.18/share or 10.9% of yesterday's share price. </li>
</ul>



CNOOC Ltd (883 HK) released fantastic, above-consensus earnings for Q1, which were minimally impacted (positively) by non-recurring profits. 
The driver was higher gas production on much higher prices. At current price, the implied PER is 3.0x for 2022.
And the company also announced a Special Dividend of HK$1.18/share or 10.9% of yesterday's share price. 


CNOOC (883 HK) Surprises with Special Div

China

CNOOC Limited, through its subsidiaries, explores, develops, produces, and sells crude oil and natural gas. The Company focuses in the areas such as Bohai, Western South China Sea, Eastern South China Sea and East China Sea in offshore China. Internationally, the Group has oil and gas assets in Asia, Africa, North America, South America, and Oceania.

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CNOOC Ltd (883 HK)

Hong Kong Connect Flows: Meituan, CNOOC, China Mobile, Tencent, Li Auto

We highlight weekly southbound Hong Kong Connect inflows into Meituan (3690 HK), CNOOC (883 HK), China Mobile (941 HK), Tencent (700 HK), and Li...

Ke Yan, CFA, FRM

A-H Premium Weekly: CICC, Great Wall Motor, Cansino

We highlight weekly A-H premium changes in CICC, Great Wall Motor, Cansino, China Communication Construction, Shanghai Fudan, CNOOC, PetroChina.

Ke Yan, CFA, FRM

Last Week in Event SPACE: Sembcorp/Keppel, Razer, Hitachi Transport, Renesas, CNOOC

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

HSCEI Dividend Futures: CNOOC Special Drives 2022 Fair Value Higher, 22/23 Steepener Lower

The CNOOC special div and the potential JD.com special div pushes the fair value for the 2022 div futures higher. With no change to the fair value...

Brian Freitas

CNOOC (883 HK) Surprises with Special Div

CNOOC had a blowout Q1 and announced a special dividend equal to 10.9% of the share price as of today's close. The CEO has been switched out for a...

Travis Lundy

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