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 Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of April 19th.</li>
<li>We estimate the weekly outflows to be US$876.3 million, led by information technology, industrials, materials, and offset by financials, health care, real estate.</li>
<li>We highlight flows for Zijin Mining, China Tourism, Foxconn Industrial Internet, China Citic Bank, Zhongji Innolight.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of April 19th.
We estimate the weekly outflows to be US$876.3 million, led by information technology, industrials, materials, and offset by financials, health care, real estate.
We highlight flows for Zijin Mining, China Tourism, Foxconn Industrial Internet, China Citic Bank, Zhongji Innolight.


Northbound Flows (Apr 19th): Zijin Mining, China Tourism, Foxconn Industrial Internet

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>1810HK/1211HK/LI/XPEV/NIO: The growth rate of new energy vehicles fell back in the 15th week of 2024,BYD and Li delivered stably,AITO slowed down due to L6,XiaomiSU7 impacting TeslaM3 and BYDHan（/）</li>
<li>BEKE US: Residential new home sales value fell by 30% YoY in 1Q24, but slightly better than consensus(+)</li>
<li>300750 SZ: CATL’s first quarter results show strong pricing power amid fierce price war（/）</li>
</ul>


1810HK/1211HK/LI/XPEV/NIO: The growth rate of new energy vehicles fell back in the 15th week of 2024,BYD and Li delivered stably,AITO slowed down due to L6,XiaomiSU7 impacting TeslaM3 and BYDHan（/）
BEKE US: Residential new home sales value fell by 30% YoY in 1Q24, but slightly better than consensus(+)
300750 SZ: CATL’s first quarter results show strong pricing power amid fierce price war（/）


[Blue Lotus Daily]:1810 HK/1211 HK/LI US/XPEV US/NIO US/BEKE US/300750 SZ

<ul>
<li>1810 HK: Xiaomi SU7 confirmed order exceeded 60K, monetization means starting to emerge（/）</li>
<li>HTHT US/ATAT US: Orange Crystal Hotel will launch a new version with a goal of reach 750 hotels by 2025, intensifying competition with Atour.（-） </li>
<li>300750 SZ: GAC announced that its in-house all-solid-state batteries will be put into mass production in 2026（/）</li>
</ul>


1810 HK: Xiaomi SU7 confirmed order exceeded 60K, monetization means starting to emerge（/）
HTHT US/ATAT US: Orange Crystal Hotel will launch a new version with a goal of reach 750 hotels by 2025, intensifying competition with Atour.（-） 
300750 SZ: GAC announced that its in-house all-solid-state batteries will be put into mass production in 2026（/）


[Blue Lotus Daily]:1810 HK/HTHT US/ATAT US/300750 SZ/9995 HK

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of April 12th.</li>
<li>We estimate the weekly outflows to be US$1,587.8 million, led by consumer staples, consumer discretionary, health care, and offset by materials.</li>
<li>We highlight flows for Boe Technology, Moutai, China Tourism, Gree Electric Appliances.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of April 12th.
We estimate the weekly outflows to be US$1,587.8 million, led by consumer staples, consumer discretionary, health care, and offset by materials.
We highlight flows for Boe Technology, Moutai, China Tourism, Gree Electric Appliances.


Northbound Flows (Apr 12th): Boe Technology, Moutai, China Tourism, Gree Electric Appliances

<ul>
<li>1810 HK/1211 HK/LI/NIO/XPEV :In the 14th week of 2024 , new energy vehicle sales growth is stable, Xiaomi affects Tesla and AITO, LI overtook AITO, and BYD fell back（/）</li>
<li>XPEV US: Nearly a thousand units of Xpeng G9 shipped to Germany, with total export value exceeding 500 million yuan (/)</li>
<li>TSLA US: Speculation has it Toyota may cooperate with Huawei globally on autonomous driving（/）</li>
</ul>


1810 HK/1211 HK/LI/NIO/XPEV :In the 14th week of 2024 , new energy vehicle sales growth is stable, Xiaomi affects Tesla and AITO, LI overtook AITO, and BYD fell back（/）
XPEV US: Nearly a thousand units of Xpeng G9 shipped to Germany, with total export value exceeding 500 million yuan (/)
TSLA US: Speculation has it Toyota may cooperate with Huawei globally on autonomous driving（/）


[Blue Lotus Daily]:1810 HK/1211 HK/LI/NIO/XPEV/TSLA US/BEKE US/300750 SZ

China

Sungrow Power Supply Company Limited develops, produces, sells and provides services for solar PV inverters, wind power converters and other power supply. The Company also provides system solutions to renewable energy industry users.

NARI Technology Co., Ltd. develops, manufactures and sells automation products for electricity distribution, converting stations, coal-fired power plants, and industrial process. The Company also provides services and system integration.

Luxshare Precision Industry Co., Ltd. researches, manufactures and sells connectors. The Company's products are widely used in computers, communication devices, consumer electronics products and automobiles.

Shanghai Electric Group Company Limited manufactures power generation equipment. The Company produces and sells thermal generator set, nuclear power units, wind power equipment, power transmission and distribution equipment, and other products. Shanghai Electric Group also manufactures environmental protection equipment.

Shanghai Electric Group Company (601727 CH)

Dongfang Electric Corporation Limited manufactures and sells hydro and steam power generators and AC/DC electric motors. The Company also provides repair, upgrade, maintenance, and other services for the products.

Dongfang Electric Corporation (600875 CH)

Jiangsu Zhongtian Technology Co., Ltd. manufactures and markets optic cables, optic fibers, electric cable materials and accessories, related components, and related controlling systems.

Jiangsu Zhongtian Technologies Co, Ltd. (600522 CH)

Sieyuan Electric Company Limited manufactures and markets power supply and converting equipment as well as high voltage electrical apparatus and high voltage monitoring instruments.  The Company's  main products include arc suppression coils, variable frequency power sources, lightning arrester on-line monitoring instruments, and anti-disturbance test instruments.

EVE Energy Co., Ltd researches, manufactures and sells lithium battery.  The Company also provides portable power source solutions.

TBEA Co., Ltd. manufactures and markets electrical transformers, wires and cables, and other accessory equipment. Through its subsidiaries, the Company also develops and manages real estate.

Zhuzhou CRRC Times Electric Co., Ltd. provides and integrates train-borne electrical systems for the PRC Railway industry.  The Company also develops, manufactures, and sells train power converters, auxiliary power supply equipment and control systems for trains for urban rail systems

Zhuzhou CRRC Times Electric Co., Ltd. (3898 HK)

NIDEC CORPORATION is the world's leading manufacturer of small precision motors mainly used in HDD and optical disk drives. The company has extended its focus to the home appliance and automotive markets. NIDEC is active in M&A and its subsidiaries include the world's leading manufacturers of LCD panel handling robots and camera shutters.

Hubbell Incorporated manufactures electrical and electronic products for commercial, industrial, utility, and telecommunications markets.  The Company's products include plugs, receptacles, connectors, lighting fixtures, high voltage test and measurement equipment, and voice and data signal processing components. Hubbell operates in the United States and overseas.

ABB India Limited undertakes engineering and construction projects and manufactures heavy engineering and industrial equipment. The Company undertakes projects in the field of energy production, power transmission, transportation, process automation and pollution control. ABB India's products include pollution control equipment, switch gears and high current rectifiers.

Enphase Energy Inc. manufactures solar power solutions. The Company offers solutions to increase productivity and reliability of solar modules.

Emerson Electric Co. designs and manufactures electronic and electrical equipment, software, systems and services for industrial, commercial and consumer markets worldwide through its network power, process management, industrial automation, climate technologies and commercial & residential solutions divisions.

Mitsubishi Electric Corporation develops, manufactures, and markets electronic equipment.  The Company's products include industrial machinery, heavy electric machinery, data communications systems, electronic devices, and consumer electronics.

AMETEK, Inc. is a global manufacturer of electronic instruments and electromechanical devices. The Company manufactures advanced instruments for process, aerospace, power and industrial markets and is a supplier of electrical interconnects, specialty metals, technical motors and systems, and floor care and specialty motors.

Rockwell Automation, Inc. produces industrial automation products. The Company offers products such as control systems, motor control devices, sensors, and industrial control panels. Rockwell Automation markets its products worldwide.

Eaton Corporation PLC manufactures engineered products for the industrial, vehicle, construction, commercial, and aerospace markets. The Company offers products including hydraulic products and fluid connectors, electrical power distribution and control equipment, truck drivetrain systems, engine components, and a wide variety of controls. Eaton conducts business in Dublin, Ireland.

Prysmian SpA develops, designs, produces, supplies and installs a wide range of cables for applications in the energy and telecommunications industries.

Contemporary Amperex Technology Co., Limited. operates as a battery products manufacturing company. The Company produces and sells power battery materials, energy storage batteries energy storage battery cells, systems, and other products. Contemporary Amperex Technology also provides batteries recycling services.

Contemporary Amperex Technology (CATL) (300750 CH)

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Contemporary Amperex Technology (CATL) (300750 CH)

Northbound Flows (Apr 19th): Zijin Mining, China Tourism, Foxconn Industrial Internet

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Zijin Mining, China Tourism, Foxconn Industrial...

Ke Yan, CFA, FRM

[Blue Lotus Daily]:1810 HK/1211 HK/LI US/XPEV US/NIO US/BEKE US/300750 SZ

New energy vehicle growth rate dips in 15th week of 2024, CATL shows strong pricing power in Q1, BEKE US sees 30% YoY drop in new home sales value...

Blue Lotus Research Institute

[Blue Lotus Daily]:1810 HK/HTHT US/ATAT US/300750 SZ/9995 HK

Xiaomi's SU7 orders exceed 60K, Orange Crystal Hotel aims for 750 locations by 2025, GAC to mass produce all-solid-state batteries by 2026.

Blue Lotus Research Institute

Northbound Flows (Apr 12th): Boe Technology, Moutai, China Tourism, Gree Electric Appliances

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Boe Technology, Moutai, China Tourism, Gree...

Ke Yan, CFA, FRM

[Blue Lotus Daily]:1810 HK/1211 HK/LI/NIO/XPEV/TSLA US/BEKE US/300750 SZ

New energy vehicle sales growth stable in China, Xiaomi affects Tesla and AITO, Xpeng G9 ships to Germany, Toyota may cooperate with Huawei on...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Northbound Flows (Apr 19th): Zijin Mining, China Tourism, Foxconn Industrial Internet

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Zijin Mining, China Tourism, Foxconn Industrial...

Ke Yan, CFA, FRM

[Blue Lotus Daily]:1810 HK/1211 HK/LI US/XPEV US/NIO US/BEKE US/300750 SZ

​New energy vehicle growth rate dips in 15th week of 2024, CATL shows strong pricing power in Q1, BEKE US sees 30% YoY drop in new home sales value...

Blue Lotus Research Institute

[Blue Lotus Daily]:1810 HK/HTHT US/ATAT US/300750 SZ/9995 HK

​Xiaomi's SU7 orders exceed 60K, Orange Crystal Hotel aims for 750 locations by 2025, GAC to mass produce all-solid-state batteries by 2026.

Blue Lotus Research Institute

Northbound Flows (Apr 12th): Boe Technology, Moutai, China Tourism, Gree Electric Appliances

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Boe Technology, Moutai, China Tourism, Gree...

Ke Yan, CFA, FRM

[Blue Lotus Daily]:1810 HK/1211 HK/LI/NIO/XPEV/TSLA US/BEKE US/300750 SZ

​New energy vehicle sales growth stable in China, Xiaomi affects Tesla and AITO, Xpeng G9 ships to Germany, Toyota may cooperate with Huawei on...

Blue Lotus Research Institute

New energy vehicle growth rate dips in 15th week of 2024, CATL shows strong pricing power in Q1, BEKE US sees 30% YoY drop in new home sales value...

Xiaomi's SU7 orders exceed 60K, Orange Crystal Hotel aims for 750 locations by 2025, GAC to mass produce all-solid-state batteries by 2026.

New energy vehicle sales growth stable in China, Xiaomi affects Tesla and AITO, Xpeng G9 ships to Germany, Toyota may cooperate with Huawei on...