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 146 stocks over the last week. The average A-H premium was 121.3% as of Nov 17th.</li>
<li>The average A-H premium changed by -0.3ppt week on week, led by consumer discretionary, communication services, utilities and offset by real estate, energy, materials.</li>
<li>We highlight weekly changes in A-H premium for Ganfeng Lithium, Byd Company, CICC, Shanghai Fudan, Huahong.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 121.3% as of Nov 17th.
The average A-H premium changed by -0.3ppt week on week, led by consumer discretionary, communication services, utilities and offset by real estate, energy, materials.
We highlight weekly changes in A-H premium for Ganfeng Lithium, Byd Company, CICC, Shanghai Fudan, Huahong.


A-H Premium Weekly (Nov 17th): Ganfeng Lithium, BYD, CICC, Shanghai Fudan, Huahong

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 121.6% as of Nov 10th.</li>
<li>The average A-H premium changed by 3.1ppt week on week, led by information technology, utilities, communication services and offset by consumer discretionary, real estate.</li>
<li>We highlight weekly changes in A-H premium for Ping An Insurance, Ganfeng Lithium, Gwmotor, China Longyuan.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 121.6% as of Nov 10th.
The average A-H premium changed by 3.1ppt week on week, led by information technology, utilities, communication services and offset by consumer discretionary, real estate.
We highlight weekly changes in A-H premium for Ping An Insurance, Ganfeng Lithium, Gwmotor, China Longyuan.


A-H Premium Weekly (Nov 10th): Ping An Insurance, Ganfeng Lithium, GWM, China Longyuan

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 117.6% as of Nov 3rd.</li>
<li>The average A-H premium changed by -1.5ppt week on week, led by utilities, information technology, communication services and offset by energy.</li>
<li>We highlight weekly changes in A-H premium for Ganfeng Lithium, China Merchant Securities and Wuapptec.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 117.6% as of Nov 3rd.
The average A-H premium changed by -1.5ppt week on week, led by utilities, information technology, communication services and offset by energy.
We highlight weekly changes in A-H premium for Ganfeng Lithium, China Merchant Securities and Wuapptec.


A-H Premium Weekly (Nov 3rd): Ganfeng Lithium, CMS, Wuxi Apptec

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 119.1% as of Oct 27th.</li>
<li>The average A-H premium changed by -1.7ppt week on week, led by utilities, consumer discretionary, industrials and offset by consumer staples.</li>
<li>We highlight weekly changes in A-H premium for Beigene, China Merchants Securities, Guangzhou Auto, China Longyuan.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 119.1% as of Oct 27th.
The average A-H premium changed by -1.7ppt week on week, led by utilities, consumer discretionary, industrials and offset by consumer staples.
We highlight weekly changes in A-H premium for Beigene, China Merchants Securities, Guangzhou Auto, China Longyuan.


A-H Premium Weekly (Oct 27th): Beigene, CMS, Guangzhou Auto, China Longyuan

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

China Power International / Equity Bottom-Up

<ul>
<li>Power output for <a href="https://www.smartkarma.com/entities/china-power-international" target="_blank" data-smartkarma-citation="entities:15548:1" rel="noopener">China Power International (2380 HK)</a> is healthy in Jul-Aug, following the solid trend in 1H23. The drop in hydropower has moderated and wind and solar stayed decent.</li>
<li>Capacity growth will reach 43% in FY23. With just 7.8% YoY in 1H23, most of the new capacity will be added in 4Q23, accelerating both output and profitability.</li>
<li>The parent SPIC's massive clean energy assets are candidates for potential injection. CPI's high EPS CAGR of 28.8% means that it well deserves premium valuation multiples. </li>
</ul>


Power output for China Power International (2380 HK) is healthy in Jul-Aug, following the solid trend in 1H23. The drop in hydropower has moderated and wind and solar stayed decent.
Capacity growth will reach 43% in FY23. With just 7.8% YoY in 1H23, most of the new capacity will be added in 4Q23, accelerating both output and profitability.
The parent SPIC's massive clean energy assets are candidates for potential injection. CPI's high EPS CAGR of 28.8% means that it well deserves premium valuation multiples. 


China Power International (2380 HK): Continuing the Turnaround Trend

China

Datang International Power Generation Company Limited develops and operates power plants, sells electricity, repairs and maintains power equipment, and provides power-related technical services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Datang International (991 HK)

A-H Premium Weekly (Nov 17th): Ganfeng Lithium, BYD, CICC, Shanghai Fudan, Huahong

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Ganfeng Lithium, Byd Company, CICC, Shanghai Fudan, Huahong.

Ke Yan, CFA, FRM

A-H Premium Weekly (Nov 10th): Ping An Insurance, Ganfeng Lithium, GWM, China Longyuan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Ping An Insurance, Ganfeng Lithium, Gwmotor, China Longyuan.

Ke Yan, CFA, FRM

A-H Premium Weekly (Nov 3rd): Ganfeng Lithium, CMS, Wuxi Apptec

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Ganfeng Lithium, China Merchant Securities and Wuapptec.

Ke Yan, CFA, FRM

A-H Premium Weekly (Oct 27th): Beigene, CMS, Guangzhou Auto, China Longyuan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Beigene, China Merchants Securities, Guangzhou Auto, China...

Ke Yan, CFA, FRM

China Power International (2380 HK): Continuing the Turnaround Trend

CPI's capacity growth is expected to reach 43% in FY23, with most of them to be added in 4Q23, boosting output and profitability. Its high EPS CAGR...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)