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 109.6% as of Feb 17th.</li>
<li>The average A-H premium changed by -2.3ppt week on week, led by consumer discretionary, health care, energy and offset by communication services, consumer staples, materials.</li>
<li>We highlight weekly changes in A-H premium for China Shenhua, PetroChina, GWM, First Tractor.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 109.6% as of Feb 17th.
The average A-H premium changed by -2.3ppt week on week, led by consumer discretionary, health care, energy and offset by communication services, consumer staples, materials.
We highlight weekly changes in A-H premium for China Shenhua, PetroChina, GWM, First Tractor.


A-H Premium Weekly (Feb 17th): China Shenhua, PetroChina, GWM, First Tractor

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>China's Central Document No.1 emphasizes the need to boost the agricultural industry and improve well-being of the peasants. We see the directions positive for the agricultural sector.</li>
<li>Direct beneficiaries are <a href="https://www.smartkarma.com/entities/sinofert-holdings-ltd" target="_blank" data-smartkarma-citation="entities:893:1" rel="noopener">Sinofert Holdings (297 HK)</a>, <a href="https://www.smartkarma.com/entities/china-xlx-fertiliser-ltd" target="_blank" data-smartkarma-citation="entities:5679:1" rel="noopener">China Xlx Fertiliser (1866 HK)</a>, <a href="https://www.smartkarma.com/entities/first-tractor-co-h" target="_blank" data-smartkarma-citation="entities:12416:1" rel="noopener">First Tractor Co H (38 HK)</a> and <a href="https://www.smartkarma.com/entities/xinjiang-tianye-water-saving-irrigation" target="_blank" data-smartkarma-citation="entities:10975:1" rel="noopener">Xinjiang Tianye Water Saving Irrigation (840 HK)</a>. </li>
<li>Growing rural affluence is positive to <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a>, <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a> and <a href="https://www.smartkarma.com/entities/pinduoduo-inc" target="_blank" data-smartkarma-citation="entities:27250:1" rel="noopener">Pinduoduo (PDD US)</a>, while cold chain network buildout is good to <a href="https://www.smartkarma.com/entities/shenzhen-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:9:1" rel="noopener">Shenzhen Intl (152 HK)</a>. </li>
</ul>


China's Central Document No.1 emphasizes the need to boost the agricultural industry and improve well-being of the peasants. We see the directions positive for the agricultural sector.
Direct beneficiaries are Sinofert Holdings (297 HK), China Xlx Fertiliser (1866 HK), First Tractor Co H (38 HK) and Xinjiang Tianye Water Saving Irrigation (840 HK). 
Growing rural affluence is positive to BYD (1211 HK), Haier Smart Home (6690 HK) and Pinduoduo (PDD US), while cold chain network buildout is good to Shenzhen Intl (152 HK). 


China Agricultural Sector: A Read into China Central Document No.1

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>We highlight flows of China Mobile, BYD, Simcere, ICBC, CNOOC, Meituan, Geely, CCB, Country Garden Services, Anta. </li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
We highlight flows of China Mobile, BYD, Simcere, ICBC, CNOOC, Meituan, Geely, CCB, Country Garden Services, Anta. 


Hong Kong Connect Flows Monthly: Health Care Led Inflows in Jan

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 20th.</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, Tencent, Meituan, China Construction Bank, Hong Kong Exchanges And Clearing.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 20th.
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, Tencent, Meituan, China Construction Bank, Hong Kong Exchanges And Clearing.


Hong Kong Connect Flows (Jan 20th): China Mobile, Tencent, Meituan, CCB, HKEX

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Monthly inflows of $9bn was led by Financials (inflows of $2,658 million), Materials (inflows of $2,286 million), Consumer Discretionary (inflows of $1,779 million). </li>
<li>We highlight inflows into Midea, Zijin Mining, Ping An Insurance, Moutai, Mindray, and outflows from Yangtze Power, Yunnan Energy New Material, Poly Developments, Wingtec, Shenhua.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Monthly inflows of $9bn was led by Financials (inflows of $2,658 million), Materials (inflows of $2,286 million), Consumer Discretionary (inflows of $1,779 million). 
We highlight inflows into Midea, Zijin Mining, Ping An Insurance, Moutai, Mindray, and outflows from Yangtze Power, Yunnan Energy New Material, Poly Developments, Wingtec, Shenhua.


Northbound Flows Monthly: $9bn Inflows in November

China

First Tractor Company Limited manufactures and sells agricultural tractors, road rollers, and other construction machines.  The Company also manufactures and sells harvesting machines and biochemical products as well as provides financial services.

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First Tractor Co H (38 HK)

A-H Premium Weekly (Feb 17th): China Shenhua, PetroChina, GWM, First Tractor

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Shenhua, PetroChina, GWM, First Tractor

Ke Yan, CFA, FRM

China Agricultural Sector: A Read into China Central Document No.1

Directions in China's Central Document No.1 in 2023 are positive for the agricultural sector. We see direct benficiaries being Sinofert, China XLX...

Osbert Tang, CFA

Hong Kong Connect Flows Monthly: Health Care Led Inflows in Jan

We analyzed the Hong Kong Connect Scheme for January and highlight flows for China Mobile, BYD, Simcere, ICBC, CNOOC, Meituan, Geely, CCB, Country...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Jan 20th): China Mobile, Tencent, Meituan, CCB, HKEX

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

Ke Yan, CFA, FRM

Northbound Flows Monthly: $9bn Inflows in November

We analyzed the Shanghai/Shenzhen Connect Scheme for November and highlight flows for Midea, Zijin Mining, Ping An Insurance, Moutai, Mindray,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)