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 for holding position as of December 6th.</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 Alibaba, CCB, Sunny Optical, Xpeng, CMB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 6th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, CCB, Sunny Optical, Xpeng, CMB.


Hong Kong Connect Flows (Dec 6th): Alibaba, CCB, Sunny Optical, Xpeng, CMB

<ul>
<li>We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 103.3% as of Nov 29th.</li>
<li>The average A-H premium changed by -0.2ppt week-on-week, led by information technology, materials, real estate and offset by consumer staples, energy, health care.</li>
<li>We highlight weekly changes in A-H premium for Goldwind, GAC, Cosco Shipping Energy, Flat Glass, Shanghai Electric.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 103.3% as of Nov 29th.
The average A-H premium changed by -0.2ppt week-on-week, led by information technology, materials, real estate and offset by consumer staples, energy, health care.
We highlight weekly changes in A-H premium for Goldwind, GAC, Cosco Shipping Energy, Flat Glass, Shanghai Electric.


A-H Premium Weekly (Nov 29th): Goldwind, GAC, Cosco Shipping Energy, Flat Glass, Shanghai Electric

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Cssc Offshore & Marine Engg Group / Event-Driven

<ul>
<li>Huge volumes continue to be traded on the mainland share markets. SOUTHBOUND volumes dropped sharply but net buying continued strongly.</li>
<li>Stocks in HK and mainland markets fell heavily with HK's main indices down 6-7% and China's blue chip indices down 3.3-3.6% (CSI 500 - 4.8%).</li>
<li>Within H/A Pairs, after outperforming the HK/mainland spread for weeks, spreads got shellacked. Worst week in a long time (-3.7%), perhaps on the back of "disappointing" lack of stimulus measures.</li>
</ul>


Huge volumes continue to be traded on the mainland share markets. SOUTHBOUND volumes dropped sharply but net buying continued strongly.
Stocks in HK and mainland markets fell heavily with HK's main indices down 6-7% and China's blue chip indices down 3.3-3.6% (CSI 500 - 4.8%).
Within H/A Pairs, after outperforming the HK/mainland spread for weeks, spreads got shellacked. Worst week in a long time (-3.7%), perhaps on the back of "disappointing" lack of stimulus measures.


A/H Premium Tracker (To 22 Nov 2024): AH Premia Rise Sharply; Hs Shellacked Vs As In Most Sectors

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>Our list of HK-listed industrial companies indicated that the US generated an average of 22.9% of sales. With diversified production bases, higher tariffs may only affect ~10% of revenue.</li>
<li>
<a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a>, <a href="https://www.smartkarma.com/entities/chervon-holdings-limited" target="_blank" data-smartkarma-citation="entities:35309:1" rel="noopener">Chervon Holdings (2285 HK)</a>, and <a href="https://www.smartkarma.com/entities/aac-technologies-holdings-inc" target="_blank" data-smartkarma-citation="entities:6544:1" rel="noopener">AAC Technologies Holdings (2018 HK)</a> are more exposed given their significant US sales yet most production is still in China. </li>
<li>While the US generated over 50% of the revenue of <a href="https://www.smartkarma.com/entities/techtronic-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:4561:1" rel="noopener">Techtronic Industries (669 HK)</a> and <a href="https://www.smartkarma.com/entities/nexteer-automotive-group-ltd" target="_blank" data-smartkarma-citation="entities:15483:1" rel="noopener">Nexteer Automotive (1316 HK)</a>, they are less exposed given their worldwide manufacturing presence. </li>
</ul>


Our list of HK-listed industrial companies indicated that the US generated an average of 22.9% of sales. With diversified production bases, higher tariffs may only affect ~10% of revenue.

Vesync (2148 HK), Chervon Holdings (2285 HK), and AAC Technologies Holdings (2018 HK) are more exposed given their significant US sales yet most production is still in China. 
While the US generated over 50% of the revenue of Techtronic Industries (669 HK) and Nexteer Automotive (1316 HK), they are less exposed given their worldwide manufacturing presence. 


China & HK Strategy: Stocks Exposed to the US and Higher Tariffs

<ul>
<li>We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 98.6% as of Nov 1st.</li>
<li>The average A-H premium changed by 2.7ppt week-on-week, led by utilities, information technology, materials.</li>
<li>We highlight weekly changes in A-H premium for Chalco, ZOOMLION, FDZJ, FLAT GROUP, RemeGen, CanSinoBIO.</li>
</ul>


We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 98.6% as of Nov 1st.
The average A-H premium changed by 2.7ppt week-on-week, led by utilities, information technology, materials.
We highlight weekly changes in A-H premium for Chalco, ZOOMLION, FDZJ, FLAT GROUP, RemeGen, CanSinoBIO.


A-H Premium Weekly (Nov 1st):Chalco, ZOOMLION, FDZJ, FLAT GROUP, RemeGen, CanSinoBIO

China

Flat Glass Group Co., Ltd is a PV glass manufacturer. The Company also markets float glass, household glass and architectural glass.

Price Gauge
52-week Range	0.00 - 0.00
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Flat Glass (6865 HK)

Hong Kong Connect Flows (Dec 6th): Alibaba, CCB, Sunny Optical, Xpeng, CMB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, CCB, Sunny Optical, Xpeng, CMB.

Ke Yan, CFA, FRM

A-H Premium Weekly (Nov 29th): Goldwind, GAC, Cosco Shipping Energy, Flat Glass, Shanghai Electric

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Goldwind, GAC, Cosco Shipping Energy, Flat Glass, Shanghai...

Ke Yan, CFA, FRM

A/H Premium Tracker (To 22 Nov 2024): AH Premia Rise Sharply; Hs Shellacked Vs As In Most Sectors

AH premia fell on the week after a HUGE jump the previous week. Wide H discounts narrowed more than small H discounts. A "normal" week for beta vs...

Travis Lundy

China & HK Strategy: Stocks Exposed to the US and Higher Tariffs

US tariffs may only affect an average of ~10% revenue of HK-listed industrials on a net basis. Vesync, Chervon, and AAC Technologies look exposed...

Osbert Tang, CFA

A-H Premium Weekly (Nov 1st):Chalco, ZOOMLION, FDZJ, FLAT GROUP, RemeGen, CanSinoBIO

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Chalco, ZOOMLION, FDZJ, FLAT GROUP, RemeGen, CanSinoBIO.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Connect Flows (Dec 6th): Alibaba, CCB, Sunny Optical, Xpeng, CMB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, CCB, Sunny Optical, Xpeng, CMB.

Ke Yan, CFA, FRM

A-H Premium Weekly (Nov 29th): Goldwind, GAC, Cosco Shipping Energy, Flat Glass, Shanghai Electric

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Goldwind, GAC, Cosco Shipping Energy, Flat Glass, Shanghai...

Ke Yan, CFA, FRM

A/H Premium Tracker (To 22 Nov 2024): AH Premia Rise Sharply; Hs Shellacked Vs As In Most Sectors

AH premia fell on the week after a HUGE jump the previous week. Wide H discounts narrowed more than small H discounts. A "normal" week for beta vs...

Travis Lundy

China & HK Strategy: Stocks Exposed to the US and Higher Tariffs

​US tariffs may only affect an average of ~10% revenue of HK-listed industrials on a net basis. Vesync, Chervon, and AAC Technologies look exposed...

Osbert Tang, CFA

A-H Premium Weekly (Nov 1st):Chalco, ZOOMLION, FDZJ, FLAT GROUP, RemeGen, CanSinoBIO

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Chalco, ZOOMLION, FDZJ, FLAT GROUP, RemeGen, CanSinoBIO.

Ke Yan, CFA, FRM

US tariffs may only affect an average of ~10% revenue of HK-listed industrials on a net basis. Vesync, Chervon, and AAC Technologies look exposed...