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 monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Industrials, Consumer Discretionary, Information Technology led the inflows while Consumer Staples, Financials led the outflows.</li>
<li>We highlight flows for Midea, Foxconn, CATL, Wuxi Apptec, Sany Heavy, China Tourism, Longi Green, Ping An, Zijin Mining, Haitian Flavoring.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Industrials, Consumer Discretionary, Information Technology led the inflows while Consumer Staples, Financials led the outflows.
We highlight flows for Midea, Foxconn, CATL, Wuxi Apptec, Sany Heavy, China Tourism, Longi Green, Ping An, Zijin Mining, Haitian Flavoring.


Northbound Flows Monthly (June): Midea, Foxconn, CATL, Wuxi Apptec, Sany Heavy

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 30th.</li>
<li>We estimate the weekly outflows to be US$1,252.3 million, led by consumer staples, financials, and offset by materials, consumer discretionary, industrials.</li>
<li>We highlight flows for Midea, Kunlun Tech, Tcl Technology Group, Moutai, Wuliangye, China Tourism, CATL, Longi Green.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 30th.
We estimate the weekly outflows to be US$1,252.3 million, led by consumer staples, financials, and offset by materials, consumer discretionary, industrials.
We highlight flows for Midea, Kunlun Tech, Tcl Technology Group, Moutai, Wuliangye, China Tourism, CATL, Longi Green.


Northbound Flows (Jun 30th): Moutai, Wuliangye, China Tourism, CATL, Longi Green

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 16th.</li>
<li>We estimate the weekly inflows to be US$2,312.7 million, led by industrials, information technology, consumer discretionary sectors, and offset by financials, materials.</li>
<li>We highlight flows for CATL, Wuliangye, Moutai, Foxconn Industrial Internet, Midea, BYD, Sany Heavy, Luxshare Precision, Wuxi Apptec, Gree Electric Appliances, Longi Green, Ping An Insurance, Dahua.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 16th.
We estimate the weekly inflows to be US$2,312.7 million, led by industrials, information technology, consumer discretionary sectors, and offset by financials, materials.
We highlight flows for CATL, Wuliangye, Moutai, Foxconn Industrial Internet, Midea, BYD, Sany Heavy, Luxshare Precision, Wuxi Apptec, Gree Electric Appliances, Longi Green, Ping An Insurance, Dahua.


Northbound Flows (Jun 16th): CATL, Wuliangye, Moutai, Foxconn Industrial Internet, Midea, Gree

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 2nd.</li>
<li>We estimate the weekly inflows to be US$899.7 million, led by information technology, materials, health care sectors, and offset by financials, consumer staples.</li>
<li>We highlight flows for Nantong Fujitsu Microelectronics, Xinjiang Daqo New Energy, Zhejiang Dahua Technology, Moutai, Wuliangye, China Tourism, Ping An Insurance, Sany Heavy Industry, Foxconn Industrial Internet, Haitian Flavouring.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 2nd.
We estimate the weekly inflows to be US$899.7 million, led by information technology, materials, health care sectors, and offset by financials, consumer staples.
We highlight flows for Nantong Fujitsu Microelectronics, Xinjiang Daqo New Energy, Zhejiang Dahua Technology, Moutai, Wuliangye, China Tourism, Ping An Insurance, Sany Heavy Industry, Foxconn Industrial Internet, Haitian Flavouring.


Northbound Flows (Jun 2nd): Moutai, Wuliangye, China Tourism, Ping An Insurance, Sany Heavy

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 25th.</li>
<li>We estimate the weekly outflows to be US$2,561.1 million, led by materials, financials, and offset by communication services, utilities, energy.</li>
<li>We highlight flows for CATL, Luxshare Precision Industry, Longi Green, China Merchants Bank, Wuliangye Yibin, Ping An Insurance, Ping An Bank, East Money Information.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 25th.
We estimate the weekly outflows to be US$2,561.1 million, led by materials, financials, and offset by communication services, utilities, energy.
We highlight flows for CATL, Luxshare Precision Industry, Longi Green, China Merchants Bank, Wuliangye Yibin, Ping An Insurance, Ping An Bank, East Money Information.


Northbound Flows (May 25th): CATL, Luxshare Precision, Longi Green, CMB, Wuliangye, East Money

Taiwan

Hon Hai Precision Industry Co., Ltd. provides electronic manufacturing services for computers, communications, and consumer electronic products.  The Company's business operations include desktop and notebook PC assembly, connector production, cable assembly, PCB assembly, handset manufacturing, networking equipment, and other consumer electronic devices manufacturing.

Delta Electronics Inc. manufactures power supplies and video display products. The Company's products include switching power supplies, telecom power systems, uninterrupted power supply (UPS), variable speed alternating current (AC) monitor drives, high resolution color monitors, and projectors.  Delta also manufactures magnetic and networking components.

Largan Precision Company Limited manufactures and markets optical lens modules and optoelectronic components. The Company offers lenses for liquid crystal display (LCD) projectors, scanners, optical mice, digital still cameras (DSCs), digital versatile discs (DVDs), light emitting diodes (LEDs), and photography mobile phones.

Yageo Corporation manufactures resistors and related equipment.  The Company also produces thick-film resistors which are used in downstream electronics products, and high power thin-film resistors and chip resistors which are used in aerospace, automobile, and precision electronics industries.  Through its subsidiaries, Yageo also operates a consumer goods importing business.

E Ink Holdings Inc. develops, manufactures, and markets thin film transistor liquid crystal displays (TFT-LCDs).  The Company's products are mainly used in mobile video systems, car navigation systems, camcorders, digitalcameras, industrial instruments, etc.

Unimicron Technology Corp. manufactures and markets double-sided and multi-layer printed circuit boards.  The Company also provides integrated circuits (IC) burning and testing services.

Jentech Precision Industrial Company Ltd. provides tooling, precision metal stamping, custom insert molding, injection molding, and assembly solutions for medical, consumer electronics, semiconductor, automotive, appliance, and micro electronic markets to a wide variety of industries.

Nan Ya Printed Circuit Board Corporation manufactures and markets printed circuit boards (PCBs) and integrated circuit (IC) substrates.

Innolux Corporation manufactures TFT-LCD, LCD models and LCD monitors. The company also provides research, development, manufacturing and retails business.

LOTES Co., Ltd specialize in design and manufacture of connectors, CPU Socket, Coolers and Antenna for Notebook Computer, Personal Computer, Mobile electronic device and Ditial Video.

Samsung SDI Co., Ltd. specializes in developing Lithium Ion Battery (LIB) technology.  The Company also manufactures cathode ray tubes (CRTs) for televisions and computer monitors.  Samsung SDI also produces liquid crystal display (LCD) components and rechargeable batteries for cellular phones , personal digital assistants (PDAs), Energy Storage Systems and solar panels.

Kyocera Corporation manufacturers electronic equipment and components. The Company's products include telecommunication equipment, information equipment, optical equipment, ceramic products, semiconductor parts, chips, hybrid integrated circuits, thermal printheads, image sensors, liquid crystal displays, and connectors. Kyocera operates worldwide.

Keysight Technologies, Inc. offers electronic measurement services using wireless, modular, and software solutions.

CDW Corporation of Delaware provides information technology products and services. The Company offers hardware, software, computer peripherals, cloud computing, mobile devices, network communication, and security solutions. CDW serves business, government, education, and healthcare customers throughout North America.

NAURA Technology Group Co., Ltd. is an integrated high-tech company, which manufactures electronics equipments and components, including IC equipments, hybrid integrated circuits and combines with R&D, sales, and services.

KEYENCE CORPORATION develops, manufactures, and sells sensors and measuring instruments used for factory automation (FA) and high technology hobby products. The Company's products include fiber optic sensors, photoelectric sensors, programmable logic controllers (PLC), laser scan micrometers, bar code readers, and radio-controlled model cars.

Hangzhou Hikvision Digital Technology Co., Ltd develops, manufactures and sells video surveillance products.  The Company manufactures video and audio compression card, network hard disk video recorders, video servers, cameras, network storage, and other digital products.

Hitachi, Ltd. manufactures communications and electronic equipment, heavy electrical and industrial machinery, and consumer electronics.  The Company's diverse product line ranges from nuclear power systems to kitchen appliances. Hitachi also operates subsidiaries in the wire and cable, metal, and chemical industries.

Zebra Technologies Corporation designs and manufactures enterprise mobile computers, advanced data capture devices, such as laser, 2D and RFID scanners and readers, and specialty printers for barcode labeling and personal identification. The Company also produces WLAN products, real-time location systems, related supplies and application software.

Trimble Navigation Ltd is a leading provider of advanced location-based solutions that maximize productivity and enhance profitability. The Company integrates its positioning expertise in GPS, laser, optical and inertial technologies with application software, wireless communications, and services to provide complete commercial solutions.

Foxconn Industrial Internet Co., Ltd. operates as a communication network equipment development company. The Company develops and sells network switches, routers, wireless devices, web servers, set top boxes, smart home gateways, and other products. Foxconn Industrial Internet also manufactures storage equipment.

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Foxconn Industrial Internet (601138 CH)

Northbound Flows Monthly (June): Midea, Foxconn, CATL, Wuxi Apptec, Sany Heavy

We analyzed the Shanghai/Shenzhen Connect Scheme for June and highlight flows for Midea, Foxconn, CATL, Wuxi Apptec, Sany Heavy, China Tourism,...

Ke Yan, CFA, FRM

Northbound Flows (Jun 30th): Moutai, Wuliangye, China Tourism, CATL, Longi Green

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Midea, Kunlun Tech, Tcl Technology Group, Moutai,...

Ke Yan, CFA, FRM

Northbound Flows (Jun 16th): CATL, Wuliangye, Moutai, Foxconn Industrial Internet, Midea, Gree

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, Wuliangye, Moutai, Foxconn Industrial...

Ke Yan, CFA, FRM

Northbound Flows (Jun 2nd): Moutai, Wuliangye, China Tourism, Ping An Insurance, Sany Heavy

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Moutai, Wuliangye, China Tourism, Ping An...

Ke Yan, CFA, FRM

Northbound Flows (May 25th): CATL, Luxshare Precision, Longi Green, CMB, Wuliangye, East Money

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, Luxshare Precision, Longi Green, China...

Ke Yan, CFA, FRM

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