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 6th.</li>
<li>We estimate the weekly outflows to be US$412.5 million, led by information technology, materials, and offset by financials, consumer staples, industrials.</li>
<li>We highlight flows for East Money Information, Muyuan Foods, China Tourism Group Duty Free, Ping An Insurance, Hundsun Technologies, China Merchants Bank, Foxconn Industrial Internet.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of April 6th.
We estimate the weekly outflows to be US$412.5 million, led by information technology, materials, and offset by financials, consumer staples, industrials.
We highlight flows for East Money Information, Muyuan Foods, China Tourism Group Duty Free, Ping An Insurance, Hundsun Technologies, China Merchants Bank, Foxconn Industrial Internet.


Northbound Flows (Apr 6th): East Money, Muyuan Foods, CTG, Ping An Insurance, Hundsun, CMB, Foxconn

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 24th.</li>
<li>We estimate the weekly inflows to be US$1,685.1 million, led by industrials, information technology, health care sectors, and offset by energy, financials.</li>
<li>We highlight flows for Boe Technology, Contemporary Amperex Technology, Kweichow Moutai, Shenzhen Inovance Technology, Luxshare Precision Industry, Hithink Royalflush Information Network, China Shenhua Energy, Foxconn Industrial Internet, Ping An Insurance.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 24th.
We estimate the weekly inflows to be US$1,685.1 million, led by industrials, information technology, health care sectors, and offset by energy, financials.
We highlight flows for Boe Technology, Contemporary Amperex Technology, Kweichow Moutai, Shenzhen Inovance Technology, Luxshare Precision Industry, Hithink Royalflush Information Network, China Shenhua Energy, Foxconn Industrial Internet, Ping An Insurance.


Northbound Flows (Mar 24th): Boe, CATL, Moutai, Shenzhen Inovance, Luxshare

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of October 14th.</li>
<li>We estimate the weekly outflows to be US$886.9 million, led by consumer staples, financials, and offset by communication services, industrials, health care.</li>
<li>We highlight flows for CATL, Gigadevice, Moutai, Wuliangye, Tongwei, CMB, Advanced Micro-Fabrication Equipment (AMEC).</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of October 14th.
We estimate the weekly outflows to be US$886.9 million, led by consumer staples, financials, and offset by communication services, industrials, health care.
We highlight flows for CATL, Gigadevice, Moutai, Wuliangye, Tongwei, CMB, Advanced Micro-Fabrication Equipment (AMEC).


Northbound Flows (Oct 14th): Moutai, Wuliangye, Tongwei, CMB, AMEC

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>We expect global CIS sales to decline 5.1% YoY in 2022, mainly dragged by the weak performance in mobile CIS market.</li><li>We expect CIS market to recover in 2H23, as mobile CIS inventory level returns to a normal level.</li><li>However, challenges remain given high uncertainties in economy and geopolitical issues.</li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We expect global CIS sales to decline 5.1% YoY in 2022, mainly dragged by the weak performance in mobile CIS market.We expect CIS market to recover in 2H23, as mobile CIS inventory level returns to a normal level.However, challenges remain given high uncertainties in economy and geopolitical issues.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China CIS Sector – Maintain long-term positive outlook; near-term challenges persist

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>A record 80.7% of China managers have exposure to the Semiconductor sector at an average weight of 3.68%, or +2.58% overweight the MSCI China benchmark.</li>
<li>Over the last 6-months, Semiconductor allocations have remained largely unchanged, whilst rebalancing occurs among other key industry groups.</li>
<li>With record overweights and stalling ownership growth, active China managers should consider whether overweight is the right stance, at this juncture.</li>
</ul>


A record 80.7% of China managers have exposure to the Semiconductor sector at an average weight of 3.68%, or +2.58% overweight the MSCI China benchmark.
Over the last 6-months, Semiconductor allocations have remained largely unchanged, whilst rebalancing occurs among other key industry groups.
With record overweights and stalling ownership growth, active China managers should consider whether overweight is the right stance, at this juncture.


MSCI China Funds: Semiconductor Growth Stalls

China

GigaDevice Semiconductor Inc. manufactures and distributes non volatile memory devices. The Company produces and sells memory cards, controllers, flash chips, integrated circuits, and other products. GigaDevice Semiconductor also operates goods and technology import and export, import and export agency, and other businesses.

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GigaDevice Semiconductor (603986 CH)

Northbound Flows (Apr 6th): East Money, Muyuan Foods, CTG, Ping An Insurance, Hundsun, CMB, Foxconn

We analyzed the Shanghai/Shenzhen Connect Scheme for last week and highlight flows for East Money, Muyuan Foods, CTG, Ping An Insurance, Hundsun,...

Ke Yan, CFA, FRM

Northbound Flows (Mar 24th): Boe, CATL, Moutai, Shenzhen Inovance, Luxshare

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Boe, CATL, Moutai, Shenzhen Inovance, Luxshare.

Ke Yan, CFA, FRM

Northbound Flows (Oct 14th): Moutai, Wuliangye, Tongwei, CMB, AMEC

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

Ke Yan, CFA, FRM

China CIS Sector – Maintain long-term positive outlook; near-term challenges persist

We expect CIS market to recover in 2H23, as mobile CIS inventory level returns to a normal level.However, challenges remain given high...

CMB International

MSCI China Funds: Semiconductor Growth Stalls

With near record overweights and stalling ownership growth, active China managers should consider whether overweight Semiconductors is the right...

Steven Holden

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52-week Range

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