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 analyzed the latest HK SFC report for aggregate short position as of Dec 15th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Techtronic Ind, Link Reit, Jd, HSBC, Wuxi Bio, East Buy.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 15th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Techtronic Ind, Link Reit, Jd, HSBC, Wuxi Bio, East Buy.


HK Short Interest Weekly: Techtronic Ind, Link Reit, Jd, HSBC, Wuxi Bio, East Buy

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND flows showing reversion tendencies still. Hs up vs As only slightly. Liquid Hs were down vs As. </li>
<li>SOUTHBOUND saw HK$144bn of net INflows on the week to 22 Dec, which was HK$4bn of Tencent net sales and net buying of a bunch of ETFs.</li>
<li>Some banks and energy names were top net inflows as a percentage of ADV. This week was heavy for SOUTHBOUND, quiet for foreigners, next week may be quiet for both.</li>
</ul>


SOUTHBOUND flows showing reversion tendencies still. Hs up vs As only slightly. Liquid Hs were down vs As. 
SOUTHBOUND saw HK$144bn of net INflows on the week to 22 Dec, which was HK$4bn of Tencent net sales and net buying of a bunch of ETFs.
Some banks and energy names were top net inflows as a percentage of ADV. This week was heavy for SOUTHBOUND, quiet for foreigners, next week may be quiet for both.


HK Connect SOUTHBOUND Flows (To 22Dec23); CNOOC/Energy To The Buy Side; Tencent Heavily Sold, Again.

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 22nd based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Li Ning (2331 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Wuxi Biologics (2269 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 22nd based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Li Ning (2331 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Wuxi Biologics (2269 HK).


Hong Kong Buybacks Weekly (Dec 22nd): Tencent, Aia, Li Ning

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 15th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Wuxi Biologics (2269 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), China Petroleum &amp; Chemical (386 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 15th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Wuxi Biologics (2269 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), China Petroleum &amp; Chemical (386 HK).


Hong Kong Buybacks Weekly (Dec 15th): Tencent, AIA, Wuxi Biologics

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>Li Auto’s deliveries and revenues surged by three digits since 3Q23.</li>
<li>The company is building new factories in Changzhou and Beijing. </li>
<li>However, we believe the stock is overvalued apart from comparing with Tesla.</li>
</ul>


Li Auto’s deliveries and revenues surged by three digits since 3Q23.
The company is building new factories in Changzhou and Beijing. 
However, we believe the stock is overvalued apart from comparing with Tesla.


Li Auto (LI US, 2015 HK): Deliveries Surged, But Overvalued Apart from Comparing with Tesla

China

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

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

Great Wall Motor (2333 HK)

HK Short Interest Weekly: Techtronic Ind, Link Reit, Jd, HSBC, Wuxi Bio, East Buy

We analyzed the latest HK SFC report for aggregate short position as of Dec 15th and highlight short interest changes in Techtronic Ind, Link Reit,...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 22Dec23); CNOOC/Energy To The Buy Side; Tencent Heavily Sold, Again.

In HK Connect, SOUTHBOUND flows this week were slightly positive but the big story was a big sell of Tencent and buying of ETFs. On average, liquid...

Travis Lundy

Hong Kong Buybacks Weekly (Dec 22nd): Tencent, Aia, Li Ning

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Dec 15th): Tencent, AIA, Wuxi Biologics

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Li Auto (LI US, 2015 HK): Deliveries Surged, But Overvalued Apart from Comparing with Tesla

Li Auto’s deliveries surged significantly since March 2023. Total revenue grew by 220% YoY in 2Q23 and 270% YoY in 3Q23. But we believe the stock...

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)