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 1Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the inflows in 1Q2025 were US$1,760 million and holdings were US$307 billion, compared to outflows of US$20 billion in 4Q. </li>
<li>We highlight flows for BYD, Naura Technology, Cmb, Yangtze Power, Weichai Power.</li>
</ul>


We analyze the 1Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the inflows in 1Q2025 were US$1,760 million and holdings were US$307 billion, compared to outflows of US$20 billion in 4Q. 
We highlight flows for BYD, Naura Technology, Cmb, Yangtze Power, Weichai Power.


Northbound Flows (1Q2025): BYD, Naura Technology, Cmb, Yangtze Power, Weichai Power

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>While <a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a>'s net profit grew 20.1% in FY24, there is a marked slowdown in 2H24 (+7.4%) vs. 1H24 (+37.5%), suggesting increased operating pressure. </li>
<li>North American sales slowed to 10.7% growth in 2H24, from 13% in 1H24. The deteriorating financial and operating performance affirmed that privatisation is an exit opportunity.</li>
<li>Its PER discount (on privatiation price) to peers has widened to 35-38%, compared with 25-30% in Dec. Its US exposure makes it unable to reap benefits from China market stimulus.</li>
</ul>


While Vesync (2148 HK)'s net profit grew 20.1% in FY24, there is a marked slowdown in 2H24 (+7.4%) vs. 1H24 (+37.5%), suggesting increased operating pressure. 
North American sales slowed to 10.7% growth in 2H24, from 13% in 1H24. The deteriorating financial and operating performance affirmed that privatisation is an exit opportunity.
Its PER discount (on privatiation price) to peers has widened to 35-38%, compared with 25-30% in Dec. Its US exposure makes it unable to reap benefits from China market stimulus.


Vesync (2148 HK): What Did the FY24 Results Tell?

<ul>
<li>We analyze the 4Q2023 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the outflows in 4Q2023 were US$20,921 million and holdings were US$302 billion.</li>
<li>We highlight flows for Moutai, Yangtze Power, Catl, Gree Electric Appliances, Sungrow Power Supply.</li>
</ul>


We analyze the 4Q2023 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the outflows in 4Q2023 were US$20,921 million and holdings were US$302 billion.
We highlight flows for Moutai, Yangtze Power, Catl, Gree Electric Appliances, Sungrow Power Supply.


Northbound Flows (4Q2023): $20bn Outflows in 4Q

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>GB200 NVL shipments expected to increase as KYEC boosts capital expenditure, impacting notebook shipments in November 2024.</li><li>Taiwan wafer foundry industry developments in 4Q 2024 to be discussed at TSMC investor meeting, focusing on company outlook and new US tariff policies.</li><li>South Korea's acceleration of Yongin semiconductor complex aims to establish global chip leadership, attracting key industry players amidst global semiconductor shifts and US-China chip sector investigation; Taiwan targets AI growth with SEMI's Indian Semiconductor Academy plan.</li></ul>

GB200 NVL shipments expected to increase as KYEC boosts capital expenditure, impacting notebook shipments in November 2024.Taiwan wafer foundry industry developments in 4Q 2024 to be discussed at TSMC investor meeting, focusing on company outlook and new US tariff policies.South Korea's acceleration of Yongin semiconductor complex aims to establish global chip leadership, attracting key industry players amidst global semiconductor shifts and US-China chip sector investigation; Taiwan targets AI growth with SEMI's Indian Semiconductor Academy plan.

Tech Supply Chain Tracker (31-Dec-2024): GB200 NVL shipments to rise with KYEC's capex boost.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a>'s major shareholders proposed to privatise at HK$5.60, a 33.3% premium to the pre-suspension price. This is the same as we calculated using the 3-year average P/B. </li>
<li>At such a price, it will sit at 7.6x PER for FY25F, a level that it only touched briefly 3 times in the last two years. </li>
<li>This PER is at a 25-30% discount to the sector and justified by its smaller size and lesser diversification. All in all, the proposed price looks fair and reasonable.</li>
</ul>



Vesync (2148 HK)'s major shareholders proposed to privatise at HK$5.60, a 33.3% premium to the pre-suspension price. This is the same as we calculated using the 3-year average P/B. 
At such a price, it will sit at 7.6x PER for FY25F, a level that it only touched briefly 3 times in the last two years. 
This PER is at a 25-30% discount to the sector and justified by its smaller size and lesser diversification. All in all, the proposed price looks fair and reasonable.


Vesync (2148 HK): Proposed Privatisation at HK$5.60 Fair and Reasonable

China

Gree Electric Appliances, Inc. of Zhuhai manufactures and sells a series of air conditioners.  The different series of air conditioners include window type, split type, floor type, mobile type, mobile split type and ceiling type.  The Company also produces air purifier.

Price Gauge
52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

Gree Electric Appliances (000651 CH)

Northbound Flows (1Q2025): BYD, Naura Technology, Cmb, Yangtze Power, Weichai Power

We analyzed Northbound connect data for 1Q2025 and highlight flows for BYD, Naura Technology, Cmb, Yangtze Power, Weichai Power.

Ke Yan, CFA, FRM

Vesync (2148 HK): What Did the FY24 Results Tell?

Vesync's profit growth slows in 2H24, indicating increased operating pressure and affirming privatisation as an exit opportunity. Its non-China...

Osbert Tang, CFA

Northbound Flows (4Q2023): $20bn Outflows in 4Q

We analyzed Northbound connect data for 4Q2023 and highlight flows for Moutai, Yangtze Power, Catl, Gree Electric Appliances, Sungrow Power Supply.

Ke Yan, CFA, FRM

Tech Supply Chain Tracker (31-Dec-2024): GB200 NVL shipments to rise with KYEC's capex boost.

November 2024 sees increasing GB200 NVL notebook shipments as Taiwan wafer foundry industry develops, TSMC investor meeting discusses new US tariff...

Tech Supply Chain Tracker

Vesync (2148 HK): Proposed Privatisation at HK$5.60 Fair and Reasonable

Vesync's major shareholders propose to privatise it at HK$5.60, a 33.3% premium. We consider this a fair and reasonable price based on PER, P/B,...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Northbound Flows (1Q2025): BYD, Naura Technology, Cmb, Yangtze Power, Weichai Power

We analyzed Northbound connect data for 1Q2025 and highlight flows for BYD, Naura Technology, Cmb, Yangtze Power, Weichai Power.

Ke Yan, CFA, FRM

Vesync (2148 HK): What Did the FY24 Results Tell?

​Vesync's profit growth slows in 2H24, indicating increased operating pressure and affirming privatisation as an exit opportunity. Its non-China...

Osbert Tang, CFA

Northbound Flows (4Q2023): $20bn Outflows in 4Q

We analyzed Northbound connect data for 4Q2023 and highlight flows for Moutai, Yangtze Power, Catl, Gree Electric Appliances, Sungrow Power Supply.

Ke Yan, CFA, FRM

Tech Supply Chain Tracker (31-Dec-2024): GB200 NVL shipments to rise with KYEC's capex boost.

November 2024 sees increasing GB200 NVL notebook shipments as Taiwan wafer foundry industry develops, TSMC investor meeting discusses new US tariff...

Tech Supply Chain Tracker

Vesync (2148 HK): Proposed Privatisation at HK$5.60 Fair and Reasonable

​Vesync's major shareholders propose to privatise it at HK$5.60, a 33.3% premium. We consider this a fair and reasonable price based on PER, P/B,...

Osbert Tang, CFA

Vesync's profit growth slows in 2H24, indicating increased operating pressure and affirming privatisation as an exit opportunity. Its non-China...

Vesync's major shareholders propose to privatise it at HK$5.60, a 33.3% premium. We consider this a fair and reasonable price based on PER, P/B,...