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 May 10th.</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 BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou Technology.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 10th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou Technology.


Hong Kong Connect Flows (May 10th): BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou Technology

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-13022'>Anton Oilfield</a></li><li><a href='#lucror-entity-8954'>Greentown China</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Anton OilfieldGreentown China

Morning Views Asia: Anton Oilfield, Greentown China

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)

<ul><li>Vanke’s H/A shares shed 13%/5% yesterday as another wave of negative news flooded the market.</li><li>The company explained the financing challenge it currently faces during the analyst briefing and we believe the openness should help it gain more assistance.</li><li>Demand-side relaxation continued with BJ and SZ taking small moves while the practical impact might be limited. High-frequency data showed a strong WoW recovery in new home market at the month end while the YoY decline remained deep at -47%.</li></ul>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.

Vanke’s H/A shares shed 13%/5% yesterday as another wave of negative news flooded the market.The company explained the financing challenge it currently faces during the analyst briefing and we believe the openness should help it gain more assistance.Demand-side relaxation continued with BJ and SZ taking small moves while the practical impact might be limited. High-frequency data showed a strong WoW recovery in new home market at the month end while the YoY decline remained deep at -47%.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.

Property - Weekly highlight: Strong WoW recovery at Mar end, policy relaxation continued

<ul><li>Last Friday, developer names saw mixed performance. In contrast to speculating on defaulted names previously, it is worth noting that stocks with sound fundamentals experienced an uptick.</li><li>We interpret this as an indication that the market is gradually absorbing the information regarding the potential unforeseen impacts of the implementation of financing-side policies – the project whitelist.</li><li>We think the policy intention is to prevent adding new names to the defaulted list and avoid banks to withdraw project funding only based on risk at developers’ group level regardless of project quality, which caused more construction halting. </li></ul>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.

Last Friday, developer names saw mixed performance. In contrast to speculating on defaulted names previously, it is worth noting that stocks with sound fundamentals experienced an uptick.We interpret this as an indication that the market is gradually absorbing the information regarding the potential unforeseen impacts of the implementation of financing-side policies – the project whitelist.We think the policy intention is to prevent adding new names to the defaulted list and avoid banks to withdraw project funding only based on risk at developers’ group level regardless of project quality, which caused more construction halting. 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 Property – Which Projects in Whitelist Are More Likely to Obtain Incremental Loans?

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/lippo-malls-indonesia-retail-trust' target='_blank' rel='noopener'>Lippo Malls Indonesia Retail Trust</a></li><li><a href='/entities/vedanta-resources-ltd' target='_blank' rel='noopener'>Vedanta Resources</a></li><li><a href='/entities/renew-energy-global-plc' target='_blank' rel='noopener'>ReNew Energy Global </a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/geely-automobile-holdings-ltd' target='_blank' rel='noopener'>Geely Auto</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Lippo Malls Indonesia Retail TrustVedanta ResourcesReNew Energy Global China Jinmao HoldingsGeely Autoand more...

China

Greentown China Holdings Ltd. develops real estate.  The Company builds residential villas, low-rise apartment buildings, and high-rise apartment buildings for middle and high-income people.

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Greentown China (3900 HK)

Hong Kong Connect Flows (May 10th): BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou Technology

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou...

Ke Yan, CFA, FRM

Morning Views Asia: Anton Oilfield, Greentown China

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Property - Weekly highlight: Strong WoW recovery at Mar end, policy relaxation continued

Vanke’s H/A shares shed 13%/5% yesterday as another wave of negative news flooded the market. The company explained the financing challenge it...

CMB International

China Property – Which Projects in Whitelist Are More Likely to Obtain Incremental Loans?

Last Friday, developer names saw mixed performance. In contrast to speculating on defaulted names previously, it is worth noting that stocks with...

CMB International

Weekly Wrap - 19 Jan 2024

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

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