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 analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 111.8% as of Dec 30th.</li>
<li>The average A-H premium changed by -0.0ppt weeok on week, led by utilities, real estate, consumer discretionary and offset by communication services, consumer staples, energy.</li>
<li>We highlight weekly changes in A-H premium for Xinjiang Goldwind, Weichai Power, Baiyunshan, China Telecom, Sinopec Oilfield, Cosco Shipping.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 111.8% as of Dec 30th.
The average A-H premium changed by -0.0ppt weeok on week, led by utilities, real estate, consumer discretionary and offset by communication services, consumer staples, energy.
We highlight weekly changes in A-H premium for Xinjiang Goldwind, Weichai Power, Baiyunshan, China Telecom, Sinopec Oilfield, Cosco Shipping.


A-H Premium Weekly (Dec 30th): Xinjiang Goldwind, Weichai Power, Baiyunshan

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>Nearing the end of the review period for the December rebalance of the CSI500 Index, we forecast 50 changes (the maximum permitted) at the close on 9 December.</li>
<li>There is a big sector skew in the potential changes. We estimate a one-way turnover of 13.67% at the December rebalance leading to a one-way trade of CNY 7.53bn.</li>
<li>The potential adds have outperformed over the last 6 months but have given up some of the gains recently as market turned volatile. Expect outperformance as the review period ends.</li>
</ul>


Nearing the end of the review period for the December rebalance of the CSI500 Index, we forecast 50 changes (the maximum permitted) at the close on 9 December.
There is a big sector skew in the potential changes. We estimate a one-way turnover of 13.67% at the December rebalance leading to a one-way trade of CNY 7.53bn.
The potential adds have outperformed over the last 6 months but have given up some of the gains recently as market turned volatile. Expect outperformance as the review period ends.


CSI500 Index Rebalance Preview: Positioned for Outperformance

<ul>
<li>We analyse the changes of A/H premium on 135 stocks over the last week.</li>
<li>Industrial, Energy and Communication Services were the top three sectors contributing to the A/H premium declines. </li>
<li>Yet 4 names are at 52 week high of A/H premium: Air China Ltd, Guangshen Railway, Shenzhen HepaLink, Beijing North Star.</li>
</ul>


We analyse the changes of A/H premium on 135 stocks over the last week.
Industrial, Energy and Communication Services were the top three sectors contributing to the A/H premium declines. 
Yet 4 names are at 52 week high of A/H premium: Air China Ltd, Guangshen Railway, Shenzhen HepaLink, Beijing North Star.


A/H Premium Weekly: Biggest A/H Premium Declines in a Year

<ul>
<li>We analyse the changes of A/H premium on 135 stocks over the last week. </li>
<li>Top three sectors in terms of A/H premium increase were consumer stable, utilities and industrials.</li>
<li>Six industrial names appeared in the top 10 stocks with week-on-week A/H increases. </li>
</ul>


We analyse the changes of A/H premium on 135 stocks over the last week. 
Top three sectors in terms of A/H premium increase were consumer stable, utilities and industrials.
Six industrial names appeared in the top 10 stocks with week-on-week A/H increases. 


A/H Premium Weekly: Industrials Led Premium Increase

<ul>
<li>We analyse the changes of A/H premium on 134 stocks over the last week.</li>
<li>Consumer discretionary, consumer staple and health care sectors lower the overall A/H premium. </li>
<li>Real estate and industrials sectors are the only two sectors with WoW A/H premium increases.</li>
</ul>


We analyse the changes of A/H premium on 134 stocks over the last week.
Consumer discretionary, consumer staple and health care sectors lower the overall A/H premium. 
Real estate and industrials sectors are the only two sectors with WoW A/H premium increases.


A/H Premium Weekly: Consumer and Health Care Lowered A/H Premium

China

Guangshen Railway Company Limited provides railroad passenger, freight transportation, railway facilities, and technical services.  The Company also sells food, beverages and merchandise on aboard and in train stations.

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Guangshen Railway Co Ltd H (525 HK)

A-H Premium Weekly (Dec 30th): Xinjiang Goldwind, Weichai Power, Baiyunshan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Xinjiang Goldwind, Weichai Power, Baiyunshan, China Telecom,...

Ke Yan, CFA, FRM

CSI500 Index Rebalance Preview: Positioned for Outperformance

There could be 50 changes to the index in December. We estimate a one-way turnover of 13.67% at the December rebalance leading to a one-way trade...

Brian Freitas

A/H Premium Weekly: Biggest A/H Premium Declines in a Year

The market average A/H premium registered the biggest declines in the past one year. We highlight top sectors by the decline of A/H premium, as...

Ke Yan, CFA, FRM

A/H Premium Weekly: Industrials Led Premium Increase

Top three sectors in terms of A/H premium increase were consumer stable, utilities and industrials. Six industrial names appeared in the top 10 A/H...

Ke Yan, CFA, FRM

A/H Premium Weekly: Consumer and Health Care Lowered A/H Premium

We highlight that the consumer discretionary, consumer staple and health care sectors are the biggest driver for lower A/H premium WoW.

Ke Yan, CFA, FRM

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52-week Range

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