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 146 stocks over the last week. The average A-H premium was 103.8% as of Jun 7th.</li>
<li>The average A-H premium changed by -4.8ppt week-on-week, led by consumer staples, information technology, utilities and offset by consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for PetroChina, Huadian, Hua Hong Semi, Junshi, GWM.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 103.8% as of Jun 7th.
The average A-H premium changed by -4.8ppt week-on-week, led by consumer staples, information technology, utilities and offset by consumer discretionary.
We highlight weekly changes in A-H premium for PetroChina, Huadian, Hua Hong Semi, Junshi, GWM.


A-H Premium Weekly (Jun 7th): PetroChina, Huadian, Hua Hong Semi, Junshi, GWM

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>Stellantis invested in Leapmotor and their joint venture will sell electric cars in Europe.</li>
<li>Two vehicle producers, GAC and Li Auto, are dismissing employees.</li>
<li>Tencent Music’s music revenue grew by 43% YoY in 1Q24.</li>
</ul>


Stellantis invested in Leapmotor and their joint venture will sell electric cars in Europe.
Two vehicle producers, GAC and Li Auto, are dismissing employees.
Tencent Music’s music revenue grew by 43% YoY in 1Q24.


China Consumption (20 May 2024): Leapmotor, Stellantis, GAC, Honda, Li Auto, ZTO, Tencent Music

<ul>
<li>The new energy vehicle producers’ ranks changed a lot in April.</li>
<li>GAC began to sell batteries to outside new energy vehicle producers.</li>
<li>Kuaishou’s GMV (Gross Merchandise Value) increased by 420% YoY during the Labor Day.</li>
</ul>


The new energy vehicle producers’ ranks changed a lot in April.
GAC began to sell batteries to outside new energy vehicle producers.
Kuaishou’s GMV (Gross Merchandise Value) increased by 420% YoY during the Labor Day.


China Consumption Weekly (13 May 2024): Guangzhou Auto, NIO, CALT, Kuaishou, Trip.com, Seres

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 132.9% as of Apr 5th.</li>
<li>The average A-H premium changed by 5.3ppt week-on-week, led by consumer staples, health care, real estate.</li>
<li>We analyzed A-H premium changes in the past week and highlight A-H premium changes for Baiyunshan, Jiangxi Copper, ZTE, Fosun Pharma, Air China, Joinn Lab.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 132.9% as of Apr 5th.
The average A-H premium changed by 5.3ppt week-on-week, led by consumer staples, health care, real estate.
We analyzed A-H premium changes in the past week and highlight A-H premium changes for Baiyunshan, Jiangxi Copper, ZTE, Fosun Pharma, Air China, Joinn Lab.


A-H Premium Weekly (Apr 5th): 21 Stocks at 1Y High

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Zhuzhou CRRC Times Electric Co., Ltd. / Event-Driven

<ul>
<li>The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>SOUTHBOUND's consecutive buying streak ended on Monday, and a new buying streak started Tuesday. NORTHBOUND net bought the dip. Last week's (double long) choice Longyuan Power was up 5.24%.</li>
<li>Narrow AH premia narrowed some. Wider AH premia saw Hs outperform. There is a LOT of spread left in this market.  7 recommendations this week.</li>
</ul>


The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
SOUTHBOUND's consecutive buying streak ended on Monday, and a new buying streak started Tuesday. NORTHBOUND net bought the dip. Last week's (double long) choice Longyuan Power was up 5.24%.
Narrow AH premia narrowed some. Wider AH premia saw Hs outperform. There is a LOT of spread left in this market.  7 recommendations this week.


A/H Premium Tracker (To 28 Mar 2024):  Liquid AH Premia Still Very Wide

China

Guangzhou Automobile Group Company, Ltd. manufactures, sells, and services automobiles. The Company is also involved in automobile parts and components, and auto finance and related services for both overseas and domestic markets.

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Guangzhou Automobile Group (2238 HK)

A-H Premium Weekly (Jun 7th): PetroChina, Huadian, Hua Hong Semi, Junshi, GWM

We highlight weekly changes in A-H premium for PetroChina, Huadian Power, Hua Hong Semi, Shanghai Junshi, Great Wall Motor.

Ke Yan, CFA, FRM

China Consumption (20 May 2024): Leapmotor, Stellantis, GAC, Honda, Li Auto, ZTO, Tencent Music

Stellantis and Leapmotor's joint venture will sell electric cars in Europe. GAC and Li Auto, are dismissing employees. Tencent Music’s music...

Ming Lu

China Consumption Weekly (13 May 2024): Guangzhou Auto, NIO, CALT, Kuaishou, Trip.com, Seres

The NEV producers’ ranks changed a lot in April. GAC began to sell batteries to outside new energy vehicle producers. Kuaishou’s GMV increased by...

Ming Lu

A-H Premium Weekly (Apr 5th): 21 Stocks at 1Y High

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Baiyunshan, Jiangxi Copper, ZTE, Fosun Pharma, Air China,...

Ke Yan, CFA, FRM

A/H Premium Tracker (To 28 Mar 2024): Liquid AH Premia Still Very Wide

The Quiddity AH Monitor Portfolio was -0.26% last week. It is tilted long H vs A than it has ever been as far as I know. Spreads are still very...

Travis Lundy

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