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 122.6% as of Feb 23rd.</li>
<li>The average A-H premium changed by -2.1ppt week-on-week, led by utilities, materials, health care and offset by consumer staples, consumer discretionary, information technology.</li>
<li>We highlight weekly changes in A-H premium for SMIC, Flat Glass Group, GWM, China Longyuan, Wuxi Apptec, Shandong Gold.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 122.6% as of Feb 23rd.
The average A-H premium changed by -2.1ppt week-on-week, led by utilities, materials, health care and offset by consumer staples, consumer discretionary, information technology.
We highlight weekly changes in A-H premium for SMIC, Flat Glass Group, GWM, China Longyuan, Wuxi Apptec, Shandong Gold.


A-H Premium Weekly (Feb 23rd): SMIC, Flat Glass Group, GWM, China Longyuan, Wuxi Apptec

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

China International Capital Corporation / 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 and NORTHBOUND flows net positive. AH premia on average fell so Hs OUTperformed As by 2.1%. Liquid Hs saw their H outperform the A by 3.1% on average.</li>
<li>Last week was the sharpest one-week fall in AH premium in a very long time.  SOUTHBOUND Flows Monitor <a href="https://www.smartkarma.com/insights/hk-connect-southbound-flows-to-23-feb-2024-selling-of-consumer-stocks-but-big-buys-of-soes" target="_blank" rel="noopener">here</a>. NORTHBOUND Flows Monitor <a href="https://www.smartkarma.com/insights/mainland-connect-northbound-flows-to-23-feb-2024-foreigners-buy-natl-team-buys-retail-sells" target="_blank" rel="noopener">here</a>.</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 and NORTHBOUND flows net positive. AH premia on average fell so Hs OUTperformed As by 2.1%. Liquid Hs saw their H outperform the A by 3.1% on average.
Last week was the sharpest one-week fall in AH premium in a very long time.  SOUTHBOUND Flows Monitor here. NORTHBOUND Flows Monitor here.


A/H Premium Tracker (To 23 Feb 2024):  Liquid AH Premia See Sharpest Fall in a LOONG (He-He) Time

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 129.8% as of Feb 9th.</li>
<li>The average A-H premium changed by 6.2ppt week-on-week, led by health care, materials, real estate and offset by consumer discretionary, communication services.</li>
<li>We highlight weekly changes in A-H premium for Zijin Mining, Conch Cement, China Vanke, Air China, Shandong Gold, RemeGen, CICC, Shanghai Junshi.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 129.8% as of Feb 9th.
The average A-H premium changed by 6.2ppt week-on-week, led by health care, materials, real estate and offset by consumer discretionary, communication services.
We highlight weekly changes in A-H premium for Zijin Mining, Conch Cement, China Vanke, Air China, Shandong Gold, RemeGen, CICC, Shanghai Junshi.


A-H Premium Weekly (Feb 9th): Zijin Mining, Conch Cement, China Vanke, Air China, Shandong Gold

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 124.1% as of Feb 2nd.</li>
<li>The average A-H premium changed by -5.6ppt week-on-week, led by consumer staples, information technology, industrials and offset by utilities.</li>
<li>We highlight weekly changes in A-H premium for Haier Smart, Wuxi Apptec, BOC, CGN Power, SMIC, Huaneng Power, China Longyuan.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 124.1% as of Feb 2nd.
The average A-H premium changed by -5.6ppt week-on-week, led by consumer staples, information technology, industrials and offset by utilities.
We highlight weekly changes in A-H premium for Haier Smart, Wuxi Apptec, BOC, CGN Power, SMIC, Huaneng Power, China Longyuan.


A-H Premium Weekly (Feb 2nd): Haier Smart, Wuxi Apptec, BOC, CGN Power, SMIC, Huaneng Power

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

Utkarsh Small Finance Bank / Equity Bottom-Up

<ul>
<li>With the "Postcard" series, our objective is to bring to our readers on-ground insights based on interactions across key channels located in tier 2 and tier 3 locations.</li>
<li>For this Postcard, we travel to the east to the city of Ranchi, located in the heart of Jharkhand. </li>
<li>Stocks in focus include <a href="https://www.smartkarma.com/entities/utkarsh-small-finance-bank-ltd" target="_blank" data-smartkarma-citation="entities:39909:1" rel="noopener">Utkarsh Small Finance Bank (1639303D IN)</a>, <a href="https://www.smartkarma.com/entities/aditya-vision-ltd" target="_blank" data-smartkarma-citation="entities:40299:1" rel="noopener">Aditya Vision (AVL IN)</a>, <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a>, <a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">Vedant Fashions (MANYAVAR IN)</a>. </li>
</ul>


With the "Postcard" series, our objective is to bring to our readers on-ground insights based on interactions across key channels located in tier 2 and tier 3 locations.
For this Postcard, we travel to the east to the city of Ranchi, located in the heart of Jharkhand. 
Stocks in focus include Utkarsh Small Finance Bank (1639303D IN), Aditya Vision (AVL IN), Mahindra &amp; Mahindra (MM IN), Vedant Fashions (MANYAVAR IN). 


Postcard from Ranchi | The Wild Wild East

China

Haier Smart Home Co. Ltd. manufactures and distributes appliances. The Company produces air conditioners, refrigerators, freezers, small household electrical appliances, and other related products. Haier Smart Home markets its products domestically and internationally.

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.

TCL Corporation manufactures electronic products, telecommunication products, home appliances, and electrical products.  The Company's products include televisions, mobile phones, personal computers, air-conditioners, washing machines, refrigerators, and other related products.

Hang Zhou Great Star Industrial Company Ltd. develops, manufactures and sells hand tools hardware products. The Company's products are hand tools and electric hand-held tools.

Hangzhou Great Star Industrial Co., (002444 CH)

Zhejiang Supor Co., Ltd. manufactures and markets cookware and home appliance products. The Company produces non-stick pans, pressure cookers, stainless steel cookware, rice cookers, air purifiers, thermos cups, and more. Zhejiang Supor markets its to Japan, Europe, and South East Asia.

Hisense Visual Technology Co., Ltd. manufactures and markets electronic products and household electrical appliances.  The Company's products include television sets, refrigerators, freezers, communication products.

Hisense Visual Technology Co., Ltd. A (600060 CH)

Oppein Home Group Inc. manufactures household furniture products. The Company designs, produces, and sells kitchen cabinets, wardrobes, wooden doors, bathroom products, and other home decoration products. Oppein Home Group markets its products worldwide.

Hisense Home Appliances Group Co., Ltd. manufactures and sells household appliances. The Company produces refrigerators, air conditioners, freezers, and other equipment. Hisense Home Appliances Group markets its products worldwide.

Hisense Home Appliances Group (000921 CH)

Hangzhou Robam Appliances Company Limited develops, manufactures and sells household electrical kitchen appliances. The Company's major products include range hoods, gas stoves, disinfection cabinets, electric pressure cookers, induction cookers, electric kettles and food processing machines.

Shenzhen MTC Co., Ltd. develops, designs, manufactures and sells consumer electronics.  The Company's products include LCD television, digital set-top box, disc player, and multimedia audio system.

Panasonic Corporation manufactures electric and electronic products. The Company produces home appliances, car navigation systems, digital devices, computer peripherals, telecommunications, industrial equipment, and electronic parts. Panasonic has associated companies around the world.

Sekisui House, Ltd. builds and sells steel-frame and wooden housings. The Company constructs single-family houses, condominiums, and apartment buildings.  Sekisui House also operates real estate brokerage and leasing businesses.  Additionally, the Company sells construction materials.

Techtronic Industries Company Limited designs, manufactures, and markets power tools, outdoor power equipment, accessories, hand tools, layout and measuring tools, and floorcare and appliances. The Company's products are used by consumers, professional, and industrial users in the home improvement, repair, and construction industries.

Toll Brothers, Inc. builds luxury homes, serving both move-up and empty nester buyers in several regions of the United States.  The Company builds customized single and attached homes, primarily on land that it develops and improves. Toll Brothers also operates its own architectural, engineering, mortgage, title, security, landscape, insurance brokerage, and manufacturing operations.

Tempur Sealy International Inc., through its primary subsidiary manufactures and markets foam mattresses, pillows, and miscellaneous products under its own and other brand names.

LG Electronics Inc. manufactures and markets digital display equipment and home appliances. The Company produces and markets flat panel televisions, A/V products, washing machines, air conditioners and refrigerators as well as telecommunications equipment such as smart phones and tablets.

TopBuild Corp. provides insulation installation services. The Company offers residential insulation products and related accessories. TopBuild serves customers in the United States.

D.R. Horton, Inc. constructs and sells single-family homes designed primarily for the entry-level and move-up markets.  The Company operates in the Midwest, Mid-Atlantic, Southeast, Southwest, and Western regions of the United States. D.R. Horton also, through its financial services operations, provide mortgage financing and title agency services to homebuyers.

NVR, Inc. builds and markets homes and conducts mortgage banking activities. The Company builds single-family detached homes, townhomes, and condominium buildings under the Ryan Homes, NVHomes, and other tradenames.  NVR provides a number of mortgage related services to its homebuilding customers and to other customers through its mortgage banking operations.

PulteGroup Inc. sells and constructs homes, and purchases, develops, and sells residential land and develops active adult communities.  The Company also provides mortgage financing, title insurance, and other services to home buyers. Pulte has operations in various markets across the United States and Puerto Rico.

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

Haier Smart Home (6690 HK)

A-H Premium Weekly (Feb 23rd): SMIC, Flat Glass Group, GWM, China Longyuan, Wuxi Apptec

We analyzed A-H premium changes in the past week and highlight A-H premium changes for SMIC, Flat Glass Group, GWM, China Longyuan, Wuxi Apptec,...

Ke Yan, CFA, FRM

A/H Premium Tracker (To 23 Feb 2024): Liquid AH Premia See Sharpest Fall in a LOONG (He-He) Time

Quiddity AH Monitor. The Quiddity Portfolio +1.49% despite being only 55% net long (52 long H short A, 15 short H long A); Big week in many pairs....

Travis Lundy

A-H Premium Weekly (Feb 9th): Zijin Mining, Conch Cement, China Vanke, Air China, Shandong Gold

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Zijin Mining, Conch Cement, China Vanke, Air China, Shandong...

Ke Yan, CFA, FRM

A-H Premium Weekly (Feb 2nd): Haier Smart, Wuxi Apptec, BOC, CGN Power, SMIC, Huaneng Power

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Haier Smart, Wuxi Apptec, BOC, CGN Power, SMIC, Huaneng...

Ke Yan, CFA, FRM

Postcard from Ranchi | The Wild Wild East

This Insight provides on-ground insights from Ranchi, Jharkhand, focusing on stocks like Utkarsh Small Finance Bank, Aditya Vision, Mahindra &...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Feb 23rd): SMIC, Flat Glass Group, GWM, China Longyuan, Wuxi Apptec

We analyzed A-H premium changes in the past week and highlight A-H premium changes for SMIC, Flat Glass Group, GWM, China Longyuan, Wuxi Apptec,...

Ke Yan, CFA, FRM

A/H Premium Tracker (To 23 Feb 2024): Liquid AH Premia See Sharpest Fall in a LOONG (He-He) Time

Quiddity AH Monitor. The Quiddity Portfolio +1.49% despite being only 55% net long (52 long H short A, 15 short H long A); Big week in many pairs....

Travis Lundy

A-H Premium Weekly (Feb 9th): Zijin Mining, Conch Cement, China Vanke, Air China, Shandong Gold

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Zijin Mining, Conch Cement, China Vanke, Air China, Shandong...

Ke Yan, CFA, FRM

A-H Premium Weekly (Feb 2nd): Haier Smart, Wuxi Apptec, BOC, CGN Power, SMIC, Huaneng Power

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Haier Smart, Wuxi Apptec, BOC, CGN Power, SMIC, Huaneng...

Ke Yan, CFA, FRM

Postcard from Ranchi | The Wild Wild East

​This Insight provides on-ground insights from Ranchi, Jharkhand, focusing on stocks like Utkarsh Small Finance Bank, Aditya Vision, Mahindra &...

Pranav Bhavsar

This Insight provides on-ground insights from Ranchi, Jharkhand, focusing on stocks like Utkarsh Small Finance Bank, Aditya Vision, Mahindra &...