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 monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Inflows into industrials, energy, and utilities were offset by outflows from financials, and information technology.</li>
<li>We highlight flows for COSCO Shipping, Shenzhen Inovance, Zhejiang Jingsheng, Ningbo Tuopu, Wuliangye, Ping An Insurance, Moutai, East Money, CMB, Midea.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Inflows into industrials, energy, and utilities were offset by outflows from financials, and information technology.
We highlight flows for COSCO Shipping, Shenzhen Inovance, Zhejiang Jingsheng, Ningbo Tuopu, Wuliangye, Ping An Insurance, Moutai, East Money, CMB, Midea.


Northbound Flows Monthly (April): Inflows into Industrials Offset by Outflows from Financials

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

Zhejiang Huafeng Spandex A / Event-Driven

<ul>
<li>With 4 trading days to go the review period, we see 13 potential index changes at the June rebalance that will be implemented at the close on 9 June.</li>
<li>We estimate a one-way turnover of 1.94% at the June rebalance leading to a one-way trade of CNY 5.05bn.</li>
<li>With the review period nearly complete, the gap between the potential adds and deletes could narrow ahead of the announcement of the changes as pre-positions are built.</li>
</ul>


With 4 trading days to go the review period, we see 13 potential index changes at the June rebalance that will be implemented at the close on 9 June.
We estimate a one-way turnover of 1.94% at the June rebalance leading to a one-way trade of CNY 5.05bn.
With the review period nearly complete, the gap between the potential adds and deletes could narrow ahead of the announcement of the changes as pre-positions are built.


CSI300 Index Rebalance Preview: Potential Changes as Review Period Nearly Complete

<ul>
<li>Over 85% of the way through the review period, we see 14 potential index changes at the June rebalance that will be implemented at the close on 9 June.</li>
<li>We estimate a one-way turnover of 2.28% at the June rebalance leading to a one-way trade of CNY 5.95bn.</li>
<li>The potential adds have outperformed the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300 Index</a> over the last two months but have underperformed the potential deletes. The gap has been narrowing recently.</li>
</ul>


Over 85% of the way through the review period, we see 14 potential index changes at the June rebalance that will be implemented at the close on 9 June.
We estimate a one-way turnover of 2.28% at the June rebalance leading to a one-way trade of CNY 5.95bn.
The potential adds have outperformed the CSI 300 Index over the last two months but have underperformed the potential deletes. The gap has been narrowing recently.


CSI300 Index Rebalance Preview: Narrowing the Gap

Jiangxi Special Electric Motor A / Event-Driven

<ul>
<li>Three quarters of the way through the review period for the June rebalance of the CSI500 Index, we forecast 50 changes (the maximum permitted) at the close on 9 June.</li>
<li>There is a big sector skew in the potential changes. We estimate a one-way turnover of 11.47% at the June rebalance resulting in a one-way trade of CNY 10.11bn.</li>
<li>The potential adds have outperformed the potential deletes and the CSI500 Index over the last few weeks. There could be more outperformance till nearer the end of the review period.</li>
</ul>


Three quarters of the way through the review period for the June rebalance of the CSI500 Index, we forecast 50 changes (the maximum permitted) at the close on 9 June.
There is a big sector skew in the potential changes. We estimate a one-way turnover of 11.47% at the June rebalance resulting in a one-way trade of CNY 10.11bn.
The potential adds have outperformed the potential deletes and the CSI500 Index over the last few weeks. There could be more outperformance till nearer the end of the review period.


CSI500 Index Rebalance Preview: Potential Adds Continuing to Outperform

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine. </li>
<li>Financial, information technology and industrials led the inflow in Jan.</li>
<li>We highlight inflows into CATL, Moutai, Ping An Insurance, Longi Green, Wuliangye.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine. 
Financial, information technology and industrials led the inflow in Jan.
We highlight inflows into CATL, Moutai, Ping An Insurance, Longi Green, Wuliangye.


Northbound Flows Monthly: $21bn Inflows in January

China

Han's Laser Technology Industry Group Co., Ltd. develops, manufactures, and markets laser-based products used for cutting, welding, marking, and drilling a wide range of industrial materials.

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Han'S Laser Technology In A (002008 CH)

Northbound Flows Monthly (April): Inflows into Industrials Offset by Outflows from Financials

We analyzed the Shanghai/Shenzhen Connect Scheme for April and highlight flows for COSCO Shipping, Inovance, Jingsheng, Tuopu, Wuliangye, Ping An...

Ke Yan, CFA, FRM

CSI300 Index Rebalance Preview: Potential Changes as Review Period Nearly Complete

There could be 13 changes to the CSI300 in June. We estimate a one-way turnover of 1.94% at the June rebalance leading to a one-way trade of CNY...

Brian Freitas

CSI300 Index Rebalance Preview: Narrowing the Gap

Nearing the end of the review period, we see 14 potential changes. We estimate a one-way turnover of 2.28% leading to a one-way trade of CNY...

Brian Freitas

CSI500 Index Rebalance Preview: Potential Adds Continuing to Outperform

We forecast 50 changes a side at the June rebal leading to a one-way turnover of 11.47% & in a one-way trade of CNY 10bn. The potential adds have...

Brian Freitas

Northbound Flows Monthly: $21bn Inflows in January

We analyzed the Shanghai/Shenzhen Connect Scheme for January and highlight flows for CATL, Moutai, Ping An Insurance, Longi Green, Wuliangye.

Ke Yan, CFA, FRM

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