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

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 16.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi Corporation (1810 HK) (HKD 1,842.1 million worth of buybacks), Hengan International Group Company Limited (1044 HK) (HKD 102.1 million worth of buybacks), Fosun International Limited (656 HK) (HKD 82.5 million worth of buybacks).

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 16.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi Corporation (1810 HK) (HKD 1,842.1 million worth of buybacks), Hengan International Group Company Limited (1044 HK) (HKD 102.1 million worth of buybacks), Fosun International Limited (656 HK) (HKD 82.5 million worth of buybacks).

Hong Kong Buybacks: Xiaomi Repurchases Daily in past 5 Days, Totalling HKD 1.8bn

Event-Driven

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 09.In the past 7 days, the top 3 companies that repurchased the most shares from the market were <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> (HKD 1,199.4 million worth of buybacks), <a href="https://www.smartkarma.com/entities/hengan-intl-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29:1" rel="noopener">Hengan Intl Group (1044 HK)</a> (HKD 75.9 million worth of buybacks), Fosun International Limited (656 HK) (HKD 33.5 million worth of buybacks).

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 09.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi Corp (1810 HK) (HKD 1,199.4 million worth of buybacks), Hengan Intl Group (1044 HK) (HKD 75.9 million worth of buybacks), Fosun International Limited (656 HK) (HKD 33.5 million worth of buybacks).

Hong Kong Buybacks: Xiaomi Bought Back $1.5bn in past Two Weeks

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 02.In the past 7 days, the top 3 companies that repurchased the most shares from the market were <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> (HKD 498.9 million worth of buybacks), Hengan International Group Company Limited (1044 HK) (HKD 78.5 million worth of buybacks), Razer (1337 HK) (HKD 38.1 million worth of buybacks).

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 02.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi Corp (1810 HK) (HKD 498.9 million worth of buybacks), Hengan International Group Company Limited (1044 HK) (HKD 78.5 million worth of buybacks), Razer (1337 HK) (HKD 38.1 million worth of buybacks).

Hong Kong Buybacks: Xiaomi Bought Back HK$500m in a Day

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 26.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Hengan International Group Company Limited (1044 HK) (HKD 92.7 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 52.5 million worth of buybacks), Mgm China Holdings Limited (2282 HK) (HKD 46.1 million worth of buybacks).

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 26.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Hengan International Group Company Limited (1044 HK) (HKD 92.7 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 52.5 million worth of buybacks), Mgm China Holdings Limited (2282 HK) (HKD 46.1 million worth of buybacks).

Hong Kong Buybacks: Hengan, Want Want, MGM

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Smoore International Holdings / Event-Driven

On 1 March, Hang Seng Indexes (HSIL) announced the conclusions of the market consultation on the "Proposal to enhance the Hang Seng Index as regards continuing to serve as the most representative and important benchmark of the Hong Kong stock market".The main takeaways are an increase in the number of <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hong Kong Hang Seng Index (HSI INDEX)</a> constituents to 80 by mid-2022 and ultimately to 100, balanced representation across 7 Industry group with a market coverage of not less than 50%, a 3 month minimum listing history requirement, a representation of 20-25 Hong Kong companies in the index, and a rationalisation in the weighting cap to 8% for all stocks (including Secondary Listings and WVR Securities).There is no timeline of how HSIL intends to reach the 80 constituent target count by mid-2022 or to the 100 constituents beyond that. HSIL has not updated the index methodology file either which adds another layer of uncertainty.In this Insight we look at stocks that could be higher probability inclusions in the index at the June review based on the current index methodology and the proposed changes to the methodology and come up with 9 potential inclusions and 2 potential exclusions.

On 1 March, Hang Seng Indexes (HSIL) announced the conclusions of the market consultation on the "Proposal to enhance the Hang Seng Index as regards continuing to serve as the most representative and important benchmark of the Hong Kong stock market".The main takeaways are an increase in the number of Hong Kong Hang Seng Index (HSI INDEX) constituents to 80 by mid-2022 and ultimately to 100, balanced representation across 7 Industry group with a market coverage of not less than 50%, a 3 month minimum listing history requirement, a representation of 20-25 Hong Kong companies in the index, and a rationalisation in the weighting cap to 8% for all stocks (including Secondary Listings and WVR Securities).There is no timeline of how HSIL intends to reach the 80 constituent target count by mid-2022 or to the 100 constituents beyond that. HSIL has not updated the index methodology file either which adds another layer of uncertainty.In this Insight we look at stocks that could be higher probability inclusions in the index at the June review based on the current index methodology and the proposed changes to the methodology and come up with 9 potential inclusions and 2 potential exclusions.

HSI Index Rebalance Preview: Potential Changes in June

China

Hengan International Group Company Limited, through its subsidiaries, manufactures and sells personal hygiene products such as sanitary napkins and disposable baby diapers in China.  The Company's products are sold under the Anerle brand name.

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Hengan International Group (1044 HK)

Hong Kong Buybacks: Xiaomi Repurchases Daily in past 5 Days, Totalling HKD 1.8bn

We note that Xiaomi bought back in the open market every day in the past five trading days, amounting to a total of HKD 1.8bn.

Ke Yan, CFA, FRM

Hong Kong Buybacks: Xiaomi Bought Back $1.5bn in past Two Weeks

Xiaomi continues buyback this week, with an HKD1.2bn worth of share repurchased, more than doubled its repurchase last week.

Ke Yan, CFA, FRM

Hong Kong Buybacks: Xiaomi Bought Back HK$500m in a Day

Xiaomi's share buyback took place on April 1st with an average price of HKD 26.2/share, two days after Xiaomi announced its US 10bn EV plan on...

Ke Yan, CFA, FRM

Hong Kong Buybacks: Hengan, Want Want, MGM

In the past 7 days, the top 3 companies that repurchased the most shares from the market were Hengan International (1044 HK), Want Want (151 HK),...

Ke Yan, CFA, FRM

HSI Index Rebalance Preview: Potential Changes in June

Following the proposed changes to the HSI, we identify potential inclusions and exclusions at the June review. Turnover will be high due to changes...

Brian Freitas

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