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 weekly Hong Kong Connect flows with our data engine for holding position as of April 21st.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for China Mobile, Anta Sports Products, Semiconductor Manufacturing International, Meituan, Wuxi Biologics, Petrochina, Tencent, China Construction Bank, Sensetime.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 21st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, Anta Sports Products, Semiconductor Manufacturing International, Meituan, Wuxi Biologics, Petrochina, Tencent, China Construction Bank, Sensetime.


Hong Kong Connect Flows (Apr 21st): China Mobile, Anta, SMIC, Tencent, CCB, Sensetime

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 10th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for China Mobile, Tencent, China Vanke, ICBC, CCB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 10th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, Tencent, China Vanke, ICBC, CCB.


Hong Kong Connect Flows (Mar 10th): China Mobile, Tencent, China Vanke, ICBC, CCB

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<em><strong>Reportedly </strong></em>(Bloomberg) Hong Kong broadband play <strong><a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a></strong> has received a takeover offer from  I Square's HGC Global Communications. </li>
<li>HKBN's shares were halted in the late afternoon trading session yesterday after gaining 11.6%. The reason stated for the suspension was "<em>possible inside information</em>", not pursuant to the Takeovers Code. </li>
<li>Last May, Bloomberg reported that KKR, PAG, and Stonepeak - amongst others - were considering bids for HKBN. The market cap at the time was US$1.6bn versus US$934mn now.</li>
</ul>



Reportedly (Bloomberg) Hong Kong broadband play HKBN Ltd (1310 HK) has received a takeover offer from  I Square's HGC Global Communications. 
HKBN's shares were halted in the late afternoon trading session yesterday after gaining 11.6%. The reason stated for the suspension was "possible inside information", not pursuant to the Takeovers Code. 
Last May, Bloomberg reported that KKR, PAG, and Stonepeak - amongst others - were considering bids for HKBN. The market cap at the time was US$1.6bn versus US$934mn now.


HKBN Ltd (1310 HK) Mulls I Square's HGC Offer

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<p>Hang Seng Indexes Company (HSIL) reviews the constituents of the Hang Seng Composite Index (HSCI) on a half yearly basis in March and September with data cut-off dates as of the end of December and June. The review announcement for the September 2021 review should be made on 13 August and will be effective after the close of trading on 3 September.</p><p>Although there are almost no assets indexed to the HSCI, the index forms the basis of stocks that are eligible for Southbound Stock Connect. Stocks that are included in the HSCI and subsequently included in the Stock Connect program get inflows from mainland investors.</p><p>We see 28 potential inclusions to the HSCI at the rebalance and 15 potential deletions, plus another 7 close deletions. Only 10 of the potential deletions will be removed from Southbound Stock Connect buy list since the other deletions are either not a part of Stock Connect currently or have listed A-shares.</p><p>The inclusions to the HSCI outperformed the deletions at the March rebalance from review cut-off to announcement of the changes before giving by some of the gains to implementation and then some more for the 1 month post the implementation of the changes.</p>

Hang Seng Indexes Company (HSIL) reviews the constituents of the Hang Seng Composite Index (HSCI) on a half yearly basis in March and September with data cut-off dates as of the end of December and June. The review announcement for the September 2021 review should be made on 13 August and will be effective after the close of trading on 3 September.Although there are almost no assets indexed to the HSCI, the index forms the basis of stocks that are eligible for Southbound Stock Connect. Stocks that are included in the HSCI and subsequently included in the Stock Connect program get inflows from mainland investors.We see 28 potential inclusions to the HSCI at the rebalance and 15 potential deletions, plus another 7 close deletions. Only 10 of the potential deletions will be removed from Southbound Stock Connect buy list since the other deletions are either not a part of Stock Connect currently or have listed A-shares.The inclusions to the HSCI outperformed the deletions at the March rebalance from review cut-off to announcement of the changes before giving by some of the gains to implementation and then some more for the 1 month post the implementation of the changes.

HSCI Index Rebalance & Stock Connect: Expected Changes in September

<p>Hang Seng Indexes Company (HSIL) reviews the constituents of the Hang Seng Composite Index (HSCI) on a half yearly basis in March and September with data cut-off dates as of the end of December and June. The review announcement for the September 2021 review should be made on 13 August and will be effective after the close of trading on 3 September.</p><p>The June review will see the inclusion of stocks that were newly listed from 1 January to 31 March and meet the criteria for joining the index.</p><p>Although there are almost no assets indexed to the HSCI, the index forms the basis of stocks that are eligible for Southbound Stock Connect. Stocks that are included in the HSCI and subsequently included in the Stock Connect program get inflows from mainland investors.</p><div><p>There are a lot of stocks that will join the HSCI and will subsequently be included as a part of the Southbound Stock Connect program - these stocks could be bought by mainland investors and could outperform their peers and the market.</p></div><div><p>There are stocks that will be deleted from the HSCI and consequently deleted from the Southbound Stock Connect buy list while some stocks will be deleted from the HSCI but maintained in Stock Connect since they have listed A-shares.</p></div><div><p>Read on for more details and the stocks affected by the changes.</p></div>

Hang Seng Indexes Company (HSIL) reviews the constituents of the Hang Seng Composite Index (HSCI) on a half yearly basis in March and September with data cut-off dates as of the end of December and June. The review announcement for the September 2021 review should be made on 13 August and will be effective after the close of trading on 3 September.The June review will see the inclusion of stocks that were newly listed from 1 January to 31 March and meet the criteria for joining the index.Although there are almost no assets indexed to the HSCI, the index forms the basis of stocks that are eligible for Southbound Stock Connect. Stocks that are included in the HSCI and subsequently included in the Stock Connect program get inflows from mainland investors.There are a lot of stocks that will join the HSCI and will subsequently be included as a part of the Southbound Stock Connect program - these stocks could be bought by mainland investors and could outperform their peers and the market.There are stocks that will be deleted from the HSCI and consequently deleted from the Southbound Stock Connect buy list while some stocks will be deleted from the HSCI but maintained in Stock Connect since they have listed A-shares.Read on for more details and the stocks affected by the changes.

HSCI Index Rebalance and Stock Connect: Potential Changes in June and September

Hong Kong

TOM Group Ltd, through its subsidiaries, provides online media, internet, and telecom value-added service, sells advertising of print media and outdoor media, markets sports sponsorship and promotional events, and publishes magazines and books.

Huanxi Media Group Limited is engaged in the media and entertainment related businesses which include development and investment in films and television drama series as well as operation of streaming platform.

Television Broadcasts Limited broadcasts and produces television programs. The Company also licenses and distributes satellite and subscription television programs, and provides services such as animation, videotape rental, film studio leasing, and advertising.

Phoenix Media Investment (Holdings) Limited operates as a new media company with an integrated platform consisting of internet media website, mobile channel, and video channel. The Company also operates real estate business. Phoenix Media Investment (Holdings) conducts business in China.

Pico Far East Holdings Limited, through its subsidiaries, designs exhibition stand and fabrication, museum interior fit outs, and advertising sign.  The Company also organizes exhibition and conference, provides hall management services, and other activities.

Oriental Press Group Limited, through its subsidiaries, publishes newspapers and magazines.  The Company also invests in properties and provides building management, finance services, and human resources services.

Mei Ah Entertainment Group Limited, through its subsidiaries, distributes films and programs in audio visual products formats.  The Company also sub-licenses film exhibition and rights, and provides internet and related services.  In addition, Mei Ah Entertainment operates television station.

IMAX China Holding, Inc. operates as a holding company. The Company, through its subsidiaries, broadcasts movies in theaters. IMAX China Holding serves customers in China.

Universe International Holdings Limited, through its subsidiaries, distributes in various videogram formats.  The Company also licenses and sub-licenses film rights and operates film exhibition.  In addition, Universe International leases investment properties and machineries for replication optical discs.

Hong Kong Economic Times Holdings Limited, through its subsidiaries, publishes the Hong Kong Economic Times, magazines, books, and other publications. The Company also provides real time financial information, and operates recruitment advertising and training businesses.

Hong Kong Economic Times Holdings Ltd (423 HK)

WOWOW INC. provides broadcasting services via satellite. The Company provides BS digital broadcasting services as well as media advertising services. Wowow delivers TV programs such as movies, sports events, live concerts, and dramas to its subscribers.

Media Matrix Worldwide Ltd. provides services in the entertainment industry mainly in films, television, digital cinema, and fashion. The Company assists in TV and music software, film completion guarantee bonds, ad films, music videos, event management, film production, and marketing.

SKY Network Television Limited is a pay-television operator in New Zealand.  The Company broadcasts various pay networks via UHF and Digital satellite platforms and offers a variety of programming including news, sports, movies, digital radio and pay-per-view events.

ValueCommerce Co., Ltd. offers Internet marketing solutions through affiliate program management services.  The Company also provides SEM (Search Engine Marketing) and SEO (Search Engine Optimization) services.  ValueCommerce also provides consulting services.

Jagran Prakashan Limited publishes a daily newspaper. The Company publishes and distributes the "Dainik Jagran".

PT Global Mediacom Tbk, also known as MNC Media, is the holding company of MNC Group's media businesses. The Company's businesses cover free-to-air televisions, a regional TV network, 150,000 hours of content library, a broadband and Pay TV platforms, and new media businesses that includes a mobile games developer in China.

Dafeng TV Ltd. operates and provides cable TV services in Taiwan. The Company installs and maintains cable television systems for subscribers as well as provides advertising and publishing services.

Seoul Broadcasting System (SBS) is a commercial television and radio broadcasting company.  The Company produces and broadcasts programs, such as news, sports, weather, music, movies, and television drama series.

BEC World Public Company Limited is diversified media holding company. The Company is involved in broadcasting and media businesses, including television and radio broadcasting and news media; Programme Sourcing-Production, Distribution and Extended and Supporting Businesses, including producing shows and music and marketing activities.

IG Port, Inc. plans and produces animated cartoon for films, original video animation, TV shows, and video games.  The Company also plans and produces game software.  IG Port operates its business worldwide.

Hong Kong Television Network Limited, through its subsidiaries, provides international telecommunications services and fixed telecommunication network services. The Company's services include broadband Internet access, local VoIP, IP-TV and corporate data services, direct dial, international calling cards, and mobile call forwarding services.

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Hong Kong Television Network (1137 HK)

Hong Kong Connect Flows (Apr 21st): China Mobile, Anta, SMIC, Tencent, CCB, Sensetime

We analyzed the Hong Kong Connect Scheme for last week and highlight flows for China Mobile, Anta, SMIC, Tencent, CCB, Sensetime.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Mar 10th): China Mobile, Tencent, China Vanke, ICBC, CCB

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for China Mobile, Tencent, China Vanke, ICBC, CCB.

Ke Yan, CFA, FRM

HKBN Ltd (1310 HK) Mulls I Square's HGC Offer

Pricing here is not compelling. This is a steady business and a decent yield. HKBN could attract interest from PRC companies or government-backed...

David Blennerhassett

HSCI Index Rebalance & Stock Connect: Expected Changes in September

Currently we see 28 potential inclusions & 22 deletions from the HSCI at the Sep rebalance. Most of the inclusions will join Stock Connect while...

Brian Freitas

HSCI Index Rebalance and Stock Connect: Potential Changes in June and September

A look at the potential changes to the HSCI at the June & September reviews and stocks that could be included in/excluded from Stock Connect. These...

Brian Freitas

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