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 analyzed the latest HK SFC report for aggregate short position as of Sep 29th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Wuxi Bio, Xpeng, Mnso, Bidu, Meituan, China Mobile, Baba.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 29th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Wuxi Bio, Xpeng, Mnso, Bidu, Meituan, China Mobile, Baba.


HK Short Interest Weekly: Wuxi Bio, Xpeng, Mnso, Bidu, Meituan, China Mobile, Baba

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

Haitong Securities Co Ltd (A) / Equity Bottom-Up

<ul>
<li>With the potential corporate action (see additional reading below) there is more interest in Haitong Securities but operationally it does not appear positive, for many reasons</li>
<li>The company is seeing worse revenue growth in asset management, brokerage and investment banking, while its Haitong Bank can see far higher credit costs</li>
<li>Total operating costs are now 63% of revenue, tax rate is a lot higher, litigation risks seem to be oversized, with potential impact to costs</li>
</ul>


With the potential corporate action (see additional reading below) there is more interest in Haitong Securities but operationally it does not appear positive, for many reasons
The company is seeing worse revenue growth in asset management, brokerage and investment banking, while its Haitong Bank can see far higher credit costs
Total operating costs are now 63% of revenue, tax rate is a lot higher, litigation risks seem to be oversized, with potential impact to costs


Haitong Securities - Portugal Bank Goodwill Impairment Surge | Overall: High Costs, Poor Revenue

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows into ICBC,  CCB, Meituan, Innovent Biologics, Xpeng and outflows from Petrochina.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into ICBC,  CCB, Meituan, Innovent Biologics, Xpeng and outflows from Petrochina.


Hong Kong Connect Flows: $7.3bn of Inflows in September

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This is the brand spanking new Quiddity HK Connect SOUTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and Mainland Connect NORTHBOUND Monitor.</li>
<li>The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).</li>
<li>We like the nifty interactive tables+charts (please play with them!) and we welcome feedback. <strong>This 4-day week</strong> saw HKD 14.0bn+ of net buying. That makes 11 weeks of net inflows.</li>
</ul>


This is the brand spanking new Quiddity HK Connect SOUTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and Mainland Connect NORTHBOUND Monitor.
The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).
We like the nifty interactive tables+charts (please play with them!) and we welcome feedback. This 4-day week saw HKD 14.0bn+ of net buying. That makes 11 weeks of net inflows.


Quiddity HK Connect SOUTHBOUND Flows (Week to 28Sep23) : Meituan, Tencent, Kuaishou and Banks

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 22nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Tencent, Baba, CCB, China Mobile, AIA, Innovent Bio, Beigene.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 22nd.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Tencent, Baba, CCB, China Mobile, AIA, Innovent Bio, Beigene.


HK Short Interest Weekly: Tencent, Baba, CCB, China Mobile, AIA, Innovent Bio, Beigene

United Kingdom

HSBC Holdings plc is the holding company for the HSBC Group. The Company provides a variety of international banking and financial services, including retail and corporate banking, trade, trusteeship, securities, custody, capital markets, treasury, private and investment banking, and insurance.  The Group operates worldwide.

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HSBC Holdings (5 HK)

HK Short Interest Weekly: Wuxi Bio, Xpeng, Mnso, Bidu, Meituan, China Mobile, Baba

We analyzed the latest HK SFC report for aggregate short position as of Sep 29th and highlight short interest changes in Wuxi Bio, Xpeng, Mnso,...

Ke Yan, CFA, FRM

Haitong Securities - Portugal Bank Goodwill Impairment Surge | Overall: High Costs, Poor Revenue

Haitong Securities is set to privatize its wholly owned subsidiary Haitong International Securities for HKD3.4bn, announced this morning.

Daniel Tabbush

Hong Kong Connect Flows: $7.3bn of Inflows in September

We analyzed the Hong Kong Connect Scheme for September and highlight flows for ICBC, CCB, Meituan, Innovent Biologics, Xpeng and Petrochina.

Ke Yan, CFA, FRM

Quiddity HK Connect SOUTHBOUND Flows (Week to 28Sep23) : Meituan, Tencent, Kuaishou and Banks

The Quiddity HK Connect SOUTHBOUND Monitor, offering data on liquid names and interactive tables+charts. This week saw HKD 14.0bn+ of net buying,...

Travis Lundy

HK Short Interest Weekly: Tencent, Baba, CCB, China Mobile, AIA, Innovent Bio, Beigene

We analyzed the latest HK SFC report for aggregate short position as of Sep 22nd and highlight short interest changes in Tencent, Baba, CCB, China...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)