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 Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of October 13th.</li>
<li>We estimate the weekly outflows to be US$1,898.6 million, led by industrials, information technology, and offset by consumer discretionary, health care.</li>
<li>We highlight flows for Longi Green, China Tourism, Iflytek, Ping An Insurance.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of October 13th.
We estimate the weekly outflows to be US$1,898.6 million, led by industrials, information technology, and offset by consumer discretionary, health care.
We highlight flows for Longi Green, China Tourism, Iflytek, Ping An Insurance.


Northbound Flows (Oct 13th): Longi Green, China Tourism, Iflytek, Ping An Insurance

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 125.4% as of Oct 6th.</li>
<li>The average A-H premium changed by 8.1ppt week on week, led by health care, information technology, materials.</li>
<li>We highlight weekly changes in A-H premium for Cm Bank, Postal Savings, Conch Cement, Beigene, Sinopec Corp.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 125.4% as of Oct 6th.
The average A-H premium changed by 8.1ppt week on week, led by health care, information technology, materials.
We highlight weekly changes in A-H premium for Cm Bank, Postal Savings, Conch Cement, Beigene, Sinopec Corp.


A-H Premium Weekly (Oct 6th): CMB, Postal Savings, Conch Cement, Beigene, Sinopec

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Brand-Spanking New (6 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning in pairs over time, etc.</li>
<li>We used to do it and decided to bring it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 41 Trade Recommendations.</li>
<li>The last five weeks (since the instantiation of the new Monitor and Portfolio 6 weeks ago) have seen net portfolio performance of +0.50%, +1.35%, +0.14%, +0.47%, +0.15%.</li>
</ul>


The Brand-Spanking New (6 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning in pairs over time, etc.
We used to do it and decided to bring it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 41 Trade Recommendations.
The last five weeks (since the instantiation of the new Monitor and Portfolio 6 weeks ago) have seen net portfolio performance of +0.50%, +1.35%, +0.14%, +0.47%, +0.15%.


Quiddity A/H Premium Weekly (15-Sep):  Utilities, Insurance, China Mobile, BYD

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of August 25th.</li>
<li>We estimate the weekly outflows to be US$3,207.8 million, led by consumer staples, industrials, and offset by communication services.</li>
<li>We highlight flows for Wuxi Apptec, Iflytek, Foxconn Industrial Internet, Moutai, CMB, Ping An Insurance, Longi Green, Mindray, Wuliangye, ZTE, Inner Mongolia Yili Industrial, Luxshare Precision, Ping An Bank.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of August 25th.
We estimate the weekly outflows to be US$3,207.8 million, led by consumer staples, industrials, and offset by communication services.
We highlight flows for Wuxi Apptec, Iflytek, Foxconn Industrial Internet, Moutai, CMB, Ping An Insurance, Longi Green, Mindray, Wuliangye, ZTE, Inner Mongolia Yili Industrial, Luxshare Precision, Ping An Bank.


Northbound Flows (Aug 25th): Wuxi Apptec, Iflytek, Foxconn Industrial Internet, Moutai, CMB

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

<ul>
<li>Based on the close of 21 August, there could be two changes for the <a href="https://www.smartkarma.com/entities/ishares-ftse-a50-china-index-etf" target="_blank" data-smartkarma-citation="entities:249:1" rel="noopener">iShares A50 China (2823 HK)</a>/ <a href="https://www.smartkarma.com/entities/csop-ftse-china-a50-etf-26e3b671-fa47-4165-a12e-bf841640c5a3" target="_blank" data-smartkarma-citation="entities:23664:1" rel="noopener">CSOP A50 (HKD) (2822 HK)</a> in September.</li>
<li>
<a href="https://www.smartkarma.com/entities/nari-technology-co-ltd-a" target="_blank" data-smartkarma-citation="entities:4364:1" rel="noopener">NARI Technology Co Ltd A (600406 CH)</a> and <a href="https://www.smartkarma.com/entities/csc-financial-co-ltd" target="_blank" data-smartkarma-citation="entities:27823:1" rel="noopener">CSC Financial (601066 CH)</a> should replace <a href="https://www.smartkarma.com/entities/tongwei-co-ltd-a" target="_blank" data-smartkarma-citation="entities:14405:1" rel="noopener">Tongwei Co Ltd A (600438 CH)</a> and <a href="https://www.smartkarma.com/entities/shaanxi-coal-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:11254:1" rel="noopener">Shaanxi Coal Industry (601225 CH)</a> in the ETFs.</li>
<li>There are couple of stocks with over 1x ADV to trade from the ETFs. Plus there are cash and carry positions that will need to be rebalanced, adding to flow.</li>
</ul>


Based on the close of 21 August, there could be two changes for the iShares A50 China (2823 HK)/ CSOP A50 (HKD) (2822 HK) in September.

NARI Technology Co Ltd A (600406 CH) and CSC Financial (601066 CH) should replace Tongwei Co Ltd A (600438 CH) and Shaanxi Coal Industry (601225 CH) in the ETFs.
There are couple of stocks with over 1x ADV to trade from the ETFs. Plus there are cash and carry positions that will need to be rebalanced, adding to flow.


Offshore China ETFs Rebalance Preview: Two Changes Expected in September

China

Founder Securities Company Limited's major business includes securities brokerage, securities investment consulting, securities trading, financial advisory on securities investment and trading activities, proprietary trading, securities asset management, investment fund distribution, margin business, and provide intermediate agency services for Founder Futures Limited.


Everbright Securities Co., Ltd. provides securities brokerage, trading, custody, underwriting, asset management, and investment consulting services.

Orient Securities Company Ltd. of China (DFZQ) provides investment advisory and brokerage services. The Company maintains assets for individual and institutional investors in equity and fixed income portfolios. 

Guotai Junan Securities Co.,Ltd. provides financial services. The Company offers corporate finance, fixed income securities, asset management, risk management, and other services. Guotai Junan Securities Company serves clients throughout China.

Guosen Securities Co.,Ltd offers securities services. The Company provides securities brokerage, securities investment, securities consulting, and other services. Guosen Securities provides its services throughout China.

Haitong Securities Co., Ltd. offers securities services. The Company provides securities brokerage, asset management, securities investment, share transfer agency, and capital intermediary services. Haitong Securities focuses on  online brokerage, wealth management, and institutional investors.

Haitong Securities Co Ltd (A) (600837 CH)

Industrial Securities Co., Ltd. is a securities company.  The Company's business covers securities brokerage, investment consulting, securities trading, financial advisory, securities underwriting and sponsorship, proprietary trading, asset management, investment funds marketing as well intermediary services for futures companies.

China Merchants Securities Co., Ltd. provides securities services. The Company offers securities brokerage, securities investment consulting, securities underwriting, and other services. China Merchants Securities also operates investment management.

China Merchants Securities Co Ltd (A) (600999 CH)

GF Securities Co Ltd. is a securities firm. The Company offers investment banking services including equity and bond underwriting, mergers and acquisitions consulting, financial consulting, brokerage services, and asset management services.

China International Capital Corporation Ltd. (CICC) operates as an international investment bank. The Company provides financial services, including investment banking, capital markets, securities sales and trading, fixed income, asset management, and private equity. China International Capital also offers individual wealth management and research services.

China International Capital Corporation (3908 HK)

ASX Ltd is a demutualized company which operates Australia's primary national stock exchange and equity derivatives market. The ASX operates markets for equities, derivatives, fixed-interest securities and capital-raising for unlisted companies using advanced computer systems for both trading and settlement.

Pershing Square Holdings Ltd is a closed-ended hedge fund vehicle incorporated in Guernsey.

Singapore Exchange Limited owns and operates Singapore's Securities and derivatives exchange and their related clearing houses.  The Company also provides ancillary securities processing and information technology services to participants in the financial sector.

Houlihan Lokey, Inc. operates as an investment bank. The Company offers mergers and acquisitions, financial restructuring, capital markets, strategic consulting, and financial advisory services. Houlihan Lokey serves customers worldwide.

MarketAxess Holdings, Inc. operates an electronic, multi-dealer to client platform for U.S. and European high-grade corporate and emerging markets bond trading.  The Company's technology delivers price discovery and trade execution services to institutional and broker-dealer clients.

SBI Holdings, Inc. manages venture capital fund which mainly invest in Internet related venture companies.  The Company also provides brokerage, investment banking, and financial services.

Evercore Partners Inc. is an investment banking boutique. The firm provides advisory services to multinational corporations on mergers, acquisitions, divestitures, restructurings and other corporate transactions. Evercore also manages private equity funds for institutional investors.

Jefferies Financial Group Inc. is a global diversified financial services company focusing on investment banking and capital markets, asset management and direct investing. The Company offers a full range of investment banking, equities, fixed income, asset and wealth management products and services.

Stifel Financial Corp. is a financial services holding company whose subsidiaries serve individual and institutional clients in the U.S. and Europe. The Company's broker-dealer affiliates provide wealth management, investment banking, independent research, trading, investment advisory, and related financial services.

SEI Investments Company provides global investment solutions and business solutions.  The Company integrates technology, research, information services, financial products, and asset management advice to serve banks, mutual fund and pension plan sponsors, insurance companies, money managers, and individual investors.

Huatai Securities Co., Ltd. provides financial company. The Company provides securities brokerage services, research consulting services, investment banking and direct investment services, fixed-income services and asset management services.

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Huatai Securities Co Ltd (H) (6886 HK)

Northbound Flows (Oct 13th): Longi Green, China Tourism, Iflytek, Ping An Insurance

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Longi Green, China Tourism, Iflytek, Ping An...

Ke Yan, CFA, FRM

A-H Premium Weekly (Oct 6th): CMB, Postal Savings, Conch Cement, Beigene, Sinopec

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Cm Bank, Postal Savings, Conch Cement, Beigene, Sinopec Corp.

Ke Yan, CFA, FRM

Quiddity A/H Premium Weekly (15-Sep): Utilities, Insurance, China Mobile, BYD

This is the 6th week of the new AH Premium Monitor with Trade Recommendations. So far every week has positive performance vs previous week. There...

Travis Lundy

Northbound Flows (Aug 25th): Wuxi Apptec, Iflytek, Foxconn Industrial Internet, Moutai, CMB

We analyzed the Shanghai/Shenzhen Connect Scheme for last week and highlight flows for Wuxi Apptec, Iflytek, Foxconn Industrial Internet, Moutai,...

Ke Yan, CFA, FRM

Offshore China ETFs Rebalance Preview: Two Changes Expected in September

There should be 2 changes for 2822/2823 HK in September. Impact of passive trading will be 0.5-1.5x ADV and could be higher due to cash and carry...

Brian Freitas

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