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 February 3rd.</li>
<li>We estimate the weekly inflows to be US$5,078.8 million, led by industrials, financials, information technology sectors, and offset by utilities, real estate.</li>
<li>We highlight flows for CATL, CMB, Longi Green, Ping An Insurance, Byd, Kweichow Moutai.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of February 3rd.
We estimate the weekly inflows to be US$5,078.8 million, led by industrials, financials, information technology sectors, and offset by utilities, real estate.
We highlight flows for CATL, CMB, Longi Green, Ping An Insurance, Byd, Kweichow Moutai.


Northbound Flows (Feb 3rd): CATL, CMB, Longi Green, Ping An Insurance, Byd, Kweichow Moutai

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Drugs / In Depth: Where do fake Covid drugs come from?</li><li>Debt / Local Chinese governments paid $148 billion in interest in 2022</li><li>Economy / IMF raises China’s 2023 growth forecast to 5.2% as economy reopens</li></ul>

Drugs / In Depth: Where do fake Covid drugs come from?Debt / Local Chinese governments paid $148 billion in interest in 2022Economy / IMF raises China’s 2023 growth forecast to 5.2% as economy reopens

CX Daily: Where Do Fake Covid Drugs Come From?

<ul>
<li>
Cover Story: The vision of Singapore’s next prime minister.
</li>
<li>
Missing for 100 days, teenager found dead behind school.
</li>
<li>
China’s provinces target household spending in plans for post-‘zero Covid’ recovery.
</li>
</ul>



Cover Story: The vision of Singapore’s next prime minister.


Missing for 100 days, teenager found dead behind school.


China’s provinces target household spending in plans for post-‘zero Covid’ recovery.



CX Daily: The Vision Of Singapore’s Next Prime Minister

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

SenseTime Group  / Equity Capital Markets

<ul>
<li>SenseTime raised HK$5,552m at HK$3.85 per share, at the lower end of the IPO price range of HK$3.85-3.99 at a market cap and post-money EV of HK$128.1bn and HK$112.4bn respectively.</li>
<li>SenseTime delayed its IPO after it was included in a US investment blacklist and relaunched the IPO last week without the US investors and some additional disclosures to risk factors.</li>
<li>The HK offering was oversubscribed by 5.18x and the international offering by only 1.5x. We think the exclusion of US investors from the IPO led to poor international subscription.</li>
</ul>


SenseTime raised HK$5,552m at HK$3.85 per share, at the lower end of the IPO price range of HK$3.85-3.99 at a market cap and post-money EV of HK$128.1bn and HK$112.4bn respectively.
SenseTime delayed its IPO after it was included in a US investment blacklist and relaunched the IPO last week without the US investors and some additional disclosures to risk factors.
The HK offering was oversubscribed by 5.18x and the international offering by only 1.5x. We think the exclusion of US investors from the IPO led to poor international subscription.


SenseTime IPO: Thoughts on First Day Trading

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sensetime-group" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (1475539D HK)</a> is the largest AI software company in Asia as measured by revenue in 2020. It has launched an HKEx IPO to raise up to US$767 million.  </li>
<li>In <a href="https://www.smartkarma.com/insights/sensetime-ipo-initiation-big-brother" target="_blank" data-smartkarma-citation="insights:62104" rel="noopener">SenseTime IPO Initiation: Big Brother</a>, we stated that the negatives outweigh the positives and we would give the IPO a pass. </li>
<li>Our valuation analysis suggests that the IPO price is unattractive. We would give the IPO a pass. Pricing is expected on 10 December with a listing on 17 December.</li>
</ul>



SenseTime Group (1475539D HK) is the largest AI software company in Asia as measured by revenue in 2020. It has launched an HKEx IPO to raise up to US$767 million.  
In SenseTime IPO Initiation: Big Brother, we stated that the negatives outweigh the positives and we would give the IPO a pass. 
Our valuation analysis suggests that the IPO price is unattractive. We would give the IPO a pass. Pricing is expected on 10 December with a listing on 17 December.


China

IFLYTEK Co., Ltd. specializes in speech intelligence and artificial intelligence technology.  The company also develops chip product, voice messaging software and e-government system integration software.

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IFlytek Co Ltd A (002230 CH)

Northbound Flows (Feb 3rd): CATL, CMB, Longi Green, Ping An Insurance, Byd, Kweichow Moutai

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, CMB, Longi Green, Ping An Insurance, Byd,...

Ke Yan, CFA, FRM

CX Daily: Where Do Fake Covid Drugs Come From?

In Depth: Where do fake Covid drugs come from? Local Chinese governments paid $148 billion in interest in 2022. IMF raises China’s 2023 growth...

Caixin Global

CX Daily: The Vision Of Singapore’s Next Prime Minister

The vision of Singapore’s next prime minister. Missing for 100 days, teenager found dead behind school. China’s provinces target household spending...

Caixin Global

SenseTime IPO: Thoughts on First Day Trading

SenseTime priced its IPO at HK$3.85 per share, at the lower end of the IPO price range. Shares are still expensive even after priced at the bottom,...

Shifara Samsudeen, ACMA, CGMA

SenseTime IPO: Valuation Insights

Our valuation analysis suggests that the IPO price is unattractive. We would give the IPO a pass. Pricing is expected on 10 December with a listing...

Arun George

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52-week Range

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