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 December 22nd.</li>
<li>We estimate the weekly outflows to be US$281.8 million, led by information technology, financials, and offset by industrials, materials, consumer discretionary.</li>
<li>We highlight flows for CATL, Chongqing Changan Automobile, CMB, Zhongji Innolight.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of December 22nd.
We estimate the weekly outflows to be US$281.8 million, led by information technology, financials, and offset by industrials, materials, consumer discretionary.
We highlight flows for CATL, Chongqing Changan Automobile, CMB, Zhongji Innolight.


Northbound Flows (Dec 22nd): CATL, Chongqing Changan Automobile, CMB, Zhongji Innolight

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 15th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Techtronic Ind, Link Reit, Jd, HSBC, Wuxi Bio, East Buy.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 15th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Techtronic Ind, Link Reit, Jd, HSBC, Wuxi Bio, East Buy.


HK Short Interest Weekly: Techtronic Ind, Link Reit, Jd, HSBC, Wuxi Bio, East Buy

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 8th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in JD, Microport, Wuxi Apptec, AIA.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 8th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in JD, Microport, Wuxi Apptec, AIA.


HK Short Interest Weekly: JD, Microport, Wuxi Apptec, AIA

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 1st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Meituan, Wharf, Leapmotor, Baba, New Oriental, AIA, Xiaomi, HSBC, Lenovo.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 1st.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Meituan, Wharf, Leapmotor, Baba, New Oriental, AIA, Xiaomi, HSBC, Lenovo.


HK Short Interest Weekly: Meituan, Wharf, Leapmotor, Baba, New Oriental, AIA, Xiaomi, HSBC, Lenovo

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The New and Better (17 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>Hs with H/A pairs under-perform their As on average by 220+bp. Liquid HK H/A Pairs saw H/As -244bp. H/A Pair intracorrelation is up and A premia continue to trend better.</li>
<li>SOUTHBOUND and NORTHBOUND were net buys overall but Hs had a VERY BAD WEEK vs their A-Shares where pairs were concerned.</li>
</ul>


The New and Better (17 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
Hs with H/A pairs under-perform their As on average by 220+bp. Liquid HK H/A Pairs saw H/As -244bp. H/A Pair intracorrelation is up and A premia continue to trend better.
SOUTHBOUND and NORTHBOUND were net buys overall but Hs had a VERY BAD WEEK vs their A-Shares where pairs were concerned.


A/H Premium Tracker (To 1 Dec 23): H Down Vs A, SOUTHBOUND Selling Continues, Tech Still Sold

China

Industrial and Commercial Bank of China Limited provides banking services. The Company offers deposits, loans, fund underwriting, foreign currency settlement, and other services. Industrial and Commercial Bank of China provides its services to individuals, enterprises, and other clients.

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ICBC (H) (1398 HK)

Northbound Flows (Dec 22nd): CATL, Chongqing Changan Automobile, CMB, Zhongji Innolight

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, Chongqing Changan Automobile, CMB, Zhongji...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Techtronic Ind, Link Reit, Jd, HSBC, Wuxi Bio, East Buy

We analyzed the latest HK SFC report for aggregate short position as of Dec 15th and highlight short interest changes in Techtronic Ind, Link Reit,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: JD, Microport, Wuxi Apptec, AIA

We analyzed the latest HK SFC report for aggregate short position as of Dec 8th and highlight short interest changes in Jd, Tracker Fund,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Meituan, Wharf, Leapmotor, Baba, New Oriental, AIA, Xiaomi, HSBC, Lenovo

We analyzed the latest HK SFC report for aggregate short position as of Dec 1st and highlight short interest changes in Meituan, Wharf, Leapmotor,...

Ke Yan, CFA, FRM

A/H Premium Tracker (To 1 Dec 23): H Down Vs A, SOUTHBOUND Selling Continues, Tech Still Sold

Last week was a miserable week for H/A Pairs from the HK side. The A/H premia expanded, with four-week A/H outperformance at 4.8%, every sector but...

Travis Lundy

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