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

In our Discover SZ/SH Connect series, we aim to help our investors understand the flow of northbound trades via the Shanghai Connect and Shenzhen Connect, as analyzed by our proprietary data engine. We will discuss the stocks that experienced the most inflow and outflow by offshore investors in the past seven days.We split the stocks eligible for the northbound trade into three groups: those with a market capitalization of above USD 5 billion, and those with a market capitalization between USD 1 billion and USD 5 billion.We note that offshore investors were buying all GICS sectors, and had a strong preference for Consumer Staples, Financials and Consumer Discretionary names. We estimate that total inflow into A-share market via northbound trade amounted to USD 8.5 bn in January.Stocks with strong inflows (by quantum) were <a href="https://www.smartkarma.com/entities/1553" target="_blank" data-smartkarma-citation="entities:1553:1">Kweichow Moutai Co Ltd A (600519 CH)</a>, <a href="https://www.smartkarma.com/entities/7622" target="_blank" data-smartkarma-citation="entities:7622:1">Gree Electric Appliances Inc Of Zhuhai (000651 CH)</a>, and <a href="https://www.smartkarma.com/entities/16185" target="_blank" data-smartkarma-citation="entities:16185:1">Midea Group Co Ltd A (000333 CH)</a>. Please read this note together with <a href="https://www.smartkarma.com/insights/discover-sz-sh-connect-foreigners-were-buying-industries-and-financials-in-december" target="_blank">our coverage for December flow</a> and our coverage for <a href="https://www.smartkarma.com/insights/hk-connect-discovery-january-snapshot" target="_blank">January northbound flow</a>.

In our Discover SZ/SH Connect series, we aim to help our investors understand the flow of northbound trades via the Shanghai Connect and Shenzhen Connect, as analyzed by our proprietary data engine. We will discuss the stocks that experienced the most inflow and outflow by offshore investors in the past seven days.We split the stocks eligible for the northbound trade into three groups: those with a market capitalization of above USD 5 billion, and those with a market capitalization between USD 1 billion and USD 5 billion.We note that offshore investors were buying all GICS sectors, and had a strong preference for Consumer Staples, Financials and Consumer Discretionary names. We estimate that total inflow into A-share market via northbound trade amounted to USD 8.5 bn in January.Stocks with strong inflows (by quantum) were Kweichow Moutai Co Ltd A (600519 CH), Gree Electric Appliances Inc Of Zhuhai (000651 CH), and Midea Group Co Ltd A (000333 CH). Please read this note together with our coverage for December flow and our coverage for January northbound flow. 

Shanghai/Shenzhen Connect - $8.5 Bn of Inflow in January (Kweichow Moutai, Gree, Midea)

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>We are Negative on Keda Industrial over the next year due to a potential downturn in the ceramics machinery market, uncompelling valuations, and concerns about expansion into lithium battery materials. </li>
<li>Keda Industrial Group is one of the world's leading suppliers of building ceramic machinery and equipment.</li>
<li>Its A-Shares listed on Shanghai Stock Exchange and it completed a private placement of GDRs listing the shares in SIX Swiss Exchange in July 2022. </li>
</ul>


We are Negative on Keda Industrial over the next year due to a potential downturn in the ceramics machinery market, uncompelling valuations, and concerns about expansion into lithium battery materials. 
Keda Industrial Group is one of the world's leading suppliers of building ceramic machinery and equipment.
Its A-Shares listed on Shanghai Stock Exchange and it completed a private placement of GDRs listing the shares in SIX Swiss Exchange in July 2022. 


Keda Industrial Group: Concerns About Downturn in Ceramics Machinery Market & Uncompelling Valuation

China

Jiangsu Hengli Hydraulic Co Ltd develops, manufactures and sells high pressure tank, hydraulic components and hydraulic systems. The Company's main products include fuel tanks and non-standard cylinders for heavy equipment.

Jiangsu Hengli Highpressure Oil Cylinder (601100 CH)

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Jiangsu Hengli Highpressure Oil Cylinder (601100 CH)

Shanghai/Shenzhen Connect - $8.5 Bn of Inflow in January (Kweichow Moutai, Gree, Midea)

In our Discover SZ/SH Connect series, we aim to help our investors understand the flow of northbound trades via the Shanghai Connect and Shenzhen...

Ke Yan, CFA, FRM

Keda Industrial Group: Concerns About Downturn in Ceramics Machinery Market & Uncompelling Valuation

We are Negative on Keda Industrial due to a potential downturn in the ceramics machinery market, uncompelling valuations, and concerns about...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

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