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 May 12th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Longfor, Cosco Ship Holding, CCB.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 12th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Longfor, Cosco Ship Holding, CCB.


HK Short Interest Weekly: Longfor, Cosco Ship Holding, CCB

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 5th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Ganfenglithium, Picc P&amp;C, Jd, Bidu, Manulife.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 5th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Ganfenglithium, Picc P&amp;C, Jd, Bidu, Manulife.


HK Short Interest Weekly: Ganfeng Lithium, Picc P&C, Jd, Bidu, Manulife

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/allkem-ltd" target="_blank" data-smartkarma-citation="entities:3572:1" rel="noopener">Allkem Ltd (AKE AU)</a> and <a href="https://www.smartkarma.com/entities/livent-corp" target="_blank" data-smartkarma-citation="entities:27434:1" rel="noopener">Livent (LTHM US)</a> announced a merger of equals. AKE shareholders receive 1 NewCo share per AKE share, LTHM shareholders get 2.406 NewCo shares per LTHM share.</li>
<li>The transaction is expected to close by the end of calendar year 2023 subject to shareholder (AKM and LTHM) and regulatory approvals. </li>
<li>The merger is sensible as NewCo will have scale, synergies and capital efficiency. AKE shareholders benefit from an attractive merger ratio and potential rerating from a US listing. </li>
</ul>



Allkem Ltd (AKE AU) and Livent (LTHM US) announced a merger of equals. AKE shareholders receive 1 NewCo share per AKE share, LTHM shareholders get 2.406 NewCo shares per LTHM share.
The transaction is expected to close by the end of calendar year 2023 subject to shareholder (AKM and LTHM) and regulatory approvals. 
The merger is sensible as NewCo will have scale, synergies and capital efficiency. AKE shareholders benefit from an attractive merger ratio and potential rerating from a US listing. 


Allkem (AKE AU): Merger of Equals with Livent (LTHM US)

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>As of 8 May, we see three potential changes to the <a href="https://www.smartkarma.com/entities/ishares-china-large-cap-etf" target="_blank" data-smartkarma-citation="entities:766:1" rel="noopener">iShares China Large-Cap (FXI) (FXI US)</a> at the June rebalance. This is mainly driven by the inclusions.</li>
<li>There is over 1 day of ADV to trade on all stocks with the largest impact on <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene Ltd (6160 HK)</a> at nearly 4 days of ADV.</li>
<li>Short interest has been increasing on the potential adds as they have run up a lot in the last few months.</li>
</ul>


As of 8 May, we see three potential changes to the iShares China Large-Cap (FXI) (FXI US) at the June rebalance. This is mainly driven by the inclusions.
There is over 1 day of ADV to trade on all stocks with the largest impact on BeiGene Ltd (6160 HK) at nearly 4 days of ADV.
Short interest has been increasing on the potential adds as they have run up a lot in the last few months.


FXI Rebalance Preview: Three Potential Changes in June

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of April 28th.</li>
<li>We estimate the weekly outflows to be US$844.5 million, led by financials, consumer staples, and offset by industrials, information technology.</li>
<li>We highlight flows for Kweichow Moutai, East Money Information, Contemporary Amperex Technology, Gree Electric Appliances, China Merchants Bank.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of April 28th.
We estimate the weekly outflows to be US$844.5 million, led by financials, consumer staples, and offset by industrials, information technology.
We highlight flows for Kweichow Moutai, East Money Information, Contemporary Amperex Technology, Gree Electric Appliances, China Merchants Bank.


Northbound Flows (Apr 28th): Kweichow Moutai, East Money, CATL, Gree Electric Appliances, CMB

China

Jiangxi Ganfeng Lithium Co., Ltd. researches and produces lithium products and operates import, export and manufacturing businesses for its own products.  The Company's products include lithium metal, lithium aluminum hydride, lithium fluoride, lithium chloride, and other chemical products of lithium.

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Jiangxi Ganfeng Lithium (002460 CH)

HK Short Interest Weekly: Longfor, Cosco Ship Holding, CCB

We analyzed the latest HK SFC report for aggregate short position as of May 12th and highlight short interest changes in Longfor, Cosco Ship...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Ganfeng Lithium, Picc P&C, Jd, Bidu, Manulife

We analyzed the latest HK SFC report for aggregate short position as of May 5th and highlight short interest changes in Ganfenglithium, Picc P&C,...

Ke Yan, CFA, FRM

Allkem (AKE AU): Merger of Equals with Livent (LTHM US)

The merger is sensible as NewCo will have scale, synergies and capital efficiency. AKE shareholders benefit from an attractive merger ratio and...

Arun George

FXI Rebalance Preview: Three Potential Changes in June

There could be 3 changes for the FXI in June. Some stocks are close to the add/delete zone, so relative perf needs to be watch. Passive trackers...

Brian Freitas

Northbound Flows (Apr 28th): Kweichow Moutai, East Money, CATL, Gree Electric Appliances, CMB

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Kweichow Moutai, East Money Information, CATL, Gree...

Ke Yan, CFA, FRM

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