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 analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 122.2% as of Nov 24th.</li>
<li>The average A-H premium changed by 0.9ppt week on week, led by information technology, real estate, consumer discretionary and offset by consumer staples, communication services, energy.</li>
<li>We highlight weekly changes in A-H premium for Angang Steel, Gwmotor, YOFC, Sinopec Oilfield.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 122.2% as of Nov 24th.
The average A-H premium changed by 0.9ppt week on week, led by information technology, real estate, consumer discretionary and offset by consumer staples, communication services, energy.
We highlight weekly changes in A-H premium for Angang Steel, Gwmotor, YOFC, Sinopec Oilfield.


A-H Premium Weekly (Nov 24th): Angang Steel, Gwmotor, YOFC, Sinopec Oilfield

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.

Equity Capital Markets

WuXi XDC Cayman  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (1877628D HK)</a> priced its IPO at HK$20.60 per share to raise the gross proceeds of US$470 million. The shares will start trading tomorrow.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/wuxi-xdc-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:116331" rel="noopener">WuXi XDC IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/wuxi-xdc-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:116507" rel="noopener">WuXi XDC IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/wuxi-xdc-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:116962" rel="noopener">WuXi XDC IPO: Valuation Insights</a>.</li>
<li>The market sentiment on the sector has modestly weakened. However, the IPO price is attractive, with our DCF valuation of HK$22.89 per share, 11.1% above the IPO price.</li>
</ul>



WuXi XDC Cayman (1877628D HK) priced its IPO at HK$20.60 per share to raise the gross proceeds of US$470 million. The shares will start trading tomorrow.
We previously discussed the IPO in WuXi XDC IPO: The Bull Case, WuXi XDC IPO: The Bear Case and WuXi XDC IPO: Valuation Insights.
The market sentiment on the sector has modestly weakened. However, the IPO price is attractive, with our DCF valuation of HK$22.89 per share, 11.1% above the IPO price.


<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 10th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight the flows for Tencent, China Mobile and CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 10th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight the flows for Tencent, China Mobile and CNOOC.


Hong Kong Connect Flows (Nov 10th): Tencent, China Mobile, CNOOC

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 121.6% as of Nov 10th.</li>
<li>The average A-H premium changed by 3.1ppt week on week, led by information technology, utilities, communication services and offset by consumer discretionary, real estate.</li>
<li>We highlight weekly changes in A-H premium for Ping An Insurance, Ganfeng Lithium, Gwmotor, China Longyuan.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 121.6% as of Nov 10th.
The average A-H premium changed by 3.1ppt week on week, led by information technology, utilities, communication services and offset by consumer discretionary, real estate.
We highlight weekly changes in A-H premium for Ping An Insurance, Ganfeng Lithium, Gwmotor, China Longyuan.


A-H Premium Weekly (Nov 10th): Ping An Insurance, Ganfeng Lithium, GWM, China Longyuan

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 3rd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Li Ning, Semiconductor Manufacturing International, Xiaomi, Wuxi Biologics, Kuaishou Technology.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 3rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Li Ning, Semiconductor Manufacturing International, Xiaomi, Wuxi Biologics, Kuaishou Technology.


Hong Kong Connect Flows (Nov 3rd): Li Ning, SMIC, Xiaomi

China

Goldcup Electric Apparatus Company Limited develops, produces and sells wire and cable. The Company's main products include magnet wire, power cable, conductor wire, rubber jacket core, special wire and cable.

Shenzhen Clou Electronics Co.,Ltd. develops, manufactures and markets power automation equipments and public instruments.

Far East Smarter Energy Co., Ltd. mainly engages in the system design, research and development, manufacturing, marketing and services of overhead wires, electric cables, wires and cables for electrical equipment, and special cables. Its products are widely used in electric power transmission, transportation, energy, petroleum and petrochemical, national defense, etc.

Zhejiang Yonggui Electric Equipment Company Limited develops, manufactures and sells rail transit connectors. The Company's main products include railway-bus connectors, railway-locomotive connectors, urban rail vehicle connectors, and enhanced mini-USB connectors.

Genimous Investment Co Ltd provides investment, asset management, investment consulting, economic and trade consulting, instrumentation, industrial automation equipment, computer hardware and software equipment.

Shanghai Liangxin Electrical Company Limited designs, manufactures and sells mid to high end low-voltage electricals. The Company's main product are low-voltage electricals.

Sinosteel Engineering & Technology Co., Ltd. operates a metallurgical engineering company. The Company provides engineering services and projects and supplies equipment and spare parts in the metallurgical industry.

Sinosteel Engineering & Technology (000928 CH)

Tongling Jingda Special Magnet Wire Co., Ltd. manufactures and markets enamel-covered electromagnetic wires, bare copper wires, ultra-thin wires, and electrical wires and cables.

Zhejiang Wanma Co., Ltd. produces mainly union insulating electric cable of polyethylene, the insulating electric cable of polyvinyl chloride, and other kinds of electric wires cable.

Baoding Tianwei Baobian Electric Co., Ltd. manufactures and markets electrical equipment.  The Company's products include transformers, mutual inductors, reactors, tubes, software, solar cell components, and other electrical equipment.  Baoding Tianwei also provides processing and technical services.

Thermon Group Holdings, Inc. provides engineered thermal solutions for process industries. The Company offers thermal solutions that also referred as heat tracing, provide an external heat source to pipes, vessels, and instruments for the purposes of freeze protection, temperature and flow maintenance, environmental monitoring, and surface snow and ice melting.

Iljin Electric Co Ltd manufactures and sells electric products.  The Company's products include electric fittings, distribution lines, electrical equipment, and automated power distribution systems.  Iljin also builds power cable systems and produces aluminum casting products used in automobiles.  Through its subsidiaries, the Company operates communications and financial businesses.

Shinsung Delta Tech Co., Ltd. manufactures electronic components. The company's product includes control panel, top cover, drum tub, and blower for washing machine and air conditioner.  The Company also produces automobile part and light guide panel for Thin Film Transistor-Liquid Crystal Display (TFT-LCD).

Cheryong Electric Co., Ltd. manufactures and sells steel support equipment and components used for power supply and transmission.  The Company also produces transformers and synthetic resin products, including electric wire covering.

HEG Limited manufactures graphite electrodes, anodes and other related specialty products. The Company also manufactures sponge iron lumps and fines, besides operating oil rigs for oil exploration and development. The Company also operates a hydroelectric power plant primarily to supply power to its graphite and sponge iron plants.

TOYO TANSO CO., LTD. mainly manufactures carbon and graphite products for industrial use.  The Company's main products include isotropic graphite, carbon products for mechanical and electrical applications.

NITTO KOGYO CORPORATION manufactures and sells a variety of power switchboards. The Company also manufactures metal/resin parts for power switchboards, and circuit breakers.

AcBel Polytech Inc. designs and manufactures standard and custom switching power supplies (SPS) and power system products.  The Company's products include personal computer (PC) power supplies, web server power supplies, telecom power supplies, low voltage switching regulators, and direct current (DC)/DC converters.

SWCC SHOWA HOLDINGS CO., LTD. produces wires and cables.  The Company's products include electric cables, fiber optic cables, and electronic devices such as routing switches, hub switches, and delay lines.  SWCC  also develops and produces anti-vibration system for building.

SGL Carbon SE produces carbon and graphite materials, specialty graphite, corrosion protection products, and fibers and composites.  The Company manufactures graphite and carbon electrodes, cathodes, mold stock, mechanical carbons, corrosion resistant products and systems, composites, and carbon-ceramic brake discs.  SGL markets its products worldwide.

JL MAG Rare-Earth Co., Ltd. manufactures rare earth materials. The Company produces NdFeB magnet materials and other rare earth products. JL MAG Rare-Earth supplies its products to wind power, new energy vehicles, inverter air conditioners, energy saving elevators, and other fields.

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JL Mag Rare-Earth (6680 HK)

A-H Premium Weekly (Nov 24th): Angang Steel, Gwmotor, YOFC, Sinopec Oilfield

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Angang Steel, Gwmotor, YOFC, Sinopec Oilfield.

Ke Yan, CFA, FRM

WuXi XDC IPO: Trading Debut

The market sentiment on the sector has modestly weakened. However, the IPO price is attractive, with our DCF valuation of HK$22.89 per share, 11.1%...

Arun George

Hong Kong Connect Flows (Nov 10th): Tencent, China Mobile, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent, China Mobile and CNOOC.

Ke Yan, CFA, FRM

A-H Premium Weekly (Nov 10th): Ping An Insurance, Ganfeng Lithium, GWM, China Longyuan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Ping An Insurance, Ganfeng Lithium, Gwmotor, China Longyuan.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Nov 3rd): Li Ning, SMIC, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Li Ning, Semiconductor Manufacturing International, Xiaomi,...

Ke Yan, CFA, FRM

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