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 142 stocks over the last week. The average A-H premium was 130.7% as of Nov 4th.</li>
<li>The average A-H premium changed by -4.4ppt weeok on week, led by health care, financials, utilities and offset by consumer staples, real estate, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for First Tractor, Maanshan Iron, Datang Intl, Cansino, Jushi, Fudan Microelectronics.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 130.7% as of Nov 4th.
The average A-H premium changed by -4.4ppt weeok on week, led by health care, financials, utilities and offset by consumer staples, real estate, consumer discretionary.
We highlight weekly changes in A-H premium for First Tractor, Maanshan Iron, Datang Intl, Cansino, Jushi, Fudan Microelectronics.


A-H Premium Weekly (Nov 4th): First Tractor, Maanshan Iron

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Joinn Laboratories China  Lt / Equity Bottom-Up

<ul>
<li>The monkeys have become <a href="https://www.smartkarma.com/entities/joinn-laboratories-china-c-h" target="_blank" data-smartkarma-citation="entities:31498:1" rel="noopener">Joinn Laboratories (H) (6127 HK)</a>’s important profit growth point based on the logic chain of "monkey supply shortage - monkey price rise - Joinn’s performance increase". </li>
<li>Faced with doubts about the future prosperity of CXO, we don't think Joinn is immune as a part of this industrial chain. Joinn is hard to achieve the V-shaped rebound.</li>
<li>Valuations are hard to increase by when the industry is very mature.For investment logic, my favorite is the industry beta, followed by industry beta+alpha. The last is low P/E ratio.</li>
</ul>


The monkeys have become Joinn Laboratories (H) (6127 HK)’s important profit growth point based on the logic chain of "monkey supply shortage - monkey price rise - Joinn’s performance increase". 
Faced with doubts about the future prosperity of CXO, we don't think Joinn is immune as a part of this industrial chain. Joinn is hard to achieve the V-shaped rebound.
Valuations are hard to increase by when the industry is very mature.For investment logic, my favorite is the industry beta, followed by industry beta+alpha. The last is low P/E ratio.


Joinn Laboratories (6127.HK) 22H1 - It's Time to Face Reality Before the Magic of Monkeys Disappears

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

China Tourism Group Duty Free / Equity Capital Markets

<ul>
<li>China Tourism Group Duty Free Corporation Limited (CDF) raised around US$2.4bn in its H-share listing in Hong Kong, after pricing its IPO at HKD158/share.</li>
<li>As per Frost &amp; Sullivan, CDF had 92.3% market share by retail revenue in China duty-free merchandise sales in 2020.</li>
<li>In this note, we talk about the deal pricing and the trading dynamics.</li>
</ul>


China Tourism Group Duty Free Corporation Limited (CDF) raised around US$2.4bn in its H-share listing in Hong Kong, after pricing its IPO at HKD158/share.
As per Frost &amp; Sullivan, CDF had 92.3% market share by retail revenue in China duty-free merchandise sales in 2020.
In this note, we talk about the deal pricing and the trading dynamics.


China Tourism Group A/H Trading - Decent Support from Long-Only but Minimal Retail Participation

China Tourism Group Duty Free Corp Ltd / Equity Capital Markets

<ul>
<li>China Tourism Group Duty Free Corporation Limited (CDF) is gearing up to launch Hong Kong’s largest listing so far this year, with a reported deal size of around US$2-3bn.</li>
<li>Prior to the deal launch, we’ve had a quick look at the A/H premium, subscription and past performance of some of the earlier A/H listings.</li>
<li>Overall, most of the recent A/H listings haven’t done much over the first month.</li>
</ul>


China Tourism Group Duty Free Corporation Limited (CDF) is gearing up to launch Hong Kong’s largest listing so far this year, with a reported deal size of around US$2-3bn.
Prior to the deal launch, we’ve had a quick look at the A/H premium, subscription and past performance of some of the earlier A/H listings.
Overall, most of the recent A/H listings haven’t done much over the first month.


Past A/H Listings Performance - Most of the Deals Haven’t Done Much

Asymchem Laboratories Tianjin / Equity Capital Markets

<ul>
<li>Asymchem Laboratories raised around US$1.05bn in its H-share listing in Hong Kong.</li>
<li>AL is a provider of outsourced pharmaceutical development and manufacturing solutions and services. </li>
<li>In this note, we will talk about the subscription levels and trading dynamics.</li>
</ul>


Asymchem Laboratories raised around US$1.05bn in its H-share listing in Hong Kong.
AL is a provider of outsourced pharmaceutical development and manufacturing solutions and services. 
In this note, we will talk about the subscription levels and trading dynamics.


Asymchem Labs A/H Trading - Moderate Demand and Upside

China

Joinn Laboratories (China) Co., Ltd. operates as a medicines development company. The Company offers drug development, pharmaceutical analysis, pharmacologic testing, and other related services. Joinn Laboratories (China) also provides pesticide and medical device safety evaluation services.

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Joinn Laboratories China Lt (603127 CH)

A-H Premium Weekly (Nov 4th): First Tractor, Maanshan Iron

We analyzed A-H premium changes in the past week and highlight A-H premium changes for First Tractor, Maanshan Iron, Datang Intl, Cansino, Jushi,...

Ke Yan, CFA, FRM

Joinn Laboratories (6127.HK) 22H1 - It's Time to Face Reality Before the Magic of Monkeys Disappears

The logic chain of "monkey shortage-monkey price rise-Joinn’s performance increase" has shaken.Faced with doubts about future prosperity of...

Xinyao (Criss) Wang

China Tourism Group A/H Trading - Decent Support from Long-Only but Minimal Retail Participation

China Tourism Group Duty Free Corporation Limited (CDF) raised around US$2.4bn in its H-share listing in Hong Kong, after pricing its IPO at HKD158...

Sumeet Singh

Past A/H Listings Performance - Most of the Deals Haven’t Done Much

China Tourism is gearing up to launch Hong Kong’s largest listing so far this year, with a reported deal size of around US$2-3bn. Ahead of its...

Sumeet Singh

Asymchem Labs A/H Trading - Moderate Demand and Upside

Asymchem Laboratories raised around US$1.05bn in its H-share listing in Hong Kong. In this note, we talk about the trading dynamics.

Sumeet Singh

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