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.

Equity Bottom-Up

<ul>
<li>China announced game approval for the December batch. The number of games approved has increased compared to recent months.</li>
<li>The pace of China game approval appears to be accelerating, to the same level as pre-tightening.</li>
<li>Netease scored two approvals while Tencent scored one. Netease finished the year with the most games approved.</li>
</ul>


China announced game approval for the December batch. The number of games approved has increased compared to recent months.
The pace of China game approval appears to be accelerating, to the same level as pre-tightening.
Netease scored two approvals while Tencent scored one. Netease finished the year with the most games approved.


Tencent/Netease: Netease Tops '23 League Table with Most Games Approved

<ul>
<li>China announced game approval for November batch. The number of games approved is in-line with the pace of approval in recent months.</li>
<li>The Pace of China game approval stays flattish, at a much slower pace than pre-tightening.</li>
<li>Netease scored one approval while Tencent has been zeroed for five rounds.</li>
</ul>


China announced game approval for November batch. The number of games approved is in-line with the pace of approval in recent months.
The Pace of China game approval stays flattish, at a much slower pace than pre-tightening.
Netease scored one approval while Tencent has been zeroed for five rounds.


Tencent/Netease: Game Approval Skewed Towards Netease in '23

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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> announced in-specie dividends of <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a> (US$15bn+) in 2021 and <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> (US$20bn) in 2022.</li>
<li>With the <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> Board meeting on 15 November to approve Q3 results and considering the payment of a dividend, the pattern could repeat this year.</li>
<li>
<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> owns stakes of US$1bn+ in 10 listed companies. We take a look at the stocks that could be next in line to be paid as in-specie dividends.</li>
</ul>



Tencent (700 HK) announced in-specie dividends of JD.com (9618 HK) (US$15bn+) in 2021 and Meituan (3690 HK) (US$20bn) in 2022.
With the Tencent (700 HK) Board meeting on 15 November to approve Q3 results and considering the payment of a dividend, the pattern could repeat this year.

Tencent (700 HK) owns stakes of US$1bn+ in 10 listed companies. We take a look at the stocks that could be next in line to be paid as in-specie dividends.


Tencent (700 HK): Board Meets Next Week; In-Specie Dividend Candidates

Quantitative Analysis

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows into ICBC,  CCB, Meituan, Innovent Biologics, Xpeng and outflows from Petrochina.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into ICBC,  CCB, Meituan, Innovent Biologics, Xpeng and outflows from Petrochina.


Hong Kong Connect Flows: $7.3bn of Inflows in September

<ul>
<li>China just announced game approval for September batch. The number of games approved is in-line with the pace of approval in recent month.</li>
<li>Pace of China game approval stays flattish, at a much slower pace than pre-tightening.</li>
<li>Neither Tencent or Netease received approval for any game. Same thing happened for July batch.</li>
</ul>


China just announced game approval for September batch. The number of games approved is in-line with the pace of approval in recent month.
Pace of China game approval stays flattish, at a much slower pace than pre-tightening.
Neither Tencent or Netease received approval for any game. Same thing happened for July batch.


Tencent/Netease: Zeroed for Two Rounds of Game Approval

China

Kingsoft Corporation Ltd. develops and markets computer software.  The Company develops role-playing computer games and security, word processing, and spreadsheet software.

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Kingsoft Corp (3888 HK)

Tencent/Netease: Netease Tops '23 League Table with Most Games Approved

China's game approval process is picking up speed, with more games approved in December. Netease emerged as the leader in game approvals for the...

Ke Yan, CFA, FRM

Tencent/Netease: Game Approval Skewed Towards Netease in '23

China's game approval process remains slow, with Netease receiving one approval and Tencent facing five rounds of zero approvals.

Ke Yan, CFA, FRM

Tencent (700 HK): Board Meets Next Week; In-Specie Dividend Candidates

Tencent could make it a hat-trick of special in-specie dividend distributions. After JD.com and Meituan, Kuaishou could be next. Or it could be...

Brian Freitas

Hong Kong Connect Flows: $7.3bn of Inflows in September

We analyzed the Hong Kong Connect Scheme for September and highlight flows for ICBC, CCB, Meituan, Innovent Biologics, Xpeng and Petrochina.

Ke Yan, CFA, FRM

Tencent/Netease: Zeroed for Two Rounds of Game Approval

We analyzed the latest game approval issued by NPPA. We note that both Tencent and Netease have not received approval in both September and July...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tencent/Netease: Netease Tops '23 League Table with Most Games Approved

​China's game approval process is picking up speed, with more games approved in December. Netease emerged as the leader in game approvals for the...

Ke Yan, CFA, FRM

Tencent/Netease: Game Approval Skewed Towards Netease in '23

​China's game approval process remains slow, with Netease receiving one approval and Tencent facing five rounds of zero approvals.

Ke Yan, CFA, FRM

Tencent (700 HK): Board Meets Next Week; In-Specie Dividend Candidates

Tencent could make it a hat-trick of special in-specie dividend distributions. After JD.com and Meituan, Kuaishou could be next. Or it could be...

Brian Freitas

Hong Kong Connect Flows: $7.3bn of Inflows in September

We analyzed the Hong Kong Connect Scheme for September and highlight flows for ICBC, CCB, Meituan, Innovent Biologics, Xpeng and Petrochina.

Ke Yan, CFA, FRM

Tencent/Netease: Zeroed for Two Rounds of Game Approval

We analyzed the latest game approval issued by NPPA. We note that both Tencent and Netease have not received approval in both September and July...

Ke Yan, CFA, FRM

China's game approval process is picking up speed, with more games approved in December. Netease emerged as the leader in game approvals for the...

China's game approval process remains slow, with Netease receiving one approval and Tencent facing five rounds of zero approvals.