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 analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for connect holding as of Aug 12th.</li>
<li>Information, financials, and consumer discretionary sectors led the inflows of USD 1.2bn last week. </li>
<li>We highlight inflows into Longi Green, Yili, BYD, Moutai, and outflows from Tongwei, Sanhua, TBEA, TCL Zhonghuan.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for connect holding as of Aug 12th.
Information, financials, and consumer discretionary sectors led the inflows of USD 1.2bn last week. 
We highlight inflows into Longi Green, Yili, BYD, Moutai, and outflows from Tongwei, Sanhua, TBEA, TCL Zhonghuan.


Northbound Flows: Longi Green, Yili, BYD, Moutai

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. / Equity Bottom-Up

Zhangzhou Pientzehuang Pharmaceutical Co., Ltd.

<ul>
<li>Due to the lockdown/pandemic, <a href="https://www.smartkarma.com/entities/zhangzhou-pientzehuang-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:15709:1" rel="noopener">Pientzehuang Pharmaceutical</a>’s 2022H1 performance slowed down. Considering the economic downturn and people's cutting back spending on non-rigid consumption, the full-year revenue growth could be around 10%-20%.</li>
<li>The Company's key challenge lies in revenue growth. However, it is not easy to increase sales largely due to the scarcity of raw materials, which limits the expansion of production.</li>
<li>Pien Tze Huang is overvalued. Share price could continue to fall,but it will bounce back due to its high moat. 2022 is a good time for bottom fishing this stock.</li>
</ul>


Due to the lockdown/pandemic, Pientzehuang Pharmaceutical’s 2022H1 performance slowed down. Considering the economic downturn and people's cutting back spending on non-rigid consumption, the full-year revenue growth could be around 10%-20%.
The Company's key challenge lies in revenue growth. However, it is not easy to increase sales largely due to the scarcity of raw materials, which limits the expansion of production.
Pien Tze Huang is overvalued. Share price could continue to fall,but it will bounce back due to its high moat. 2022 is a good time for bottom fishing this stock.


Zhangzhou Pientzehuang Pharmaceutical (600436CH) 22H1- 2022 Is Stressful but Shares Will Bounce Back

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine. Northbound investors are selling A-share stocks worth USD 2.9bn in July.</li>
<li>The outflows were led by the financials, industrials, and materials sectors.</li>
<li>We highlight flows for Shenzhen Mindray, Zhejiang Huayou, Tianqi Lithium, Yunnan Energy New Material, Moutai, Sungrow, Ping An Bank, Wuxi Lead, Zhejiang Sanhua, Industrial Bank.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine. Northbound investors are selling A-share stocks worth USD 2.9bn in July.
The outflows were led by the financials, industrials, and materials sectors.
We highlight flows for Shenzhen Mindray, Zhejiang Huayou, Tianqi Lithium, Yunnan Energy New Material, Moutai, Sungrow, Ping An Bank, Wuxi Lead, Zhejiang Sanhua, Industrial Bank.


Northbound Flows Monthly (July): Financials, Industrials and Materials Led Outflows

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Luzhou Laojiao Co Ltd A / Equity Bottom-Up

<ul>
<li>Baijiu, the most popular liquor in China, is perhaps one of the most addictive and profitable alcoholic beverages in this planet.</li>
<li>The focus of this insight is a pair trade (go long on Luzhou Laojiao and go short on Jiangsu Yanghe Brewery).</li>
<li>The major reasons for this pair trade include higher sales growth rate and ROE for Luzhou Laojiao as well as capitalize on the recent share weakness of Luzhou vs Jiangsu.</li>
</ul>


Baijiu, the most popular liquor in China, is perhaps one of the most addictive and profitable alcoholic beverages in this planet.
The focus of this insight is a pair trade (go long on Luzhou Laojiao and go short on Jiangsu Yanghe Brewery).
The major reasons for this pair trade include higher sales growth rate and ROE for Luzhou Laojiao as well as capitalize on the recent share weakness of Luzhou vs Jiangsu.


China Beverage: Baijiu - The Most Addictive & Profitable Alcoholic Beverage in This Planet?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Yunnan Energy New Material  / Event-Driven

<ul>
<li>Inside is a recap of movements in the last week relating to the Hong Kong Stock Exchange -Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry.</li>
<li>Overall, net outflow over the past week was ~US$1.83bn, split between Shanghai (-US$1.3bn) and Shenzhen (-US$0.5bn).</li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/yunnan-chuangxin-new-material" target="_blank" data-smartkarma-citation="entities:27135:1" rel="noopener">Yunnan Chuangxin New (002812 CH)</a> and <a href="https://www.smartkarma.com/entities/shanghai-baosight-software-co" target="_blank" data-smartkarma-citation="entities:28228:1" rel="noopener">Shanghai Baosight (600845 CH)</a>. The largest outflows were in <a href="https://www.smartkarma.com/entities/sungrow-power-supply-co-ltd" target="_blank" data-smartkarma-citation="entities:4255:1" rel="noopener">Sungrow Power (300274 CH)</a> and <a href="https://www.smartkarma.com/entities/ping-an-bank-co-ltd-a" target="_blank" data-smartkarma-citation="entities:681:1" rel="noopener">Ping An Bank (000001 CH)</a>.</li>
</ul>


Inside is a recap of movements in the last week relating to the Hong Kong Stock Exchange -Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry.
Overall, net outflow over the past week was ~US$1.83bn, split between Shanghai (-US$1.3bn) and Shenzhen (-US$0.5bn).
The largest inflows were into Yunnan Chuangxin New (002812 CH) and Shanghai Baosight (600845 CH). The largest outflows were in Sungrow Power (300274 CH) and Ping An Bank (000001 CH).


Shanghai/​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (22 July 2022)

China

Kweichow Moutai Co., Ltd. manufactures spirits.  The Company's spirit products are distilled from sorghum and wheat.  Kweichow Moutai markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kweichow Moutai (600519 CH)

Northbound Flows: Longi Green, Yili, BYD, Moutai

We highlight weekly northbound Shanghai/Shenzhen connect inflows into Longi Green, Yili, BYD, Moutai, and outflows from Tongwei, Sanhua, TBEA, TCL...

Ke Yan, CFA, FRM

Zhangzhou Pientzehuang Pharmaceutical (600436CH) 22H1- 2022 Is Stressful but Shares Will Bounce Back

Pien Tze Huang's performance slows down this year. Shares could continue to fall due to overvaluation, but will bounce back due to its high moat....

Xinyao (Criss) Wang

Northbound Flows Monthly (July): Financials, Industrials and Materials Led Outflows

Northbound investors sold $2.9bn stocks last month. We highlight flows for Shenzhen Mindray, Zhejiang Huayou, Tianqi Lithium, Yunnan Energy New...

Ke Yan, CFA, FRM

China Beverage: Baijiu - The Most Addictive & Profitable Alcoholic Beverage in This Planet?

Baijiu, the most popular liquor in China, is perhaps one of the most addictive and profitable alcoholic beverages in this planet. We discuss a pair...

Douglas Kim

Shanghai/Shenzhen Northbound Connect: Weekly Moves (22 July 2022)

Overall, net outflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$1.83bn, split between Shanghai (...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Northbound Flows: Longi Green, Yili, BYD, Moutai

We highlight weekly northbound Shanghai/Shenzhen connect inflows into Longi Green, Yili, BYD, Moutai, and outflows from Tongwei, Sanhua, TBEA, TCL...

Ke Yan, CFA, FRM

Zhangzhou Pientzehuang Pharmaceutical (600436CH) 22H1- 2022 Is Stressful but Shares Will Bounce Back

Pien Tze Huang's performance slows down this year. Shares could continue to fall due to overvaluation, but will bounce back due to its high moat....

Xinyao (Criss) Wang

Northbound Flows Monthly (July): Financials, Industrials and Materials Led Outflows

Northbound investors sold $2.9bn stocks last month. We highlight flows for Shenzhen Mindray, Zhejiang Huayou, Tianqi Lithium, Yunnan Energy New...

Ke Yan, CFA, FRM

China Beverage: Baijiu - The Most Addictive & Profitable Alcoholic Beverage in This Planet?

Baijiu, the most popular liquor in China, is perhaps one of the most addictive and profitable alcoholic beverages in this planet. We discuss a pair...

Douglas Kim

Shanghai/​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (22 July 2022)

Overall, net outflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$1.83bn, split between Shanghai (...

David Blennerhassett

Shanghai/Shenzhen Northbound Connect: Weekly Moves (22 July 2022)