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 changes in short interest of KRX Stocks as of Jan 26th which has an aggregated short interest worth USD7.9bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Posco Dx, Ecopro, Posco Holdings.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Jan 26th which has an aggregated short interest worth USD7.9bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Posco Dx, Ecopro, Posco Holdings.


KRX Short Interest Weekly (Jan 26th): Posco Dx, Ecopro, Posco Holdings

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>The review period for the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY</a> family of indices, <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50</a>, the KRX New Deal Index and a global index ends on 31 January.</li>
<li>The January rebalance of the IDX30 and LQ45 indices will be implemented at the close of trading on 31 January.</li>
<li>There have been huge inflows into the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300 Index</a> ETFs for another week. This will increase the impact on the index changes at the next rebalance.</li>
</ul>


The review period for the NIFTY family of indices, Nikkei 225, STAR50, the KRX New Deal Index and a global index ends on 31 January.
The January rebalance of the IDX30 and LQ45 indices will be implemented at the close of trading on 31 January.
There have been huge inflows into the CSI 300 Index ETFs for another week. This will increase the impact on the index changes at the next rebalance.


Index Rebalance & ETF Flow Recap: CSI300, CSI500, SSE50, ChiNext, KOSPI200, Renesas, IDX30/LQ45

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Jan 19th which has an aggregated short interest worth USD8.4bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in POSCO Future, LG Energy Solution.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Jan 19th which has an aggregated short interest worth USD8.4bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in POSCO Future, LG Energy Solution.


KRX Short Interest Weekly (Jan 19th): POSCO Future, LG Energy Solution

<ul>
<li>The review period for a global index commenced last week and will run through this week as well.</li>
<li>The announcement of the changes for the LQ45 Index should be announced in the coming week and will be implemented at the close on 31 January.</li>
<li>Huge inflows to <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300 Index</a> trackers during the week while there was a big outflow from <a href="https://www.smartkarma.com/entities/tracker-fund-of-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:29257:1" rel="noopener">Tracker Fund of Hong Kong (2800 HK)</a>. </li>
</ul>


The review period for a global index commenced last week and will run through this week as well.
The announcement of the changes for the LQ45 Index should be announced in the coming week and will be implemented at the close on 31 January.
Huge inflows to CSI 300 Index trackers during the week while there was a big outflow from Tracker Fund of Hong Kong (2800 HK). 


Index Rebalance & ETF Flow Recap: ASX, KS200, KQ150, HSIII, STTF, L&F, Costa Group, Japan, Bud APAC

<ul>
<li>The review period for the March rebalance of the KOSPI Size Indices started 1 December and will end 29 February. The changes will be implemented at the close 14 March.</li>
<li>We currently see 3 migrations from MidCap to LargeCap, 3 new adds to LargeCap, 6 migrations from LargeCap to MidCap, and 11 migrations from SmallCap to MidCap.</li>
<li>Historically, stocks migrating from SmallCap to MidCap have outperformed stocks that are migrating between other categories.</li>
</ul>


The review period for the March rebalance of the KOSPI Size Indices started 1 December and will end 29 February. The changes will be implemented at the close 14 March.
We currently see 3 migrations from MidCap to LargeCap, 3 new adds to LargeCap, 6 migrations from LargeCap to MidCap, and 11 migrations from SmallCap to MidCap.
Historically, stocks migrating from SmallCap to MidCap have outperformed stocks that are migrating between other categories.


KOSPI Size Indices - The Outperformance Continues

South Korea

LS Corp is a holding company, which operated subsidiaries including LS Industrial Systems, LS Cable, LS-Nikko Copper and LS Mtron.

Hyosung Heavy Industries Corporation manufactures electrical power equipment. The Company produces and sells transformers, generators, and other related products. Hyosung Heavy Industries markets its products worldwide.

Hyosung Heavy Industries Corp (298040 KS)

Taihan Electric Wire Co., Ltd. manufactures a wide range of cables and wires, such as power, communications, copper rod, and enameled cables and wires.  The Company also produces stainless steel sheets and aluminum products including coils, sheets, and plates.  In addition, Taihan Electric offers information and communications equipment, such as optical transmission and network systems.

LS Electric Co., Ltd. manufactures and distributes electrical power equipment. The Company produces smart power equipment, smart automation equipment, smart railway equipment, and other related products. LS Electric also develops smart grid, micro grid, energy storage systems, and metal products.

CS Wind Corporation operates as a wind tower company. The Company manufactures and exports steel wind towers, while also offering aluminum platforms for wind towers. CS Wind extends its products and services globally.

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.

Korea Electric Terminal Co., Ltd. specializes in manufacturing a wide range of connectors used in automobiles, home appliances, and telecommunications devices, The Company also produces fiber-optic products, such as jumper cord assemblies, attenuators, couplers, and multiplexers.

SPG Co., Ltd, manufactures various types of industrial motors.  The Company's main products are induction motors, reversible motors, electromagnetic motors, shaded pole motors, and condenser run motors.

Shanghai Electric Group Company Limited manufactures power generation equipment. The Company produces and sells thermal generator set, nuclear power units, wind power equipment, power transmission and distribution equipment, and other products. Shanghai Electric Group also manufactures environmental protection equipment.

Shanghai Electric Group Company (601727 CH)

Henan Pinggao Electric Co., Ltd. manufactures and markets electrical equipment. The Company produces high pressure plates, high voltage equipment, circuit breakers, switches, insulated switchgears, and other products. Henan Pinggao Electric also operates import and export businesses.

Teco Electric & Machinery Co., Ltd. manufactures household appliances, industrial motors, and smart cards.  The Company produces air conditioners, refrigerators, washing machines, televisions, dryers, single-phase motors, three-phase motors, inverters, rotary compressors, stepping motors, gear motors, and generators.

V-Guard Industries Limited produces and manufacturers stabilizers, pumps, cables, fans, and electrical and solar water heaters.

Shanghai Zhixin Electric Co., Ltd. manufactures and markets electric equipment, including bus line slots, switch boxes, transformers, electric cables, and other related products.

Shanghai Zhixin Electric Co, Ltd. (600517 CH)

Amara Raja Batteries Limited specializes in the manufacture of industrial and automotive batteries. The Company manufactures industrial batteries primarily for the telecom and UPS sectors. Amara Raja manufactures automotive batteries for the original equipment manufacturers and the aftermarket.

Guangdong HuaSheng Electrical Appliances Company Limited develops, produces and sells wiring components for household appliances. The Company's main products include air-conditioning components and power input components for household appliances.

Guangdong Huasheng Elctrcl Aplncs (002670 CH)

Finolex Cables Ltd. manufactures a wide range of telecommunication and electrical cables. The Company's products include flexible cables for appliances and industrial use electrification, winding wires, automobile cables, welding cables, and cables for submersible pumps. The Company also manufactures jelly filled phone cables, high frequency/radio frequency cables and PVC Sheets.

Xi'an Qiyuan Mechanical and Electrical Equipment Company Limited designs, develops, manufactures, sells and provides services for transformer equipment and components. The Company's main products includes iron core cutting equipment, routing equipment, transformer tank equipment, insulator processing equipment, tooling equipments and radiators etc.

Xian Qiyuan Mchncl And Elctcl Eqp (300140 CH)

Qingdao TGOOD Electric Co Ltd designs and manufactures electrical transformers and provides related technical services.  The Company also provides system solutions for the electrical transformer substations.

L&F Co., Ltd. develops and manufactures battery materials. The Company produces and sells cathode active materials, anode materials, electrolyte, separator, and other products. L&F markets its products throughout Korea.

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L&F (066970 KS)

KRX Short Interest Weekly (Jan 26th): Posco Dx, Ecopro, Posco Holdings

We analyzed KRX short interest report for the past week and highlighted short interest changes in Posco Dx, Ecopro, Posco Holdings.

Ke Yan, CFA, FRM

Index Rebalance & ETF Flow Recap: CSI300, CSI500, SSE50, ChiNext, KOSPI200, Renesas, IDX30/LQ45

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

KRX Short Interest Weekly (Jan 19th): POSCO Future, LG Energy Solution

We analyzed KRX short interest report for the past week and highlighted short interest changes in POSCO FUTURE, LG Energy Solution.

Ke Yan, CFA, FRM

Index Rebalance & ETF Flow Recap: ASX, KS200, KQ150, HSIII, STTF, L&F, Costa Group, Japan, Bud APAC

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

KOSPI Size Indices - The Outperformance Continues

We see 34 migrations and 6 new inclusions for the KOSPI Size indices. Stocks migrating higher have outperformed stocks migrating lower. Some stocks...

Brian Freitas

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