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 143 stocks over the last week. The average A-H premium was 111.6% as of Feb 24th.</li>
<li>The average A-H premium changed by 2.0ppt week on week, led by utilities, health care, financials and offset by information technology, industrials.</li>
<li>We highlight weekly changes in A-H premium for Xinjiang Gold Wind, China Shenhua, CICC, GWM, Shanghai Fudan.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 111.6% as of Feb 24th.
The average A-H premium changed by 2.0ppt week on week, led by utilities, health care, financials and offset by information technology, industrials.
We highlight weekly changes in A-H premium for Xinjiang Gold Wind, China Shenhua, CICC, GWM, Shanghai Fudan.


A-H Premium Weekly (Feb 24th): Xinjiang Gold Wind, China Shenhua, CICC, GWM, Shanghai Fudan

<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 109.6% as of Feb 17th.</li>
<li>The average A-H premium changed by -2.3ppt week on week, led by consumer discretionary, health care, energy and offset by communication services, consumer staples, materials.</li>
<li>We highlight weekly changes in A-H premium for China Shenhua, PetroChina, GWM, First Tractor.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 109.6% as of Feb 17th.
The average A-H premium changed by -2.3ppt week on week, led by consumer discretionary, health care, energy and offset by communication services, consumer staples, materials.
We highlight weekly changes in A-H premium for China Shenhua, PetroChina, GWM, First Tractor.


A-H Premium Weekly (Feb 17th): China Shenhua, PetroChina, GWM, First Tractor

<ul>
<li>We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 125.5% as of Sep 30th.</li>
<li>The average A-H premium changed by 6.5ppt weeok on week, led by consumer staples, industrials, communication services.</li>
<li>We highlight weekly changes in A-H premium for Ping An, Bankcomm, Angang Steel, Remegen, Qingdao Port, China Tourism, Asymchem Lab, Flat Glass.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 125.5% as of Sep 30th.
The average A-H premium changed by 6.5ppt weeok on week, led by consumer staples, industrials, communication services.
We highlight weekly changes in A-H premium for Ping An, Bankcomm, Angang Steel, Remegen, Qingdao Port, China Tourism, Asymchem Lab, Flat Glass.


A-H Premium Weekly (Sep 30th): China Tourism at New Low Since Listing

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.

Event-Driven

Xiamen International Port H / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xiamen-international-port-h" target="_blank" data-smartkarma-citation="entities:5390:1" rel="noopener">Xiamen International Port H (3378 HK)</a>'s composite document is out with the H Shareholders’ class meeting scheduled for 16 September. The IFA considers the offer to be fair and reasonable. </li>
<li>The key conditions are approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders' rejection). There is no minimum acceptance condition.</li>
<li>This is a done deal. At last close and for a 6 October payment, the gross and annualised spread to the offer is 0.9% and 7.6%, respectively. </li>
</ul>



Xiamen International Port H (3378 HK)'s composite document is out with the H Shareholders’ class meeting scheduled for 16 September. The IFA considers the offer to be fair and reasonable. 
The key conditions are approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders' rejection). There is no minimum acceptance condition.
This is a done deal. At last close and for a 6 October payment, the gross and annualised spread to the offer is 0.9% and 7.6%, respectively. 


Xiamen Port’s H Share Class Meeting on 16 September

<ul>
<li>The pre-condition for <a href="https://www.smartkarma.com/entities/xiamen-international-port-h" target="_blank" data-smartkarma-citation="entities:5390:1" rel="noopener">Xiamen International Port H (3378 HK)</a>’s privatisation offer from Xiamen Port Holding is satisfied. The offer is HK$2.25 per H share. </li>
<li>The key conditions are approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders' rejection). There is no minimum acceptance condition.</li>
<li>The offer is attractive. At last close and for a 21 October payment, the gross and annualised spread to the offer is 2.7% and 16.0%, respectively.</li>
</ul>


The pre-condition for Xiamen International Port H (3378 HK)’s privatisation offer from Xiamen Port Holding is satisfied. The offer is HK$2.25 per H share. 
The key conditions are approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders' rejection). There is no minimum acceptance condition.
The offer is attractive. At last close and for a 21 October payment, the gross and annualised spread to the offer is 2.7% and 16.0%, respectively.


China

Liaoning Port Co.,Ltd. provides logistics services. The Company offers container handling, container transportation, crude oil warehousing, gross cargo transportation, and other services. Liaoning Port provides its services throughout China.

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

Liaoning Port (2880 HK)

A-H Premium Weekly (Feb 24th): Xinjiang Gold Wind, China Shenhua, CICC, GWM, Shanghai Fudan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Xinjiang Gold Wind, China Shenhua, CICC, GWM, Shanghai Fudan.

Ke Yan, CFA, FRM

A-H Premium Weekly (Feb 17th): China Shenhua, PetroChina, GWM, First Tractor

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Shenhua, PetroChina, GWM, First Tractor

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 30th): China Tourism at New Low Since Listing

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Ping An, Bankcomm, Angang Steel, Remegen, Qingdao Port,...

Ke Yan, CFA, FRM

Xiamen Port’s Pre-Condition Satisfied

The pre-condition is satisfied. Interims are on 26 August. At last close and for a 21 October payment, the annualised spread to the offer is 16.0%....

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Feb 24th): Xinjiang Gold Wind, China Shenhua, CICC, GWM, Shanghai Fudan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Xinjiang Gold Wind, China Shenhua, CICC, GWM, Shanghai Fudan.

Ke Yan, CFA, FRM

A-H Premium Weekly (Feb 17th): China Shenhua, PetroChina, GWM, First Tractor

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Shenhua, PetroChina, GWM, First Tractor

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 30th): China Tourism at New Low Since Listing

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Ping An, Bankcomm, Angang Steel, Remegen, Qingdao Port,...

Ke Yan, CFA, FRM

Xiamen Port’s H Share Class Meeting on 16 September

This is a done deal. At the last close price of HK$2.23 per H Share and for a 6 October payment, the annualised spread to the offer is 7.6%.

Arun George

Xiamen Port’s Pre-Condition Satisfied

The pre-condition is satisfied. Interims are on 26 August. At last close and for a 21 October payment, the annualised spread to the offer is 16.0%....

Arun George