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 holding position as of December 16th.</li>
<li>We estimate the weekly inflows to be US$101.5 million, led by financials, consumer staples, communication services sectors, and offset by industrials, materials.</li>
<li>We highlight flows for China Merchants Bank, Shanghai Intl Airport, Tongwei.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of December 16th.
We estimate the weekly inflows to be US$101.5 million, led by financials, consumer staples, communication services sectors, and offset by industrials, materials.
We highlight flows for China Merchants Bank, Shanghai Intl Airport, Tongwei.


Northbound Flows (Dec 16th): CMB, Shanghai Intl Airport, Tongwei

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of December 9th.</li>
<li>We estimate the weekly inflows to be US$1,068.5 million, led by consumer staples, consumer discretionary, health care sectors, and offset by information technology, industrials.</li>
<li>We highlight flows for  Midea, Wuliangye, Shenzhen Mindray, CATL, BYD, Yunnan Energy New Material, BJ-SH High Speed Rail, Goertek, Goodwe, Nari.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of December 9th.
We estimate the weekly inflows to be US$1,068.5 million, led by consumer staples, consumer discretionary, health care sectors, and offset by information technology, industrials.
We highlight flows for  Midea, Wuliangye, Shenzhen Mindray, CATL, BYD, Yunnan Energy New Material, BJ-SH High Speed Rail, Goertek, Goodwe, Nari.


Northbound Flows (Dec 9th): Midea, Wuliangye, Shenzhen Mindray, CATL, BYD

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Monthly inflows of $9bn was led by Financials (inflows of $2,658 million), Materials (inflows of $2,286 million), Consumer Discretionary (inflows of $1,779 million). </li>
<li>We highlight inflows into Midea, Zijin Mining, Ping An Insurance, Moutai, Mindray, and outflows from Yangtze Power, Yunnan Energy New Material, Poly Developments, Wingtec, Shenhua.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Monthly inflows of $9bn was led by Financials (inflows of $2,658 million), Materials (inflows of $2,286 million), Consumer Discretionary (inflows of $1,779 million). 
We highlight inflows into Midea, Zijin Mining, Ping An Insurance, Moutai, Mindray, and outflows from Yangtze Power, Yunnan Energy New Material, Poly Developments, Wingtec, Shenhua.


Northbound Flows Monthly: $9bn Inflows in November

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>There are 5 changes for the SSE50 Index that will be implemented at the close on 9 December. Passive selling on a few deletions is pretty large.</li>
<li>We estimate a one-way turnover of 4.07% at the December rebalance leading to a one-way trade of CNY 3.36bn. Index arb activity could add to the impact on the stocks.</li>
<li>The adds have dropped over the last few months while the deletes have moved higher. There could be a reversion of that trend till implementation of the changes.</li>
</ul>


There are 5 changes for the SSE50 Index that will be implemented at the close on 9 December. Passive selling on a few deletions is pretty large.
We estimate a one-way turnover of 4.07% at the December rebalance leading to a one-way trade of CNY 3.36bn. Index arb activity could add to the impact on the stocks.
The adds have dropped over the last few months while the deletes have moved higher. There could be a reversion of that trend till implementation of the changes.


SSE50 Index Rebalance: In Line with Forecasts; Trades Performing Well

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Shenzhen Mindray Bio-Medical Electronics / 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 inflow over the past week was ~US$0.83bn, split between Shanghai (+US$1.16bn) and Shenzhen (-US$0.32bn).</li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/kweichow-moutai-co-ltd-a" target="_blank" data-smartkarma-citation="entities:1553:1" rel="noopener">Kweichow Moutai (600519 CH)</a> and <a href="https://www.smartkarma.com/entities/shenzhen-mindray-bio-medic-a" target="_blank" data-smartkarma-citation="entities:28017:1" rel="noopener">Shenzhen Mindray Bio-Medical (300760 CH)</a>. The largest outflows were in <a href="https://www.smartkarma.com/entities/yunnan-chuangxin-new-material" target="_blank" data-smartkarma-citation="entities:27135:1" rel="noopener">Yunnan Energy New Material (002812 CH)</a> and <a href="https://www.smartkarma.com/entities/byd-co-ltd" target="_blank" data-smartkarma-citation="entities:26048:1" rel="noopener">BYD (002594 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 inflow over the past week was ~US$0.83bn, split between Shanghai (+US$1.16bn) and Shenzhen (-US$0.32bn).
The largest inflows were into Kweichow Moutai (600519 CH) and Shenzhen Mindray Bio-Medical (300760 CH). The largest outflows were in Yunnan Energy New Material (002812 CH) and BYD (002594 CH).


Shanghai/​​​​​​​​​​​​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (25 November 2022)

China

NARI Technology Co., Ltd. develops, manufactures and sells automation products for electricity distribution, converting stations, coal-fired power plants, and industrial process. The Company also provides services and system integration.

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

NARI Technology Co Ltd A (600406 CH)

Northbound Flows (Dec 16th): CMB, Shanghai Intl Airport, Tongwei

We analyzed the Shanghai/Shenzhen Connect Scheme for last week and highlight flows for CMB, Shanghai Intl Airport, Tongwei.

Ke Yan, CFA, FRM

Northbound Flows (Dec 9th): Midea, Wuliangye, Shenzhen Mindray, CATL, BYD

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Midea, Wuliangye, Shenzhen Mindray, CATL, BYD.

Ke Yan, CFA, FRM

Northbound Flows Monthly: $9bn Inflows in November

We analyzed the Shanghai/Shenzhen Connect Scheme for November and highlight flows for Midea, Zijin Mining, Ping An Insurance, Moutai, Mindray,...

Ke Yan, CFA, FRM

SSE50 Index Rebalance: In Line with Forecasts; Trades Performing Well

There are 5 changes for the index in Dec - all in line with forecasts. There is a big sector skew. Trades have been performing well. Pre...

Brian Freitas

Shanghai/Shenzhen Northbound Connect: Weekly Moves (25 November 2022)

Overall, net inflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$0.83bn, split between Shanghai...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Northbound Flows (Dec 16th): CMB, Shanghai Intl Airport, Tongwei

We analyzed the Shanghai/Shenzhen Connect Scheme for last week and highlight flows for CMB, Shanghai Intl Airport, Tongwei.

Ke Yan, CFA, FRM

Northbound Flows (Dec 9th): Midea, Wuliangye, Shenzhen Mindray, CATL, BYD

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Midea, Wuliangye, Shenzhen Mindray, CATL, BYD.

Ke Yan, CFA, FRM

Northbound Flows Monthly: $9bn Inflows in November

We analyzed the Shanghai/Shenzhen Connect Scheme for November and highlight flows for Midea, Zijin Mining, Ping An Insurance, Moutai, Mindray,...

Ke Yan, CFA, FRM

SSE50 Index Rebalance: In Line with Forecasts; Trades Performing Well

There are 5 changes for the index in Dec - all in line with forecasts. There is a big sector skew. Trades have been performing well. Pre...

Brian Freitas

Shanghai/​​​​​​​​​​​​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (25 November 2022)

Overall, net inflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$0.83bn, split between Shanghai...

David Blennerhassett

Shanghai/Shenzhen Northbound Connect: Weekly Moves (25 November 2022)