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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 29th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Great Wall Motor (2333 HK), Aia (1299 HK), Pop Mart (9992 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Great Wall Motor (2333 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 29th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Great Wall Motor (2333 HK), Aia (1299 HK), Pop Mart (9992 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Great Wall Motor (2333 HK).


Hong Kong Buybacks: Great Wall Motor, AIA, Pop Mart

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 22nd based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Pop Mart (9992 HK), Great Wall Motor (2333 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Great Wall Motor (2333 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 22nd based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Pop Mart (9992 HK), Great Wall Motor (2333 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Great Wall Motor (2333 HK).


Hong Kong Buybacks: AIA, Pop Mart, Great Wall Motor

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Neusoft Xikang Healthcare Technology Co Ltd / Equity Capital Markets

Neusoft Xikang Healthcare Technology Co Ltd

<p>On the last day of May, <a href="https://www.smartkarma.com/entities/neusoft-medical-systems-co-ltd" target="_blank" data-smartkarma-citation="entities:33446:1" rel="noopener">Neusoft Medical Systems (NMS HK)</a> and <a href="https://www.smartkarma.com/entities/neusoft-xikang-holdings" target="_blank" data-smartkarma-citation="entities:33447:1" rel="noopener">Neusoft Xikang Holdings (NXH HK)</a> submitted their prospectuses to the HKEX at the same time. Actually, the "Neusoft faction" already has two listed companies in A-share and HKEX respectively, namely <a href="https://www.smartkarma.com/entities/neusoft-corp-a" target="_blank" data-smartkarma-citation="entities:6854:1" rel="noopener">Neusoft Corp A (600718 CH)</a> and <a href="https://www.smartkarma.com/entities/neusoft-education-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29234:1" rel="noopener">Neusoft Education Technology Co. Ltd (9616 HK)</a>, with the market value of RMB12 billion and HK$4 billion respectively by the end of July.6, 2021. If Neusoft Medical and <a href="https://www.smartkarma.com/entities/neusoft-xikang-holdings" target="_blank" data-smartkarma-citation="entities:33447:1" rel="noopener">Neusoft Xikang</a> are successfully listed, there will be four public companies in "Neusoft faction". Behind the active capital operation, how about Neusoft Xikang? This insight mainly analyzed the business model and the concerns of the Company.</p>

On the last day of May, Neusoft Medical Systems (NMS HK) and Neusoft Xikang Holdings (NXH HK) submitted their prospectuses to the HKEX at the same time. Actually, the "Neusoft faction" already has two listed companies in A-share and HKEX respectively, namely Neusoft Corp A (600718 CH) and Neusoft Education Technology Co. Ltd (9616 HK), with the market value of RMB12 billion and HK$4 billion respectively by the end of July.6, 2021. If Neusoft Medical and Neusoft Xikang are successfully listed, there will be four public companies in "Neusoft faction". Behind the active capital operation, how about Neusoft Xikang? This insight mainly analyzed the business model and the concerns of the Company.

Pre-IPO Neusoft Xikang Holdings - The Business Model and the Concerns

Research on Tech Companies

Evelyn Zhang

Thematic (Sector/Industry)

<p>A series of recent Chinese policies promoting vocational schools instead of traditional secondary education, and efforts to eliminate after-class cramming makes me to recommend short K12 education related stocks and long vocational training related stocks.</p>

A series of recent Chinese policies promoting vocational schools instead of traditional secondary education, and efforts to eliminate after-class cramming makes me to recommend short K12 education related stocks and long vocational training related stocks.

A Twist of Fate – China’s Suppression of Secondary Education in Favor of Vocational Education

Neusoft Education Technology Co. Ltd / Equity Capital Markets

<p>Neuedu raised HKD 904 million (USD 117 m) from its global offering and will list on the Hong Kong Stock Exchange tomorrow.</p>
<p>In our previous note, we discussed that Neuedu operated three private universities (Dalian, Chengdu, Foshan) in China with capacity utilization of over 90% in the past three years. Its three universities all have nearly 20 years of operation. We like Neuedu's long-established reputation of private higher education in IT-related fields. Of the three, Dalian University stands out in terms of ranking among private universities. Having said that, the average graduate salary was marginally better than the respective provincial average by low double-digit. The company is undertaking RMB 2.4 bn expansion plans to increase the campus capacity by 44% by 2023. The company is held by founders, Neusoft, Alps Alpine, PICC, and individual investors. We also provided updates with respect to the impact of COVID-19 in the first six months of the year, compared the company's financials with other listed peers, and provided our thoughts on valuation. </p>
<p>In this note, we will look at the allocation and implications. We think the deal valuation is fair but it has a small free float. Hence, for a large part that is allocated to retail investors, there's strong incentive to sell the stake and move on to next hot deals.</p>
<div>
<div>
<h2>Our previous coverage on Neuedu</h2>
</div>
</div>
<div>
<ul style="list-style-type: disc;">
<li dir="ltr">
<p><a href="https://www.smartkarma.com/insights/neusoft-edu-pre-ipo-long-established-name-on-it-education" target="_blank" rel="noopener">Neuedu (东软教育) Pre-IPO: Long established quality private university operator with a focus on IT</a></p>
</li>
<li dir="ltr"><a href="https://www.smartkarma.com/insights/neuedu-pre-ipo-covid-19-updates-financial-comp-valuation" target="_blank" rel="noopener">Neuedu (东软教育) Pre-IPO: COVID-19 Updates, Financial Comp, Valuation</a></li>
<li dir="ltr"><a href="https://www.smartkarma.com/insights/neuedu-ipo-fairly-valued-but-quality-domestic-investors" target="_blank" rel="noopener">Neuedu (东软教育) IPO: Fairly Valued but Quality Domestic Investors</a></li>
</ul>
</div>

Neuedu raised HKD 904 million (USD 117 m) from its global offering and will list on the Hong Kong Stock Exchange tomorrow.
In our previous note, we discussed that Neuedu operated three private universities (Dalian, Chengdu, Foshan) in China with capacity utilization of over 90% in the past three years. Its three universities all have nearly 20 years of operation. We like Neuedu's long-established reputation of private higher education in IT-related fields. Of the three, Dalian University stands out in terms of ranking among private universities. Having said that, the average graduate salary was marginally better than the respective provincial average by low double-digit. The company is undertaking RMB 2.4 bn expansion plans to increase the campus capacity by 44% by 2023. The company is held by founders, Neusoft, Alps Alpine, PICC, and individual investors. We also provided updates with respect to the impact of COVID-19 in the first six months of the year, compared the company's financials with other listed peers, and provided our thoughts on valuation. 
In this note, we will look at the allocation and implications. We think the deal valuation is fair but it has a small free float. Hence, for a large part that is allocated to retail investors, there's strong incentive to sell the stake and move on to next hot deals.


Our previous coverage on Neuedu





Neuedu (东软教育) Pre-IPO: Long established quality private university operator with a focus on IT

Neuedu (东软教育) Pre-IPO: COVID-19 Updates, Financial Comp, Valuation
Neuedu (东软教育) IPO: Fairly Valued but Quality Domestic Investors



Neuedu (东软教育) IPO Trading: Fairly Valued

China

Neusoft Education Technology Co. Limited provides education services. The Company offers information technology higher education services and other services. Neusoft Education Technology provides services in China.

Neusoft Education Technology Co. Ltd (9616 HK)

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Neusoft Education Technology Co. Ltd (9616 HK)

Hong Kong Buybacks: Great Wall Motor, AIA, Pop Mart

We highlight the top 3 companies that repurchased the most shares from the HK market were Great Wall Motor (2333 HK), Aia (1299 HK), Pop Mart (9992...

Ke Yan, CFA, FRM

Hong Kong Buybacks: AIA, Pop Mart, Great Wall Motor

We highlight the top 3 companies that repurchased the most shares from HK market in the past 7 days were Aia (1299 HK), Pop Mart (9992 HK), Great...

Ke Yan, CFA, FRM

Pre-IPO Neusoft Xikang Holdings - The Business Model and the Concerns

This article mainly analyzed Neusoft Xikang in terms of the business model, the financial position, and the related concerns.

Xinyao (Criss) Wang

A Twist of Fate – China’s Suppression of Secondary Education in Favor of Vocational Education

Change is afoot in one of China's main social mobility mechanism, the education system. The country is promoting vocational education in an effort...

Evelyn Zhang

Neuedu (东软教育) IPO Trading: Fairly Valued

Neuedu raised HKD 1,150 million (USD 148 m) from its global offering and will list on the Hong Kong Stock Exchange tomorrow.

Ke Yan, CFA, FRM

Price Gauge

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