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 latest HK SFC report for aggregate short position as of May 24th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in BOC, Petrochina, Li Auto, ICBC, Hkex.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 24th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in BOC, Petrochina, Li Auto, ICBC, Hkex.


HK Short Interest Weekly: BOC, Petrochina, Li Auto, ICBC, Hkex

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND was again a net buyer for HK$18.6bn on strong two-way volumes. The top three net buys of the week were SOE banks. Some may be Central Huijin.</li>
<li>Some of this may be driven by the dividend w/h tax cancellation on H divs and by significant H-share discounts, but high-div CNOOC was the biggest net sell.</li>
<li>No end to the inflows, and HK valuations are not at a place where they would hamper continued flows. Alibaba making HK a Primary will spur more inflows over time.</li>
</ul>


SOUTHBOUND was again a net buyer for HK$18.6bn on strong two-way volumes. The top three net buys of the week were SOE banks. Some may be Central Huijin.
Some of this may be driven by the dividend w/h tax cancellation on H divs and by significant H-share discounts, but high-div CNOOC was the biggest net sell.
No end to the inflows, and HK valuations are not at a place where they would hamper continued flows. Alibaba making HK a Primary will spur more inflows over time.


HK Connect SOUTHBOUND Flows (To 24 May 2024); Strong Bank Buying and Tech Selling Continues

<ul>
<li>We analyse the changes of A-H premium on 147 stocks over the last week. The average A-H premium was 110.7% as of May 24th.</li>
<li>The average A-H premium changed by 4.3ppt week-on-week, led by real estate, financials, information technology and offset by communication services.</li>
<li>We highlight weekly changes in A-H premium for BOC, CCB, PetroChina, Zoomlion Heavy, Jiangxi Copper, China Longyuan.</li>
</ul>


We analyse the changes of A-H premium on 147 stocks over the last week. The average A-H premium was 110.7% as of May 24th.
The average A-H premium changed by 4.3ppt week-on-week, led by real estate, financials, information technology and offset by communication services.
We highlight weekly changes in A-H premium for BOC, CCB, PetroChina, Zoomlion Heavy, Jiangxi Copper, China Longyuan.


A-H Premium Weekly (May 24th): BOC, CCB, PetroChina, Zoomlion Heavy, Jiangxi Copper, China Longyuan

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 17th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Baba, Longfor, Li Auto, Techtronic Ind.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 17th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Baba, Longfor, Li Auto, Techtronic Ind.


HK Short Interest Weekly: Baba, Longfor, Li Auto, Techtronic Ind

<ul>
<li>We analyse the changes of A-H premium on 147 stocks over the last week. The average A-H premium was 106.3% as of May 17th.</li>
<li>The average A-H premium changed by -7.7ppt week-on-week, led by consumer staples, real estate, utilities.</li>
<li>We highlight weekly changes in A-H premium for China Shenhua, Sinopec, PetroChina, China Telecom, CICC, GWM.</li>
</ul>


We analyse the changes of A-H premium on 147 stocks over the last week. The average A-H premium was 106.3% as of May 17th.
The average A-H premium changed by -7.7ppt week-on-week, led by consumer staples, real estate, utilities.
We highlight weekly changes in A-H premium for China Shenhua, Sinopec, PetroChina, China Telecom, CICC, GWM.


A-H Premium Weekly (May 17th): 44 Stocks at 52 Week High

China

CNOOC Limited, through its subsidiaries, explores, develops, produces, and sells crude oil and natural gas. The Company focuses in the areas such as Bohai, Western South China Sea, Eastern South China Sea and East China Sea in offshore China. Internationally, the Group has oil and gas assets in Asia, Africa, North America, South America, and Oceania.

China Petroleum & Chemical Corporation produces and trades petroleum and petrochemical products. The Company offers gasoline, diesel, jet fuel, kerosene, ethylene, synthetic fibers, synthetic rubber, synthetic resins, and chemical fertilizers. China Petroleum & Chemical markets its products throughout China.

China Shenhua Energy Company Limited is an integrated coal-based energy company focusing on the coal and power businesses in China. The Company also owns and operates an integrated coal transportation network consisting of dedicated rail lines and port facilities.

PetroChina Company Limited operates as an oil and gas company. The Company offers crude oil and oil products exploration, development, production and marketing. PetroChina also markets petrochemical products and derivative chemicals.

Shaanxi Coal Industry Company Limited produces, sells and transports coal. The Company offers coal used by the power, chemical, and metallurgical industries.

Yankuang Energy Group Company Limited operates coal businesses. The Company produces fine coal, blown coal, power coal, and coal chemical products. Yankuang Energy Group also conducts power generation, railway transport, machinery manufacturing, and heating businesses.

China Coal Energy Company Limited mines and processes coal products. The Company produces thermal coal and coking coal products. China Coal Energy also conducts coal chemicals production, coal mining equipment manufacturing, pit mouth power generation, and coal mine design businesses.

China Merchants Energy Shipping Co., Ltd. mainly engages in the Ocean Shipping of Crude Oil and other energy sources such as Coal and Iron Ore. Through its subsidiary CLNG, the Company also provides the Ocean Shipping service of Liquefied Natural Gas.

Huolinhe Opencut Coal Industry Corporation Limited of Inner Mongolia is mainly involved in the production and selling of coal in China.

Huolinhe Opencut Coal Ind Corp Ltd. (002128 CH)

Shanxi Xishan Coal & Electricity Power Co., Ltd. mines and processes coal. The Company also generates electric power.

Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber. The Company also owns a petroleum refinery cum petrochemicals complex in Jamnagar, India that produces a wide range of products such as gasoline, superior kerosene oil and liquefied petroleum gas.

TOTAL S.A. explores for, produces, refines, transports, and markets oil and natural gas. The Company also operates a chemical division which produces polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and resins. TOTAL operates gasoline filling stations in Europe, the United States, and Africa.

Phillips 66 is a downstream energy company.  The Company's operations include oil refining, marketing and transportation.  Phillips 66's operations also include chemical manufacturing and power generation.

Oil and Natural Gas Corporation Limited specializes in the exploration and production of crude oil and gas. The Company has joint ventures in oil fields in Vietnam, Norway, Egypt, Tunisia, Iran and Australia. The Group's other activities include deep sea explorations on the east and west coasts of India, and the exploration of coal bed methane.

Marathon Petroleum Corporation refines, transports, and markets petroleum products. The Company sells its products to resellers and consumers in the mid-west, gulf coast, and southeast United States.

Pioneer Natural Resources Company is an independent oil and gas exploration and production company. The Company engages in onshore oil and gas drilling, exploration and production in the United States.

EOG Resources, Inc. explores for, develops, produces and markets natural gas and crude oil. The Company operates in major producing basins in the United States, Canada, Trinidad, the United Kingdom North Sea, China and, from time to time, select other international areas.

Valero Energy Corporation is an independent petroleum refining and marketing company that owns and operates refineries in the United States, Canada, and Aruba.  The Company produces conventional gasolines, distillates, jet fuel, asphalt, petrochemicals, lubricants, and other refined products as well as diesel fuel, low-sulfur and ultra-low-sulfur diesel fuel, and oxygenates.

Kinder Morgan, Inc. of Delaware operates as a pipeline transportation and energy storage company. The Company owns and operates pipelines that transport natural gas, gasoline, crude oil, carbon dioxide, and other products, as well as terminals that store petroleum products and chemicals and handle bulk materials like coal and petroleum coke.

Occidental Petroleum Corporation explores for, develops, produces, and markets crude oil and natural gas.  The Company also manufactures and markets a variety of basic chemicals, vinyls and performance chemicals. Occidental also gathers, treats, processes, transports, stores, trades and markets crude oil, natural gas, NGLs, condensate and carbon dioxide (CO2) and generates and markets power.

PetroChina Company Limited explores, develops, and produces crude oil and natural gas.  The Company also refines, transports, and distributes crude oil and petroleum products, produces and sells chemicals, and transmits, markets and sells natural gas.

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PetroChina (857 HK)

HK Short Interest Weekly: BOC, Petrochina, Li Auto, ICBC, Hkex

We analyzed the latest HK SFC report for aggregate short position as of May 24th and highlight short interest changes in BOC, Petrochina, Li Auto,...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 24 May 2024); Strong Bank Buying and Tech Selling Continues

SOUTHBOUND flows continue to be strong. This week saw nearly HK$8bn bought on Banks and banks were top inflows. Some of this may be National Team...

Travis Lundy

A-H Premium Weekly (May 24th): BOC, CCB, PetroChina, Zoomlion Heavy, Jiangxi Copper, China Longyuan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for BOC, CCB, PetroChina, Zoomlion Heavy, Jiangxi Copper, China...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Baba, Longfor, Li Auto, Techtronic Ind

We analyzed the latest HK SFC report for aggregate short position as of May 17th and highlight short interest changes in Baba, Longfor, Li Auto,...

Ke Yan, CFA, FRM

A-H Premium Weekly (May 17th): 44 Stocks at 52 Week High

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Shenhua, Sinopec, PetroChina, China Telecom, CICC, GWM.

Ke Yan, CFA, FRM

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