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 146 stocks over the last week. The average A-H premium was 127.1% as of Dec 1st.</li>
<li>The average A-H premium changed by 4.7ppt week on week, led by consumer staples, utilities, communication services.</li>
<li>We highlight weekly changes in A-H premium for CMB, Ping An Insurance, Beigene, Ganfeng Lithium.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 127.1% as of Dec 1st.
The average A-H premium changed by 4.7ppt week on week, led by consumer staples, utilities, communication services.
We highlight weekly changes in A-H premium for CMB, Ping An Insurance, Beigene, Ganfeng Lithium.


A-H Premium Weekly (Dec 1st): CMB, Ping An Insurance, Beigene, Ganfeng Lithium

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Nov 24th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Xpeng, Xiaomi and Link Reit.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 24th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Xpeng, Xiaomi and Link Reit.


HK Short Interest Weekly: Xpeng, Xiaomi, Link Reit

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 December rebalance of the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI</a>, <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI</a> and <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">HSTECH</a> indices will use today's closing prices to cap the index constituent weights at 8%. This will lead to large flows.</li>
<li>
<a href="https://www.smartkarma.com/entities/li-auto-inc-3dbe6187-544f-40dd-b9f9-72fba9c0110e" target="_blank" data-smartkarma-citation="entities:33811:1" rel="noopener">Li Auto (2015 HK)</a> will have the largest inflows due to the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI</a> inclusion while <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi (1810 HK)</a> will have the largest outflow due to <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">HSTECH</a> capping.</li>
<li>There will be passive selling in <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC Holdings (5 HK)</a> for yet another rebalance due to capping of the stock in the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI INDEX)</a>. </li>
</ul>


The December rebalance of the HSI, HSCEI and HSTECH indices will use today's closing prices to cap the index constituent weights at 8%. This will lead to large flows.

Li Auto (2015 HK) will have the largest inflows due to the HSI inclusion while Xiaomi (1810 HK) will have the largest outflow due to HSTECH capping.
There will be passive selling in HSBC Holdings (5 HK) for yet another rebalance due to capping of the stock in the Hang Seng Index (HSI INDEX). 


HSI, HSCEI, HSTECH: Rebalance Flows Post Capping (Dec 2023)

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Nov 17th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight weekly short changes in AIA, Baba and Beigene.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 17th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight weekly short changes in AIA, Baba and Beigene.


HK Short Interest Weekly: AIA, Baba, Beigene

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>This is the somewhat-brand-spanking-new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.</li>
<li>The same few names continue at the top of the gross flows list - Kweichow Moutai, Contemporary Amperex, Zhongji Innolight, etc, but the nets are changing (and Chongqing Changan)</li>
<li>Last week, NORTHBOUND were again net sellers (RMB -3.16bn), but Shanghai saw net buys. The top two flows were <a href="https://www.smartkarma.com/entities/chongqing-changan-automobi-b" target="_blank" data-smartkarma-citation="entities:13472:1" rel="noopener">Chongqing Changan Automobile Company (200625 CH)</a> to buy, BYD to sell.</li>
</ul>


This is the somewhat-brand-spanking-new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.
The same few names continue at the top of the gross flows list - Kweichow Moutai, Contemporary Amperex, Zhongji Innolight, etc, but the nets are changing (and Chongqing Changan)
Last week, NORTHBOUND were again net sellers (RMB -3.16bn), but Shanghai saw net buys. The top two flows were Chongqing Changan Automobile Company (200625 CH) to buy, BYD to sell.


Mainland Connect NORTHBOUND Flows (To 24 Nov 23): Chongqing Changan (Bought) Vs BYD (Sold)

China

Ping An Insurance (Group) Company of China Limited provides products and services through its five ecosystems in financial services, healthcare, auto services, real estate services and Smart City solutions. The Group's insurance business writes property, casualty, and life insurance products.

Price Gauge
52-week Range	0.00 - 0.00
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Ping An Insurance Group of (601318 CH)

A-H Premium Weekly (Dec 1st): CMB, Ping An Insurance, Beigene, Ganfeng Lithium

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CMB, Ping An Insurance, Beigene, Ganfeng Lithium.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Xpeng, Xiaomi, Link Reit

We analyzed the latest HK SFC report for aggregate short position as of Nov 24th and highlight short interest changes in Xpeng, Xiaomi and Link Reit.

Ke Yan, CFA, FRM

HSI, HSCEI, HSTECH: Rebalance Flows Post Capping (Dec 2023)

The December rebalance of the Hang Seng family of indices will use today's closing prices for capping. The one-way trade across all stocks across...

Brian Freitas

HK Short Interest Weekly: AIA, Baba, Beigene

We analyzed the latest HK SFC report for aggregate short position as of Nov 17th and highlight short interest changes in AIA, Baba, Beigene.

Ke Yan, CFA, FRM

Mainland Connect NORTHBOUND Flows (To 24 Nov 23): Chongqing Changan (Bought) Vs BYD (Sold)

Mainland Connect (NORTHBOUND) flows continue to sell net selling. This week was RMB -3.16bn. The big buy this week was Chongqing Changan, the big...

Travis Lundy

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52-week Range

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