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 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

Zhejiang Longsheng Group Co., / Event-Driven

<ul>
<li>There are 50 changes a side for the CSI 500 Index at the upcoming rebalance that will be implemented at the close of trading on 9 December.</li>
<li>One-Way turnover at the rebalance is estimated at 12.64% leading to a one-way trade of CNY 9.3bn. The Materials, Information Technology and Consumer Discretionary sectors are net gainers.</li>
<li>9 adds to the CSI 500 Index are deletes from the CSI 300 Index while 7 deletes from the CSI 500 Index are adds to the CSI 300 Index.</li>
</ul>


There are 50 changes a side for the CSI 500 Index at the upcoming rebalance that will be implemented at the close of trading on 9 December.
One-Way turnover at the rebalance is estimated at 12.64% leading to a one-way trade of CNY 9.3bn. The Materials, Information Technology and Consumer Discretionary sectors are net gainers.
9 adds to the CSI 500 Index are deletes from the CSI 300 Index while 7 deletes from the CSI 500 Index are adds to the CSI 300 Index.


CSI 500 Index Rebalance: 50 Changes a Side Leads to 12%+ One-Way Turnover

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<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$5.7bn, split between Shanghai (+US$2.98bn) and Shenzhen (+US$2.8bn).</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/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group (000333 CH)</a>. The largest outflows were in <a href="https://www.smartkarma.com/entities/nari-technology-co-ltd-a" target="_blank" data-smartkarma-citation="entities:4364:1" rel="noopener">NARI Technology (600406 CH)</a> and <a href="https://www.smartkarma.com/entities/china-yangtze-power-co-ltd" target="_blank" data-smartkarma-citation="entities:3210:1" rel="noopener">China Yangtze Power  (600900 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$5.7bn, split between Shanghai (+US$2.98bn) and Shenzhen (+US$2.8bn).
The largest inflows were into Kweichow Moutai (600519 CH) and Midea Group (000333 CH). The largest outflows were in NARI Technology (600406 CH) and China Yangtze Power  (600900 CH).


Shanghai/​​​​​​​​​​​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (18 November 2022)

<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 outflow over the past week was ~US$2.4bn, split between Shanghai (-US$1.15bn) and Shenzhen (-US$1.25bn).</li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/contemporary-amperex-techn-a" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">CATL (300750 CH)</a> and <a href="https://www.smartkarma.com/entities/pylon-technologies-co-ltd" target="_blank" data-smartkarma-citation="entities:33153:1" rel="noopener">Pylon Technologies (688063 CH)</a>. The largest outflows were in <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/inner-mongolia-yili-indus-a" target="_blank" data-smartkarma-citation="entities:3220:1" rel="noopener">Inner Mongolia Yili Industrial Group (600887 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 outflow over the past week was ~US$2.4bn, split between Shanghai (-US$1.15bn) and Shenzhen (-US$1.25bn).
The largest inflows were into CATL (300750 CH) and Pylon Technologies (688063 CH). The largest outflows were in Kweichow Moutai (600519 CH) and Inner Mongolia Yili Industrial Group (600887 CH).


Shanghai/​​​​​​​​​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (3 November 2022)

China

Shenzhen Desay Battery Technology Co., Ltd. manufactures batteries, develops and manages office and commercial buildings. The Company also operates in import and export trading.

Shenzhen Desay Battery Tech Co, Ltd. (000049 CH)

Shenzhen Kstar Science and Technology Company Limited is an uninterruptible power supply (UPS) provider. The Company engages in uninterruptible power supply and its support services of valve-regulated lead-acid battery battery research and development, production, sales and support.

Shenzhen Kstar Science And Technology (002518 CH)

Nantong Jianghai Capacitor Co., Ltd. develops, produces and sells electronic components.  The Company's products include aluminum electrolytic capacitors, surface mounted components and polymer.

Nantong Jianghai Capacitor Co,Ltd. (002484 CH)

Zhongshan Broad Ocean Motor Co Ltd manufactures AC and DC electric motors.

Zhongshan Broad Ocean Motor Co., (002249 CH)

Suzhou Anjie Technology Company Limited manufactures and provides related functional devices services for laptops, cell phones and other consumer electronics brands terminal manufacturers. The Company's main products include internal and external functional components used in laptops and cell phones.

Qingdao Hanhe Cable Company Limited researches, produces and sales various cable and accessories products, including optical fiber, submarine cable, communication data cable, computer cable and branch cable.  The Company also provides installation services and troubleshooting services for the products.

Leyard Optoelectronic Company Limited develops, designs, manufactures, sells LED application products, and provides total solutions. The Company's main products include all kinds of LED display products, LED televisions, LED lighting products, LED backlight identification systems, and other related products.

Camel Group Co Ltd research, develops, manufactures, sells and recycles batteries. The Company's main products are the lead-acid batteries for automotive, electric vehicle, electric bikes, etc.

Roshow Technology Company Limited designs, develops, manufactures and sells electromagnetic products. The Company's main products include copper and aluminum wires.

Xiamen Kehua Hengsheng Co Ltd. manufactures power supply equipment (Uninterruptible Power Supply systems). The Company's products include online and offline UPS systems and battery systems.

Allis Electric Co., Ltd. manufactures and markets electric distributors, electronics products, voltage regulating transformers and electrical machinery materials.  The Company mainly sells its products in Taiwan.

Transformers & Rectifiers India Limited manufactures a wide range of transformers. The Company's products include power generation, transmission, and distribution transformers.

Transformers & Rectifiers (India) Ltd (TRIL IN)

CS Wind Corporation operates as a wind tower company. The Company manufactures and exports steel wind towers, while also offering aluminum platforms for wind towers. CS Wind extends its products and services globally.

Array Technologies, Inc. designs and manufactures solar tracking systems. The Company offers solar tracking equipment to utilities, corporations, small businesses, and homeowners. Array Technologies serves customers worldwide.

USHIO INC. manufactures lamps and optical equipment including projectors for movie theaters.  The Company produces halogen and Houdentou lamps for semiconductor and office automation equipment.  Ushio has subsidiaries in the US, Canada, Germany, Hong Kong, Netherlands, Singapore, South Korea, and Taiwan.

Johnson Electric Holdings Limited, through its subsidiaries, designs, manufactures and markets micromotors.  The Company's micromotor products are used in consumer and business product applications including automobile components, home appliances, power tools, multimedia, personal care, and business equipment.

Ta Ya Electric Wire & Cable Co., Ltd. manufactures electrical wires and cables. The Company produces enameled wires, bare copper wires, cross-linked power electric (PE) cables, telecommunication cables, as well as plastic wires and cables.

Vicor Corporation designs, manufactures, and markets modular power components and complete power systems.  The Company's products are used in electronic products to convert power from a primary power source into the direct current required by electronic circuits.  Vicor sells its products in North and South America, as well as internationally through independent distributors.

Powell Industries, Inc. designs, manufactures, and packages equipment and systems for the distribution, control, and management of electrical energy and process control systems.  The Company serves industrial customers such as oil and gas producers, refineries, petrochemical plants, transportation facilities, and public and private utilities.

Graphite India Limited manufactures graphite electrodes, anodes, and other miscellaneous carbon and graphite products, manufactures graphite equipment (IGE) and glass reinforced pipes (GRP). The Company also generates electric energy.

Pylon Technologies Co., Ltd. researches, develops, manufactures, and distributes energy storage systems. The Company provides cathode materials, lithium cells, battery management system and system integration, and more. Pylon Technologies markets its products across worldwide.

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Pylon Technologies (688063 CH)

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

CSI 500 Index Rebalance: 50 Changes a Side Leads to 12%+ One-Way Turnover

There are 50 adds/deletes for the index in Dec. One-way turnover is 12.6% leading to a one-way trade of CNY 9bn. There are 16 overlaps between the...

Brian Freitas

Shanghai/Shenzhen Northbound Connect: Weekly Moves (18 November 2022)

Overall, net inflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$5.7bn, split between Shanghai...

David Blennerhassett

Shanghai/Shenzhen Northbound Connect: Weekly Moves (3 November 2022)

Overall, net outflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$2.4bn, split between Shanghai (...

David Blennerhassett

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

CSI 500 Index Rebalance: 50 Changes a Side Leads to 12%+ One-Way Turnover

There are 50 adds/deletes for the index in Dec. One-way turnover is 12.6% leading to a one-way trade of CNY 9bn. There are 16 overlaps between the...

Brian Freitas

Shanghai/​​​​​​​​​​​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (18 November 2022)

Overall, net inflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$5.7bn, split between Shanghai...

David Blennerhassett

Shanghai/​​​​​​​​​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (3 November 2022)

Overall, net outflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$2.4bn, split between Shanghai (...

David Blennerhassett

Shanghai/Shenzhen Northbound Connect: Weekly Moves (18 November 2022)

Shanghai/Shenzhen Northbound Connect: Weekly Moves (3 November 2022)