IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>’s IFA opines that <a href="https://www.smartkarma.com/entities/shanghai-fosun-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:8045:1" rel="noopener">Shanghai Fosun Pharmaceutical (Group) (2196 HK)</a>’s HK$24.60 offer is fair and reasonable. The vote is on 22 January. </li>
<li>The key condition is approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders rejection). There are recent movements in H Share substantial shareholders. </li>
<li>Key shareholders should be supportive of the cash/scrip offer. At the last close and for a 15 February payment, the gross/annualised spread is 2.9%/16.9%.</li>
</ul>



Shanghai Henlius Biotech (2696 HK)’s IFA opines that Shanghai Fosun Pharmaceutical (Group) (2196 HK)’s HK$24.60 offer is fair and reasonable. The vote is on 22 January. 
The key condition is approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders rejection). There are recent movements in H Share substantial shareholders. 
Key shareholders should be supportive of the cash/scrip offer. At the last close and for a 15 February payment, the gross/annualised spread is 2.9%/16.9%.


Henlius (2696 HK): Interesting Shareholder Movements with the Vote on 22 January

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 Hong Kong Connect flows with our data engine for holding position as of November 15th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Xiaomi, SMIC, Tencent, Ping An Insurance, HKEx, CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 15th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Xiaomi, SMIC, Tencent, Ping An Insurance, HKEx, CNOOC.


Hong Kong Connect Flows (Nov 15th): Alibaba, Xiaomi, SMIC, Tencent, Ping An Insurance, HKEx, CNOOC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 8th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Tencent, Xiaomi, Alibaba, HKEx, CCB, SMIC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 8th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Xiaomi, Alibaba, HKEx, CCB, SMIC.


Hong Kong Connect Flows (Nov 8th): Tencent, Xiaomi, Alibaba, HKEx, CCB, SMIC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 1st.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Xiaomi, Geely Automobile, CCB, Xinyi Solar, China Mobile, CNOOC, Zto Express.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 1st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Xiaomi, Geely Automobile, CCB, Xinyi Solar, China Mobile, CNOOC, Zto Express.


Hong Kong Connect Flows (Nov 1st): Alibaba, Xiaomi, Geely Automobile, CCB, Xinyi Solar, China Mobile

<ul>
<li>We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 98.3% as of Oct 18th.</li>
<li>The average A-H premium changed by 3.8ppt week-on-week, led by consumer discretionary, consumer staples, financials and offset by health care.</li>
<li>We highlight weekly changes in A-H premium for TSINGTAO, Goldwind, HAITONG, Guotai Junan Securities, Haohai, FMSH.</li>
</ul>


We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 98.3% as of Oct 18th.
The average A-H premium changed by 3.8ppt week-on-week, led by consumer discretionary, consumer staples, financials and offset by health care.
We highlight weekly changes in A-H premium for TSINGTAO, Goldwind, HAITONG, Guotai Junan Securities, Haohai, FMSH.


A-H Premium Weekly (Oct 18th):TSINGTAO, Goldwind, HAITONG, Guotai Junan Securities, Haohai, FMSH

China

Shanghai Haohai Biological Technology Company Limited manufactures absorbable biomedical materials. The Company targets therapeutic areas such as orthopedics, anti-adhesion and hemostasis, ophthalmology, and wound care and tissue filling.

Shanghai Haohai Biological Technology (6826 HK)

Price Gauge
52-week Range	0.00 - 0.00
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Shanghai Haohai Biological Technology (6826 HK)

Henlius (2696 HK): Interesting Shareholder Movements with the Vote on 22 January

Key shareholders will be supportive, and this is a done deal. At the last close, the gross/annualised spread for a 15 February payment was 2.9%...

Arun George

Hong Kong Connect Flows (Nov 15th): Alibaba, Xiaomi, SMIC, Tencent, Ping An Insurance, HKEx, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Xiaomi, SMIC, Tencent, Ping An Insurance, HKEx,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Nov 8th): Tencent, Xiaomi, Alibaba, HKEx, CCB, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Xiaomi, Alibaba, HKEx, CCB, SMIC.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Nov 1st): Alibaba, Xiaomi, Geely Automobile, CCB, Xinyi Solar, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Xiaomi, Geely Automobile, CCB, Xinyi Solar,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Oct 18th):TSINGTAO, Goldwind, HAITONG, Guotai Junan Securities, Haohai, FMSH

We analyzed A-H premium changes in the past week and highlight A-H premium changes for TSINGTAO, Goldwind, HAITONG, Guotai Junan Securities,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)