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 September 23rd.</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 three weeks of inflows despite weak market sentiment and flows into Tencent and CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 23rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight three weeks of inflows despite weak market sentiment and flows into Tencent and CNOOC.


Hong Kong Connect Flows (Sep 23rd): Tencent, CNOOC

<ul>
<li>We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 119.5% as of Sep 23rd.</li>
<li>The average A-H premium changed by 3.8ppt weeok on week, led by energy, financials, materials and offset by consumer staples, information technology.</li>
<li>We highlight weekly changes in A-H premium for Angang, Flat Glass, Zoomlion, China Tourism, China Telecom.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 119.5% as of Sep 23rd.
The average A-H premium changed by 3.8ppt weeok on week, led by energy, financials, materials and offset by consumer staples, information technology.
We highlight weekly changes in A-H premium for Angang, Flat Glass, Zoomlion, China Tourism, China Telecom.


A-H Premium Weekly (Sep 23rd): China Tourism A-H at All Time Low

<ul>
<li>We analyse the changes of A/H premium on 140 stocks over the last week.</li>
<li>The decline in A-H premium were led by health care and consumer staples, which was offset by the increase in consumer discretionary. </li>
<li>We highlight A-H premium changes in Zhejiang Shibao, PICC, CRRC, Shandong Xinhua, and Shenwan Hongyuan.</li>
</ul>


We analyse the changes of A/H premium on 140 stocks over the last week.
The decline in A-H premium were led by health care and consumer staples, which was offset by the increase in consumer discretionary. 
We highlight A-H premium changes in Zhejiang Shibao, PICC, CRRC, Shandong Xinhua, and Shenwan Hongyuan.


A-H Premium Weekly: Zhejiang Shibao, PICC, CRRC

<ul>
<li>We analyse the changes of A/H premium on 140 stocks over the last week.</li>
<li>Weekly A-H premium change of -0.7ppt was led by the consumer staple, consumer discretionary, and utilities sector.</li>
<li>We highlight stocks including Remegen, CNOOC, COSCO Shipping, Cansino, Nanjing Panda, Shenzhen Hepalink, SH Fudan, SH Haohai, China Telecom, and Sinotrans.</li>
</ul>


We analyse the changes of A/H premium on 140 stocks over the last week.
Weekly A-H premium change of -0.7ppt was led by the consumer staple, consumer discretionary, and utilities sector.
We highlight stocks including Remegen, CNOOC, COSCO Shipping, Cansino, Nanjing Panda, Shenzhen Hepalink, SH Fudan, SH Haohai, China Telecom, and Sinotrans.


A-H Premium Weekly: Remegen, CNOOC, COSCO Shipping

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Shanghai Haohai Biological Tec / Equity Bottom-Up

<ul>
<li>Haohai's development is fuelled by a series of acquisitions, which help Haohai establish the existing diversified businesses, but we haven’t seen any growth point with high certainty.</li>
<li>Compared with Bloomage and Imeik, Haohai has no competitive advantage in the field of medical aesthetics. It’s also difficult for Haohai to make a substantial breakthrough without obvious product advantages.</li>
<li>Although Haohai’s PE/TTM is significantly lower than its peers, due to centralized procurement, Haohai’s valuation could be further lower. Considering the risks, we choose to stay cautious on Haohai.</li>
</ul>


Haohai's development is fuelled by a series of acquisitions, which help Haohai establish the existing diversified businesses, but we haven’t seen any growth point with high certainty.
Compared with Bloomage and Imeik, Haohai has no competitive advantage in the field of medical aesthetics. It’s also difficult for Haohai to make a substantial breakthrough without obvious product advantages.
Although Haohai’s PE/TTM is significantly lower than its peers, due to centralized procurement, Haohai’s valuation could be further lower. Considering the risks, we choose to stay cautious on Haohai.


Shanghai Haohai Biological Technology (688366CH)- Diversified Business Layout Doesn't Secure Outlook

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
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Shanghai Haohai Biological Technology (6826 HK)

Hong Kong Connect Flows (Sep 23rd): Tencent, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent Holding (700 HK) and CNOOC (883 HK).

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 23rd): China Tourism A-H at All Time Low

We analyzed A-H premium changes in the past week and highlight weekly changes in A-H premium for Angang, Flat Glass, Zoomlion, China Tourism, China...

Ke Yan, CFA, FRM

A-H Premium Weekly: Zhejiang Shibao, PICC, CRRC

We highlight week-on-week A-H premium changes in stocks including Zhejiang Shibao, PICC, CRRC, Shandong Xinhua, and Shenwan Hongyuan.

Ke Yan, CFA, FRM

A-H Premium Weekly: Remegen, CNOOC, COSCO Shipping

We highlight A-H premium changes for stocks including Remegen, CNOOC, COSCO Shipping, Cansino, Nanjing Panda, Shenzhen Hepalink, SH Fudan, SH...

Ke Yan, CFA, FRM

Shanghai Haohai Biological Technology (688366CH)- Diversified Business Layout Doesn't Secure Outlook

Haohai builds diversified business via M&A,but none is growth point with high certainty. Its medical aesthetics has no obvious advantage and the...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)