Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>WCP raised around US$314m via selling a mix of primary and secondary shares in its Korean IPO.</li>
<li>WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries.</li>
<li>In this note, we will talk about the demand for the deal and other trading dynamics.</li>
</ul>


WCP raised around US$314m via selling a mix of primary and secondary shares in its Korean IPO.
WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries.
In this note, we will talk about the demand for the deal and other trading dynamics.


WCP IPO Trading - Peer Correction Means Price Cut Still Wasn’t Enough

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 23rd.</li>
<li>We estimate the weekly outflows to be US$854.1 million, led by industrials, consumer staples, and offset by communication services, consumer discretionary, real estate.</li>
<li>We highlight flows for Tianqi Lithium, Midea Group, Moutai, Sungrow.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 23rd.
We estimate the weekly outflows to be US$854.1 million, led by industrials, consumer staples, and offset by communication services, consumer discretionary, real estate.
We highlight flows for Tianqi Lithium, Midea Group, Moutai, Sungrow.


Northbound Flows (Sep 23rd): Tianqi Lithium, Midea Group, Moutai, Sungrow

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<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$1.4bn, split between Shanghai (-US$0.8bn) and Shenzhen (-US$0.6bn).</li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/sichuan-tianqi-lithium-industries-inc" target="_blank" data-smartkarma-citation="entities:5698:1" rel="noopener">Tianqi Lithium (002466 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/east-money-information-co-a" target="_blank" data-smartkarma-citation="entities:8075:1" rel="noopener">East Money Information (300059 CH)</a> and <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>.</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$1.4bn, split between Shanghai (-US$0.8bn) and Shenzhen (-US$0.6bn).
The largest inflows were into Tianqi Lithium (002466 CH) and Midea Group (000333 CH). The largest outflows were in East Money Information (300059 CH) and Kweichow Moutai (600519 CH).


Shanghai/​​​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (22 September 2022)

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/calb-co-ltd" target="_blank" data-smartkarma-citation="entities:35985:1" rel="noopener">CALB (CALBLZ CH)</a> has launched its HKEx listing at HK$38.00-51.00 per share to raise up to US$1.7 billion. Books are open from 23 to 28 September.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/calb-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:80243" rel="noopener">CALB IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/calb-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:80286" rel="noopener">CALB IPO: The Bear Case</a>, <a href="https://www.smartkarma.com/insights/calb-ipo-updates-support-the-bull-case" target="_blank" data-smartkarma-citation="insights:80643" rel="noopener">CALB IPO: Updates Support the Bull Case</a>, <a href="https://www.smartkarma.com/insights/calb-ipo-what-s-it-worth" target="_blank" data-smartkarma-citation="insights:80842" rel="noopener">CALB IPO: What's It Worth?</a>.</li>
<li>CALB should be, at least, valued in line with the median peer multiples. CALB is attractively valued at the IPO price range. We would participate. </li>
</ul>



CALB (CALBLZ CH) has launched its HKEx listing at HK$38.00-51.00 per share to raise up to US$1.7 billion. Books are open from 23 to 28 September.
We previously discussed the IPO in CALB IPO: The Bull Case, CALB IPO: The Bear Case, CALB IPO: Updates Support the Bull Case, CALB IPO: What's It Worth?.
CALB should be, at least, valued in line with the median peer multiples. CALB is attractively valued at the IPO price range. We would participate. 


<ul>
<li>We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 118.5% as of Sep 9th.</li>
<li>The average A-H premium changed by 1.3ppt week-on-week, led by utilities, consumer staples, financials and offset by health Care, consumer discretionary, communication services. </li>
<li>We highlight weekly changes in A-H premium for Huadian, CGN Power, GWM, Tigermed, Angang, CIMC, Zoomlion, Tianqi Lithium, CIMC Vehicles, CNOOC.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 118.5% as of Sep 9th.
The average A-H premium changed by 1.3ppt week-on-week, led by utilities, consumer staples, financials and offset by health Care, consumer discretionary, communication services. 
We highlight weekly changes in A-H premium for Huadian, CGN Power, GWM, Tigermed, Angang, CIMC, Zoomlion, Tianqi Lithium, CIMC Vehicles, CNOOC.


A-H Premium Weekly (Sep 9th): Huadian, CGN Power, GWM

China

Zhejiang Longsheng Group Co., Ltd. manufactures a variety of dyes including high intensity and rapid-dying Lonsperse Dye. The Company sells its products domestically and exports worldwide.

Zhejiang Longsheng Group Co., (600352 CH)

Zhejiang Huafeng Spandex Co., Ltd. manufactures and markets spandex products.

Hengyi Petrochemical Co., Ltd. manufactures polyester and other petrochemical products.

Zhejiang Weixing New Building Materials Co.,Ltd. develops, manufactures and sells plastic pipes.  The Company's products include poly propylene random (PPR) pipe, polyethylene (PE) pipe, high density polyethylene (HDPE) pipe, and polybutene (PB) pipe.

Zhejiang Weixing New Bldg Mtls (002372 CH)

TongKun Group Co., Ltd. develops, produces and sells polyester and Terylene filament.  The Company also invests in real estate, finance, business trade and education businesses.

Luxi Chemical Group Co., Ltd. manufactures and markets a variety of fertilizers and other chemical products.  The Company's products include urea,  synthetic ammonia, and ammonium acid carbonate.

Jiangsu Yoke Technology Co.,Ltd develops, produces and sells phosphate flame retardant and polyurethane catalyst.  The Company's products include flame retardant, tin catalyst, blowing agent, polyurethane catalyst, and auxiliary agent.

Yunnan Yuntianhua Co., Ltd. manufactures and markets fertilizers and other chemical products.  The Company's products include synthetic ammonia, urea, nitramine, pentaerythritol, sodium formate, and polyformaldehyde.  Yunnan Yuntianhua also manufactures glass fibers and lubricants.

Inner Mongolia Junzheng Energy & Chemical Group Company Limited engages in power generation, power supply, heating power production and supply, trading and chemical products.  The Company's main products include electricity, calcium carbide, ferrosilicon, PVC, and caustic soda.

Inner Mngl Jnzhng Eng & Cmci Gp (601216 CH)

LB Group Co., Ltd. produces and sells chemical products. The Company manufactures and sells titanium, zirconium fine powder materials, and other products. LB Group also exports chemical products.

MITSUBISHI GAS CHEMICAL COMPANY, INC. produces chemical products such as xylene and methanol.  The Company also manufactures engineering plastics and specialty chemicals.

NOF CORPORATION is a diversified chemical producer whose products include processed oil/fats, explosives and other chemical products. The Company has manufacturing/sales subsidiaries in US, Indonesia and China.

Orica Limited is a diversified manufacturing company.  The Company produces industrial and specialty chemicals, polyethylene, surface coatings for vehicles, food and beverage flavoring and fragrances, packaging and appliances. The Company also supplies explosive and blasting services to the mining, quarrying and construction industries.

Incitec Pivot Limited is a fertilizer manufacturer and supplier, and also a supplier for explosives products and services. The Company has operations throughout the United States, Canada, Mexico and Australia.

Resonac Holdings Corporation manufactures and distributes chemical products. The Company produces synthetic resins, petrochemical products, inorganics, and other related products. Resonac Holdings also produces ceramics, metals, carbon, electronic materials, and other products.

Mitsui Chemicals, Inc. manufactures and markets a variety of chemical products. The Company's products include ethylene, propylene and other petrochemicals, basic chemicals, synthetic resins, and fine chemicals.  The Company operates worldwide.

Quaker Chemical Corporation produces, develops, and markets custom-formulated chemical specialty products.  The Company also provides fluid management services for manufacturers around the world, primarily in the steel, automotive, and can industries.

Huntsman Corporation manufactures differentiated and commodity chemical products.  The Company markets a broad range of chemical products and formulations to a diversified group of consumer and industrial customers. Huntsman's products are used in a range of applications, including those in adhesives, aerospace, automotive, construction products, and consumer products.

SKC Co., Ltd. manufactures a variety of films, including polyester films, silicon coated films, and inkjet films.  The Company also produces chemical products, such as propylene oxide, propylene glycol, and styrene monomer. In addition, SKC provides materials for photovoltaic.

Nissan Chemical Industries, Ltd. produces a variety of chemical products, ranging from basic chemicals to functional chemical products.  The Company also manufactures agrochemicals and pharmaceutical products.

Tianqi Lithium Corporation develops, manufactures, and sells lithium products. The Company produces lithium carbonate, lithium chloride, lithium hydroxide, and other related products. Tianqi Lithium markets its products worldwide.

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Tianqi Lithium (9696 HK)

WCP IPO Trading - Peer Correction Means Price Cut Still Wasn’t Enough

WCP raised around US$314m via selling a mix of primary and secondary shares in its Korean IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Northbound Flows (Sep 23rd): Tianqi Lithium, Midea Group, Moutai, Sungrow

We analyzed northbound Shanghai/Shenzhen connect and highlight flows for Tianqi Lithium, Midea, Kweichow Moutai, Sungrow Power.

Ke Yan, CFA, FRM

Shanghai/Shenzhen Northbound Connect: Weekly Moves (22 September 2022)

Overall, net outflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$1.4bn, split between Shanghai (...

David Blennerhassett

CALB IPO: Valuation Insights

CALB has launched its HKEx listing at HK$38.00-51.00 per share to raise up to US$1.7 billion. It is attractively valued at the IPO price range. We...

Arun George

A-H Premium Weekly (Sep 9th): Huadian, CGN Power, GWM

We analyzed A-H premium changes last week and highlight weekly changes in A-H premium for Huadian, CGN Power, GWM, Tigermed, Angang, CIMC,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

WCP IPO Trading - Peer Correction Means Price Cut Still Wasn’t Enough

WCP raised around US$314m via selling a mix of primary and secondary shares in its Korean IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Northbound Flows (Sep 23rd): Tianqi Lithium, Midea Group, Moutai, Sungrow

We analyzed northbound Shanghai/Shenzhen connect and highlight flows for Tianqi Lithium, Midea, Kweichow Moutai, Sungrow Power.

Ke Yan, CFA, FRM

Shanghai/​​​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (22 September 2022)

Overall, net outflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$1.4bn, split between Shanghai (...

David Blennerhassett

CALB IPO: Valuation Insights

CALB has launched its HKEx listing at HK$38.00-51.00 per share to raise up to US$1.7 billion. It is attractively valued at the IPO price range. We...

Arun George

A-H Premium Weekly (Sep 9th): Huadian, CGN Power, GWM

We analyzed A-H premium changes last week and highlight weekly changes in A-H premium for Huadian, CGN Power, GWM, Tigermed, Angang, CIMC,...

Ke Yan, CFA, FRM

Shanghai/Shenzhen Northbound Connect: Weekly Moves (22 September 2022)