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 October 21st.</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 inflows into Tencent Holding Limited, Meituan, Wuxi Biologics.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 21st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into Tencent Holding Limited, Meituan, Wuxi Biologics.


Hong Kong Connect Flows (Oct 21st): $3.2bn Inflows

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene Holding (GBH HK)</a> aims to raise around US$500m in its Hong Kong IPO.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>We had looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we’ll talk about valuations.</li>
</ul>



Giant Biogene Holding (GBH HK) aims to raise around US$500m in its Hong Kong IPO.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
We had looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we’ll talk about valuations.


Giant Biogene Pre-IPO - Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene Holding (GBH HK)</a>  aims to raise around US$500m in its Hong Kong IPO.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>We had looked at the company’s past performance in our previous notes. In this note, we’ll undertake a peer comparison.</li>
</ul>



Giant Biogene Holding (GBH HK)  aims to raise around US$500m in its Hong Kong IPO.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
We had looked at the company’s past performance in our previous notes. In this note, we’ll undertake a peer comparison.


Giant Biogene Pre-IPO - Peer Comparison - Might Need to Spend a Lot More Online

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>A non-eventful 3Q. While earnings cuts and de-ratings have taken place and reset market expectation across 1H results, in our view, earnings volatility for 3Q is unlikely to be drastic.</li><li>For items that we monitored, our channel checks suggested that sales momentum was largely on track to us - low-teen growth for CRB, double-digit growth for Nongfu, and particularly sequential double- digit recovery for Mengniu and Feihe.</li><li>Separately, the lockdown of Hainan since August could mean downside revision potential for CTGDF despite a well-maintained GPM.</li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

A non-eventful 3Q. While earnings cuts and de-ratings have taken place and reset market expectation across 1H results, in our view, earnings volatility for 3Q is unlikely to be drastic.For items that we monitored, our channel checks suggested that sales momentum was largely on track to us - low-teen growth for CRB, double-digit growth for Nongfu, and particularly sequential double- digit recovery for Mengniu and Feihe.Separately, the lockdown of Hainan since August could mean downside revision potential for CTGDF despite a well-maintained GPM.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Consumer – Addressing Recent Investors’ Concerns

<ul>
<li>We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 125.5% as of Sep 30th.</li>
<li>The average A-H premium changed by 6.5ppt weeok on week, led by consumer staples, industrials, communication services.</li>
<li>We highlight weekly changes in A-H premium for Ping An, Bankcomm, Angang Steel, Remegen, Qingdao Port, China Tourism, Asymchem Lab, Flat Glass.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 125.5% as of Sep 30th.
The average A-H premium changed by 6.5ppt weeok on week, led by consumer staples, industrials, communication services.
We highlight weekly changes in A-H premium for Ping An, Bankcomm, Angang Steel, Remegen, Qingdao Port, China Tourism, Asymchem Lab, Flat Glass.


A-H Premium Weekly (Sep 30th): China Tourism at New Low Since Listing

China

Tsingtao Brewery Company Limited produces and distributes beer products.  The Company markets its products throughout China and around the world under the Tsingtao Beer brand name.

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Tsingtao Brewery Co Ltd H (168 HK)

Hong Kong Connect Flows (Oct 21st): $3.2bn Inflows

We analyzed the Hong Kong Connect Scheme for last week and highlight $3.2bn inflows last week and flows for Tencent, Meituan, Wuxi Biologics.

Ke Yan, CFA, FRM

Giant Biogene Pre-IPO - Thoughts on Valuation

Giant Biogene Holding (GBH HK) aims to raise around US$500m in its Hong Kong IPO. In this note, we talk about valuations.

Sumeet Singh

Giant Biogene Pre-IPO - Peer Comparison - Might Need to Spend a Lot More Online

Giant Biogene Holding aims to raise around US$500m in its Hong Kong IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

China Consumer – Addressing Recent Investors’ Concerns

A non-eventful 3Q. While earnings cuts and de-ratings have taken place and reset market expectation across 1H results, in our view, earnings...

CMB International

A-H Premium Weekly (Sep 30th): China Tourism at New Low Since Listing

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Ping An, Bankcomm, Angang Steel, Remegen, Qingdao Port,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)