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>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, Blibli managed to upsize its IPO, while a few companies will launch their Indian IPOs in the coming week.</li>
<li>There were no notable placements this week, which wasn't surprising after Monday's market turmoil.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Blibli managed to upsize its IPO, while a few companies will launch their Indian IPOs in the coming week.
There were no notable placements this week, which wasn't surprising after Monday's market turmoil.


ECM Weekly (30th Oct 2022) - Giant Biogene, Sunshine, I-Tail, Global Health, Lygend, Fusion, Blibli

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 October 21st.</li>
<li>We estimate the weekly outflows to be US$4,305.1 million, led by consumer staples, financials, and offset by energy, utilities.</li>
<li>We highlight flows for BOE, Moutai, Ping An, Yili,  China Tourism, Longi Green.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of October 21st.
We estimate the weekly outflows to be US$4,305.1 million, led by consumer staples, financials, and offset by energy, utilities.
We highlight flows for BOE, Moutai, Ping An, Yili,  China Tourism, Longi Green.


Northbound Flows (Oct 21st): BOE, Moutai, Ping An, Yili, China Tourism, Longi Green

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$1.8bn, split between Shanghai (-US$1.2bn) and Shenzhen (-US$0.6bn).</li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd" target="_blank" data-smartkarma-citation="entities:27092:1" rel="noopener">WuXi AppTec (603259 CH)</a> and <a href="https://www.smartkarma.com/entities/boe-technology-group-co-ltd-724c733a-a1da-46a8-b44f-f0d565e18807" target="_blank" data-smartkarma-citation="entities:26049:1" rel="noopener">BOE Technology (000725 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 (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$1.8bn, split between Shanghai (-US$1.2bn) and Shenzhen (-US$0.6bn).
The largest inflows were into WuXi AppTec (603259 CH) and BOE Technology (000725 CH). The largest outflows were in Kweichow Moutai (600519 CH) and Inner Mongolia Yili Industrial (600887 CH).


Shanghai/​​​​​​​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (21 October 2022)

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>Last week, centralized procurement results of orthopedic spinal consumables were released, with an average price reduction of 84%. We analyzed the impact on related companies. </li>
<li>If medical insurance reimbursement standards of Hunan Provincial are followed, there will be few real clinical needs for surgical robots for many hospitals, mainly to meet scientific research needs instead.</li>
<li>Under the appearance of the popularity of CGT CDMO, there are some hidden worries. Investors are recommended to be rational due to the overcapacity issue in the future.</li>
</ul>


Last week, centralized procurement results of orthopedic spinal consumables were released, with an average price reduction of 84%. We analyzed the impact on related companies. 
If medical insurance reimbursement standards of Hunan Provincial are followed, there will be few real clinical needs for surgical robots for many hospitals, mainly to meet scientific research needs instead.
Under the appearance of the popularity of CGT CDMO, there are some hidden worries. Investors are recommended to be rational due to the overcapacity issue in the future.


China Healthcare Weekly (Sep.30) - Orthopedics VBP, CGT CDMO, Surgical Robots, Bottom of HKEX

Equity Bottom-Up

Joinn Laboratories China  Lt / Equity Bottom-Up

<ul>
<li>The monkeys have become <a href="https://www.smartkarma.com/entities/joinn-laboratories-china-c-h" target="_blank" data-smartkarma-citation="entities:31498:1" rel="noopener">Joinn Laboratories (H) (6127 HK)</a>’s important profit growth point based on the logic chain of "monkey supply shortage - monkey price rise - Joinn’s performance increase". </li>
<li>Faced with doubts about the future prosperity of CXO, we don't think Joinn is immune as a part of this industrial chain. Joinn is hard to achieve the V-shaped rebound.</li>
<li>Valuations are hard to increase by when the industry is very mature.For investment logic, my favorite is the industry beta, followed by industry beta+alpha. The last is low P/E ratio.</li>
</ul>


The monkeys have become Joinn Laboratories (H) (6127 HK)’s important profit growth point based on the logic chain of "monkey supply shortage - monkey price rise - Joinn’s performance increase". 
Faced with doubts about the future prosperity of CXO, we don't think Joinn is immune as a part of this industrial chain. Joinn is hard to achieve the V-shaped rebound.
Valuations are hard to increase by when the industry is very mature.For investment logic, my favorite is the industry beta, followed by industry beta+alpha. The last is low P/E ratio.


Joinn Laboratories (6127.HK) 22H1 - It's Time to Face Reality Before the Magic of Monkeys Disappears

China

WuXi AppTec Co., Ltd. manufactures medical products. The Company produces biological agents, antibodies, biological diagnostic reagents, and other products. WuXi AppTec also provides biological analysis, technical study, and other services.

Price Gauge
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WuXi AppTec (603259 CH)

ECM Weekly (30th Oct 2022) - Giant Biogene, Sunshine, I-Tail, Global Health, Lygend, Fusion, Blibli

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Northbound Flows (Oct 21st): BOE, Moutai, Ping An, Yili, China Tourism, Longi Green

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for BOE, Moutai, Ping An, Yili, China Tourism, Longi...

Ke Yan, CFA, FRM

Shanghai/Shenzhen Northbound Connect: Weekly Moves (21 October 2022)

Overall, net outflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$1.8bn, split between Shanghai (...

David Blennerhassett

China Healthcare Weekly (Sep.30) - Orthopedics VBP, CGT CDMO, Surgical Robots, Bottom of HKEX

Orthopedics VBP result was released,we analyzed the impact on companies; There will be few real clinical needs for surgical robots; There're hidden...

Xinyao (Criss) Wang

Joinn Laboratories (6127.HK) 22H1 - It's Time to Face Reality Before the Magic of Monkeys Disappears

The logic chain of "monkey shortage-monkey price rise-Joinn’s performance increase" has shaken.Faced with doubts about future prosperity of...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (30th Oct 2022) - Giant Biogene, Sunshine, I-Tail, Global Health, Lygend, Fusion, Blibli

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Northbound Flows (Oct 21st): BOE, Moutai, Ping An, Yili, China Tourism, Longi Green

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for BOE, Moutai, Ping An, Yili, China Tourism, Longi...

Ke Yan, CFA, FRM

Shanghai/​​​​​​​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (21 October 2022)

Overall, net outflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$1.8bn, split between Shanghai (...

David Blennerhassett

China Healthcare Weekly (Sep.30) - Orthopedics VBP, CGT CDMO, Surgical Robots, Bottom of HKEX

Orthopedics VBP result was released,we analyzed the impact on companies; There will be few real clinical needs for surgical robots; There're hidden...

Xinyao (Criss) Wang

Joinn Laboratories (6127.HK) 22H1 - It's Time to Face Reality Before the Magic of Monkeys Disappears

The logic chain of "monkey shortage-monkey price rise-Joinn’s performance increase" has shaken.Faced with doubts about future prosperity of...

Xinyao (Criss) Wang

Shanghai/Shenzhen Northbound Connect: Weekly Moves (21 October 2022)