Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a>, <a href="https://www.smartkarma.com/entities/china-merchants-bank-co-ltd-3388a037-4214-4997-b45d-520518cfdb57" target="_blank" data-smartkarma-citation="entities:10987:1" rel="noopener">China Merchants Bank H (3968 HK)</a>, <a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a>, <a href="https://www.smartkarma.com/entities/bilibili-inc-83a27302-cd7d-4e6a-a1de-bcf93eb022c3" target="_blank" data-smartkarma-citation="entities:32215:1" rel="noopener">Bilibili Inc (9626 HK)</a> and <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy Co (2319 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/citic-securities-h" target="_blank" data-smartkarma-citation="entities:463:1" rel="noopener">Citic Securities (H) (6030 HK)</a>, <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a>, <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC Holdings (5 HK)</a> and <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home Co Ltd (6690 HK)</a>. Shorts increased in the Communication Services, Consumer Discretionary, Information Technology, Consumer Staples and Materials sectors, and decreased in the Financials sector.</p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/sharp-corp" target="_blank" data-smartkarma-citation="entities:391:1" rel="noopener">Sharp Corp (6753 JP)</a>, <a href="https://www.smartkarma.com/entities/cyberagent-inc" target="_blank" data-smartkarma-citation="entities:8197:1" rel="noopener">CyberAgent Inc (4751 JP)</a>, <a href="https://www.smartkarma.com/entities/keihan-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:6120:1" rel="noopener">Keihan Holdings Co., Ltd. (9045 JP)</a> and <a href="https://www.smartkarma.com/entities/jfe-holdings-inc" target="_blank" data-smartkarma-citation="entities:210:1" rel="noopener">JFE Holdings (5411 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/lasertec-corp" target="_blank" data-smartkarma-citation="entities:4126:1" rel="noopener">Lasertec Corp (6920 JP)</a>, <a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE Inc (4477 JP)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/daito-trust-construct-co-ltd" target="_blank" data-smartkarma-citation="entities:10503:1" rel="noopener">Daito Trust Construct (1878 JP)</a> and <a href="https://www.smartkarma.com/entities/ai-inside-inc" target="_blank" data-smartkarma-citation="entities:33241:1" rel="noopener">AI Inside (4488 JP)</a>. Shorts increased in the Consumer Staples and Consumer Discretionary sectors, and decreased in the Information Technology sector.</p></div><div><p>In Korea, shorts increased on <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a>, <a href="https://www.smartkarma.com/entities/lg-display-co-ltd" target="_blank" data-smartkarma-citation="entities:7145:1" rel="noopener">LG Display (034220 KS)</a> and <a href="https://www.smartkarma.com/entities/shinpoong-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:7296:1" rel="noopener">Shinpoong Pharmaceutical (019170 KS)</a>. The largest percentage increase in shorts was seen on <a href="https://www.smartkarma.com/entities/kcc-corp" target="_blank" data-smartkarma-citation="entities:11109:1" rel="noopener">Kcc Corp (002380 KS)</a>, <a href="https://www.smartkarma.com/entities/shinpoong-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:7296:1" rel="noopener">Shinpoong Pharmaceutical (019170 KS)</a>, <a href="https://www.smartkarma.com/entities/daelim-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:18095:1" rel="noopener">DL Co Ltd (000210 KS)</a> and <a href="https://www.smartkarma.com/entities/dongkuk-steel-mill-co-ltd" target="_blank" data-smartkarma-citation="entities:7293:1" rel="noopener">Dongkuk Steel Mill (001230 KS)</a>.</p></div><div><p>In Taiwan, shorts increased on <a href="https://www.smartkarma.com/entities/china-steel-corp" target="_blank" data-smartkarma-citation="entities:962:1" rel="noopener">China Steel (2002 TT)</a>, <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a>, <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/au-optronics-corp" target="_blank" data-smartkarma-citation="entities:6704:1" rel="noopener">AU Optronics (2409 TT)</a> and <a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:6450:1" rel="noopener">United Microelectronics Corp (2303 TT)</a> while shorts covered on <a href="https://www.smartkarma.com/entities/cathay-financial-holding-co" target="_blank" data-smartkarma-citation="entities:17677:1" rel="noopener">Cathay Financial Holding Co (2882 TT)</a>, <a href="https://www.smartkarma.com/entities/mega-financial-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:3463:1" rel="noopener">Mega Financial Holding Co., Ltd (2886 TT)</a>, <a href="https://www.smartkarma.com/entities/china-airlines-ltd" target="_blank" data-smartkarma-citation="entities:4591:1" rel="noopener">China Airlines (2610 TT)</a>, <a href="https://www.smartkarma.com/entities/pegatron-corp" target="_blank" data-smartkarma-citation="entities:12852:1" rel="noopener">Pegatron Corp (4938 TT)</a> and <a href="https://www.smartkarma.com/entities/silergy-corp" target="_blank" data-smartkarma-citation="entities:13998:1" rel="noopener">Silergy Corp (6415 TT)</a>.</p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Sunny Optical (2382 HK), China Merchants Bank H (3968 HK), Kuaishou Technology (1024 HK), Bilibili Inc (9626 HK) and China Mengniu Dairy Co (2319 HK) while there was short covering on Ping An Insurance (H) (2318 HK), Citic Securities (H) (6030 HK), Wuxi Biologics (2269 HK), HSBC Holdings (5 HK) and Haier Smart Home Co Ltd (6690 HK). Shorts increased in the Communication Services, Consumer Discretionary, Information Technology, Consumer Staples and Materials sectors, and decreased in the Financials sector.In Japan, stocks that saw the most shorts were Seven &amp; I Holdings (3382 JP), Sharp Corp (6753 JP), CyberAgent Inc (4751 JP), Keihan Holdings Co., Ltd. (9045 JP) and JFE Holdings (5411 JP) while shorts decreased on Lasertec Corp (6920 JP), BASE Inc (4477 JP), Toshiba Corp (6502 JP), Daito Trust Construct (1878 JP) and AI Inside (4488 JP). Shorts increased in the Consumer Staples and Consumer Discretionary sectors, and decreased in the Information Technology sector.In Korea, shorts increased on Samsung Electronics (005930 KS), Celltrion Inc (068270 KS), LG Display (034220 KS) and Shinpoong Pharmaceutical (019170 KS). The largest percentage increase in shorts was seen on Kcc Corp (002380 KS), Shinpoong Pharmaceutical (019170 KS), DL Co Ltd (000210 KS) and Dongkuk Steel Mill (001230 KS).In Taiwan, shorts increased on China Steel (2002 TT), Novatek Microelectronics Corp (3034 TT), TSMC (2330 TT), AU Optronics (2409 TT) and United Microelectronics Corp (2303 TT) while shorts covered on Cathay Financial Holding Co (2882 TT), Mega Financial Holding Co., Ltd (2886 TT), China Airlines (2610 TT), Pegatron Corp (4938 TT) and Silergy Corp (6415 TT).

Asia Shorts: Sunny Optic, CMB, Ping An, 7&I, Keihan, Celltrion, Shinpoong, KCC, China Steel, Novatek

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.

<p>In our weekly HK Connect Flow series, we aim to highlight key stocks and sectors which the mainland investors traded via the southbound Hong Kong Connect, as analyzed by our proprietary data engine. </p><p>Since the opening of Hong Kong Connect scheme in 2014, southbound Chinese money started to play an increasingly important role in the Hong Kong stock market. In a Hong Kong exchange report released in July 2019, the exchange highlighted that flows from mainland China accounted for 12% of the total trading volume in the market and is ahead of the US investors' 10% and UK investors' 7% share respectively. </p><p>We split the stocks eligible for the Hong Kong Connect trade into three groups: HSCEI component stocks, stocks with a market capitalization between USD 1 billion and USD 5 billion, and stocks with a market capitalization between USD 500 million and USD 1 billion.</p><p>In this insight, we will highlight inflows into Meituan (3690 HK), Wuxi Biologics (Cayman) Inc. (2269 HK), and Anta Sports Products Limited (2020 HK).</p>

In our weekly HK Connect Flow series, we aim to highlight key stocks and sectors which the mainland investors traded via the southbound Hong Kong Connect, as analyzed by our proprietary data engine. Since the opening of Hong Kong Connect scheme in 2014, southbound Chinese money started to play an increasingly important role in the Hong Kong stock market. In a Hong Kong exchange report released in July 2019, the exchange highlighted that flows from mainland China accounted for 12% of the total trading volume in the market and is ahead of the US investors' 10% and UK investors' 7% share respectively. We split the stocks eligible for the Hong Kong Connect trade into three groups: HSCEI component stocks, stocks with a market capitalization between USD 1 billion and USD 5 billion, and stocks with a market capitalization between USD 500 million and USD 1 billion.In this insight, we will highlight inflows into Meituan (3690 HK), Wuxi Biologics (Cayman) Inc. (2269 HK), and Anta Sports Products Limited (2020 HK).

Hong Kong Connect Flows: Meituan, Wuxi Biologics, Anta Inflows Before May Golden Week

APAC IPOs & Placements

Zhen Zhou, Toh

Equity Capital Markets

<div>
<p>Wuxi Biologics Holdings is looking to raise up to US$1.3bn by selling about 2.3% of <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a>. This is the company's 14th placement since it listed in June 2017. </p>
<p>In this note, we will discuss deal dynamics, past deal performance, and share the scores on our ECM framework.</p>
</div><div><p>Links to our coverage of the IPO and past deals:</p></div><div><ul style="list-style-type: disc;">
<li>Jun 2017 - US$500m: <a href="https://www.smartkarma.com/insights/wuxi-biologics-ipo-review-an-opportunity-to-get-exposure-to-biologics-in-china" target="_blank" rel="noopener">WuXi Biologics IPO Review - An Opportunity to Get Exposure to Biologics in China</a>
</li>
<li>Dec 2017- US$650m: <a href="https://www.smartkarma.com/insights/wuxi-biologics-placement-selldown-right-when-lockup-expires-suggests-eagerness-to-offload" target="_blank" rel="noopener">Wuxi Biologics Placement - Selldown Right when Lockup Expires Suggests Eagerness to Offload</a>
</li>
<li>Mar 2018 - US$605m: <a href="https://www.smartkarma.com/insights/wuxi-biologics-placement-in-time-for-the-next-lock-up-returns-will-probably-not-match-prior-ones" target="_blank" rel="noopener">Wuxi Biologics Placement - In Time for the Next Lock-Up, Returns Will Probably Not Match Prior Ones</a>
</li>
<li>Jun 2018 - US$510m: <a href="https://www.smartkarma.com/insights/wuxi-biologics-placement-probably-not-a-surprise-to-sell-again-when-lock-up-expires" target="_blank" rel="noopener">Wuxi Biologics Placement - Probably Not a Surprise to Sell Again when Lock-Up Expires</a>
</li>
<li>Mar 2019 - US$517m: <a href="https://www.smartkarma.com/insights/wuxi-biologics-placement-past-deals-have-done-well-but-progressive-returns-are-getting-lower" target="_blank" rel="noopener">Wuxi Biologics Placement - Past Deals Have Done Well but Progressive Returns Are Getting Lower</a>
</li>
<li>June 2019 - US$495m: <a href="https://www.smartkarma.com/insights/wuxi-biologics-placement-past-deal-did-well-despite-sell-down-overhang" target="_blank" rel="noopener">Wuxi Biologics Placement: Past Deal Did Well Despite Sell-Down Overhang</a>
</li>
<li>October 2019 - US$1,020m: <a href="https://www.smartkarma.com/insights/wuxi-biologics-placement-a-larger-deal-but-performance-track-record-weighs" target="_blank" rel="noopener">Wuxi Biologics Placement: A Larger Deal but Performance Track Record Weighs</a>
</li>
<li>Jan 2020 - US$753m: <a href="https://www.smartkarma.com/insights/wuxi-biologics-placement-almost-all-of-the-past-deals-have-done-well-would-bid-near-the-bottom-end" target="_blank" rel="noopener">Wuxi Biologics Placement: Almost All of the past Deals Have Done Well, Would Bid near the Bottom End</a>
</li>
<li>Mar 2020 - US$599m: <a href="https://www.smartkarma.com/insights/wuxi-biologics-placement-another-pre-lockup-placement-but-past-deals-have-done-well" target="_blank" data-smartkarma-citation="insights:37994" rel="noopener">Wuxi Biologics Placement: Another Pre-Lockup Placement but Past Deals Have Done Well</a> </li>
<li>May 2020 - US$984m: <a href="https://www.smartkarma.com/insights/wuxi-biologics-placement-biggest-deal-size-at-launch-well-ahead-of-lock-up-expiry" target="_blank" rel="noopener">Wuxi Biologics Placement - Biggest Deal Size at Launch, Well Ahead of Lock-Up Expiry</a>
</li>
<li>Jun 2020 - US$798m: <a href="https://www.smartkarma.com/insights/wuxi-biologics-placement-this-time-it-s-different" target="_blank" rel="noopener">Wuxi Biologics Placement - This Time It’s Different</a>
</li>
<li>Round-up of past deals performance - <a href="https://www.smartkarma.com/insights/wuxi-biologics-recap-learnings-from-past-placements" target="_blank" rel="noopener">Wuxi Biologics - Recap/​Learnings from past Placements</a>
</li>
<li>Sep 2020 -  US$800m: <a href="https://www.smartkarma.com/insights/wuxi-biologics-placement-another-pre-lockup-placement-but-past-deals-have-done-well" target="_blank" data-smartkarma-citation="insights:37994" rel="noopener">Wuxi Biologics Placement: Another Pre-Lockup Placement but Past Deals Have Done Well</a> </li>
<li>Jan 2021 - US$1bn: <a href="https://www.smartkarma.com/insights/wuxi-biologics-placement-well-ahead-of-lock-up-again" target="_blank" data-smartkarma-citation="insights:46751" rel="noopener">Wuxi Biologics Placement - Well Ahead of Lock-Up, Again</a> </li>
<li>Feb 2021 - US$1.7bn: <a href="https://www.smartkarma.com/insights/wuxi-biologics-placement-laying-the-groundwork-for-future-growth" target="_blank" data-smartkarma-citation="insights:47704" rel="noopener">Wuxi Biologics Placement - Laying the Groundwork for Future Growth</a> </li>
</ul></div>


Wuxi Biologics Holdings is looking to raise up to US$1.3bn by selling about 2.3% of Wuxi Biologics (2269 HK). This is the company's 14th placement since it listed in June 2017. 
In this note, we will discuss deal dynamics, past deal performance, and share the scores on our ECM framework.
Links to our coverage of the IPO and past deals:
Jun 2017 - US$500m: WuXi Biologics IPO Review - An Opportunity to Get Exposure to Biologics in China

Dec 2017- US$650m: Wuxi Biologics Placement - Selldown Right when Lockup Expires Suggests Eagerness to Offload

Mar 2018 - US$605m: Wuxi Biologics Placement - In Time for the Next Lock-Up, Returns Will Probably Not Match Prior Ones

Jun 2018 - US$510m: Wuxi Biologics Placement - Probably Not a Surprise to Sell Again when Lock-Up Expires

Mar 2019 - US$517m: Wuxi Biologics Placement - Past Deals Have Done Well but Progressive Returns Are Getting Lower

June 2019 - US$495m: Wuxi Biologics Placement: Past Deal Did Well Despite Sell-Down Overhang

October 2019 - US$1,020m: Wuxi Biologics Placement: A Larger Deal but Performance Track Record Weighs

Jan 2020 - US$753m: Wuxi Biologics Placement: Almost All of the past Deals Have Done Well, Would Bid near the Bottom End

Mar 2020 - US$599m: Wuxi Biologics Placement: Another Pre-Lockup Placement but Past Deals Have Done Well 
May 2020 - US$984m: Wuxi Biologics Placement - Biggest Deal Size at Launch, Well Ahead of Lock-Up Expiry

Jun 2020 - US$798m: Wuxi Biologics Placement - This Time It’s Different

Round-up of past deals performance - Wuxi Biologics - Recap/​Learnings from past Placements

Sep 2020 -  US$800m: Wuxi Biologics Placement: Another Pre-Lockup Placement but Past Deals Have Done Well 
Jan 2021 - US$1bn: Wuxi Biologics Placement - Well Ahead of Lock-Up, Again 
Feb 2021 - US$1.7bn: Wuxi Biologics Placement - Laying the Groundwork for Future Growth 


Wuxi Biologics Placement - Market Is Likely Well-Positioned for the Selldown

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a>, <a href="https://www.smartkarma.com/entities/haidilao-international-holding-ltd" target="_blank" data-smartkarma-citation="entities:27044:1" rel="noopener">Haidilao (6862 HK)</a>, <a href="https://www.smartkarma.com/entities/yihai-int-l-holding-ltd" target="_blank" data-smartkarma-citation="entities:22803:1" rel="noopener">Yihai Int’L Holding (1579 HK)</a> and <a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/country-garden-services-holdings-company-limited" target="_blank" data-smartkarma-citation="entities:27343:1" rel="noopener">Country Garden Services Holdings (6098 HK)</a>, <a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a> and <a href="https://www.smartkarma.com/entities/zhongsheng-group-holdings" target="_blank" data-smartkarma-citation="entities:10573:1" rel="noopener">Zhongsheng Group (881 HK)</a>. Shorts increased in the Consumer Discretionary, Health Care and Information Technology sectors, and decreased in the Communication Services and Financials sectors.</p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/nexon-co-ltd" target="_blank" data-smartkarma-citation="entities:16032:1" rel="noopener">Nexon (3659 JP)</a>, <a href="https://www.smartkarma.com/entities/orix-corp" target="_blank" data-smartkarma-citation="entities:9936:1" rel="noopener">Orix Corp (8591 JP)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> and <a href="https://www.smartkarma.com/entities/hitachi-metals-ltd" target="_blank" data-smartkarma-citation="entities:8561:1" rel="noopener">Hitachi Metals (5486 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/shiseido-company-limited" target="_blank" data-smartkarma-citation="entities:5718:1" rel="noopener">Shiseido Company (4911 JP)</a>, <a href="https://www.smartkarma.com/entities/tokai-carbon-co-ltd" target="_blank" data-smartkarma-citation="entities:9145:1" rel="noopener">Tokai Carbon (5301 JP)</a>, <a href="https://www.smartkarma.com/entities/yaskawa-electric-corp" target="_blank" data-smartkarma-citation="entities:2458:1" rel="noopener">Yaskawa Electric (6506 JP)</a> and <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon Inc (7751 JP)</a>. Shorts increased in the Financials and Communication Services sectors, and decreased in the Information Technology and Consumer Staples sectors.</p></div><div><p>In Korea, shorts decreased on <a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics Co., (207940 KS)</a>, <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> and <a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI (006400 KS)</a> during the week.</p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a>, <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a>, <a href="https://www.smartkarma.com/entities/evergreen-marine-corp-ltd" target="_blank" data-smartkarma-citation="entities:15428:1" rel="noopener">Evergreen Marine Corp (2603 TT)</a>, <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a> and <a href="https://www.smartkarma.com/entities/fitipower-integrated-tech" target="_blank" data-smartkarma-citation="entities:8712:1" rel="noopener">Fitipower Integrated Tech (4961 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/genius-electronic-optical-co-ltd" target="_blank" data-smartkarma-citation="entities:9632:1" rel="noopener">Genius Electronic Optical (3406 TT)</a>, <a href="https://www.smartkarma.com/entities/hannstar-display-corp" target="_blank" data-smartkarma-citation="entities:13922:1" rel="noopener">Hannstar Display (6116 TT)</a>, <a href="https://www.smartkarma.com/entities/taiwan-cement" target="_blank" data-smartkarma-citation="entities:19736:1" rel="noopener">Taiwan Cement (1101 TT)</a>, <a href="https://www.smartkarma.com/entities/focaltech-systems-co-ltd" target="_blank" data-smartkarma-citation="entities:11240:1" rel="noopener">Focaltech Systems (3545 TT)</a> and <a href="https://www.smartkarma.com/entities/winbond-electronics-corp" target="_blank" data-smartkarma-citation="entities:9177:1" rel="noopener">Winbond Electronics (2344 TT)</a>. </p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Meituan (3690 HK), Wuxi Biologics (2269 HK), Haidilao (6862 HK), Yihai Int’L Holding (1579 HK) and Sunny Optical (2382 HK) while there was short covering on Tencent Holdings (700 HK), Ping An Insurance (H) (2318 HK), Country Garden Services Holdings (6098 HK), Baidu (9888 HK) and Zhongsheng Group (881 HK). Shorts increased in the Consumer Discretionary, Health Care and Information Technology sectors, and decreased in the Communication Services and Financials sectors.In Japan, stocks that saw the most shorts were Nexon (3659 JP), Orix Corp (8591 JP), Toshiba Corp (6502 JP) and Hitachi Metals (5486 JP) while shorts decreased on Shiseido Company (4911 JP), Tokai Carbon (5301 JP), Yaskawa Electric (6506 JP) and Canon Inc (7751 JP). Shorts increased in the Financials and Communication Services sectors, and decreased in the Information Technology and Consumer Staples sectors.In Korea, shorts decreased on Samsung Biologics Co., (207940 KS), Samsung Electronics (005930 KS), Celltrion Inc (068270 KS) and Samsung SDI (006400 KS) during the week.Stocks in Taiwan that saw the highest increase in shorts were Yageo Corporation (2327 TT), Novatek Microelectronics Corp (3034 TT), Evergreen Marine Corp (2603 TT), TSMC (2330 TT) and Fitipower Integrated Tech (4961 TT) while shorts were covered on Genius Electronic Optical (3406 TT), Hannstar Display (6116 TT), Taiwan Cement (1101 TT), Focaltech Systems (3545 TT) and Winbond Electronics (2344 TT). 

Asia Short Interest: Meituan, WuxiBio, Tencent, Nexon, Orix, Toshiba, Shiseido, Samsung, Hannstar

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<p>The presentation today would mainly include the following parts:</p>
<ul>
<li>2020 and 2021Q1 financial results</li>
<li>Market potential </li>
<li>Business analysis </li>
<li>Financial Analysis (<a href="https://www.smartkarma.com/entities/topchoice-medical-corporation" target="_blank" data-smartkarma-citation="entities:1102:1" rel="noopener">Topchoice Medical (600763 CH)</a> vs <a href="https://www.smartkarma.com/entities/aier-eye-hospital-group-co-ltd" target="_blank" data-smartkarma-citation="entities:1103:1" rel="noopener">Aier Eye Hospital Group (300015 CH)</a>)</li>
<li>Summary</li>
<li>Risk disclosure</li>
</ul>

The presentation today would mainly include the following parts:

2020 and 2021Q1 financial results
Market potential 
Business analysis 
Financial Analysis (Topchoice Medical (600763 CH) vs Aier Eye Hospital Group (300015 CH))
Summary
Risk disclosure


Presentation on Apr.12: 2021 High Conviction Ideas - Topchoice Medical (600763.CH)

China

WuXi Biologics (Cayman) Inc. is a leading open-access R&D capability and technology platform company serving the pharmaceutical, biotechnology, and medical device industries, with operations in China, U.S., and Iceland.  We provide a broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process.  Our services are designed to help our global partners in shortening the cycle and lowering the cost of drug and medical device R&D through cost-effective and efficient solutions. 

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Wuxi Biologics (2269 HK)

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Presentation on Apr.12: 2021 High Conviction Ideas - Topchoice Medical (600763.CH)

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Xinyao (Criss) Wang

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