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.

Event-Driven

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 12.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Want Want China Holdings Limited (151 HK) (HKD 57.6 million worth of buybacks), Easyknit Int'L (1218 HK) (HKD 15.8 million worth of buybacks), Dynam Japan (6889 HK) (HKD 5.2 million worth of buybacks).In the past 30 days, the top 3 companies that repurchased the most shares from the market were Want Want China Holdings Limited (151 HK) (HKD 267.5 million worth of buybacks), Fosun International Limited (656 HK) (HKD 216.2 million worth of buybacks), China Jinmao Holdings Group Limited (817 HK) (HKD 27.2 million worth of buybacks).In the past 90 days, the top 3 companies that repurchased the most shares from the market were Fosun International Limited (656 HK) (HKD 624.8 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 508.0 million worth of buybacks), New World Development Co Ltd (17 HK) (HKD 325.0 million worth of buybacks).In the past 365 days, the top 3 companies that repurchased the most shares from the market were China Evergrande Group (3333 HK) (HKD 4,656.7 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 1,702.3 million worth of buybacks), Fosun International Limited (656 HK) (HKD 1,471.2 million worth of buybacks).

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 12.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Want Want China Holdings Limited (151 HK) (HKD 57.6 million worth of buybacks), Easyknit Int'L (1218 HK) (HKD 15.8 million worth of buybacks), Dynam Japan (6889 HK) (HKD 5.2 million worth of buybacks).In the past 30 days, the top 3 companies that repurchased the most shares from the market were Want Want China Holdings Limited (151 HK) (HKD 267.5 million worth of buybacks), Fosun International Limited (656 HK) (HKD 216.2 million worth of buybacks), China Jinmao Holdings Group Limited (817 HK) (HKD 27.2 million worth of buybacks).In the past 90 days, the top 3 companies that repurchased the most shares from the market were Fosun International Limited (656 HK) (HKD 624.8 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 508.0 million worth of buybacks), New World Development Co Ltd (17 HK) (HKD 325.0 million worth of buybacks).In the past 365 days, the top 3 companies that repurchased the most shares from the market were China Evergrande Group (3333 HK) (HKD 4,656.7 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 1,702.3 million worth of buybacks), Fosun International Limited (656 HK) (HKD 1,471.2 million worth of buybacks).

Hong Kong Buybacks League Table: Xiaomi's HK$10bn Buyback Is Back

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> sell near 36 has panned out as did the short call near 33. Tactical bounce trade from 26.50 was inline and faded per our call to reach for the 23/22 support zone. The break of trendline (below 24) on the back of the index rebalance dynamics but may turn out to be short lived and we are now looking for washout levels to get involved on the long side again. There has been some technical damage that needed mending.The decline from 31 shows a more impulsive nature that warns that a rally cycle will fall short and be corrective in nature.We are bottom fishing near the 21 low zone for a rally to 26 with 24 acting as the near inflection pivot barrier.

Xiaomi Corp (1810 HK) sell near 36 has panned out as did the short call near 33. Tactical bounce trade from 26.50 was inline and faded per our call to reach for the 23/22 support zone. The break of trendline (below 24) on the back of the index rebalance dynamics but may turn out to be short lived and we are now looking for washout levels to get involved on the long side again. There has been some technical damage that needed mending.The decline from 31 shows a more impulsive nature that warns that a rally cycle will fall short and be corrective in nature.We are bottom fishing near the 21 low zone for a rally to 26 with 24 acting as the near inflection pivot barrier.

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul class="">
<li>The new law impacts Alibaba (BABA) and Tencent (700 HK) loan business.</li>
<li>Alibaba (BABA) is strengthening its “community group purchase” of fresh food.</li>
<li>Trip.com (TCOM) was still in stress in 4Q20.</li>
<li>Baidu (BIDU) set up an automobile joint venture.</li>
</ul>


The new law impacts Alibaba (BABA) and Tencent (700 HK) loan business.
Alibaba (BABA) is strengthening its “community group purchase” of fresh food.
Trip.com (TCOM) was still in stress in 4Q20.
Baidu (BIDU) set up an automobile joint venture.


China Internet Weekly (Mar 8): New Law Limits BABA & Tencent’s Loan Biz, BIDU Starts Car Production.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Last Week in Event SPACE: China Youzan, Mcdonald's, Beijing Jingneng, Ricoh, Melco Resorts, LG Corp

Quantitative Analysis

Hong Kong SFC reported aggregate short position for Feb 19 recently. The aggregate short value for equities increased by $1,144m (+1.6%) WoW and increased by $734m (+1.0%) over the preceding four weeks.Most shorted stocks by aggregate short value of positions are Ping An Insurance (Group) Company Of China, Ltd./2318 HK($8,575m, +10.8% WoW), Tencent Holdings Limited/700 HK($4,313m, -7.5% WoW), Byd Company Limited/1211 HK($1,777m, +0.1% WoW), Zhongsheng Group Holdings Limited/881 HK($1,523m, +1.9% WoW), Meituan/3690 HK($1,516m, -10.4% WoW).<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/191/760/original/Hong_Kong_Market_Short_Position_Value_%28line%29_and_1W_Changes_%28bar%29_%28%24m%292021-03-02+11_18_20.png?1614655764" class="editor-image img-responsive" data-smartkarma-image-id="191760"></figure></section>

Hong Kong SFC reported aggregate short position for Feb 19 recently. The aggregate short value for equities increased by $1,144m (+1.6%) WoW and increased by $734m (+1.0%) over the preceding four weeks.Most shorted stocks by aggregate short value of positions are Ping An Insurance (Group) Company Of China, Ltd./2318 HK($8,575m, +10.8% WoW), Tencent Holdings Limited/700 HK($4,313m, -7.5% WoW), Byd Company Limited/1211 HK($1,777m, +0.1% WoW), Zhongsheng Group Holdings Limited/881 HK($1,523m, +1.9% WoW), Meituan/3690 HK($1,516m, -10.4% WoW).

HK Short Report: Zijin Mining Shorts +61%

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi Corp (1810 HK)

Hong Kong Buybacks League Table: Xiaomi's HK$10bn Buyback Is Back

Xiaomi announced that the board approved the exercise of buyback mandate of up to HKD 10 bn. Xiaomi's stock price was down 30% YTD.

Ke Yan, CFA, FRM

Xiaomi Washout to Tactical Long Zone

Xiaomi Corp (1810 HK) 36 sell and short call near 33 worked well as did the bounce trade from 26.50. Trendline support break at 24 on index...

Thomas Schroeder

China Internet Weekly (Mar 8): New Law Limits BABA & Tencent’s Loan Biz, BIDU Starts Car Production.

The new law impacts Alibaba and Tencent loan business. Alibaba is strengthening its “community group purchase” of fresh food. Trip.com was still in...

Ming Lu

Last Week in Event SPACE: China Youzan, Mcdonald's, Beijing Jingneng, Ricoh, Melco Resorts, LG Corp

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

HK Short Report: Zijin Mining Shorts +61%

The aggregate short value for equities increased by $1,144m (+1.6%) WoW and increased by $734m (+1.0%) over the preceding four weeks.

Ke Yan, CFA, FRM

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