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 analyse the changes of A-H premium on 148 stocks over the last week. The average A-H premium was 95.2% as of Oct 11th.</li>
<li>The average A-H premium changed by -13.0ppt week-on-week, led by consumer staples, consumer discretionary, financials.</li>
<li>We highlight weekly changes in A-H premium for BYD, SMIC, TSINGTAO, Guotai Junan Securities, HAITONG, CanSino, Junshi Biosciences, FLAT Group, China Tourism.</li>
</ul>


We analyse the changes of A-H premium on 148 stocks over the last week. The average A-H premium was 95.2% as of Oct 11th.
The average A-H premium changed by -13.0ppt week-on-week, led by consumer staples, consumer discretionary, financials.
We highlight weekly changes in A-H premium for BYD, SMIC, TSINGTAO, Guotai Junan Securities, HAITONG, CanSino, Junshi Biosciences, FLAT Group, China Tourism.


A-H Premium Weekly (Oct 11th):BYD, SMIC, TSINGTAO, Guotai Junan Securities, HAITONG, CanSino

<ul>
<li>We analyse the changes of A-H premium on 148 stocks over the last week. The average A-H premium was 108.9% as of Sep 27th.</li>
<li>The average A-H premium changed by -1.5ppt week-on-week, led by real estate, consumer discretionary, information technology and offset by consumer staples, communication services, energy.</li>
<li>We highlight weekly changes in A-H premium for China Eastern, China Southern Airlines, Tsingtao, HPI, RemeGen.</li>
</ul>


We analyse the changes of A-H premium on 148 stocks over the last week. The average A-H premium was 108.9% as of Sep 27th.
The average A-H premium changed by -1.5ppt week-on-week, led by real estate, consumer discretionary, information technology and offset by consumer staples, communication services, energy.
We highlight weekly changes in A-H premium for China Eastern, China Southern Airlines, Tsingtao, HPI, RemeGen.


A-H Premium Weekly (Sep 27th):China Eastern, China Southern Airlines, Tsingtao, HPI, RemeGen

<ul>
<li>We analyse the changes of A-H premium on 148 stocks over the last week. The average A-H premium was 111.2% as of Sep 20th.</li>
<li>The average A-H premium changed by -0.3ppt week-on-week, led by consumer discretionary, communication services, materials and offset by consumer staples, health care.</li>
<li>We highlight weekly changes in A-H premium for RemeGen, JOINN, Shenzhen Expressway, Anhui Expressway, GAC Group, Ganfeng Lithium.</li>
</ul>


We analyse the changes of A-H premium on 148 stocks over the last week. The average A-H premium was 111.2% as of Sep 20th.
The average A-H premium changed by -0.3ppt week-on-week, led by consumer discretionary, communication services, materials and offset by consumer staples, health care.
We highlight weekly changes in A-H premium for RemeGen, JOINN, Shenzhen Expressway, Anhui Expressway, GAC Group, Ganfeng Lithium.


A-H Premium Weekly (Sep 20th):RemeGen, JOINN, Shenzhen Expressway, Anhui Expressway, GAC Group

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The companies that suffered exchange losses in FY23 due to Rmb depreciation will now benefit from potential Rmb appreciation in 2H24 and FY25. Meanwhile, gainers will become losers. </li>
<li>The beneficiaries are <a href="https://www.smartkarma.com/entities/air-china-ltd-h" target="_blank" data-smartkarma-citation="entities:8239:1" rel="noopener">Air China Ltd (753 HK)</a>, <a href="https://www.smartkarma.com/entities/shenzhen-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:9:1" rel="noopener">Shenzhen International (152 HK)</a>, <a href="https://www.smartkarma.com/entities/china-southern-airlines-co-ltd" target="_blank" data-smartkarma-citation="entities:1078:1" rel="noopener">China Southern Airlines (1055 HK)</a>, <a href="https://www.smartkarma.com/entities/xinjiang-goldwind-science-technology-h" target="_blank" data-smartkarma-citation="entities:10112:1" rel="noopener">Xinjiang Goldwind (2208 HK)</a>, and <a href="https://www.smartkarma.com/entities/china-eastern-airlines-co-h" target="_blank" data-smartkarma-citation="entities:1079:1" rel="noopener">China Eastern Airlines (670 HK)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/fosun-tourism-group" target="_blank" data-smartkarma-citation="entities:27439:1" rel="noopener">Fosun Tourism (1992 HK)</a>, <a href="https://www.smartkarma.com/entities/china-east-education-holdings" target="_blank" data-smartkarma-citation="entities:27843:1" rel="noopener">China East Education (667 HK)</a>, and <a href="https://www.smartkarma.com/entities/china-communications-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:265:1" rel="noopener">China Communications Construction (1800 HK)</a> may need to book exchange losses (vs. gains in FY23). </li>
</ul>


The companies that suffered exchange losses in FY23 due to Rmb depreciation will now benefit from potential Rmb appreciation in 2H24 and FY25. Meanwhile, gainers will become losers. 
The beneficiaries are Air China Ltd (753 HK), Shenzhen International (152 HK), China Southern Airlines (1055 HK), Xinjiang Goldwind (2208 HK), and China Eastern Airlines (670 HK). 

Fosun Tourism (1992 HK), China East Education (667 HK), and China Communications Construction (1800 HK) may need to book exchange losses (vs. gains in FY23). 


China Strategy: Re-Assessing the Rmb Exchange Impacts

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 30th.</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 flows for Tencent (700 HK), Xiaomi Corporation (1810 HK).</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 30th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent (700 HK), Xiaomi Corporation (1810 HK).


Hong Kong Connect Flows (Aug 30th): Tencent, Xiaomi Corporation

China

Xinjiang Goldwind Science & Technology Co., Ltd. manufactures wind generator sets, provides consulting service in building and operating wind generating plants, builds and operates middle-sized wind generating plants.

Xinjiang Goldwind Science & Technology (2208 HK)

Price Gauge
52-week Range	0.00 - 0.00
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Xinjiang Goldwind Science & Technology (2208 HK)

A-H Premium Weekly (Oct 11th):BYD, SMIC, TSINGTAO, Guotai Junan Securities, HAITONG, CanSino

We analyzed A-H premium changes in the past week and highlight A-H premium changes for BYD, SMIC, TSINGTAO, Guotai Junan Securities, HAITONG,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 27th):China Eastern, China Southern Airlines, Tsingtao, HPI, RemeGen

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Eastern, China Southern Airlines, Tsingtao, HPI, RemeGen.

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 20th):RemeGen, JOINN, Shenzhen Expressway, Anhui Expressway, GAC Group

We analyzed A-H premium changes in the past week and highlight A-H premium changes for RemeGen, JOINN, Shenzhen Expressway, Anhui Expressway, GAC...

Ke Yan, CFA, FRM

China Strategy: Re-Assessing the Rmb Exchange Impacts

With the US kick-starting the lower interest rate cycle with a 50bp cut overnight and indicated an expectation of an aggregate further 50bp cut in...

Osbert Tang, CFA

Hong Kong Connect Flows (Aug 30th): Tencent, Xiaomi Corporation

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), Xiaomi Corporation (1810 HK).

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)