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>Momentum appears to be picking up on the IPO front with a few successful listing helping sentiment</li>
<li>On the placement front, GDR flow appears to have resumed.</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.
Momentum appears to be picking up on the IPO front with a few successful listing helping sentiment
On the placement front, GDR flow appears to have resumed.


ECM Weekly (16th Apr 2023) - Rakuten Bank, Harita Nickel, Merdeka Battery, ZJLD, Adicon, Supcon

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Zhejiang Supcon Technology  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-supcon-technology-co" target="_blank" data-smartkarma-citation="entities:33457:1" rel="noopener">Zhejiang Supcon Technology (688777 CH)</a> is looking to raise around US$347m in its Swiss GDR listing. Huatai and CLSA are bookrunners on the deal.</li>
<li>The firm is offering 12.5m GDRs (1 GDR to 2 ordinary A-shares) for sale, at a 8.1-10.8% discount to last close on the A-share leg.</li>
<li>The deal is a relatively small one for the firm to digest, representing just 5.9 days of three month ADV on its A-share leg.</li>
</ul>



Zhejiang Supcon Technology (688777 CH) is looking to raise around US$347m in its Swiss GDR listing. Huatai and CLSA are bookrunners on the deal.
The firm is offering 12.5m GDRs (1 GDR to 2 ordinary A-shares) for sale, at a 8.1-10.8% discount to last close on the A-share leg.
The deal is a relatively small one for the firm to digest, representing just 5.9 days of three month ADV on its A-share leg.


Zhejiang Supcon Technology GDR Listing - Momentum Has Been Strong and Not a Large Deal to Process

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

<ul>
<li>In our February 6, 2023 EM Strategy, we discussed that we were buyers of the MSCI EM (EEM-US) on a pullback to the 50-day MA. </li>
<li>The pullback went a bit deeper but managed to hold at our $37.50 line-in-the-sand which we discussed in our recent ETF Pathfinder reports (Mar. 6 and Mar. 20, 2023).</li>
<li>The EEM-US displays a bullish 2-month downtrend reversal- add exposure. Signs continue to point to a topping DXY, and a declining DXY has historically resulted in EM outperformance (vs. EAFE).</li>
</ul>


In our February 6, 2023 EM Strategy, we discussed that we were buyers of the MSCI EM (EEM-US) on a pullback to the 50-day MA. 
The pullback went a bit deeper but managed to hold at our $37.50 line-in-the-sand which we discussed in our recent ETF Pathfinder reports (Mar. 6 and Mar. 20, 2023).
The EEM-US displays a bullish 2-month downtrend reversal- add exposure. Signs continue to point to a topping DXY, and a declining DXY has historically resulted in EM outperformance (vs. EAFE).


MSCI EM $EEM 2-Month Downtrend Reversal at Support -- Add Exposure. Upgrading Taiwan to Overweight

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 monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>We estimate that the total inflows were USD 1.5bn last Month. Industrials, Information Technology, Consumer Staples led the inflows.</li>
<li>We highlight flows for CATL, Hundsun, Ping An Insurance, Inovance, Xinghuacun Fen Wine, Shaanxi Coal, Midea, Tongwei, BYD, Eve Energy, Industrial Bank.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
We estimate that the total inflows were USD 1.5bn last Month. Industrials, Information Technology, Consumer Staples led the inflows.
We highlight flows for CATL, Hundsun, Ping An Insurance, Inovance, Xinghuacun Fen Wine, Shaanxi Coal, Midea, Tongwei, BYD, Eve Energy, Industrial Bank.


Northbound Flows Monthly (Feb): CATL, Hundsun, Ping An Insurance, Inovance, Xinghuacun Fen Wine

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 1st.</li>
<li>We estimate the weekly inflows to be US$560.9 million, led by information technology, financials, communication services sectors, and offset by materials, energy.</li>
<li>We estimate that the inflows was USD 561m and highlight flows for Longi Green Energy Technology.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 1st.
We estimate the weekly inflows to be US$560.9 million, led by information technology, financials, communication services sectors, and offset by materials, energy.
We estimate that the inflows was USD 561m and highlight flows for Longi Green Energy Technology.


Northbound Flows (Mar 1st): Longi Green Energy Technology

China

Zhejiang Supcon Technology Co., Ltd. manufactures and distributes industrial automation control products. The Company produces and sells distributed control system, programmable logic controller, and other related products. Zhejiang Supcon Technology markets its products worldwide.

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Zhejiang Supcon Technology (688777 CH)

ECM Weekly (16th Apr 2023) - Rakuten Bank, Harita Nickel, Merdeka Battery, ZJLD, Adicon, Supcon

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

Zhejiang Supcon Technology GDR Listing - Momentum Has Been Strong and Not a Large Deal to Process

Zhejiang Supcon Technology (688777 CH) is looking to raise around US$347m in its Swiss GDR listing. Huatai and CLSA are bookrunners on the deal.

Clarence Chu

MSCI EM $EEM 2-Month Downtrend Reversal at Support -- Add Exposure. Upgrading Taiwan to Overweight

Signs continue to point to a topping $DXY, and a declining DXY has historically resulted in EM outperformance (vs. $EAFE). Many ideas in China/Hong...

Vermilion Research

Northbound Flows Monthly (Feb): CATL, Hundsun, Ping An Insurance, Inovance, Xinghuacun Fen Wine

We analyzed the Shanghai/Shenzhen Connect Scheme for February and highlight flows for CATL, Hundsun, Ping An Insurance, Inovance, Xinghuacun Fen Wine.

Ke Yan, CFA, FRM

Northbound Flows (Mar 1st): Longi Green Energy Technology

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Longi Green Energy Technology.

Ke Yan, CFA, FRM

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