APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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>
<a href="https://www.smartkarma.com/entities/quantumpharm-inc" target="_blank" data-smartkarma-citation="entities:40369:1" rel="noopener">QuantumPharm (QUP HK)</a> (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO.</li>
<li>QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



QuantumPharm (QUP HK) (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO.
QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.
In this note, we will talk about the not so positive aspects of the deal.


QuantumPharm (Xtalpi) Pre-IPO - The Negatives - Requires Deep Pockets to Fund Its Cash Burn

<ul>
<li>
<a href="https://www.smartkarma.com/entities/quantumpharm-inc" target="_blank" data-smartkarma-citation="entities:40369:1" rel="noopener">QuantumPharm (QUP HK)</a> (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO.</li>
<li>QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



QuantumPharm (QUP HK) (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO.
QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.
In this note, we will talk about the positive aspects of the deal.


QuantumPharm (Xtalpi) Pre-IPO - The Positives - Grand Ambitions to Open New Monetisation Channels

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>On 15 January, Orion Corp announced that its subsidiary PAN Orion Corp will purchase a 25.7% stake in Legochem Biosciences for 549 billion won. </li>
<li>LegoChem Bio specializes in antibody-drug conjugate (ADC) technology. Legochem Bio signed a total of 13 technology transfer contracts amounting to 8.7 trillion won in the past 9 years. </li>
<li>Most investors in Orion Corp would rather have the company focus on its core confectionery/snack business, rather than expand into high risk/high reward biotech business.</li>
</ul>


On 15 January, Orion Corp announced that its subsidiary PAN Orion Corp will purchase a 25.7% stake in Legochem Biosciences for 549 billion won. 
LegoChem Bio specializes in antibody-drug conjugate (ADC) technology. Legochem Bio signed a total of 13 technology transfer contracts amounting to 8.7 trillion won in the past 9 years. 
Most investors in Orion Corp would rather have the company focus on its core confectionery/snack business, rather than expand into high risk/high reward biotech business.


Orion Corp: Concerns About Diversification into LegoChem Bioscience

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>In this edition, we begin a series of spotlights on psychedelic therapies.</li><li>We start with ketamine, the first legalized psychoactive drug approved for the treatment of a mental health disorder—treatment-resistant depression (TRD)—being marketed under the brand name Spravato®.</li><li><span style="font-size: var(--content-font-size);"> ‘Friends’ actor Matthew Perry’s untimely death last </span>October has introduced ketamine to a broader market in an unfortunate way.</li></ul>

In this edition, we begin a series of spotlights on psychedelic therapies.We start with ketamine, the first legalized psychoactive drug approved for the treatment of a mental health disorder—treatment-resistant depression (TRD)—being marketed under the brand name Spravato®. ‘Friends’ actor Matthew Perry’s untimely death last October has introduced ketamine to a broader market in an unfortunate way.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vinda-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:475:1" rel="noopener">Vinda International (3331 HK)</a> has announced a pre-conditional voluntary offer from Sukanto Tanoto at HK$23.50 per scheme share, a 7.8% premium to the undisturbed price (26 April). </li>
<li>The pre-condition relates to China SAMR and Japan Fair Trade Commission approval. The offer is conditional on the offeror and concert parties representing more than 50% of voting rights.</li>
<li>Irrevocables ensure the satisfaction of the minimum acceptance condition but also rule out a competing proposal. The timing of China SAMR approval is the key risk. </li>
</ul>



Vinda International (3331 HK) has announced a pre-conditional voluntary offer from Sukanto Tanoto at HK$23.50 per scheme share, a 7.8% premium to the undisturbed price (26 April). 
The pre-condition relates to China SAMR and Japan Fair Trade Commission approval. The offer is conditional on the offeror and concert parties representing more than 50% of voting rights.
Irrevocables ensure the satisfaction of the minimum acceptance condition but also rule out a competing proposal. The timing of China SAMR approval is the key risk. 


Vinda International (3331 HK): Pre-Conditional Voluntary Offer at HK$23.50

United States

Johnson & Johnson manufactures health care products and provides related services for the consumer, pharmaceutical, and medical devices and diagnostics markets.  The Company sells products such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around the world.

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Johnson & Johnson (JNJ US)

QuantumPharm (Xtalpi) Pre-IPO - The Negatives - Requires Deep Pockets to Fund Its Cash Burn

QuantumPharm (QUP HK) (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO. In this note, we will talk about the not so positive...

Clarence Chu

QuantumPharm (Xtalpi) Pre-IPO - The Positives - Grand Ambitions to Open New Monetisation Channels

QuantumPharm (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects of the deal.

Clarence Chu

Orion Corp: Concerns About Diversification into LegoChem Bioscience

Orion Corp's investment in LegoChem Bio raises concerns about diversification into risky biotech business. Investors would rather have Orion Corp...

Douglas Kim

Shroom Shmooz - Spotlight on Ketamine

‘Friends’ actor Matthew Perry’s untimely death last October has introduced ketamine to a broader market in an unfortunate way.

Water Tower Research

Vinda International (3331 HK): Pre-Conditional Voluntary Offer at HK$23.50

Irrevocables ensure the satisfaction of the minimum acceptance condition but also rule out a competing proposal. The timing of China SAMR approval...

Arun George

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