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 155 stocks over the last week. The average A-H premium was 71.7% as of Jun 20th.</li>
<li>The average A-H premium changed by 0.5ppt week-on-week, led by energy, health care, utilities and offset by consumer staples, real estate, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Petrochina, Shanghai Junshi Biosciences, China Oilfield Services, Shanghai Petrochemical.</li>
</ul>


We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 71.7% as of Jun 20th.
The average A-H premium changed by 0.5ppt week-on-week, led by energy, health care, utilities and offset by consumer staples, real estate, consumer discretionary.
We highlight weekly changes in A-H premium for Petrochina, Shanghai Junshi Biosciences, China Oilfield Services, Shanghai Petrochemical.


A-H Premium Weekly (Jun 20th): Petrochina, Shanghai Junshi Biosciences, China Oilfield Services

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jun 13th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 13th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto.


HK Short Interest Weekly: Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto

Equity Capital Markets

<ul>
<li>Medtide, a Chinese headquartered CDMO company, launched its IPO to raise up to US$66m via a Hong Kong listing.</li>
<li>We have previously covered the company's fundamentals. We highlighted potential corporate governance issues despite its superior financials compared to peers.</li>
<li>In this note, we look at the deal term. We think the valuation and broker guidance is aggressive.</li>
</ul>


Medtide, a Chinese headquartered CDMO company, launched its IPO to raise up to US$66m via a Hong Kong listing.
We have previously covered the company's fundamentals. We highlighted potential corporate governance issues despite its superior financials compared to peers.
In this note, we look at the deal term. We think the valuation and broker guidance is aggressive.


Medtide (泰德医药) IPO: Aggressive Valuation

<ul>
<li>Medtide, a Chinese headquartered CDMO company, is seeking to raise at least USD 100m via a Hong Kong listing. The deal sponsors are MS and CITIC.</li>
<li>In this note, we take a quick look at the company’s fundamentals.</li>
<li>We highlighted its corporate governance risk despite its decent financials as compared to larger players.</li>
</ul>


Medtide, a Chinese headquartered CDMO company, is seeking to raise at least USD 100m via a Hong Kong listing. The deal sponsors are MS and CITIC.
In this note, we take a quick look at the company’s fundamentals.
We highlighted its corporate governance risk despite its decent financials as compared to larger players.


Medtide (泰德医药) Pre-IPO: Mind the CG Risk

<ul>
<li>We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 72.7% as of Jun 13th.</li>
<li>The average A-H premium changed by -5.0ppt week-on-week, led by consumer staples, energy, health care and offset by consumer discretionary, information technology.</li>
<li>We highlight weekly changes in A-H premium for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service, Livzon Pharmaceutical, COSCO Shipping Energy.</li>
</ul>


We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 72.7% as of Jun 13th.
The average A-H premium changed by -5.0ppt week-on-week, led by consumer staples, energy, health care and offset by consumer discretionary, information technology.
We highlight weekly changes in A-H premium for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service, Livzon Pharmaceutical, COSCO Shipping Energy.


A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

China

WuXi AppTec Co., Ltd. manufactures medical products. The Company produces biological agents, antibodies, biological diagnostic reagents, and other products. WuXi AppTec also provides biological analysis, technical study, and other services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

WuXi AppTec (603259 CH)

A-H Premium Weekly (Jun 20th): Petrochina, Shanghai Junshi Biosciences, China Oilfield Services

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Petrochina, Shanghai Junshi Biosciences, China Oilfield...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto

We analyzed the latest HK SFC report for aggregate short position as of Jun 13th and highlight short interest changes in Beke, Zijin Mining, Wuxi...

Ke Yan, CFA, FRM

Medtide (泰德医药) IPO: Aggressive Valuation

Chinese CDMO Medtide launches IPO in Hong Kong to raise up to US$66m. We think its valuation and guidance are aggressive despite being a niche...

Ke Yan, CFA, FRM

Medtide (泰德医药) Pre-IPO: Mind the CG Risk

Chinese peptide-focused CDMO Medtide plans to raise $100m in Hong Kong listing with deal sponsors MS and CITIC. We look at the company's...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Jun 20th): Petrochina, Shanghai Junshi Biosciences, China Oilfield Services

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Petrochina, Shanghai Junshi Biosciences, China Oilfield...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto

We analyzed the latest HK SFC report for aggregate short position as of Jun 13th and highlight short interest changes in Beke, Zijin Mining, Wuxi...

Ke Yan, CFA, FRM

Medtide (泰德医药) IPO: Aggressive Valuation

​Chinese CDMO Medtide launches IPO in Hong Kong to raise up to US$66m. We think its valuation and guidance are aggressive despite being a niche...

Ke Yan, CFA, FRM

Medtide (泰德医药) Pre-IPO: Mind the CG Risk

​Chinese peptide-focused CDMO Medtide plans to raise $100m in Hong Kong listing with deal sponsors MS and CITIC. We look at the company's...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service,...

Ke Yan, CFA, FRM

Chinese CDMO Medtide launches IPO in Hong Kong to raise up to US$66m. We think its valuation and guidance are aggressive despite being a niche...

Chinese peptide-focused CDMO Medtide plans to raise $100m in Hong Kong listing with deal sponsors MS and CITIC. We look at the company's...