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.

Equity Capital Markets

Jiangsu Hengrui Medicine / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a>, a leading Chinese pharmaceutical company, has filed its PHIP for an H Share listing to raise US$2 billion.     </li>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (JHR HK)</a> ranked first among Chinese pharma companies in revenue from NME drugs in 2023 and the number of commercialised NME drugs in 2024.</li>
<li>The investment case rests on its product portfolio, strong revenue growth, rising profitability, cash generation, strong balance sheet and undemanding valuation. </li>
</ul>



Jiangsu Hengrui Medicine (600276 CH), a leading Chinese pharmaceutical company, has filed its PHIP for an H Share listing to raise US$2 billion.     

Jiangsu Hengrui Pharmaceuticals (JHR HK) ranked first among Chinese pharma companies in revenue from NME drugs in 2023 and the number of commercialised NME drugs in 2024.
The investment case rests on its product portfolio, strong revenue growth, rising profitability, cash generation, strong balance sheet and undemanding valuation. 


Jiangsu Hengrui Pharma H Share Listing: The Investment Case

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 2nd.</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 Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 2nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile.


HK Connect Flows Weekly (May 2nd): Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of Alibaba, TraHK HSI ETF, Tencent, Meituan, HSCEI ETF.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of Alibaba, TraHK HSI ETF, Tencent, Meituan, HSCEI ETF.


Hong Kong Connect Flows (April): US$22bn Inflows

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 3rd.</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 Pop Mart International, China Mobile, Meituan, Alibaba, CMB, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 3rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Pop Mart International, China Mobile, Meituan, Alibaba, CMB, Xiaomi.


HK Connect Flows Weekly (Apr 3rd): Pop Mart Intl, China Mobile, Meituan, Alibaba, CMB

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>3SBio delivered a strong performance in 2024. Revenue increased 16.5% YoY to RMB9.1bn, exceeding our estimates by 3.3%, driven by the continued robust growth of TPIAO, Mandi and other products.</li><li>Attributable net profit increased by 34.9% YoY to RMB2.1bn, 9.1% above our forecast. 3SBio’s attributable NPM improved by 2.0 ppts, driven by 1.0 ppt increase in GPM and 2.3 ppts decrease in SG&amp;A ratio.</li><li>Additionally, the Company declared a 2024 dividend of HK$0.25 per share, implying a 26% payout ratio.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

3SBio delivered a strong performance in 2024. Revenue increased 16.5% YoY to RMB9.1bn, exceeding our estimates by 3.3%, driven by the continued robust growth of TPIAO, Mandi and other products.Attributable net profit increased by 34.9% YoY to RMB2.1bn, 9.1% above our forecast. 3SBio’s attributable NPM improved by 2.0 ppts, driven by 1.0 ppt increase in GPM and 2.3 ppts decrease in SG&amp;A ratio.Additionally, the Company declared a 2024 dividend of HK$0.25 per share, implying a 26% payout ratio.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

3SBio (1530 HK) - Earnings Beat, Rich Pipeline Promises Future Growth

China

3SBio is a leading biotechnology company engaged in the research, development, manufacturing, and marketing of biopharmaceutical products. The company's diverse portfolio addresses therapeutic areas such as nephrology, oncology, supportive cancer care, inflammation, infectious diseases, autoimmune diseases, metabolism, and dermatology, with key products including EPIAO and TPIAO. 3SBio was founded in 1993 and is headquartered in Shenyang, China.

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

3SBio (1530 HK)

HK Connect Flows Weekly (May 2nd): Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, Tencent, Ping An Insurance, BYD, SMIC, China...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (April): US$22bn Inflows

We analyzed the Hong Kong Connect Scheme for April and highlighted flows for Alibaba, TraHK HSI ETF, Tencent, Meituan, HSCEI ETF.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Apr 3rd): Pop Mart Intl, China Mobile, Meituan, Alibaba, CMB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Pop Mart International, China Mobile, Meituan, Alibaba,...

Ke Yan, CFA, FRM

3SBio (1530 HK) - Earnings Beat, Rich Pipeline Promises Future Growth

3SBio delivered a strong performance in 2024. Revenue increased 16.5% YoY to RMB9.1bn, exceeding our estimates by 3.3%, driven by the continued...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jiangsu Hengrui Pharma H Share Listing: The Investment Case

Hengrui Pharma has filed its PHIP for an H Share listing to raise US$2 billion. In this note, we discuss the key tenets of the investment case.

Arun George

HK Connect Flows Weekly (May 2nd): Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, Tencent, Ping An Insurance, BYD, SMIC, China...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (April): US$22bn Inflows

We analyzed the Hong Kong Connect Scheme for April and highlighted flows for Alibaba, TraHK HSI ETF, Tencent, Meituan, HSCEI ETF.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Apr 3rd): Pop Mart Intl, China Mobile, Meituan, Alibaba, CMB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Pop Mart International, China Mobile, Meituan, Alibaba,...

Ke Yan, CFA, FRM

3SBio (1530 HK) - Earnings Beat, Rich Pipeline Promises Future Growth

3SBio delivered a strong performance in 2024. Revenue increased 16.5% YoY to RMB9.1bn, exceeding our estimates by 3.3%, driven by the continued...

CMB International