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 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 Tencent, Meituan, Xiaomi, CCB, China Mobile.</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 Tencent, Meituan, Xiaomi, CCB, China Mobile.


Hong Kong Connect Flows (May): Inflows Slowed Down

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 23rd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Meituan (3690 HK), Bilibili (9626 HK), Kingsoft (3888 HK).</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 23rd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Meituan (3690 HK), Bilibili (9626 HK), Kingsoft (3888 HK).


HK Short Interest Weekly: Meituan, Bilibili, Kingsoft

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes back below HK$100bn a day this past week, but net buying was nearly HK$19bn, which is decent.</li>
<li>Among the top buys as a percentage of volume, FINANCIALS and TELECOMS stand out, dramatically. Among top sells, it is CONSUMER and INFO TECH dominating the top 20.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools section</a> of Smartkarma. The <strong><a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a></strong> and <strong><a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Monitor</a></strong> are both there free for SK readers.</li>
</ul>


Gross SOUTHBOUND volumes back below HK$100bn a day this past week, but net buying was nearly HK$19bn, which is decent.
Among the top buys as a percentage of volume, FINANCIALS and TELECOMS stand out, dramatically. Among top sells, it is CONSUMER and INFO TECH dominating the top 20.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.


Connect SOUTHBOUND Flows (To 23 May 2025); Volumes OK, Telecoms & Banks Bought, Tech & Consumer Sold

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>The 11th batch of national VBP rules is expected to include optimizations aimed at balancing bidding prices with drug quality</li>
<li>The US$6 billion deal between Pfizer and 3SBio has energized the innovative drug industry. While 3SBio's valuation may continue to rise, Akeso's valuation could face downward revisions.</li>
<li>RemeGen has shown positive momentum, with its valuation reflecting RC18’s successful out-licensing already. Its recent HK$796 million placement indicates a clear intent to raise funds at a premium.</li>
</ul>


The 11th batch of national VBP rules is expected to include optimizations aimed at balancing bidding prices with drug quality
The US$6 billion deal between Pfizer and 3SBio has energized the innovative drug industry. While 3SBio's valuation may continue to rise, Akeso's valuation could face downward revisions.
RemeGen has shown positive momentum, with its valuation reflecting RC18’s successful out-licensing already. Its recent HK$796 million placement indicates a clear intent to raise funds at a premium.


China Healthcare Weekly (May 25) - Pfizer-3SBio's Record-Breaking Deal, RemeGen's HK$796Mn Placing

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>3SBio entered into an exclusive licensing agreement with Pfizer granting them exclusive license to develop, manufacture, commercialize, and otherwise exploit its breakthrough PD-1/VEGF bispecific antibody SSGJ-707 worldwide excluding mainland China.</li>
<li>CSPC Pharmaceutical Group Limited announced that CPO301, their first-in-class epidermal growth factor receptor (‘‘EGFR’’) antibody drug conjugate (ADC), has been granted the third Fast Track designation by the U.S. FDA.</li>
<li>Samsung Biologics Co. announced that it plans to spin off its biosimilar development business into separate new entity, Samsung Epis Holdings. Samsung Biologics will become a pure-play CDMO.</li>
</ul>


3SBio entered into an exclusive licensing agreement with Pfizer granting them exclusive license to develop, manufacture, commercialize, and otherwise exploit its breakthrough PD-1/VEGF bispecific antibody SSGJ-707 worldwide excluding mainland China.
CSPC Pharmaceutical Group Limited announced that CPO301, their first-in-class epidermal growth factor receptor (‘‘EGFR’’) antibody drug conjugate (ADC), has been granted the third Fast Track designation by the U.S. FDA.
Samsung Biologics Co. announced that it plans to spin off its biosimilar development business into separate new entity, Samsung Epis Holdings. Samsung Biologics will become a pure-play CDMO.


APAC Healthcare Weekly (May 25)- 3SBio, Samsung Biologics, Celltrion, CSPC Pharma, Chugai

China

3SBio, Inc. is a biotechnology company located in China. The Company focuses on mammalian cell-based biopharmaceuticals in the biotechnology industry. 3SBio also develops, manufactures and markets biopharmaceutical products globally.

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3SBio Inc (1530 HK)

Hong Kong Connect Flows (May): Inflows Slowed Down

We analyzed the Hong Kong Connect Scheme for May and highlighted flows for Tencent, Meituan, Xiaomi, CCB, China Mobile. Inflows in May is slowed...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Meituan, Bilibili, Kingsoft

We analyzed the latest HK SFC report for aggregate short position as of May 23rd and highlight short interest changes in Meituan, Bilibili, Kingsoft.

Ke Yan, CFA, FRM

Connect SOUTHBOUND Flows (To 23 May 2025); Volumes OK, Telecoms & Banks Bought, Tech & Consumer Sold

SOUTHBOUND volumes remain decent, if not overwhelming, but net buying was strong this past week at +HK$19bn. Telecoms and financials were bought....

Travis Lundy

China Healthcare Weekly (May 25) - Pfizer-3SBio's Record-Breaking Deal, RemeGen's HK$796Mn Placing

Upcoming VBP rule optimization aim to balance bidding price and drug quality. Pfizer-3SBio deal sets a new record in China deal. RemeGen's Placing...

Xinyao (Criss) Wang

APAC Healthcare Weekly (May 25)- 3SBio, Samsung Biologics, Celltrion, CSPC Pharma, Chugai

APAC healthcare companies continued to get approvals for new products and initiates clinical trials. The companies continued with acquisitions and...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Connect Flows (May): Inflows Slowed Down

We analyzed the Hong Kong Connect Scheme for May and highlighted flows for Tencent, Meituan, Xiaomi, CCB, China Mobile. Inflows in May is slowed...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Meituan, Bilibili, Kingsoft

We analyzed the latest HK SFC report for aggregate short position as of May 23rd and highlight short interest changes in Meituan, Bilibili, Kingsoft.

Ke Yan, CFA, FRM

Connect SOUTHBOUND Flows (To 23 May 2025); Volumes OK, Telecoms & Banks Bought, Tech & Consumer Sold

SOUTHBOUND volumes remain decent, if not overwhelming, but net buying was strong this past week at +HK$19bn. Telecoms and financials were bought....

Travis Lundy

China Healthcare Weekly (May 25) - Pfizer-3SBio's Record-Breaking Deal, RemeGen's HK$796Mn Placing

​Upcoming VBP rule optimization aim to balance bidding price and drug quality. Pfizer-3SBio deal sets a new record in China deal. RemeGen's Placing...

Xinyao (Criss) Wang

APAC Healthcare Weekly (May 25)- 3SBio, Samsung Biologics, Celltrion, CSPC Pharma, Chugai

APAC healthcare companies continued to get approvals for new products and initiates clinical trials. The companies continued with acquisitions and...

Tina Banerjee

Upcoming VBP rule optimization aim to balance bidding price and drug quality. Pfizer-3SBio deal sets a new record in China deal. RemeGen's Placing...