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

Hansoh Pharmaceutical Group  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group-co" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical Group (3692 HK)</a> aims to raise around US$500m via a primary placement.</li>
<li>The stock has done exceptionally well this year but is now trading at near its all-time highs and it doesn’t really need the cash.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Hansoh Pharmaceutical Group (3692 HK) aims to raise around US$500m via a primary placement.
The stock has done exceptionally well this year but is now trading at near its all-time highs and it doesn’t really need the cash.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Hansoh Pharma Placement - Somewhat Expected but Still Opportunistic

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes just under US$20+bn a day this past 5-day week. Second best in months. Net buying strong at just over +US$1.5bn a day.</li>
<li>FINANCIALS and HEALTHCARE and now INFO TECH stand out as net buys as a % of volume. TELECOMS a net sell. Again. </li>
<li>Hong Kong sharply underperformed mainland shares last week, SOUTHBOUND bought big, and despite higher AH Premia, Beautiful Skew continued.</li>
</ul>


Gross SOUTHBOUND volumes just under US$20+bn a day this past 5-day week. Second best in months. Net buying strong at just over +US$1.5bn a day.
FINANCIALS and HEALTHCARE and now INFO TECH stand out as net buys as a % of volume. TELECOMS a net sell. Again. 
Hong Kong sharply underperformed mainland shares last week, SOUTHBOUND bought big, and despite higher AH Premia, Beautiful Skew continued.


HK Connect SOUTHBOUND Flows (To 1 Aug 2025); YUGE Net Buying on Weakness (FINANCIALS & HEALTHCARE)

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published in the past two weeks on Smartkarma</li>
<li>In this cut, we review the rally in Chinese healthcare in 2025, track some updates in financial markets infrastructure companies, and see how Korean equities have done since end-May</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published in the past two weeks on Smartkarma
In this cut, we review the rally in Chinese healthcare in 2025, track some updates in financial markets infrastructure companies, and see how Korean equities have done since end-May
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: China Healthcare Rally, Financial Market Infra Moves & Korea’s Equity Upswing

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 analyzed the latest HK SFC report for aggregate short position as of Jul 25th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in BYD, TraHK HSI ETF, Sino Biopharmaceutical.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 25th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in BYD, TraHK HSI ETF, Sino Biopharmaceutical.


HK Short Interest Weekly: BYD, TraHK HSI ETF, Sino Biopharmaceutical

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

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 (up from 5700-5785) and $119-$121.</li>
<li>$128, $125-$126, and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 (up from 5700-5785) and $119-$121.
$128, $125-$126, and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.


Continue Adding Exposure to China; Short-Term Supports to for This ACWI-US Pullback

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.

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

3SBio Inc (1530 HK)

Hansoh Pharma Placement - Somewhat Expected but Still Opportunistic

Hansoh Pharmaceutical Group (3692 HK) aims to raise around US$500m via a primary placement. In this note, we talk about the deal dynamics.

Sumeet Singh

HK Connect SOUTHBOUND Flows (To 1 Aug 2025); YUGE Net Buying on Weakness (FINANCIALS & HEALTHCARE)

SOUTHBOUND net buying was HUGE as H-shares underperformed mainland shares reasonably dramatically over the week. Biggest week of net buying for...

Travis Lundy

Curator's Cut: China Healthcare Rally, Financial Market Infra Moves & Korea’s Equity Upswing

This Curator's Cut issue shows what's contributed to the Chinese healthcare sector's performance YTD, looks at some exchanges and depositories,...

Pranav Rao

HK Short Interest Weekly: BYD, TraHK HSI ETF, Sino Biopharmaceutical

We analyzed the latest HK SFC report for aggregate short position as of Jul 25th and highlight short interest changes in BYD, TraHK HSI ETF, Sino...

Ke Yan, CFA, FRM

Continue Adding Exposure to China; Short-Term Supports to for This ACWI-US Pullback

Continue Adding Exposure to China; $ACWI Short-Term Supports for this pullback: $128, $125-$126, and $123-$123.50. Pullbacks = buy opportunities,...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hansoh Pharma Placement - Somewhat Expected but Still Opportunistic

Hansoh Pharmaceutical Group (3692 HK) aims to raise around US$500m via a primary placement. In this note, we talk about the deal dynamics.

Sumeet Singh

HK Connect SOUTHBOUND Flows (To 1 Aug 2025); YUGE Net Buying on Weakness (FINANCIALS & HEALTHCARE)

SOUTHBOUND net buying was HUGE as H-shares underperformed mainland shares reasonably dramatically over the week. Biggest week of net buying for...

Travis Lundy

Curator's Cut: China Healthcare Rally, Financial Market Infra Moves & Korea’s Equity Upswing

This ​Curator's Cut issue shows what's contributed to the Chinese healthcare sector's performance YTD, looks at some exchanges and depositories,...

Pranav Rao

HK Short Interest Weekly: BYD, TraHK HSI ETF, Sino Biopharmaceutical

We analyzed the latest HK SFC report for aggregate short position as of Jul 25th and highlight short interest changes in BYD, TraHK HSI ETF, Sino...

Ke Yan, CFA, FRM

Continue Adding Exposure to China; Short-Term Supports to for This ACWI-US Pullback

Continue Adding Exposure to China; $ACWI Short-Term Supports for this pullback: $128, $125-$126, and $123-$123.50. Pullbacks = buy opportunities,...

Vermilion Research

This Curator's Cut issue shows what's contributed to the Chinese healthcare sector's performance YTD, looks at some exchanges and depositories,...