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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/duality-biotherapeutics-inc" target="_blank" data-smartkarma-citation="entities:43878:1" rel="noopener">Duality Biotherapeutics (9606 HK)</a>' s raised around US$200m in its Hong Kong listing in April 2025. The lockup on its cornerstone and pre-IPO investors is set to expire today.</li>
<li>Duality is a biopharma company focused primarily on the independent discovery and development of antibody-drug conjugate (ADC) assets.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Duality Biotherapeutics (9606 HK)' s raised around US$200m in its Hong Kong listing in April 2025. The lockup on its cornerstone and pre-IPO investors is set to expire today.
Duality is a biopharma company focused primarily on the independent discovery and development of antibody-drug conjugate (ADC) assets.
In this note, we will talk about the lockup dynamics and possible placement.


Duality Bio IPO Lockup - US$2.7bn Lockup Release, with Lots of CCASS Movement

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 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, Horizon Robotics, Meituan, Byd, Xiaomi.</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, Horizon Robotics, Meituan, Byd, Xiaomi.


Hong Kong Connect Flows (September): $20bn Inflows

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 59.8% as of Sep 26th.</li>
<li>The average A-H premium changed by 2.9ppt week-on-week, led by communication services, information technology, financials and offset by real estate, materials.</li>
<li>We highlight weekly changes in A-H premium for Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier Smart Home, ICBC.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 59.8% as of Sep 26th.
The average A-H premium changed by 2.9ppt week-on-week, led by communication services, information technology, financials and offset by real estate, materials.
We highlight weekly changes in A-H premium for Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier Smart Home, ICBC.


A-H Premium Weekly (Sep 26th): Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier Smart Home

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 57.0% as of Sep 19th.</li>
<li>The average A-H premium changed by -0.8ppt week-on-week, led by industrials, energy, health care and offset by real estate, consumer staples, utilities.</li>
<li>We highlight weekly changes in A-H premium for Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home, Qingdao Port, China Minsheng Banking.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 57.0% as of Sep 19th.
The average A-H premium changed by -0.8ppt week-on-week, led by industrials, energy, health care and offset by real estate, consumer staples, utilities.
We highlight weekly changes in A-H premium for Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home, Qingdao Port, China Minsheng Banking.


A-H Premium Weekly (Sep 19th): Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home, Qingdao Port

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-fosun-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:8045:1" rel="noopener">Shanghai Fosun Pharmaceutical (Group) (2196 HK)</a> received marketing approval for Fovinaciclib, for the treatment of HR+, HER2-negative locally advanced or metastatic breast cancer, in combination with an aromatase inhibitor.</li>
<li>In 1H25, Fosun Pharma reported revenue of RMB 19.4B, down 5% YoY. Revenue from innovative drugs achieved robust growth of 14% as it garnered RMB 4.3B in sales.</li>
<li>Fovinaciclib with two approved indications would boost the innovative drugs domain and given the market opportunities of the drug, this can help to somewhat compensate for the VBA related loss.</li>
</ul>



Shanghai Fosun Pharmaceutical (Group) (2196 HK) received marketing approval for Fovinaciclib, for the treatment of HR+, HER2-negative locally advanced or metastatic breast cancer, in combination with an aromatase inhibitor.
In 1H25, Fosun Pharma reported revenue of RMB 19.4B, down 5% YoY. Revenue from innovative drugs achieved robust growth of 14% as it garnered RMB 4.3B in sales.
Fovinaciclib with two approved indications would boost the innovative drugs domain and given the market opportunities of the drug, this can help to somewhat compensate for the VBA related loss.


Shanghai Fosun Pharmaceuticals (2196 HK): New Indication Approval Opens Up Opportunity

China

Fosun Pharma is a global innovation-driven healthcare group with core businesses in pharmaceutical manufacturing and R&D, medical devices and diagnosis, and healthcare services. The company focuses on therapeutic areas such as oncology, immunology, and central nervous system disorders, offering products like Artesun® and Yi Kai Da. It was founded in 1994 and is headquartered in Shanghai, China.

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Fosun Pharma (2196 HK)

Duality Bio IPO Lockup - US$2.7bn Lockup Release, with Lots of CCASS Movement

Duality Biotherapeutics (9606 HK)' s raised around US$200m in its Hong Kong listing in April 2025. The lockup on its cornerstone and pre-IPO...

Sumeet Singh

Hong Kong Connect Flows (September): $20bn Inflows

We estimate that there were inflows of USD 20,828.1 million into HK Stocks in September. We highlight inflows into Alibaba, Horizon Robotics,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 26th): Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier Smart Home

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier...

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 19th): Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home, Qingdao Port

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home,...

Ke Yan, CFA, FRM

Shanghai Fosun Pharmaceuticals (2196 HK): New Indication Approval Opens Up Opportunity

Shanghai Fosun Pharmaceutical receives marketing approval for Fovinaciclib to treat certain types of breast cancers. During 1H25, the company...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Duality Bio IPO Lockup - US$2.7bn Lockup Release, with Lots of CCASS Movement

Duality Biotherapeutics (9606 HK)' s raised around US$200m in its Hong Kong listing in April 2025. The lockup on its cornerstone and pre-IPO...

Sumeet Singh

Hong Kong Connect Flows (September): $20bn Inflows

We estimate that there were inflows of USD 20,828.1 million into HK Stocks in September. We highlight inflows into Alibaba, Horizon Robotics,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 26th): Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier Smart Home

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier...

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 19th): Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home, Qingdao Port

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home,...

Ke Yan, CFA, FRM

Shanghai Fosun Pharmaceuticals (2196 HK): New Indication Approval Opens Up Opportunity

​Shanghai Fosun Pharmaceutical receives marketing approval for Fovinaciclib to treat certain types of breast cancers. During 1H25, the company...

Tina Banerjee

Shanghai Fosun Pharmaceutical receives marketing approval for Fovinaciclib to treat certain types of breast cancers. During 1H25, the company...