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Caixin Global

Articles from Caixin Global

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Cross Asset Strategy

<ul><li>Trip.com / In Depth: Trip.com eyes post-pandemic tourism boom as rivals circle</li><li>Bonds / Sunac China seeks two-year extension on $627.85 million bond</li><li>Manufacturing / Economists explain why foreign investment in China’s manufacturing hasn’t returned to pre-pandemic levels</li></ul>

Trip.com / In Depth: Trip.com eyes post-pandemic tourism boom as rivals circleBonds / Sunac China seeks two-year extension on $627.85 million bondManufacturing / Economists explain why foreign investment in China’s manufacturing hasn’t returned to pre-pandemic levels

CX Daily: Trip.com Eyes Post-Pandemic Tourism Boom as Rivals Circle

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 136 stocks over the last week.</li>
<li>Average A/H premium was 4.7ppt lower last week, led by consumer discretionary, material and healthcare. </li>
<li>37 stocks reached 52 week high last week but most have retreated since, representing arb opportunities in volatile market. </li>
</ul>


We analyse the changes of A/H premium on 136 stocks over the last week.
Average A/H premium was 4.7ppt lower last week, led by consumer discretionary, material and healthcare. 
37 stocks reached 52 week high last week but most have retreated since, representing arb opportunities in volatile market. 


A/H Premium Weekly: Arb Opportunities Last Week

<ul><li>In Depth: China’s tightening of online insurance sales starts to bite</li><li>Chinese regions offer rewards for tip-offs on trafficked women and children</li><li>Deutsche Bank joins global peers with link to Beijing Stock Exchange</li></ul>

In Depth: China’s tightening of online insurance sales starts to biteChinese regions offer rewards for tip-offs on trafficked women and childrenDeutsche Bank joins global peers with link to Beijing Stock Exchange

CX Daily: China’s Tightening of Online Insurance Sales Starts to Bite

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Suzhou Zelgen Biopharmaceutica / Equity Bottom-Up

<ul>
<li>We analyzed <a href="https://www.smartkarma.com/entities/suzhou-zelgen-biopharmaceuticals-a" target="_blank" data-smartkarma-citation="entities:30375:1" rel="noopener">Suzhou Zelgen Biopharmaceuticals (688266 CH)</a>’s key products(Donafenib, recombinant human thrombin for topical use, Alkotinib, Jaktinib, etc.). They have to face fierce competition, VBP impact and small market size.</li>
<li>Through Gensun Biopharma, Zelgen has established the ability to develop advanced tumor immunotherapy drugs. Whether it can continue to launch new products is the key to test Zelgen's R&amp;D system.</li>
<li>We are cautious about Zelgen because uncertainties led to inaccurate prediction on market size and outlook.Investors can choose to “catch” a rebound, but Zelgen is far from a complete reversal.</li>
</ul>


We analyzed Suzhou Zelgen Biopharmaceuticals (688266 CH)’s key products(Donafenib, recombinant human thrombin for topical use, Alkotinib, Jaktinib, etc.). They have to face fierce competition, VBP impact and small market size.
Through Gensun Biopharma, Zelgen has established the ability to develop advanced tumor immunotherapy drugs. Whether it can continue to launch new products is the key to test Zelgen's R&amp;D system.
We are cautious about Zelgen because uncertainties led to inaccurate prediction on market size and outlook.Investors can choose to “catch” a rebound, but Zelgen is far from a complete reversal.


Suzhou Zelgen Biopharmaceuticals (688266.CH) - Uncertainty Leads to Inaccurate Prediction on Outlook

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Emcure Pharmaceuticals / Equity Capital Markets

<ul>
<li>Emcure Pharmaceuticals Limited is looking to raise around US$500m in its upcoming India IPO.</li>
<li>EP is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas. </li>
<li>In this note, we talk about the various aspects of the deal.</li>
</ul>


Emcure Pharmaceuticals Limited is looking to raise around US$500m in its upcoming India IPO.
EP is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas. 
In this note, we talk about the various aspects of the deal.


Emcure Pharmaceuticals Pre-IPO - Proforma Earnings Were Strong but It Faces a Host of Legal Issues

China

Shanghai Fosun Pharmaceutical (Group) Co., Ltd. is a pharmaceutical company. Through its subsidiaries, the Company manufactures genetic medicines, Chinese traditional medicines, diagnostic products, and medical instruments, provides technology, marketing, and advertising services, as well as invests in import and export trading.

Shanghai Fosun Pharmaceutical (Group) (2196 HK)

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Shanghai Fosun Pharmaceutical (Group) (2196 HK)

CX Daily: Trip.com Eyes Post-Pandemic Tourism Boom as Rivals Circle

Economists explain why foreign investment in China’s manufacturing hasn’t returned to pre-pandemic levels; Sunac China seeks two-year extension on...

Caixin Global

A/H Premium Weekly: Arb Opportunities Last Week

We highlight average A/H premium was 4.7ppt lower last week, led by consumer discretionary, material and healthcare. 37 stocks reached 52w high...

Ke Yan, CFA, FRM

CX Daily: China’s Tightening of Online Insurance Sales Starts to Bite

In Depth: China’s tightening of online insurance sales starts to bite. Chinese regions offer rewards for tip-offs on trafficked women and children

Caixin Global

Suzhou Zelgen Biopharmaceuticals (688266.CH) - Uncertainty Leads to Inaccurate Prediction on Outlook

Zelgen’s key products would face fierce competition, VBP and small market size, leading to inaccurate prediction on outlook. So we choose to be...

Xinyao (Criss) Wang

Emcure Pharmaceuticals Pre-IPO - Proforma Earnings Were Strong but It Faces a Host of Legal Issues

Emcure Pharmaceuticals Limited is looking to raise around US$500m in its upcoming India IPO. It is the 12th largest Indian Pharmaceutical company.

Sumeet Singh

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52-week Range

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