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 weekly Hong Kong Connect flows with our data engine for holding position as of August 22nd.</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 China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta, Geely Automobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 22nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta, Geely Automobile.


HK Connect Flows Weekly (Aug 22nd): China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 8th.</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 Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 8th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile.


HK Connect Flows Weekly (Aug 8th): Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Quadrivalent subunit influenza vaccine has been approved for market launch, but performance deteriorated due to product returns and provision for impairment of inventories.Fierce competition has intensified the pressure on profits.</li>
<li>Core founding shareholders have no background in vaccine R&amp;D.Ab&amp;B lags behind in terms of R&amp;D capabilities/forward-looking vision, leading to insufficient depth of pipeline layout and a decline in future competitiveness.</li>
<li>After Series B financing, post-money valuation reached RMB4.2 billion. We think <a href="https://www.smartkarma.com/entities/ab-b-bio-tech-co-ltd" target="_blank" data-smartkarma-citation="entities:44278:1" rel="noopener">Ab&amp;B Bio-Tech (ABB HK)</a>’s valuation should be lower than CanSino, but would be higher than <a href="https://www.smartkarma.com/entities/aim-vaccine-co-ltd" target="_blank" data-smartkarma-citation="entities:33778:1" rel="noopener">AIM Vaccine (6660 HK)</a>. </li>
</ul>


Quadrivalent subunit influenza vaccine has been approved for market launch, but performance deteriorated due to product returns and provision for impairment of inventories.Fierce competition has intensified the pressure on profits.
Core founding shareholders have no background in vaccine R&amp;D.Ab&amp;B lags behind in terms of R&amp;D capabilities/forward-looking vision, leading to insufficient depth of pipeline layout and a decline in future competitiveness.
After Series B financing, post-money valuation reached RMB4.2 billion. We think Ab&amp;B Bio-Tech (ABB HK)’s valuation should be lower than CanSino, but would be higher than AIM Vaccine (6660 HK). 


Pre-IPO Ab&B Bio-Tech (PHIP Updates) - Some Points Worth the Attention

<ul>
<li>The investment logic of vaccine companies is different from that of biotech. Generally speaking, vaccine companies cannot develop to large scale without successfully betting on blockbuster vaccine varieties.</li>
<li>Commercialization of Ab&amp;B’s vaccines could face uncertainties due to fierce competition/price war/slower R&amp;D progress. Some Class II vaccines could be converted to Class I vaccines. Breakthrough point lies in internationalization. </li>
<li>After Series B financing, post-money valuation reached RMB4.2 billion. Since CanSino’s pipelines are either global innovative, or potential best-in-class or first-in-class in China, Ab&amp;B’s valuation should be lower than CanSino.</li>
</ul>


The investment logic of vaccine companies is different from that of biotech. Generally speaking, vaccine companies cannot develop to large scale without successfully betting on blockbuster vaccine varieties.
Commercialization of Ab&amp;B’s vaccines could face uncertainties due to fierce competition/price war/slower R&amp;D progress. Some Class II vaccines could be converted to Class I vaccines. Breakthrough point lies in internationalization. 
After Series B financing, post-money valuation reached RMB4.2 billion. Since CanSino’s pipelines are either global innovative, or potential best-in-class or first-in-class in China, Ab&amp;B’s valuation should be lower than CanSino.


Pre-IPO Ab&B Bio-Tech: Commercialization May Be Lower than Expected, Thereby Dragging Down Valuation

<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

China

AIM Vaccine Co., Ltd. manufactures and distributes vaccines. The Company produces recombinant hepatitis b vaccines, freeze dried human rabies vaccines, inactivated hepatitis a vaccines, live attenuated parotitis vaccines, and others. AIM Vaccine also operates import and export businesses.

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

AIM Vaccine (6660 HK)

HK Connect Flows Weekly (Aug 22nd): China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Aug 8th): Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile.

Ke Yan, CFA, FRM

Pre-IPO Ab&B Bio-Tech (PHIP Updates) - Some Points Worth the Attention

Ab&B's performance has deteriorated due to product returns and inventory impairment.Intense competition/lacking R&D vision impact future...

Xinyao (Criss) Wang

Pre-IPO Ab&B Bio-Tech: Commercialization May Be Lower than Expected, Thereby Dragging Down Valuation

Vaccine companies need to bet on blockbuster varieties to scale up. Ab&B face commercialization uncertainty. Internationalization is the...

Xinyao (Criss) Wang

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect Flows Weekly (Aug 22nd): China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Aug 8th): Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile.

Ke Yan, CFA, FRM

Pre-IPO Ab&B Bio-Tech (PHIP Updates) - Some Points Worth the Attention

​Ab&B's performance has deteriorated due to product returns and inventory impairment.Intense competition/lacking R&D vision impact future...

Xinyao (Criss) Wang

Pre-IPO Ab&B Bio-Tech: Commercialization May Be Lower than Expected, Thereby Dragging Down Valuation

​Vaccine companies need to bet on blockbuster varieties to scale up. Ab&B face commercialization uncertainty. Internationalization is the...

Xinyao (Criss) Wang

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

Ab&B's performance has deteriorated due to product returns and inventory impairment.Intense competition/lacking R&D vision impact future...

Vaccine companies need to bet on blockbuster varieties to scale up. Ab&B face commercialization uncertainty. Internationalization is the...