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

Akeso Biopharma Inc / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a> is looking to raise around US$200m from its primary placement. Proceeds from the placement will be used for R&amp;D.</li>
<li>Past deals in the name haven’t done well recently but the shares have been doing well and the deal size remains small.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Akeso Biopharma Inc (9926 HK) is looking to raise around US$200m from its primary placement. Proceeds from the placement will be used for R&amp;D.
Past deals in the name haven’t done well recently but the shares have been doing well and the deal size remains small.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Akeso Placement - Opportunistic Raise, past Deal Record Has Been Mixed but Relative Size Is Small

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 Sep 27th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Ping An, Baba, Jd, CCB, CNOOC, China Mobile, Akeso, Zhaojin Mining.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 27th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Ping An, Baba, Jd, CCB, CNOOC, China Mobile, Akeso, Zhaojin Mining.


HK Short Interest Weekly: Ping An, Baba, Jd, CCB, CNOOC, China Mobile, Akeso, Zhaojin Mining

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Sichuan Biokin Pharmaceutical Co Ltd / Equity Capital Markets

<ul>
<li>Biokin's traditional chemical drug and TCM businesses would continue to shrink and their valuation contribution can be negligible. The collaboration agreement for BL-B01D1 with BMS changes the outlook of Biokin.</li>
<li>The clinical data of BL-B01D1 look good so far, but the R&amp;D failure risk of BL-B01D1 is not low. It is uncertain if BL-B01D1 would finally be druggable.</li>
<li>Biokin is overvalued and there is big bubble in valuation. If BL-B01D1 fails in R&amp;D or its clinical data fail to meet high expectation, Biokin’s market value will plummet.</li>
</ul>


Biokin's traditional chemical drug and TCM businesses would continue to shrink and their valuation contribution can be negligible. The collaboration agreement for BL-B01D1 with BMS changes the outlook of Biokin.
The clinical data of BL-B01D1 look good so far, but the R&amp;D failure risk of BL-B01D1 is not low. It is uncertain if BL-B01D1 would finally be druggable.
Biokin is overvalued and there is big bubble in valuation. If BL-B01D1 fails in R&amp;D or its clinical data fail to meet high expectation, Biokin’s market value will plummet.


Pre-IPO Sichuan Biokin Pharmaceutical - Would Investors Be Willing to Take a Gamble?

<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 inflows into Alibaba, Kuaishou, Anta, HKEx, China Resource Land, China Telecom, and outflows from Meituan, Tencent, CNOOC, Xiaomi, 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 inflows into Alibaba, Kuaishou, Anta, HKEx, China Resource Land, China Telecom, and outflows from Meituan, Tencent, CNOOC, Xiaomi, China Mobile. 


Hong Kong Connect Flows (Sep): Weak Inflows Ex-Alibaba

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Hong Kong dollar is strengthening as demand picks up and the carry trade unwinds quickly.  Put/Call Skew declines for HSTech Index as traders sentiment reverses.</li>
<li>
<a href="https://www.smartkarma.com/entities/hengan-international-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29:1" rel="noopener">Hengan International Group (1044 HK)</a> and <a href="https://www.smartkarma.com/entities/galaxy-entertainment-group-limited" target="_blank" data-smartkarma-citation="entities:806:1" rel="noopener">Galaxy Entertainment Group (27 HK)</a> had breakouts from declining wedge patterns and have now formed new uptrends.
</li>
<li><a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a> had a breakout reversal from a U-shaped pattern indicating more upside.  The stock's 200 DMA may provide little resistance to further re-rating.</li>
</ul>


Hong Kong dollar is strengthening as demand picks up and the carry trade unwinds quickly.  Put/Call Skew declines for HSTech Index as traders sentiment reverses.

Hengan International Group (1044 HK) and Galaxy Entertainment Group (27 HK) had breakouts from declining wedge patterns and have now formed new uptrends.

Wuxi Biologics (2269 HK) had a breakout reversal from a U-shaped pattern indicating more upside.  The stock's 200 DMA may provide little resistance to further re-rating.


Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 30)

China

Akeso Inc. operates operatesa s a biotech company. The compnay develops treatments and therapies for various types of diseases. Akeso serves cutomers worldwide

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Akeso Biopharma Inc (9926 HK)

Akeso Placement - Opportunistic Raise, past Deal Record Has Been Mixed but Relative Size Is Small

Akeso Biopharma Inc (9926 HK) is looking to raise around US$200m from its primary placement. Proceeds from the placement will be used for R&D.

Sumeet Singh

HK Short Interest Weekly: Ping An, Baba, Jd, CCB, CNOOC, China Mobile, Akeso, Zhaojin Mining

We analyzed the latest HK SFC report for aggregate short position as of Sep 27th and highlight short interest changes in Ping An, Baba, Jd, CCB,...

Ke Yan, CFA, FRM

Pre-IPO Sichuan Biokin Pharmaceutical - Would Investors Be Willing to Take a Gamble?

Biokin's future hinges on collaboration with BMS for BL-B01D1, as traditional business shrink due to VBP/fierce competition.Overvaluation poses...

Xinyao (Criss) Wang

Hong Kong Connect Flows (Sep): Weak Inflows Ex-Alibaba

We noted 12 months of inflows for Southbound connect stocks and highlighted inflows into Alibaba, Kuaishou, Anta, HKEx, China Resource Land, China...

Ke Yan, CFA, FRM

Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 30)

Hong Kong dollar strengthens to the strong end of the band. Hengan and Galaxy share prices have both broken out of Falling Wedge patterns. Wuxi...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Akeso Placement - Opportunistic Raise, past Deal Record Has Been Mixed but Relative Size Is Small

Akeso Biopharma Inc (9926 HK) is looking to raise around US$200m from its primary placement. Proceeds from the placement will be used for R&D.

Sumeet Singh

HK Short Interest Weekly: Ping An, Baba, Jd, CCB, CNOOC, China Mobile, Akeso, Zhaojin Mining

We analyzed the latest HK SFC report for aggregate short position as of Sep 27th and highlight short interest changes in Ping An, Baba, Jd, CCB,...

Ke Yan, CFA, FRM

Pre-IPO Sichuan Biokin Pharmaceutical - Would Investors Be Willing to Take a Gamble?

​Biokin's future hinges on collaboration with BMS for BL-B01D1, as traditional business shrink due to VBP/fierce competition.Overvaluation poses...

Xinyao (Criss) Wang

Hong Kong Connect Flows (Sep): Weak Inflows Ex-Alibaba

We noted 12 months of inflows for Southbound connect stocks and highlighted inflows into Alibaba, Kuaishou, Anta, HKEx, China Resource Land, China...

Ke Yan, CFA, FRM

Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 30)

Hong Kong dollar strengthens to the strong end of the band. Hengan and Galaxy share prices have both broken out of Falling Wedge patterns. Wuxi...

David Mudd

Biokin's future hinges on collaboration with BMS for BL-B01D1, as traditional business shrink due to VBP/fierce competition.Overvaluation poses...