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 analyzed the latest HK SFC report for aggregate short position as of May 31st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Akeso, China Longyuan, Meituan, Baba, BOC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 31st.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Akeso, China Longyuan, Meituan, Baba, BOC.


HK Short Interest Weekly: Akeso, China Longyuan, Meituan, Baba, BOC

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>BEKE US:  Takeaways from Beike Investor Day on June 3(/)</li>
<li>9926 HK: Akeso adds sales rights to AK112 in developing countries, possibly preparing for overall sale(/)</li>
<li>1211 HK/ LI US: BYD launches fifth-generation hybrid petrol-electric technology, which can run 2,100 kilometers on full-tank+full-battery(///)</li>
</ul>


BEKE US:  Takeaways from Beike Investor Day on June 3(/)
9926 HK: Akeso adds sales rights to AK112 in developing countries, possibly preparing for overall sale(/)
1211 HK/ LI US: BYD launches fifth-generation hybrid petrol-electric technology, which can run 2,100 kilometers on full-tank+full-battery(///)


[Blue Lotus Daily]:BEKE US/9926 HK/1211 HK/ LI US

Equity Bottom-Up

<ul>
<li>Ivonescimab’s (AK112) head-to-head clinical win against Keytruda (Pembrolizumab) reaffirmed Akeso’s standing as the flag-bearer of Chinese innovative drugs. It also affirmed its business model of specialized R&amp;D+flexible distribution. </li>
<li>This success might be followed by a similar win globally in 2025-27,as well as AK112 and 104’s head-to-head win against Tislelizumab.</li>
<li>We reiterate our BUY rating on Akeso and adjust TP to HK$58 to reflect revenue share from AK112 to come in from 2025 but in bulk after 2027</li>
</ul>


Ivonescimab’s (AK112) head-to-head clinical win against Keytruda (Pembrolizumab) reaffirmed Akeso’s standing as the flag-bearer of Chinese innovative drugs. It also affirmed its business model of specialized R&amp;D+flexible distribution. 
This success might be followed by a similar win globally in 2025-27,as well as AK112 and 104’s head-to-head win against Tislelizumab.
We reiterate our BUY rating on Akeso and adjust TP to HK$58 to reflect revenue share from AK112 to come in from 2025 but in bulk after 2027


[Akeso (9926 HK, BUY, TP HK$58) Company Update]: AK112’s Win Unleashes Change in PD-1/L1 Landscape

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 31st.</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 BOC, CNOOC, Agricultural Bank Of China, Xiaomi Corporation, Petrochina.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 31st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for BOC, CNOOC, Agricultural Bank Of China, Xiaomi Corporation, Petrochina.


Hong Kong Connect Flows (May 31st): BOC, CNOOC, ABC, Xiaomi, Petrochina

<ul>
<li>NIO US/1810 HK/ LI US: EV sales in the 20th week of 2024 NIO, Xiaomi and LI performed well(/////)</li>
<li>BEKE US: Shanghai implements central government policies to further stimulate property market demand from nine aspects.(+)</li>
<li>981 HK/1347 HK/1810 HK/ACMR/China semiconductor: China launches Big Fund III to support semiconductor development (+)</li>
</ul>


NIO US/1810 HK/ LI US: EV sales in the 20th week of 2024 NIO, Xiaomi and LI performed well(/////)
BEKE US: Shanghai implements central government policies to further stimulate property market demand from nine aspects.(+)
981 HK/1347 HK/1810 HK/ACMR/China semiconductor: China launches Big Fund III to support semiconductor development (+)


[Blue Lotus Daily]:NIO US/1810 HK/ LI US/BEKE US/981 HK/1347 HK/ACMR/9926 HK

China

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
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Akeso Biopharma Inc (9926 HK)

HK Short Interest Weekly: Akeso, China Longyuan, Meituan, Baba, BOC

We analyzed the latest HK SFC report for aggregate short position as of May 31st and highlight short interest changes in Akeso, China Longyuan,...

Ke Yan, CFA, FRM

[Blue Lotus Daily]:BEKE US/9926 HK/1211 HK/ LI US

Key takeaways from recent events: Beike Investor Day insights, Akeso's sales rights expansion, and BYD's innovative hybrid technology launch.

Blue Lotus Research Institute

[Akeso (9926 HK, BUY, TP HK$58) Company Update]: AK112’s Win Unleashes Change in PD-1/L1 Landscape

Akeso's Ivonescimab's clinical win against Keytruda solidifies its position as a leader in Chinese innovative drugs, with potential global success...

Blue Lotus Research Institute

Hong Kong Connect Flows (May 31st): BOC, CNOOC, ABC, Xiaomi, Petrochina

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for BOC, CNOOC, Agricultural Bank Of China, Xiaomi Corporation,...

Ke Yan, CFA, FRM

[Blue Lotus Daily]:NIO US/1810 HK/ LI US/BEKE US/981 HK/1347 HK/ACMR/9926 HK

EV sales for NIO, Xiaomi, and LI were strong in the 20th week. Shanghai is implementing policies to boost property market demand. China has...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Short Interest Weekly: Akeso, China Longyuan, Meituan, Baba, BOC

We analyzed the latest HK SFC report for aggregate short position as of May 31st and highlight short interest changes in Akeso, China Longyuan,...

Ke Yan, CFA, FRM

[Blue Lotus Daily]:BEKE US/9926 HK/1211 HK/ LI US

​Key takeaways from recent events: Beike Investor Day insights, Akeso's sales rights expansion, and BYD's innovative hybrid technology launch.

Blue Lotus Research Institute

[Akeso (9926 HK, BUY, TP HK$58) Company Update]: AK112’s Win Unleashes Change in PD-1/L1 Landscape

​Akeso's Ivonescimab's clinical win against Keytruda solidifies its position as a leader in Chinese innovative drugs, with potential global success...

Blue Lotus Research Institute

Hong Kong Connect Flows (May 31st): BOC, CNOOC, ABC, Xiaomi, Petrochina

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for BOC, CNOOC, Agricultural Bank Of China, Xiaomi Corporation,...

Ke Yan, CFA, FRM

[Blue Lotus Daily]:NIO US/1810 HK/ LI US/BEKE US/981 HK/1347 HK/ACMR/9926 HK

​EV sales for NIO, Xiaomi, and LI were strong in the 20th week. Shanghai is implementing policies to boost property market demand. China has...

Blue Lotus Research Institute

Key takeaways from recent events: Beike Investor Day insights, Akeso's sales rights expansion, and BYD's innovative hybrid technology launch.

Akeso's Ivonescimab's clinical win against Keytruda solidifies its position as a leader in Chinese innovative drugs, with potential global success...

EV sales for NIO, Xiaomi, and LI were strong in the 20th week. Shanghai is implementing policies to boost property market demand. China has...