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

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Kelun-Biotech: Promising Ph2 results of SKB264+A167 in 1L NSCLC.</li><li>SKB264 (Q3W)+A167 (PD-L1)’s 15.4 months of mPFS in 1L NSCLC was much better than the SoC – 9.0 months mPFS of Keytruda+chemo in KEYNOTE189 and 9.7 months mPFS of tislelizumab+chemo in RATIONALE304.</li><li>SKB264’s Ph3 dose of Q2W could deliver even better efficacy, in our view. SKB264+A167 also showed strong potential in PD-L1 negative NSCLC. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Kelun-Biotech: Promising Ph2 results of SKB264+A167 in 1L NSCLC.SKB264 (Q3W)+A167 (PD-L1)’s 15.4 months of mPFS in 1L NSCLC was much better than the SoC – 9.0 months mPFS of Keytruda+chemo in KEYNOTE189 and 9.7 months mPFS of tislelizumab+chemo in RATIONALE304.SKB264’s Ph3 dose of Q2W could deliver even better efficacy, in our view. SKB264+A167 also showed strong potential in PD-L1 negative NSCLC. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthcare - Chinese Biopharma Releasing Promising Data at ASCO

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

<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

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
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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

Healthcare - Chinese Biopharma Releasing Promising Data at ASCO

SKB264 (Q3W)+A167 (PD-L1)’s 15.4 months of mPFS in 1L NSCLC was much better than the SoC – 9.0 months mPFS of Keytruda+chemo in KEYNOTE189

CMB International

[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

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

Healthcare - Chinese Biopharma Releasing Promising Data at ASCO

SKB264 (Q3W)+A167 (PD-L1)’s 15.4 months of mPFS in 1L NSCLC was much better than the SoC – 9.0 months mPFS of Keytruda+chemo in KEYNOTE189

CMB International

[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

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...