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 29th.</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 Meituan, Alibaba, Tencent, AIA, Pop Mart Intl, Kuaishou, SMIC, Xiaomi, CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 29th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, Alibaba, Tencent, AIA, Pop Mart Intl, Kuaishou, SMIC, Xiaomi, CNOOC.


HK Connect Flows Weekly (Aug 29th): Meituan, Alibaba, Tencent, AIA, Pop Mart Intl, Kuaishou, SMIC

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Since HUGE ranks in the first tier among domestic brands, the import substitution would be the main logic to continue driving the performance growth based on its strong cost effectiveness.</li>
<li>If HUGE wants to achieve success in non-advantageous areas in the future, reducing price to compete for more market share could be an essential means. VBP is also a challenge.</li>
<li>Comparable companies include <a href="https://www.smartkarma.com/entities/shandong-sinocera-functional-material-a" target="_blank" data-smartkarma-citation="entities:6865:1" rel="noopener">Sinocera Functional Material</a>, <a href="https://www.smartkarma.com/entities/yantai-zhenghai-bio-tech-co-ltd" target="_blank" data-smartkarma-citation="entities:29760:1" rel="noopener">Yantai Zhenghai Bio-Tech</a>, Angelalign, <a href="https://www.smartkarma.com/entities/modern-dental-group-ltd" target="_blank" data-smartkarma-citation="entities:21020:1" rel="noopener">Modern Dental Group</a>, <a href="https://www.smartkarma.com/entities/topchoice-medical-corporation" target="_blank" data-smartkarma-citation="entities:1102:1" rel="noopener">Topchoice Medical</a>. We think valuation of HUGE could be higher than peers due to higher profitability.</li>
</ul>


Since HUGE ranks in the first tier among domestic brands, the import substitution would be the main logic to continue driving the performance growth based on its strong cost effectiveness.
If HUGE wants to achieve success in non-advantageous areas in the future, reducing price to compete for more market share could be an essential means. VBP is also a challenge.
Comparable companies include Sinocera Functional Material, Yantai Zhenghai Bio-Tech, Angelalign, Modern Dental Group, Topchoice Medical. We think valuation of HUGE could be higher than peers due to higher profitability.


Pre-IPO Huge Dental Limited - The Business and the Concerns Behind

Cloudbreak Pharma / Equity Capital Markets

<ul>
<li>Cloudbreak re-filed for a Hong Kong listing in December 2024 to raise at least USD 100 million.</li>
<li>In this note, we look at updates to its product lines. The progress of core products is on track while there are significant delays observed for other products.</li>
<li>We have a negative readthrough from the leading competitor of its core product.</li>
</ul>


Cloudbreak re-filed for a Hong Kong listing in December 2024 to raise at least USD 100 million.
In this note, we look at updates to its product lines. The progress of core products is on track while there are significant delays observed for other products.
We have a negative readthrough from the leading competitor of its core product.


Cloudbreak 拨康视云 IPO: Negative Readthrough from Underperforming Market Leader

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 20th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in AIA, Angelalign, Kuaishou, China Mobile.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 20th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in AIA, Angelalign, Kuaishou, China Mobile.


HK Short Interest Weekly: AIA, Angelalign, Kuaishou, China Mobile

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 30th.</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 (700 HK), Xiaomi Corporation (1810 HK).</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 30th.
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 (700 HK), Xiaomi Corporation (1810 HK).


Hong Kong Connect Flows (Aug 30th): Tencent, Xiaomi Corporation

China

Angelalign Technology Inc. produces and sells medical devices. The Company manufactures and sells Invisible orthodontic without brackets aligner and other products. Angelalign Technology markets its products throughout China.

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

Angelalign Technology (6699 HK)

HK Connect Flows Weekly (Aug 29th): Meituan, Alibaba, Tencent, AIA, Pop Mart Intl, Kuaishou, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, Alibaba, Tencent, AIA, Pop Mart Intl, Kuaishou,...

Ke Yan, CFA, FRM

Pre-IPO Huge Dental Limited - The Business and the Concerns Behind

Import substitution and cost effectiveness drive HUGE's performance growth, but competing in non-advantageous areas may require price reduction...

Xinyao (Criss) Wang

Cloudbreak 拨康视云 IPO: Negative Readthrough from Underperforming Market Leader

Cloudbreak re-files for Hong Kong listing to raise $100M, core product progress on track but delays in other products, negative readthrough from...

Ke Yan, CFA, FRM

HK Short Interest Weekly: AIA, Angelalign, Kuaishou, China Mobile

We analyzed the latest HK SFC report for aggregate short position as of Sep 20th and highlight short interest changes in AIA, Angelalign, Kuaishou,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Aug 30th): Tencent, Xiaomi Corporation

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), Xiaomi Corporation (1810 HK).

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect Flows Weekly (Aug 29th): Meituan, Alibaba, Tencent, AIA, Pop Mart Intl, Kuaishou, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, Alibaba, Tencent, AIA, Pop Mart Intl, Kuaishou,...

Ke Yan, CFA, FRM

Pre-IPO Huge Dental Limited - The Business and the Concerns Behind

​Import substitution and cost effectiveness drive HUGE's performance growth, but competing in non-advantageous areas may require price reduction...

Xinyao (Criss) Wang

Cloudbreak 拨康视云 IPO: Negative Readthrough from Underperforming Market Leader

​Cloudbreak re-files for Hong Kong listing to raise $100M, core product progress on track but delays in other products, negative readthrough from...

Ke Yan, CFA, FRM

HK Short Interest Weekly: AIA, Angelalign, Kuaishou, China Mobile

We analyzed the latest HK SFC report for aggregate short position as of Sep 20th and highlight short interest changes in AIA, Angelalign, Kuaishou,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Aug 30th): Tencent, Xiaomi Corporation

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), Xiaomi Corporation (1810 HK).

Ke Yan, CFA, FRM

Import substitution and cost effectiveness drive HUGE's performance growth, but competing in non-advantageous areas may require price reduction...

Cloudbreak re-files for Hong Kong listing to raise $100M, core product progress on track but delays in other products, negative readthrough from...