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 February 3rd.</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, Sensetime, Tencent, China Construction Bank, Hong Kong Exchanges And Clearing.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 3rd.
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, Sensetime, Tencent, China Construction Bank, Hong Kong Exchanges And Clearing.


Hong Kong Connect Flows (Feb 3rd): Meituan, Sensetime, Tencent, CCB, HKEx

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/straumann-holding-ag" target="_blank" data-smartkarma-citation="entities:22493:1" rel="noopener">Straumann Holding AG (STMN SW)</a> is the global leader in dental implantology, with ~29% market share. With multi-brand implant portfolio, the company is well-positioned to capture the market opportunity.  </li>
<li>Straumann raised expectations for 2022 organic revenue growth to the mid-teen percentage range from low double-digit percentage range earlier, versus the strong comparative year (+42% organic revenue growth in 2021).</li>
<li>Straumann has significantly expanded its addressable market to CHF18B+. To achieve the company’s ambition of CHF5B revenue by 2030, an average organic growth rate of ~10% annually is needed.</li>
</ul>



Straumann Holding AG (STMN SW) is the global leader in dental implantology, with ~29% market share. With multi-brand implant portfolio, the company is well-positioned to capture the market opportunity.  
Straumann raised expectations for 2022 organic revenue growth to the mid-teen percentage range from low double-digit percentage range earlier, versus the strong comparative year (+42% organic revenue growth in 2021).
Straumann has significantly expanded its addressable market to CHF18B+. To achieve the company’s ambition of CHF5B revenue by 2030, an average organic growth rate of ~10% annually is needed.


Straumann Holding AG (STMN SW): Strong Organic Revenue Growth Indicates Continued Business Recovery

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Angelalign Technology  / Equity Bottom-Up

<ul>
<li>The rebound of Angelalign's share price isn’t based on the reversal of its fundamentals,but increasing confidence in China's economic recovery. Investors could take the opportunity to trade during this time.</li>
<li>It’s “a helpless move” for Angelalign to participate in centralized procurement. The price change brought about by centralized procurement would weaken the brand advantage of leading manufacturers and change consumers’  preferences.</li>
<li>We are not optimistic about Angelalign’s 2022 performance. Its performance in 2023 could still be lower-than-expected after China reopens. When COVID-19 is no longer an excuse, true color reveals. </li>
</ul>


The rebound of Angelalign's share price isn’t based on the reversal of its fundamentals,but increasing confidence in China's economic recovery. Investors could take the opportunity to trade during this time.
It’s “a helpless move” for Angelalign to participate in centralized procurement. The price change brought about by centralized procurement would weaken the brand advantage of leading manufacturers and change consumers’  preferences.
We are not optimistic about Angelalign’s 2022 performance. Its performance in 2023 could still be lower-than-expected after China reopens. When COVID-19 is no longer an excuse, true color reveals. 


Angelalign Technology (6699.HK) - About the Share Price Rebound, the Outlook and the Challenges

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 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 inflows into Tencent (700 HK) and Meituan (3690 HK).</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 30th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into Tencent (700 HK) and Meituan (3690 HK).


Hong Kong Connect Flows (Dec 30th): Tencent, Meituan

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 23rd.</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 estimate that the outflow last week was USD 258m. Tencent, Kuaishou led the outflows.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 23rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We estimate that the outflow last week was USD 258m. Tencent, Kuaishou led the outflows.


Hong Kong Connect Flows (Dec 23rd): Tencent, Kuaishou

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.

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Angelalign Technology (6699 HK)

Hong Kong Connect Flows (Feb 3rd): Meituan, Sensetime, Tencent, CCB, HKEx

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Meituan, Sensetime, Tencent, China Construction Bank, Hong...

Ke Yan, CFA, FRM

Straumann Holding AG (STMN SW): Strong Organic Revenue Growth Indicates Continued Business Recovery

During 9M 2022, Straumann reported organic revenue growth of 18% YoY. The company has raised 2022 organic revenue growth guidance to the mid-teen...

Tina Banerjee

Hong Kong Connect Flows (Dec 30th): Tencent, Meituan

We analyzed the Hong Kong Connect Scheme for last week and highlight flows for Tencent Holdings Limited (700 HK) and Meituan (3690 HK).

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Dec 23rd): Tencent, Kuaishou

We analyzed the Hong Kong Connect Scheme for last week and highlight flows for Tencent (700 HK), Kuaishou Technology (1024 HK).

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Connect Flows (Feb 3rd): Meituan, Sensetime, Tencent, CCB, HKEx

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Meituan, Sensetime, Tencent, China Construction Bank, Hong...

Ke Yan, CFA, FRM

Straumann Holding AG (STMN SW): Strong Organic Revenue Growth Indicates Continued Business Recovery

During 9M 2022, Straumann reported organic revenue growth of 18% YoY. The company has raised 2022 organic revenue growth guidance to the mid-teen...

Tina Banerjee