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.

Equity Bottom-Up

Biocytogen Pharmaceuticals (Beijing) / Equity Bottom-Up

<ul><li>We expect the Company’s FY22E revenue to grow +50% YoY to RMB533mn, compared to +40% YoY growth in FY21.</li><li>We forecast the Company’s pre-clinical CRO service business to realize a +50% YoY revenue growth in FY22E, compared to +26% YoY growth in FY21, mainly driven by the increasing demands from overseas partners who were less impacted by COVID-19 restrictions in 2022.</li><li>We forecast the antibody development business to maintain strong revenue growth in 2022, with a YoY growth rate of +51% in FY22E vs a +116% YoY growth in FY21 driven by the continuous announcements of outlicensing and co-development deals. </li></ul>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.

We expect the Company’s FY22E revenue to grow +50% YoY to RMB533mn, compared to +40% YoY growth in FY21.We forecast the Company’s pre-clinical CRO service business to realize a +50% YoY revenue growth in FY22E, compared to +26% YoY growth in FY21, mainly driven by the increasing demands from overseas partners who were less impacted by COVID-19 restrictions in 2022.We forecast the antibody development business to maintain strong revenue growth in 2022, with a YoY growth rate of +51% in FY22E vs a +116% YoY growth in FY21 driven by the continuous announcements of outlicensing and co-development deals. 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.

Biocytogen (2315 HK) – 2022 preview: Fruitful BD deals

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

REPT BATTERO Energy / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rept-battero-energy" target="_blank" data-smartkarma-citation="entities:36626:1" rel="noopener">REPT BATTERO Energy (REPT HK)</a> is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are Morgan Stanley, and Citic Securities.</li>
<li>REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&amp;D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs. </li>
<li>As per F&amp;S, it was amongst the top ten lithium-ion battery manufacturers in China as per installations for new energy application in 2021.</li>
</ul>



REPT BATTERO Energy (REPT HK) is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are Morgan Stanley, and Citic Securities.
REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&amp;D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs. 
As per F&amp;S, it was amongst the top ten lithium-ion battery manufacturers in China as per installations for new energy application in 2021.


Lygend Resources & Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lygend-resources-technology" target="_blank" data-smartkarma-citation="entities:36493:1" rel="noopener">Lygend Resources &amp; Technology (2245 HK)</a> raised US$470m in its Hong Kong IPO.</li>
<li>Lygend Resources &amp; Technology (Lygend) is a nickel trading and production firm with a portfolio covering multiple areas across the nickel industry value chain.</li>
<li>In this note we will talk about the trading dynamics.</li>
</ul>



Lygend Resources &amp; Technology (2245 HK) raised US$470m in its Hong Kong IPO.
Lygend Resources &amp; Technology (Lygend) is a nickel trading and production firm with a portfolio covering multiple areas across the nickel industry value chain.
In this note we will talk about the trading dynamics.


Lygend Resources & Technology IPO Trading - Tepid Subscription but Potential Upside Remains

<ul><li>State-of-the-art platform to generate high-quality fully human antibodies.</li><li>Biocytogen has developed two transgenic RenMice platforms, which use RenMab mice and RenLite mice for generating mAb and BsAb, respectively.</li><li>RenMab mice have full human heavy and light chain variable region, which enables the generation of fully human antibodies with high affinity, low immunogenicity, and favorable developability.</li></ul>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.

State-of-the-art platform to generate high-quality fully human antibodies.Biocytogen has developed two transgenic RenMice platforms, which use RenMab mice and RenLite mice for generating mAb and BsAb, respectively.RenMab mice have full human heavy and light chain variable region, which enables the generation of fully human antibodies with high affinity, low immunogenicity, and favorable developability.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.

Initiation - Biocytogen Pharmaceuticals (2315 HK)

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Joinn Laboratories China  Lt / Equity Bottom-Up

<ul>
<li>The monkeys have become <a href="https://www.smartkarma.com/entities/joinn-laboratories-china-c-h" target="_blank" data-smartkarma-citation="entities:31498:1" rel="noopener">Joinn Laboratories (H) (6127 HK)</a>’s important profit growth point based on the logic chain of "monkey supply shortage - monkey price rise - Joinn’s performance increase". </li>
<li>Faced with doubts about the future prosperity of CXO, we don't think Joinn is immune as a part of this industrial chain. Joinn is hard to achieve the V-shaped rebound.</li>
<li>Valuations are hard to increase by when the industry is very mature.For investment logic, my favorite is the industry beta, followed by industry beta+alpha. The last is low P/E ratio.</li>
</ul>


The monkeys have become Joinn Laboratories (H) (6127 HK)’s important profit growth point based on the logic chain of "monkey supply shortage - monkey price rise - Joinn’s performance increase". 
Faced with doubts about the future prosperity of CXO, we don't think Joinn is immune as a part of this industrial chain. Joinn is hard to achieve the V-shaped rebound.
Valuations are hard to increase by when the industry is very mature.For investment logic, my favorite is the industry beta, followed by industry beta+alpha. The last is low P/E ratio.


Joinn Laboratories (6127.HK) 22H1 - It's Time to Face Reality Before the Magic of Monkeys Disappears

China

Biocytogen Pharmaceuticals Beijing Co., Ltd. operates as a biopharmaceutical and revenue generating pre clinical research services company. The Company produces mmunoglobulins, monoclonal antibodies, recombinant humanized antibodies, and others. Biocytogen Pharmaceuticals Beijing provides drug development, therapeutic antibody discovery and development, and other services.

Biocytogen Pharmaceuticals (Beijing) (2315 HK)

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Biocytogen Pharmaceuticals (Beijing) (2315 HK)

Biocytogen (2315 HK) – 2022 preview: Fruitful BD deals

We forecast the Company’s pre-clinical CRO service business to realize a +50% YoY revenue growth in FY22E, compared to +26% YoY growth in FY21

CMB International

REPT BATTERO Energy Pre-IPO Tearsheet

REPT BATTERO Energy (REPT HK) is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are Morgan Stanley, and Citic...

Clarence Chu

Lygend Resources & Technology IPO Trading - Tepid Subscription but Potential Upside Remains

Lygend Resources & Technology (2245 HK) raised US$470m in its Hong Kong IPO. In this note we will talk about the trading dynamics.

Clarence Chu

Initiation - Biocytogen Pharmaceuticals (2315 HK)

Biocytogen has developed two transgenic RenMice platforms, which use RenMab mice and RenLite mice for generating mAb and BsAb, respectively.

CMB International

Joinn Laboratories (6127.HK) 22H1 - It's Time to Face Reality Before the Magic of Monkeys Disappears

The logic chain of "monkey shortage-monkey price rise-Joinn’s performance increase" has shaken.Faced with doubts about future prosperity of...

Xinyao (Criss) Wang

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