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 analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 115.1% as of Mar 10th.</li>
<li>The average A-H premium changed by 3.2ppt week on week, led by health care, communication services, information technology.</li>
<li>We highlight weekly changes in A-H premium for China Shenhua, PetroChina, China Southern, ZTE, CRRC, CICC.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 115.1% as of Mar 10th.
The average A-H premium changed by 3.2ppt week on week, led by health care, communication services, information technology.
We highlight weekly changes in A-H premium for China Shenhua, PetroChina, China Southern, ZTE, CRRC, CICC.


A-H Premium Weekly (Mar 10th): China Shenhua, PetroChina, China Southern, ZTE, CRRC, CICC

<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 111.6% as of Feb 24th.</li>
<li>The average A-H premium changed by 2.0ppt week on week, led by utilities, health care, financials and offset by information technology, industrials.</li>
<li>We highlight weekly changes in A-H premium for Xinjiang Gold Wind, China Shenhua, CICC, GWM, Shanghai Fudan.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 111.6% as of Feb 24th.
The average A-H premium changed by 2.0ppt week on week, led by utilities, health care, financials and offset by information technology, industrials.
We highlight weekly changes in A-H premium for Xinjiang Gold Wind, China Shenhua, CICC, GWM, Shanghai Fudan.


A-H Premium Weekly (Feb 24th): Xinjiang Gold Wind, China Shenhua, CICC, GWM, Shanghai Fudan

<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 109.6% as of Feb 17th.</li>
<li>The average A-H premium changed by -2.3ppt week on week, led by consumer discretionary, health care, energy and offset by communication services, consumer staples, materials.</li>
<li>We highlight weekly changes in A-H premium for China Shenhua, PetroChina, GWM, First Tractor.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 109.6% as of Feb 17th.
The average A-H premium changed by -2.3ppt week on week, led by consumer discretionary, health care, energy and offset by communication services, consumer staples, materials.
We highlight weekly changes in A-H premium for China Shenhua, PetroChina, GWM, First Tractor.


A-H Premium Weekly (Feb 17th): China Shenhua, PetroChina, GWM, First Tractor

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>Mismatch between blood products supply and demand is intensifying, but there’s little way to increase production capacity in short time, which offers a good time to invest blood products companies. </li>
<li>Investors should not be too greedy in front of every rally and rebound, but the proportion of medical expenditure and pension expenditure in China's GDP would still increase.</li>
<li>
<a href="https://www.smartkarma.com/entities/cansino-biologics-inc-cc0c90b7-e854-4ba3-929b-914be1bd0d89" target="_blank" data-smartkarma-citation="entities:32181:1" rel="noopener">CanSino Biologics Inc (688185 CH)</a> intends to IPO in Swiss. We think share price of CanSino would bounce back. It’s time to keep an eye on CanSino again. </li>
</ul>


Mismatch between blood products supply and demand is intensifying, but there’s little way to increase production capacity in short time, which offers a good time to invest blood products companies. 
Investors should not be too greedy in front of every rally and rebound, but the proportion of medical expenditure and pension expenditure in China's GDP would still increase.

CanSino Biologics Inc (688185 CH) intends to IPO in Swiss. We think share price of CanSino would bounce back. It’s time to keep an eye on CanSino again. 


China Healthcare Weekly (Feb.3)- CanSino, Blood Products Shortage, Don't Be Greedy in Front of Rally

Equity Capital Markets

Changchun BCHT Biotechnology C / Equity Capital Markets

<ul>
<li>Single product structure is the biggest risk of BCHT. Varicella vaccine is hard to drive BCHT’s performance growth in the future and the sales of influenza vaccine are not ideal. </li>
<li>There’re concerns about the protection rate of attenuated zoster vaccine,which won't be officially sold until 2023H2/2024. It’s not sure whether the situation can be reversed by attenuated zoster vaccine alone.</li>
<li>BCHT is inferior to CanSino in terms of pipeline quality and R&amp;D capability. The investment value of BCHT is not high. We think its valuation should be lower than CanSino.</li>
</ul>


Single product structure is the biggest risk of BCHT. Varicella vaccine is hard to drive BCHT’s performance growth in the future and the sales of influenza vaccine are not ideal. 
There’re concerns about the protection rate of attenuated zoster vaccine,which won't be officially sold until 2023H2/2024. It’s not sure whether the situation can be reversed by attenuated zoster vaccine alone.
BCHT is inferior to CanSino in terms of pipeline quality and R&amp;D capability. The investment value of BCHT is not high. We think its valuation should be lower than CanSino.


Pre-IPO Changchun BCHT Biotechnology - The Risk of Single-Product Dependence and Uncertain Outlook

China

CanSino Biologics Inc. develops and manufactures biological vaccine products. The Company discovers quadrivalence meningococcal conjugate, pneumococcal polysaccharide, and adenovirus vector-based tuberculosis vaccines for human use. CanSino Biologics serves customers worldwide.

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

CanSino Biologics (688185 CH)

A-H Premium Weekly (Mar 10th): China Shenhua, PetroChina, China Southern, ZTE, CRRC, CICC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Shenhua, PetroChina, China Southern, ZTE, CRRC, CICC.

Ke Yan, CFA, FRM

A-H Premium Weekly (Feb 24th): Xinjiang Gold Wind, China Shenhua, CICC, GWM, Shanghai Fudan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Xinjiang Gold Wind, China Shenhua, CICC, GWM, Shanghai Fudan.

Ke Yan, CFA, FRM

A-H Premium Weekly (Feb 17th): China Shenhua, PetroChina, GWM, First Tractor

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Shenhua, PetroChina, GWM, First Tractor

Ke Yan, CFA, FRM

China Healthcare Weekly (Feb.3)- CanSino, Blood Products Shortage, Don't Be Greedy in Front of Rally

Contradiction between blood products supply and demand is intensifying. Cansino plans to IPO in Swiss -We see upside potential in...

Xinyao (Criss) Wang

Pre-IPO Changchun BCHT Biotechnology - The Risk of Single-Product Dependence and Uncertain Outlook

BCHT plans to IPO in Swiss. The risk of its over-reliance on a single product remains unresolved.The outlook of new attenuated zoster vaccine may...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)