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 changes in short interest of KRX stocks as of Oct 31st. The aggregated short interest was USD12.2bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung SDI, SKC.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Oct 31st. The aggregated short interest was USD12.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung SDI, SKC.


KRX Short Interest Weekly (Oct 31st): SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung SDI, SKC

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hanmi-pharm-co-ltd" target="_blank" data-smartkarma-citation="entities:12476:1" rel="noopener">Hanmi Pharm (128940 KS)</a> has reported mixed performance for 3Q25. Despite flat topline and high R&amp;D investment, mid-single digit growth in operating profit is the key highlight of 3Q25 result.</li>
<li>Interim topline results of Phase 3 trials for efpeglenatide have raised expectations that the drug will establish itself as a "national obesity drug" based on excellent efficacy and proven safety.</li>
<li>The company submitted clinical trial application to FDA for HM17321. Hanmi received FDA approval to initiate a Phase 2 clinical trial with HM15275, which is expected to commence this month.</li>
</ul>



Hanmi Pharm (128940 KS) has reported mixed performance for 3Q25. Despite flat topline and high R&amp;D investment, mid-single digit growth in operating profit is the key highlight of 3Q25 result.
Interim topline results of Phase 3 trials for efpeglenatide have raised expectations that the drug will establish itself as a "national obesity drug" based on excellent efficacy and proven safety.
The company submitted clinical trial application to FDA for HM17321. Hanmi received FDA approval to initiate a Phase 2 clinical trial with HM15275, which is expected to commence this month.


Hanmi Pharm (128940 KS): Flagship Drugs Boost 3Q25 Result Amid Obesity Pipeline Progress

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Oct 31st. The aggregated holding was USD862.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD77mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Hanwha Ocean, Hyundai Motor, Samsung Elec (PREF).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Oct 31st. The aggregated holding was USD862.4bn.
We estimate that foreign flows to be inflows of USD77mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Hanwha Ocean, Hyundai Motor, Samsung Elec (PREF).


KRX Foreign Holding Weekly (Oct 31st): SK Hynix, Samsung Electronics, Hanwha Ocean, Hyundai Motor

Thematic (Sector/Industry)

<ul>
<li>Takeda has dropped AstraZeneca-partnered antibody drug candidate from its pipeline. Eisai and Merck are closing late-stage trial of Lenvima plus Keytruda in hepatocellular carcinoma on disappointing result.</li>
<li>Wuxi AppTec sharpens CRDMO business by selling its China-based clinical research subsidiaries. FDA has designated Celltrion’s Stoboclo and Osenvelt as interchangeable biosimilars to the reference products Prolia and Xgeva, respectively.</li>
<li>CSL is delaying demerger of CSL Seqirus ‘to maximise shareholder value.’ PharmaEssentia has filed for the additional indication of Besremi for Essential Thrombocythemia (ET) with the FDA.</li>
</ul>


Takeda has dropped AstraZeneca-partnered antibody drug candidate from its pipeline. Eisai and Merck are closing late-stage trial of Lenvima plus Keytruda in hepatocellular carcinoma on disappointing result.
Wuxi AppTec sharpens CRDMO business by selling its China-based clinical research subsidiaries. FDA has designated Celltrion’s Stoboclo and Osenvelt as interchangeable biosimilars to the reference products Prolia and Xgeva, respectively.
CSL is delaying demerger of CSL Seqirus ‘to maximise shareholder value.’ PharmaEssentia has filed for the additional indication of Besremi for Essential Thrombocythemia (ET) with the FDA.


APAC Healthcare Weekly (November 2) – Takeda, Eisai, Wuxi AppTec, Celltrion, CSL, PharmaEssentia

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Oct 24th. The aggregated short interest was USD12.4bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Samsung Electronics, Alteogen, MIRAE ASSET SEC, SK Hynix, POSCO FUTURE M.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Oct 24th. The aggregated short interest was USD12.4bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Samsung Electronics, Alteogen, MIRAE ASSET SEC, SK Hynix, POSCO FUTURE M.


KRX Short Interest Weekly (Oct 24th): Samsung Electronics, Alteogen, MIRAE ASSET SEC, SK Hynix

South Korea

Celltrion, Inc. produces and sells biosimilar products, as well as consignment processing services for other businesses.

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Celltrion (068270 KP)

KRX Short Interest Weekly (Oct 31st): SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung SDI, SKC

We analyzed KRX short interest report for the past week and highlighted short interest changes in SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung...

Ke Yan, CFA, FRM

Hanmi Pharm (128940 KS): Flagship Drugs Boost 3Q25 Result Amid Obesity Pipeline Progress

Hanmi Pharm reports mixed 3Q25 performance with flat topline and mid-single digit growth in operating profit. Expectations are rising on...

Tina Banerjee

KRX Foreign Holding Weekly (Oct 31st): SK Hynix, Samsung Electronics, Hanwha Ocean, Hyundai Motor

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, Hanwha Ocean,...

Ke Yan, CFA, FRM

APAC Healthcare Weekly (November 2) – Takeda, Eisai, Wuxi AppTec, Celltrion, CSL, PharmaEssentia

Takeda and Eisai witnessed clinical trials setback. Wuxi AppTec is selling China-based CRO subsidiaries. CSL is delaying demerger of CSL Seqirus....

Tina Banerjee

KRX Short Interest Weekly (Oct 24th): Samsung Electronics, Alteogen, MIRAE ASSET SEC, SK Hynix

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Electronics, Alteogen, MIRAE ASSET SEC,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KRX Short Interest Weekly (Oct 31st): SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung SDI, SKC

We analyzed KRX short interest report for the past week and highlighted short interest changes in SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung...

Ke Yan, CFA, FRM

Hanmi Pharm (128940 KS): Flagship Drugs Boost 3Q25 Result Amid Obesity Pipeline Progress

​Hanmi Pharm reports mixed 3Q25 performance with flat topline and mid-single digit growth in operating profit. Expectations are rising on...

Tina Banerjee

KRX Foreign Holding Weekly (Oct 31st): SK Hynix, Samsung Electronics, Hanwha Ocean, Hyundai Motor

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, Hanwha Ocean,...

Ke Yan, CFA, FRM

APAC Healthcare Weekly (November 2) – Takeda, Eisai, Wuxi AppTec, Celltrion, CSL, PharmaEssentia

Takeda and Eisai witnessed clinical trials setback. Wuxi AppTec is selling China-based CRO subsidiaries. CSL is delaying demerger of CSL Seqirus....

Tina Banerjee

KRX Short Interest Weekly (Oct 24th): Samsung Electronics, Alteogen, MIRAE ASSET SEC, SK Hynix

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Electronics, Alteogen, MIRAE ASSET SEC,...

Ke Yan, CFA, FRM

Hanmi Pharm reports mixed 3Q25 performance with flat topline and mid-single digit growth in operating profit. Expectations are rising on...