Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

Orient Overseas (International) / Index Rebalance

<ul>
<li>The review period for the March review of the HSCI ends on 31 December. There are expected to be a lot more inclusions than deletions at the review.</li>
<li>There are quite a few stocks that should be included following their listing over the last couple of months while others are now potential inclusions after passing the velocity test.</li>
<li>Quite a few of the potential deletions from the HSCI and Stock Connect have large holdings via Southbound Stock Connect and these stock could see some selling.</li>
</ul>


The review period for the March review of the HSCI ends on 31 December. There are expected to be a lot more inclusions than deletions at the review.
There are quite a few stocks that should be included following their listing over the last couple of months while others are now potential inclusions after passing the velocity test.
Quite a few of the potential deletions from the HSCI and Stock Connect have large holdings via Southbound Stock Connect and these stock could see some selling.


HSCI Index Rebalance and Stock Connect: More Inclusions than Exclusions in March

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<div>
<p>ANE, an express freight network operator in China for less-than-truckload (LTL) market, raised around US$143m in its Hong Kong IPO. The company is backed by a host of financial investors including Centurium, Carlyle, CDH, CPE, NWS, Ping An, Goldman Sachs and Yili.</p>
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<div>We covered various aspects of the deal in our earlier notes,</div>
<div>
<ul>
<li>
<a href="https://www.smartkarma.com/compose/insight/59814/ANE%20Logistics%20Pre-IPO%20-%20Margins%20Expanding%20but%20Appears%20to%20Be%20Falling%20Behind" target="_blank" rel="noopener">ANE Logistics Pre-IPO - Margins expanding but appears to be falling behind,</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/ane-logistics-pre-ipo-phip-updates-underlying-growth-is-far-from-clear" target="_blank" rel="noopener">ANE Logistics Pre-IPO - PHIP updates - Underlying growth is far from clear</a> and</li>
<li><a href="https://www.smartkarma.com/insights/ane-logistics-ipo-weird-disclosures-continue" target="_blank" rel="noopener">ANE Logistics IPO - Weird Disclosures Continue</a></li>
</ul>
<p>In this note, we will talk about updates since our last note</p>
</div>


ANE, an express freight network operator in China for less-than-truckload (LTL) market, raised around US$143m in its Hong Kong IPO. The company is backed by a host of financial investors including Centurium, Carlyle, CDH, CPE, NWS, Ping An, Goldman Sachs and Yili.

We covered various aspects of the deal in our earlier notes,



ANE Logistics Pre-IPO - Margins expanding but appears to be falling behind, 

ANE Logistics Pre-IPO - PHIP updates - Underlying growth is far from clear and
ANE Logistics IPO - Weird Disclosures Continue

In this note, we will talk about updates since our last note


ANE Logistics IPO Trading - No Demand, We Would Stay Clear

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<p><a href="https://www.smartkarma.com/entities/uju-holding" target="_blank" data-smartkarma-citation="entities:34824:1" rel="noopener">Uju Holding (1948 HK)</a> raised around US$103m after pricing its IPO at HKD6.70/share, at the bottom end of the IPO price range.</p><p>Uju Holding is a one-stop cross media online marketing solutions provider that works with media partners to market its advertiser customer’s products and/or services. </p><p>In this note, we will look at deal dynamics, and discuss its current valuation against peers. </p><p>Our previous coverage on the IPO:</p><ul>
<li><a href="https://www.smartkarma.com/insights/uju-holding-ipo-margin-compression-looks-to-persist" target="_blank" data-smartkarma-citation="insights:59644" rel="noopener">Uju Holding IPO - Margin Compression Looks to Persist</a></li>
<li><a href="https://www.smartkarma.com/insights/uju-holding-ipo-asking-valuation-is-a-stretch" target="_blank" data-smartkarma-citation="insights:59668" rel="noopener">Uju Holding IPO - Asking Valuation Is a Stretch</a></li>
</ul>

Uju Holding (1948 HK) raised around US$103m after pricing its IPO at HKD6.70/share, at the bottom end of the IPO price range.Uju Holding is a one-stop cross media online marketing solutions provider that works with media partners to market its advertiser customer’s products and/or services. In this note, we will look at deal dynamics, and discuss its current valuation against peers. Our previous coverage on the IPO:
Uju Holding IPO - Margin Compression Looks to Persist
Uju Holding IPO - Asking Valuation Is a Stretch


Uju Holding IPO Trading - Downside Seems Imminent

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Clover Biopharmaceuticals / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/clover-biopharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:33029:1" rel="noopener">Clover Biopharmaceuticals (2197 HK)</a> has priced its IPO at HK$13.38 per share, marginally below (0.9%) the upper end of the IPO price range of HK$13.50 per share. At HK$13.38 per share, Clover raised net proceeds of approx. HK$1,870.2m at a market capitalisation of HK$15.5bn and a post-money enterprise value of HK$11.4bn. According to the company, both HK offering and the international offering were oversubscribed by approx. 4.40x and 3.21x respectively.</p><p>Clover’s most advanced drug asset is a Covid-19 vaccine candidate, SCB-2019 and the company expects to submit applications for conditional regulatory approval to the EMA, the NMPA and the WHO in 4Q2021 and expects to receive approvals between 4Q2021 to mid-2022. The company plans to use approx. 65.0% of its net IPO proceeds for the research and development, manufacturing and commercialisation of the company’s core products and related products.</p><p>In our previous two insights on the company’s IPO, we discussed its business, product candidates and their outlook and the valuation.</p>

Clover Biopharmaceuticals (2197 HK) has priced its IPO at HK$13.38 per share, marginally below (0.9%) the upper end of the IPO price range of HK$13.50 per share. At HK$13.38 per share, Clover raised net proceeds of approx. HK$1,870.2m at a market capitalisation of HK$15.5bn and a post-money enterprise value of HK$11.4bn. According to the company, both HK offering and the international offering were oversubscribed by approx. 4.40x and 3.21x respectively.Clover’s most advanced drug asset is a Covid-19 vaccine candidate, SCB-2019 and the company expects to submit applications for conditional regulatory approval to the EMA, the NMPA and the WHO in 4Q2021 and expects to receive approvals between 4Q2021 to mid-2022. The company plans to use approx. 65.0% of its net IPO proceeds for the research and development, manufacturing and commercialisation of the company’s core products and related products.In our previous two insights on the company’s IPO, we discussed its business, product candidates and their outlook and the valuation.

Clover Biopharmaceuticals IPO: Thoughts on First Day Trading

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<p>Clover Biopharmaceuticals raised HKD 1,870 million (USD 240m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, November 5th.</p>
<p>In our previous note, we discussed that the company developed a trimer tag platform that makes use of human collagen to trimerize targeted protein with an expected favorable safety profile. The company has completed a Phase 2/3 clinical trial for the COVID-19 vaccine (SCB-2019) which will be the main revenue driver for the company in the next two years as it will supply vaccines through the COVAX program. We also look at its two clinical-stage candidates, namely SCB-313 and SCB-808. The company is interesting and investors should follow the deal. We also provided our forecast for its SCB-2019 and SCB-313. We note that the company's valuation is largely anchored on the sales of its COVID-19 vaccine. Its SCB-313 is also interesting given the prevalence of the targeted indication. </p>
<p>In this note, we look at the updates since our last note. While the debut performance is likely to be poor, we would like to accumulate the stock at HKD 10.35/share.</p>

Clover Biopharmaceuticals raised HKD 1,870 million (USD 240m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, November 5th.
In our previous note, we discussed that the company developed a trimer tag platform that makes use of human collagen to trimerize targeted protein with an expected favorable safety profile. The company has completed a Phase 2/3 clinical trial for the COVID-19 vaccine (SCB-2019) which will be the main revenue driver for the company in the next two years as it will supply vaccines through the COVAX program. We also look at its two clinical-stage candidates, namely SCB-313 and SCB-808. The company is interesting and investors should follow the deal. We also provided our forecast for its SCB-2019 and SCB-313. We note that the company's valuation is largely anchored on the sales of its COVID-19 vaccine. Its SCB-313 is also interesting given the prevalence of the targeted indication. 
In this note, we look at the updates since our last note. While the debut performance is likely to be poor, we would like to accumulate the stock at HKD 10.35/share.

Clover (三叶草生物) IPO Trading: Level for Accumulation

China

Clover Biopharmaceuticals is a global commercial-stage biotechnology company focused on developing innovative vaccines and biologic therapeutic candidates. The company designs, tests, and manufactures biologic products using its protein engineering and cell-culture technology. Its pipeline includes vaccines for seasonal influenza, COVID-19, Respiratory Syncytial Virus (RSV), and pneumococcal conjugated vaccines (PCV), as well as therapeutic candidates for infectious diseases, cancer, and autoimmune diseases. Headquartered in Chengdu, China, the company was founded in 2007.

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Clover Biopharmaceuticals (2197 HK)

HSCI Index Rebalance and Stock Connect: More Inclusions than Exclusions in March

We expect there will be a lot more inclusions than exclusions at the March rebalance of the HSCI. The changes to the index will result in changes...

Brian Freitas

ANE Logistics IPO Trading - No Demand, We Would Stay Clear

ANE, an express freight network operator in China for less-than-truckload (LTL) market, raised around US$143m in its Hong Kong IPO. The company is...

Sumeet Singh

Uju Holding IPO Trading - Downside Seems Imminent

Uju Holding (1948 HK) raised around US$106m after pricing its IPO at HKD6.90/share, at the bottom end of the IPO price range.

Clarence Chu

Clover Biopharmaceuticals IPO: Thoughts on First Day Trading

Clover priced its IPO slightly below upper end of the price range and the IPO was moderately oversubscribed. We expect tomorrow's debut to be poor,...

Shifara Samsudeen, FCMA, CGMA

Clover (三叶草生物) IPO Trading: Level for Accumulation

We look at factors for Clover Pharmaceuticals' debut performance. While the debut performance is likely to be poor, we would like to accumulate the...

Ke Yan, CFA, FRM

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