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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 31st based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Cspc Pharmaceutical (1093 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Tencent (700 HK), Swire Pacific (19 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 31st based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Cspc Pharmaceutical (1093 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Tencent (700 HK), Swire Pacific (19 HK).


Hong Kong Buybacks Weekly (Mar 31st): Tencent, AIA, CSPC

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.</li>
<li>Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.</li>
<li>Stocks mentioned include <a href="https://www.smartkarma.com/entities/tian-an-china-investment" target="_blank" data-smartkarma-citation="entities:13665:1" rel="noopener">Tian An China Investment (28 HK)</a>, <a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a>, and <a href="https://www.smartkarma.com/entities/li-auto-inc-3dbe6187-544f-40dd-b9f9-72fba9c0110e" target="_blank" data-smartkarma-citation="entities:33811:1" rel="noopener">Li Auto (2015 HK)</a>.</li>
</ul>


The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.
Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.
Stocks mentioned include Tian An China Investment (28 HK), CSPC Pharmaceutical Group (1093 HK), and Li Auto (2015 HK).


Hong Kong CEO & Director Dealings (30 Mar): Tian An, CSPC Pharmaceutical, Li Auto

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>The investment logic of vaccine companies is different that of biotech. Generally speaking, vaccine companies cannot develop to large scale without successfully betting on big vaccine varieties.</li>
<li>The most fatal problem of CanSino is that there’re no other blockbuster varieties except COVID-19 vaccine. So, either CanSino develops a big variety,or it would gradually enter a vicious circle.</li>
<li>CanSino’s current valuation is at a low level. Even with many negative factors, that doesn't mean CanSino's stock price won't rebound. </li>
</ul>


The investment logic of vaccine companies is different that of biotech. Generally speaking, vaccine companies cannot develop to large scale without successfully betting on big vaccine varieties.
The most fatal problem of CanSino is that there’re no other blockbuster varieties except COVID-19 vaccine. So, either CanSino develops a big variety,or it would gradually enter a vicious circle.
CanSino’s current valuation is at a low level. Even with many negative factors, that doesn't mean CanSino's stock price won't rebound. 


CanSino Biologics (6185.HK) 2022 Results - It Is Time to Reassess CanSino and Its Future Prospects

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.

CSPC Pharmaceutical Group / Equity Bottom-Up

<ul><li>CSPC reported FY22 revenue of RMB30.94bn (+11.0% YoY) and attributable net profit of RMB6.09bn (+8.7% YoY), in line with our estimates of RMB31.35bn revenue and RMB5.99bn net profit, respectively.</li><li>The FY22 sales of finished drugs increased +8.1% YoY to RMB22.68bn, mainly driven by the steady sales performance of nervous system disease drugs and strong growth of anti-infective drugs.</li><li>Bulk product sales delivered +23.8% YoY growth to RMB6.42bn in FY22, thanks to the increase of functional food &amp; other business (+43.9% YoY) driven by the growth of caffeine products in both sales volume and average selling price.</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.

CSPC reported FY22 revenue of RMB30.94bn (+11.0% YoY) and attributable net profit of RMB6.09bn (+8.7% YoY), in line with our estimates of RMB31.35bn revenue and RMB5.99bn net profit, respectively.The FY22 sales of finished drugs increased +8.1% YoY to RMB22.68bn, mainly driven by the steady sales performance of nervous system disease drugs and strong growth of anti-infective drugs.Bulk product sales delivered +23.8% YoY growth to RMB6.42bn in FY22, thanks to the increase of functional food &amp; other business (+43.9% YoY) driven by the growth of caffeine products in both sales volume and average selling price.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.

CSPC Pharmaceutical (1093 HK) – mRNA platform verified with product approval

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>China approved its first homegrown Covid-19 vaccine using the advanced mRNA technology, months after the country pivoted from its “zero-Covid” strategy toward living with the virus.</li><li>The vaccine, developed by CSPC Pharmaceutical Group Ltd., was approved for emergency use by the National Medical Products Administration.</li><li>The shot, known as SYS6006, primarily targets the omicron variant BA.5 and can be stored at 2 to 8 degrees Celsius (36 to 46 degrees Fahrenheit) “for a long time,”.</li></ul>

China approved its first homegrown Covid-19 vaccine using the advanced mRNA technology, months after the country pivoted from its “zero-Covid” strategy toward living with the virus.The vaccine, developed by CSPC Pharmaceutical Group Ltd., was approved for emergency use by the National Medical Products Administration.The shot, known as SYS6006, primarily targets the omicron variant BA.5 and can be stored at 2 to 8 degrees Celsius (36 to 46 degrees Fahrenheit) “for a long time,”.

China Clears First Homegrown MRNA Covid Vaccine

China

CSPC Pharmaceutical Group Limited, through its subsidiaries, manufactures and sells pharmaceutical products.  The Company's products include vitamin C, antibiotics and common generic drugs. The Company is also engages in the development of innovative drugs and antibiotics.

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CSPC Pharmaceutical Group (1093 HK)

Hong Kong Buybacks Weekly (Mar 31st): Tencent, AIA, CSPC

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Hong Kong CEO & Director Dealings (30 Mar): Tian An, CSPC Pharmaceutical, Li Auto

The data in this insight is collated from the "shareholding disclosure" link on the HKEx website. These insights also flag those companies where...

David Blennerhassett

CanSino Biologics (6185.HK) 2022 Results - It Is Time to Reassess CanSino and Its Future Prospects

CanSino had poor performance last year,but share price could bounce back in the next “sector resonance".There's no long-term investment value until...

Xinyao (Criss) Wang

CSPC Pharmaceutical (1093 HK) – mRNA platform verified with product approval

CSPC reported FY22 revenue of RMB30.94bn (+11.0% YoY) and attributable net profit of RMB6.09bn (+8.7% YoY), in line with our estimates of...

CMB International

China Clears First Homegrown MRNA Covid Vaccine

China approved its first homegrown Covid-19 vaccine using the advanced mRNA technology, months after the country pivoted from its “zero-Covid”...

Caixin Global

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