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 Nov 29th which has an aggregated short interest worth USD4.2bn.</li>
<li>We tabulate league table 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 Korea Zinc, JYP, SK Hynix.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Nov 29th which has an aggregated short interest worth USD4.2bn.
We tabulate league table 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 Korea Zinc, JYP, SK Hynix.


KRX Short Interest Weekly (Nov 29th):Korea Zinc, JYP, SK Hynix

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Ecopro BM’s still hot trading volume might minimize passive impact. The real action is who replaces it in KOSDAQ 150 and which KOSPI 200 stock gets the boot.</li>
<li>LS Marine Solution joins KOSDAQ 150, while Green Cross Holdings gets the boot due to the lowest average daily market cap from May 1 to October 31.</li>
<li>KRX fast-tracks approvals for financially strong companies in 20 trading days. Ecopro BM likely qualifies, meaning approval could come before Christmas—ideal timing for entry.</li>
</ul>


Ecopro BM’s still hot trading volume might minimize passive impact. The real action is who replaces it in KOSDAQ 150 and which KOSPI 200 stock gets the boot.
LS Marine Solution joins KOSDAQ 150, while Green Cross Holdings gets the boot due to the lowest average daily market cap from May 1 to October 31.
KRX fast-tracks approvals for financially strong companies in 20 trading days. Ecopro BM likely qualifies, meaning approval could come before Christmas—ideal timing for entry.


Ecopro BM’s KOSPI Move: Trade LS Marine Solution & Green Cross for the Real Play

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>On 27 November, Ecopro BM (247540 KS) announced that it has filed an application for the transfer of listing from KOSDAQ to KOSPI. </li>
<li>Ecopro BM is currently the second largest company in KOSDAQ. At the current market cap, Ecopro BM will be the 34th largest company in KOSPI (in terms of market cap).</li>
<li>Lofty valuation is one of the main reasons why we continue to be bearish on Ecopro BM which is trading at P/E of 134x and P/B of 9.4x in 2026.</li>
</ul>


On 27 November, Ecopro BM (247540 KS) announced that it has filed an application for the transfer of listing from KOSDAQ to KOSPI. 
Ecopro BM is currently the second largest company in KOSDAQ. At the current market cap, Ecopro BM will be the 34th largest company in KOSPI (in terms of market cap).
Lofty valuation is one of the main reasons why we continue to be bearish on Ecopro BM which is trading at P/E of 134x and P/B of 9.4x in 2026.


Ecopro BM: Transfer of Listing from KOSDAQ to KOSPI Is Likely in 1Q 2025

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Nov 22nd which has an aggregated short interest worth USD4.2bn.</li>
<li>We tabulate league table 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 Hanwha Aerospace (012450 KS), Posco (004590 KS).</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Nov 22nd which has an aggregated short interest worth USD4.2bn.
We tabulate league table 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 Hanwha Aerospace (012450 KS), Posco (004590 KS).


KRX Short Interest Weekly (Nov 22nd): Hanwha Aerospace, Posco

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Nov 15th which has an aggregated short interest worth USD4.1bn.</li>
<li>We tabulate league table 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 Korzinc, Posco, Alteogen, Doosan Enerbility .</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Nov 15th which has an aggregated short interest worth USD4.1bn.
We tabulate league table 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 Korzinc, Posco, Alteogen, Doosan Enerbility .


KRX Short Interest Weekly (Nov 15th): Korzinc, Posco, Alteogen, Doosan Enerbility

South Korea

Ecopro BM Co.,Ltd develops and manufactures advanced materials. The Company produces and sells high-nickel cathode materials and other products. Ecopro BM markets its products throughout Korea.

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Ecopro BM (247540 KS)

KRX Short Interest Weekly (Nov 29th):Korea Zinc, JYP, SK Hynix

We analyzed KRX short interest report for the past week and highlighted short interest changes in Korea Zinc, JYP, SK Hynix.

Ke Yan, CFA, FRM

Ecopro BM’s KOSPI Move: Trade LS Marine Solution & Green Cross for the Real Play

This post breaks down the passive flow actions for Ecopro BM’s KOSPI move: Trade LS Marine Solution and Green Cross for the real play.

Sanghyun Park

Ecopro BM: Transfer of Listing from KOSDAQ to KOSPI Is Likely in 1Q 2025

On 27 November, Ecopro BM (247540 KS) announced that it has filed an application for the transfer of listing from KOSDAQ to KOSPI.

Douglas Kim

KRX Short Interest Weekly (Nov 22nd): Hanwha Aerospace, Posco

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanwha Aerospace, Posco.

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Nov 15th): Korzinc, Posco, Alteogen, Doosan Enerbility

We analyzed KRX short interest report for the past week and highlighted short interest changes in Korzinc, Posco, Alteogen, Doosan Enerbility.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)