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 Dec 5th. The aggregated short interest was USD11.8bn.</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 LCB, Alteogen, Hyundai Motor, Samsung F&amp;M Insurance, HanmiPharm.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Dec 5th. The aggregated short interest was USD11.8bn.
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 LCB, Alteogen, Hyundai Motor, Samsung F&amp;M Insurance, HanmiPharm.


KRX Short Interest Weekly (Dec 5th): LCB, Alteogen, Hyundai Motor, Samsung F&M Insurance, HanmiPharm

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Equity Capital Markets

<p>Genians is a sort of pure play company. Genians is a network solution provider, but nearly all of its revenue come from a single product called "NAC (Network Access Control)" solution. Founder and CEO Lee Dong-beom has lengthy experience on network security software. He himself is a software engineer. He founded Genians back in 2005 after having spent nearly two decades as a software engineer. At the time he founded his own network security company, he saw a huge business opportunity. Before 2005, it was all about firewalls and vaccine programs. But in 2005, Cisco introduced a new concept for network security, which was called "NAC (Network Access Control)".</p><div class="content-highlight"><p><em>Network Access Control (NAC) is a computer networking solution that uses a set of protocols to define and implement a policy that describes how to secure access to network nodes by devices when they initially attempt to access the network. (Courtesy Wikipedia)</em></p></div><p>When Cisco first introduced its NAC solutions in Korea, many Korean clients weren't really satisfied because Cisco's NAC solutions slowed down their network speed substantially. This made Lee see a huge business opportunity. He thought what if he could make another NAC solution that wouldn't put too much burden on network speed. This was how he began his first business venture back in 2005. He basically developed a sort of customized and localized version of Cisco's NAC, which was lighter and less expensive. He began selling his own version of NAC in the second half of 2006, and since then, his company successfully carved out a very nice niche in Korea's network security solution market.</p><p>In 2012, Lee and his company saw another huge business opportunity. Around 2012, Korea saw an explosive use of portable wireless devices such as smartphones, tablet PCs and various IoT devices. All of these portable wireless devices came to enterprise networks. That is, networks needed a whole different approach to address many new security threats posed by these portable wireless devices. As a result, the company developed something called "Genian NAC Suite", which basically combined its NAC equipment with WIPS (wireless intrusion prevention system). So, this is basically a wireless NAC.</p><div class="content-highlight"><p><em>A wireless intrusion prevention system (WIPS) is a network device that monitors the radio spectrum for the presence of unauthorized access points (intrusion detection), and can automatically take countermeasures (intrusion prevention). (Courtesy Wikipedia)</em></p></div><p>Starting 2014, this so-called "wireless NAC" quickly became a huge hit particularly among Korea's local retail banks. This is why the company's sales started soaring starting 2014 (at an annual sales growth rate of 30+%). With this great success with wireless NAC, the company decided to enter the US market. Its US subsidiary was founded in 2016. March this year, it changed its name to "Genians" from "Genie Networks".</p>

Genians is a sort of pure play company. Genians is a network solution provider, but nearly all of its revenue come from a single product called "NAC (Network Access Control)" solution. Founder and CEO Lee Dong-beom has lengthy experience on network security software. He himself is a software engineer. He founded Genians back in 2005 after having spent nearly two decades as a software engineer. At the time he founded his own network security company, he saw a huge business opportunity. Before 2005, it was all about firewalls and vaccine programs. But in 2005, Cisco introduced a new concept for network security, which was called "NAC (Network Access Control)".Network Access Control (NAC) is a computer networking solution that uses a set of protocols to define and implement a policy that describes how to secure access to network nodes by devices when they initially attempt to access the network. (Courtesy Wikipedia)When Cisco first introduced its NAC solutions in Korea, many Korean clients weren't really satisfied because Cisco's NAC solutions slowed down their network speed substantially. This made Lee see a huge business opportunity. He thought what if he could make another NAC solution that wouldn't put too much burden on network speed. This was how he began his first business venture back in 2005. He basically developed a sort of customized and localized version of Cisco's NAC, which was lighter and less expensive. He began selling his own version of NAC in the second half of 2006, and since then, his company successfully carved out a very nice niche in Korea's network security solution market.In 2012, Lee and his company saw another huge business opportunity. Around 2012, Korea saw an explosive use of portable wireless devices such as smartphones, tablet PCs and various IoT devices. All of these portable wireless devices came to enterprise networks. That is, networks needed a whole different approach to address many new security threats posed by these portable wireless devices. As a result, the company developed something called "Genian NAC Suite", which basically combined its NAC equipment with WIPS (wireless intrusion prevention system). So, this is basically a wireless NAC.A wireless intrusion prevention system (WIPS) is a network device that monitors the radio spectrum for the presence of unauthorized access points (intrusion detection), and can automatically take countermeasures (intrusion prevention). (Courtesy Wikipedia)Starting 2014, this so-called "wireless NAC" quickly became a huge hit particularly among Korea's local retail banks. This is why the company's sales started soaring starting 2014 (at an annual sales growth rate of 30+%). With this great success with wireless NAC, the company decided to enter the US market. Its US subsidiary was founded in 2016. March this year, it changed its name to "Genians" from "Genie Networks".

Genians IPO Summary - Small But Solid Network Security Solution Provider

South Korea

Genians, Inc. operates as a system software development company. The Company provides network access control solution and other related services. Genians also manufactures built-in wireless adapters.

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Genians, Inc. (263860 KS)

KRX Short Interest Weekly (Dec 5th): LCB, Alteogen, Hyundai Motor, Samsung F&M Insurance, HanmiPharm

We analyzed KRX short interest report for the past week and highlighted short interest changes in LCB, Alteogen, Hyundai Motor, Samsung F&M...

Ke Yan, CFA, FRM

Genians IPO Summary - Small But Solid Network Security Solution Provider

Genians is a sort of pure play company. Genians is a network solution provider, but nearly all of its revenue come from a single product called...

Sanghyun Park

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)