IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/asics-corp" target="_blank" data-smartkarma-citation="entities:16287:1" rel="noopener">ASICS Corp (7936</a><a href="https://www.smartkarma.com/entities/asics-corp" target="_blank" data-smartkarma-citation="entities:16287:1" rel="noopener"> JP)</a> and <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> placements; <a href="https://www.smartkarma.com/entities/sanil-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:43687:1" rel="noopener">Sanil Electric (062040 KS)</a> and <a href="https://www.smartkarma.com/entities/timee-inc" target="_blank" data-smartkarma-citation="entities:43690:1" rel="noopener">Timee Inc (215A JP)</a> IPOs.</li>
<li>Event-Driven developments <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China Traditional Chinese Medicine (570 HK)</a>, <a href="https://www.smartkarma.com/entities/huafa-property-services-group" target="_blank" data-smartkarma-citation="entities:5841:1" rel="noopener">Huafa Property Services Group (982 HK)</a>, <a href="https://www.smartkarma.com/entities/samson-holding-ltd" target="_blank" data-smartkarma-citation="entities:2767:1" rel="noopener">Samson Holding (531 HK)</a>, <a href="https://www.smartkarma.com/entities/zhihu-technology-ltd" target="_blank" data-smartkarma-citation="entities:32185:1" rel="noopener">Zhihu Technology (ZH US)</a>, <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a>, <a href="https://www.smartkarma.com/entities/gulf-energy-development-pcl" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development (GULF TB)</a>. 
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: ASICS Corp (7936 JP) and Kokusai Electric (6525 JP) placements; Sanil Electric (062040 KS) and Timee Inc (215A JP) IPOs.
Event-Driven developments China Traditional Chinese Medicine (570 HK), Huafa Property Services Group (982 HK), Samson Holding (531 HK), Zhihu Technology (ZH US), Intouch Holdings (INTUCH TB), Gulf Energy Development (GULF TB). 



Weekly Deals Digest (21 Jul) - Intouch/Gulf, China TCM, Huafa, Samson, Zhihu, Asics, Kokusai, Timee

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

CK Infrastructure Holdings / Equity Bottom-Up

<ul>
<li>Equity ETF flows in China continued to lead Asia as the "National Team" in China supports market levels during the 3rd Plenum.</li>
<li>
<a href="https://www.smartkarma.com/entities/ck-infrastructure-holdings-l" target="_blank" data-smartkarma-citation="entities:163:1" rel="noopener">CK Infrastructure Holdings (1038 HK)</a> , <a href="https://www.smartkarma.com/entities/genscript-biotech-corp" target="_blank" data-smartkarma-citation="entities:21041:1" rel="noopener">Genscript Biotech (1548 HK)</a> and <a href="https://www.smartkarma.com/entities/boc-aviation" target="_blank" data-smartkarma-citation="entities:22689:1" rel="noopener">BOC Aviation (2588 HK)</a> saw positive news sentiment and share price movements for the week.</li>
<li>
<a href="https://www.smartkarma.com/entities/jiumaojiu-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:28293:1" rel="noopener">Jiumaojiu (9922 HK)</a> , <a href="https://www.smartkarma.com/entities/aluminum-corporation-of-china-limited" target="_blank" data-smartkarma-citation="entities:6884:1" rel="noopener">Aluminum Corporation Of China (2600 HK)</a> and <a href="https://www.smartkarma.com/entities/china-hongqiao-group-ltd" target="_blank" data-smartkarma-citation="entities:1909:1" rel="noopener">China Hongqiao (1378 HK)</a> saw negative news sentiment and share price drops for the week.</li>
</ul>


Equity ETF flows in China continued to lead Asia as the "National Team" in China supports market levels during the 3rd Plenum.

CK Infrastructure Holdings (1038 HK) , Genscript Biotech (1548 HK) and BOC Aviation (2588 HK) saw positive news sentiment and share price movements for the week.

Jiumaojiu (9922 HK) , Aluminum Corporation Of China (2600 HK) and China Hongqiao (1378 HK) saw negative news sentiment and share price drops for the week.


The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (July 19)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech Corp (LEGN US)</a> shares increased 12% on Friday as a Street Insider report claimed it received takeover interest and hired Centerview Partners to help review the offer.</li>
<li>
<a href="https://www.smartkarma.com/entities/genscript-biotech-corp" target="_blank" data-smartkarma-citation="entities:21041:1" rel="noopener">Genscript Biotech (1548 HK)</a>, the largest shareholder, shares rose 25%. Genscript responsded that it is not aware of any reasons for these share price movements and any inside information.</li>
<li>The chances for an offer are low as the offeror would face several hurdles. Nevertheless, without an offer, the upcoming CARVYKTI commercial production in 2H24 will support the share price.   </li>
</ul>



Legend Biotech Corp (LEGN US) shares increased 12% on Friday as a Street Insider report claimed it received takeover interest and hired Centerview Partners to help review the offer.

Genscript Biotech (1548 HK), the largest shareholder, shares rose 25%. Genscript responsded that it is not aware of any reasons for these share price movements and any inside information.
The chances for an offer are low as the offeror would face several hurdles. Nevertheless, without an offer, the upcoming CARVYKTI commercial production in 2H24 will support the share price.   


Legend Biotech (LEGN US): Takeover Interest – Possible but Tough to Pull Off

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>One interesting interpretation of the new Akeso-summit cooperation is that it aims to pave the way for potential acquisition of Summit by MNC. The climax of the story hasn’t arrived.</li>
<li>Jacobio is a good target for potential M&amp;A and licensing deals. So, this company has considerable potential returns and also strong safety margin, which is worth taking a gamble on.</li>
<li>There’re concerns that Genscript could face US scrutiny due to alleged ties with Chinese government. Share price rebound may not last considering geopolitical conflicts and CXO industry downturn in 24H1.</li>
</ul>


One interesting interpretation of the new Akeso-summit cooperation is that it aims to pave the way for potential acquisition of Summit by MNC. The climax of the story hasn’t arrived.
Jacobio is a good target for potential M&amp;A and licensing deals. So, this company has considerable potential returns and also strong safety margin, which is worth taking a gamble on.
There’re concerns that Genscript could face US scrutiny due to alleged ties with Chinese government. Share price rebound may not last considering geopolitical conflicts and CXO industry downturn in 24H1.


China Healthcare Weekly (Jun.9) - New Akeso-Summit Deal, Jacobio Is a Good Bet, Genscript's Trouble

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 the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows for BOC, Tencent, China Mobile, ZTO Express, Anta Sports.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows for BOC, Tencent, China Mobile, ZTO Express, Anta Sports.


Hong Kong Connect Flows (April): 12M High of $10.7bn Inflows

Hong Kong

Genscript Biotech Corp is biotech service company. The Company provides life science services and products and pre-clinical drug development services.

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Genscript Biotech (1548 HK)

Weekly Deals Digest (21 Jul) - Intouch/Gulf, China TCM, Huafa, Samson, Zhihu, Asics, Kokusai, Timee

Last week, notable developments occurred in Event-Driven (China TCM, Huafa, Samson, Zhihu, Intouch/Gulf, Legend Biotech, Capitol/Integral) and ECM...

Arun George

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (July 19)

Equity ETF flows in China benefited from National Team buying this week. CK Infrastructure, Genscript Bio and BOC Aviation saw positive news...

David Mudd

Legend Biotech (LEGN US): Takeover Interest – Possible but Tough to Pull Off

The chances for an offer are low as the offeror would face several hurdles. Nevertheless, the upcoming CARVYKTI commercial production in 2H24 will...

Arun George

China Healthcare Weekly (Jun.9) - New Akeso-Summit Deal, Jacobio Is a Good Bet, Genscript's Trouble

The new Akeso-Summit deal may pave the way for MNC to acquire Summit.Jacobio is a good target for potential M&A/license deal.Genscript faces US...

Xinyao (Criss) Wang

Hong Kong Connect Flows (April): 12M High of $10.7bn Inflows

We analyzed the Hong Kong Connect Scheme for April and highlight flows for BOC, Tencent, China Mobile, ZTO Express, Anta Sports.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

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Weekly Deals Digest (21 Jul) - Intouch/Gulf, China TCM, Huafa, Samson, Zhihu, Asics, Kokusai, Timee

Last week, notable developments occurred in Event-Driven (China TCM, Huafa, Samson, Zhihu, Intouch/Gulf, Legend Biotech, Capitol/Integral) and ECM...

Arun George

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (July 19)

Equity ETF flows in China benefited from National Team buying this week. CK Infrastructure, Genscript Bio and BOC Aviation saw positive news...

David Mudd

Legend Biotech (LEGN US): Takeover Interest – Possible but Tough to Pull Off

The chances for an offer are low as the offeror would face several hurdles. Nevertheless, the upcoming CARVYKTI commercial production in 2H24 will...

Arun George

China Healthcare Weekly (Jun.9) - New Akeso-Summit Deal, Jacobio Is a Good Bet, Genscript's Trouble

​The new Akeso-Summit deal may pave the way for MNC to acquire Summit.Jacobio is a good target for potential M&A/license deal.Genscript faces US...

Xinyao (Criss) Wang

Hong Kong Connect Flows (April): 12M High of $10.7bn Inflows

We analyzed the Hong Kong Connect Scheme for April and highlight flows for BOC, Tencent, China Mobile, ZTO Express, Anta Sports.

Ke Yan, CFA, FRM

The new Akeso-Summit deal may pave the way for MNC to acquire Summit.Jacobio is a good target for potential M&A/license deal.Genscript faces US...