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, outlfows, and holding by mainland investors.</li>
<li>We highlight flows for Meituan, Kuaishou, CNOOC, PetroChina, Tencent, BYD, HSBC, HKEx.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
We highlight flows for Meituan, Kuaishou, CNOOC, PetroChina, Tencent, BYD, HSBC, HKEx.


Hong Kong Connect Flows (July): Meituan, Kuaishou, CNOOC, PetroChina, Tencent, BYD, HSBC, HKEx

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jul 21st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Byd Company, China Mobile, Wuxi Apptec, Bidu.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 21st.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Byd Company, China Mobile, Wuxi Apptec, Bidu.


HK Short Interest Weekly: Byd Company, China Mobile, Wuxi Apptec, Bidu

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>AD (Alzheimer Disease) and RNAi are one of the most valuable breakthroughs in global pharmaceutical industry in recent years. We think they may bring the next round of biopharmaceutical prosperity.</li>
<li>MNCs have begun to adjust their strategic business model in China. Licensing cooperation and equity investments in China biotech companies are expected to become a new trend.</li>
<li>We can't expect too much from <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> just because Legend Bio’s CAR-T product has good sales performance. Genscript could underperform based on our analysis.</li>
</ul>


AD (Alzheimer Disease) and RNAi are one of the most valuable breakthroughs in global pharmaceutical industry in recent years. We think they may bring the next round of biopharmaceutical prosperity.
MNCs have begun to adjust their strategic business model in China. Licensing cooperation and equity investments in China biotech companies are expected to become a new trend.
We can't expect too much from Genscript Biotech (1548 HK) just because Legend Bio’s CAR-T product has good sales performance. Genscript could underperform based on our analysis.


China Healthcare Weekly (Jul.28) - Starting Point of New Prosperity, MNCs Change Strategy, Genscript

Equity Capital Markets

WuXi XDC Cayman  / Equity Capital Markets

<ul>
<li>Although WuXi XDC has financing needs, we’re more inclined to view this spin-off listing as another capital operation of WuXi AppTec/WuXi Bio, who may not want to take risks alone.</li>
<li>Global ADC/broader bioconjugate market is at a nascent stage of development, with high R&amp;D risks/commercialization uncertainties. We cannot guarantee whether WuXi XDC will maintain its industry-leading position in the future.</li>
<li>Although high growth can bring good stories, we're not sure how much actual market space WuXi XDC will have in the future,which is the key to determining the valuation ceiling.</li>
</ul>


Although WuXi XDC has financing needs, we’re more inclined to view this spin-off listing as another capital operation of WuXi AppTec/WuXi Bio, who may not want to take risks alone.
Global ADC/broader bioconjugate market is at a nascent stage of development, with high R&amp;D risks/commercialization uncertainties. We cannot guarantee whether WuXi XDC will maintain its industry-leading position in the future.
Although high growth can bring good stories, we're not sure how much actual market space WuXi XDC will have in the future,which is the key to determining the valuation ceiling.


Pre-IPO WuXi XDC - The Beautiful Story and the Truth Behind

<ul>
<li>Moderna's move into China helps ease its current performance difficulties. But China has its own regulations/policies on vaccines. Whether Moderna can successfully adapt/stand out in China remains to be seen.</li>
<li>The entire vaccine industry in China is expected to undergo significant changes. We listed the companies in this industrial chain that would benefit from the successful signing with Moderna.</li>
<li>An important signal behind this deal is that while significant differences remain at the top, mutually beneficial business cooperation between China and US will continue, providing investors with additional options/confidence.</li>
</ul>


Moderna's move into China helps ease its current performance difficulties. But China has its own regulations/policies on vaccines. Whether Moderna can successfully adapt/stand out in China remains to be seen.
The entire vaccine industry in China is expected to undergo significant changes. We listed the companies in this industrial chain that would benefit from the successful signing with Moderna.
An important signal behind this deal is that while significant differences remain at the top, mutually beneficial business cooperation between China and US will continue, providing investors with additional options/confidence.


Moderna Inc (MRNA US) - What Would Happen After Moderna Enters China?

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)

Hong Kong Connect Flows (July): Meituan, Kuaishou, CNOOC, PetroChina, Tencent, BYD, HSBC, HKEx

We analyzed the Hong Kong Connect Scheme for July and highlight flows for Meituan, Kuaishou, CNOOC, PetroChina, Tencent, BYD, HSBC, HKEx.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Byd Company, China Mobile, Wuxi Apptec, Bidu

We analyzed the latest HK SFC report for aggregate short position as of Jul 21st and highlight short interest changes in Byd Company, China Mobile,...

Ke Yan, CFA, FRM

China Healthcare Weekly (Jul.28) - Starting Point of New Prosperity, MNCs Change Strategy, Genscript

AD+RNAi could be the start point of next round of biopharmaceutical prosperity. MNCs have begun to adjust their strategic business model in...

Xinyao (Criss) Wang

Pre-IPO WuXi XDC - The Beautiful Story and the Truth Behind

How far WuXi XDC can go in the future depends on the real market space of ADC and the company's performance. But as a capital operation, good story...

Xinyao (Criss) Wang

Moderna Inc (MRNA US) - What Would Happen After Moderna Enters China?

Moderna's entry into China is beneficial for both sides, which will have profound impact on China's biopharmaceutical industry.Such cooperation...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)