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 2Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the inflows in 2Q2025 were US$6,431 million and holdings were US$320 billion.</li>
<li>We highlight flows for Catl, Moutai, Midea, Jiangsu Hengrui Medicine, Wuliangye.</li>
</ul>


We analyze the 2Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the inflows in 2Q2025 were US$6,431 million and holdings were US$320 billion.
We highlight flows for Catl, Moutai, Midea, Jiangsu Hengrui Medicine, Wuliangye.


Northbound Flows (2Q2025): Catl, Moutai, Midea, Jiangsu Hengrui Medicine

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

Yashili International Holdings / Event-Driven

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore and the US (Chinese ADRs only). </li>
<li>This week, the highest gross spreads are <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>, <a href="https://www.smartkarma.com/entities/51-job-inc-adr" target="_blank" data-smartkarma-citation="entities:532:1" rel="noopener">51 Job Inc Adr (JOBS US)</a>, <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>
</li>
<li>The lowest gross spreads are <a href="https://www.smartkarma.com/entities/cimic-group-ltd" target="_blank" data-smartkarma-citation="entities:20030:1" rel="noopener">CIMIC Group Ltd (CIM AU)</a>, <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a>, <a href="https://www.smartkarma.com/entities/china-logistics-property-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:22799:1" rel="noopener">China Logistics Property Holdings (1589 HK)</a>, <a href="https://www.smartkarma.com/entities/z-energy-ltd" target="_blank" data-smartkarma-citation="entities:9838:1" rel="noopener">Z Energy Ltd (ZEL NZ)</a>, <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP)</a> </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore and the US (Chinese ADRs only). 
This week, the highest gross spreads are Yashili International Holdings (1230 HK), Razer Inc (1337 HK), 51 Job Inc Adr (JOBS US), Uniti Group Ltd (UWL AU)

The lowest gross spreads are CIMIC Group Ltd (CIM AU), Virtus Health (VRT AU), China Logistics Property Holdings (1589 HK), Z Energy Ltd (ZEL NZ), Singapore Press Holdings (SPH SP) 


Merger Arb Mondays - Yashili, Razer, 51Job, Uniti, Link, Sezzle, Guodian

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The Composite Document detailing the Conditional Voluntary General Offer for liquid chemical storage and handling outfit <a href="https://www.smartkarma.com/entities/dragon-crown-group-holdings" target="_blank" data-smartkarma-citation="entities:18919:1" rel="noopener">Dragon Crown Group (935 HK)</a> (DCG) is now out.</li>
<li>The Offer Price is HK$1.28/share. The Offer is conditional on 90% acceptance, with 86.91% in the bag.</li>
<li>This will probably turn unconditional next week. Trading tight to term. </li>
</ul>


The Composite Document detailing the Conditional Voluntary General Offer for liquid chemical storage and handling outfit Dragon Crown Group (935 HK) (DCG) is now out.
The Offer Price is HK$1.28/share. The Offer is conditional on 90% acceptance, with 86.91% in the bag.
This will probably turn unconditional next week. Trading tight to term. 


Dragon Crown (935 HK): Offer Open To Acceptances

<ul>
<li>Liquid chemical storage and handling outfit <a href="https://www.smartkarma.com/entities/dragon-crown-group-holdings" target="_blank" data-smartkarma-citation="entities:18919:1" rel="noopener">Dragon Crown Group (935 HK)</a> (DCG) announced on the 8 October a pre-conditional Offer from <a href="https://www.smartkarma.com/entities/guangdong-great-river-smarter-logistics" target="_blank" data-smartkarma-citation="entities:27110:1" rel="noopener">Guangdong Great River Smarter Logistics (002930 CH)</a> at HK$1.28/share.</li>
<li>GGRS has now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0120/2022012001122.pdf" target="_blank" rel="noopener">released</a> its own independent financial advisor's report, which concluded the Offer was fair and reasonable. </li>
<li>Trading at a gross spread of 6.7% with possible payment early April. </li>
</ul>


Liquid chemical storage and handling outfit Dragon Crown Group (935 HK) (DCG) announced on the 8 October a pre-conditional Offer from Guangdong Great River Smarter Logistics (002930 CH) at HK$1.28/share.
GGRS has now released its own independent financial advisor's report, which concluded the Offer was fair and reasonable. 
Trading at a gross spread of 6.7% with possible payment early April. 


Dragon Crown (935 HK): Offeror's IFA Report

<a href="https://www.smartkarma.com/entities/dragon-crown-group-holdings" target="_blank" data-smartkarma-citation="entities:18919:1" rel="noopener">Dragon Crown Group (935 HK)</a> is an integrated terminal service provider in China providing storage and handling services for liquid petrochemicals. After market close on Friday, it announced a pre-conditional voluntary general cash offer from an indirect subsidiary of <a href="https://www.smartkarma.com/entities/guangdong-great-river-smarter" target="_blank" data-smartkarma-citation="entities:27110:1" rel="noopener">Guangdong Great River Smarter (002930 CH)</a> (GGRSL). The offeror will offer HK$1.28 in cash per offer share and will not increase the offer price. The bid represents a premium of 8.47% over the closing price of HK$1.18 per share on the last trading date (30 September prior to the trading halt). The key pre-conditions are regulatory approval (NDRC, MOFCOM and SAFE), the Shenzhen Stock Exchange approving the material asset restructuring report (MAR) which will be published by GGRSL (the offer will constitute a MAR of GGRSL) and GGRSL shareholder approval. We think that regulatory approvals should be forthcoming as Dongguan SASAC is a co-investor in the offeror. The completion conditions include receiving valid acceptances not less than 90% of the offer shares. The offeror has received irrecovables which represent 86.91% of the outstanding shares. The 90% acceptance threshold can be waived if the offeror and concert parties acquire 50% of the voting rights.<div class="content-highlight">Overall, we think the offer price is attractive. In combination with the irrecovables, we think that the voluntary general offer will be successful. </div>

Dragon Crown Group (935 HK) is an integrated terminal service provider in China providing storage and handling services for liquid petrochemicals. After market close on Friday, it announced a pre-conditional voluntary general cash offer from an indirect subsidiary of Guangdong Great River Smarter (002930 CH) (GGRSL). The offeror will offer HK$1.28 in cash per offer share and will not increase the offer price. The bid represents a premium of 8.47% over the closing price of HK$1.18 per share on the last trading date (30 September prior to the trading halt). The key pre-conditions are regulatory approval (NDRC, MOFCOM and SAFE), the Shenzhen Stock Exchange approving the material asset restructuring report (MAR) which will be published by GGRSL (the offer will constitute a MAR of GGRSL) and GGRSL shareholder approval. We think that regulatory approvals should be forthcoming as Dongguan SASAC is a co-investor in the offeror. The completion conditions include receiving valid acceptances not less than 90% of the offer shares. The offeror has received irrecovables which represent 86.91% of the outstanding shares. The 90% acceptance threshold can be waived if the offeror and concert parties acquire 50% of the voting rights.Overall, we think the offer price is attractive. In combination with the irrecovables, we think that the voluntary general offer will be successful. 

Dragon Crown’s VGO Bid Likely to Complete

China

Guangdong Great River Smarter Logistics Co., Ltd. operates as a logistics company. The Company provides warehouse, loading, unloading, barrel filling, petrochemical products value added, and other services. Guangdong Great River Smarter Logistics serves customers in China and Hong Kong.

Guangdong Great River Smarter Logistics (002930 CH)

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Guangdong Great River Smarter Logistics (002930 CH)

Northbound Flows (2Q2025): Catl, Moutai, Midea, Jiangsu Hengrui Medicine

We analyzed the Shanghai/Shenzhen Connect Scheme for June and highlighted flows for Catl, Moutai, Midea, Jiangsu Hengrui Medicine, Wuliangye.

Ke Yan, CFA, FRM

Merger Arb Mondays - Yashili, Razer, 51Job, Uniti, Link, Sezzle, Guodian

This week, the highest gross spreads are Yashili (41.2%), Razer (19.2%), 51 Job (16.0%), Uniti Group (9.8%), Link (8.6%), Sezzle (7.0%), Guodian...

Arun George

Dragon Crown (935 HK): Offer Open To Acceptances

Trading at a gross/annualised spread of 0.8%/19.6% assuming payment late March. Not much juice in the trade, and it is not super liquid. But this...

David Blennerhassett

Dragon Crown (935 HK): Offeror's IFA Report

Trading at a gross/annualised spread of 6.7%/36.3% assuming payment early April. That's attractive, however, this is not a super liquid arb situation.

David Blennerhassett

Dragon Crown’s VGO Bid Likely to Complete

Dragon Crown announced a pre-conditional VGO at HK$1.28 in cash per share. The offer price is attractive. In combination with the irrecovables, we...

Arun George

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