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 analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 113.5% as of Dec 16th.</li>
<li>The average A-H premium changed by -1.9ppt weeok on week, led by health care, consumer discretionary, energy and offset by consumer staples, real estate.</li>
<li>We highlight weekly changes in A-H premium for Weichai Power, Fuyao Glass, Tianqi Lithium, Cansino Biologics, Air China, Cosco Ship Holding.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 113.5% as of Dec 16th.
The average A-H premium changed by -1.9ppt weeok on week, led by health care, consumer discretionary, energy and offset by consumer staples, real estate.
We highlight weekly changes in A-H premium for Weichai Power, Fuyao Glass, Tianqi Lithium, Cansino Biologics, Air China, Cosco Ship Holding.


A-H Premium Weekly (Dec 16th): Weichai Power, Fuyao Glass, Tianqi Lithium

<ul>
<li>We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 130.2% as of Oct 14th.</li>
<li>The average A-H premium changed by 5.3ppt weeok on week, led by information technology, real estate, materials and offset by communication services, energy.</li>
<li>We highlight weekly changes in A-H premium for CMB, China Pacific, Remegen, Tigermed, Shanghai Fudan, YOFC, GWM, CGS.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 130.2% as of Oct 14th.
The average A-H premium changed by 5.3ppt weeok on week, led by information technology, real estate, materials and offset by communication services, energy.
We highlight weekly changes in A-H premium for CMB, China Pacific, Remegen, Tigermed, Shanghai Fudan, YOFC, GWM, CGS.


A-H Premium Weekly (Oct 14th): CMB, China Pacific, Remegen, Tigermed, Shanghai Fudan, YOFC, GWM, CGS

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Joinn Laboratories China  Lt / Equity Bottom-Up

<ul>
<li>The monkeys have become <a href="https://www.smartkarma.com/entities/joinn-laboratories-china-c-h" target="_blank" data-smartkarma-citation="entities:31498:1" rel="noopener">Joinn Laboratories (H) (6127 HK)</a>’s important profit growth point based on the logic chain of "monkey supply shortage - monkey price rise - Joinn’s performance increase". </li>
<li>Faced with doubts about the future prosperity of CXO, we don't think Joinn is immune as a part of this industrial chain. Joinn is hard to achieve the V-shaped rebound.</li>
<li>Valuations are hard to increase by when the industry is very mature.For investment logic, my favorite is the industry beta, followed by industry beta+alpha. The last is low P/E ratio.</li>
</ul>


The monkeys have become Joinn Laboratories (H) (6127 HK)’s important profit growth point based on the logic chain of "monkey supply shortage - monkey price rise - Joinn’s performance increase". 
Faced with doubts about the future prosperity of CXO, we don't think Joinn is immune as a part of this industrial chain. Joinn is hard to achieve the V-shaped rebound.
Valuations are hard to increase by when the industry is very mature.For investment logic, my favorite is the industry beta, followed by industry beta+alpha. The last is low P/E ratio.


Joinn Laboratories (6127.HK) 22H1 - It's Time to Face Reality Before the Magic of Monkeys Disappears

Thematic (Sector/Industry)

<ul>
<li>CXO sector plummeted after Biden has officially signed the National Biotechnology and Biomanufacturing Initiative. In our impression, all sharp declines of CXO were mostly due to geographical conflicts/overseas policy disturbances.</li>
<li>We remain conservative about CXO’s outlook. If investors still choose to invest in CXO, there are some questions to ponder based on the general environment of Sino-US confrontation.</li>
<li>As tensions between China and the US escalate, it may no longer be possible to think on the basis of "common sense". Investors are advised to think “outside the box”. </li>
</ul>


CXO sector plummeted after Biden has officially signed the National Biotechnology and Biomanufacturing Initiative. In our impression, all sharp declines of CXO were mostly due to geographical conflicts/overseas policy disturbances.
We remain conservative about CXO’s outlook. If investors still choose to invest in CXO, there are some questions to ponder based on the general environment of Sino-US confrontation.
As tensions between China and the US escalate, it may no longer be possible to think on the basis of "common sense". Investors are advised to think “outside the box”. 


About the CXO Plunge After Biden Signed National Biotechnology and Biomanufacturing Initiative

<ul>
<li>We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 118.5% as of Sep 9th.</li>
<li>The average A-H premium changed by 1.3ppt week-on-week, led by utilities, consumer staples, financials and offset by health Care, consumer discretionary, communication services. </li>
<li>We highlight weekly changes in A-H premium for Huadian, CGN Power, GWM, Tigermed, Angang, CIMC, Zoomlion, Tianqi Lithium, CIMC Vehicles, CNOOC.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 118.5% as of Sep 9th.
The average A-H premium changed by 1.3ppt week-on-week, led by utilities, consumer staples, financials and offset by health Care, consumer discretionary, communication services. 
We highlight weekly changes in A-H premium for Huadian, CGN Power, GWM, Tigermed, Angang, CIMC, Zoomlion, Tianqi Lithium, CIMC Vehicles, CNOOC.


A-H Premium Weekly (Sep 9th): Huadian, CGN Power, GWM

China

Hangzhou Tigermed Consulting Co.,Ltd. provides professional clinical research services for domestic and foreign pharmaceutical and health-related research and development. The Company's main services include clinical trial technology services, data management, and statistical analysis. Hangzhou Tigermed Consulting offers services worldwide.

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Hangzhou Tigermed Consulting C (3347 HK)

A-H Premium Weekly (Dec 16th): Weichai Power, Fuyao Glass, Tianqi Lithium

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Weichai Power, Fuyao Glass, Tianqi Lithium, Cansino...

Ke Yan, CFA, FRM

A-H Premium Weekly (Oct 14th): CMB, China Pacific, Remegen, Tigermed, Shanghai Fudan, YOFC, GWM, CGS

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CMB, China Pacific, Remegen, Tigermed, Shanghai Fudan, YOFC,...

Ke Yan, CFA, FRM

Joinn Laboratories (6127.HK) 22H1 - It's Time to Face Reality Before the Magic of Monkeys Disappears

The logic chain of "monkey shortage-monkey price rise-Joinn’s performance increase" has shaken.Faced with doubts about future prosperity of...

Xinyao (Criss) Wang

About the CXO Plunge After Biden Signed National Biotechnology and Biomanufacturing Initiative

CXO plunged after Biden signed the National Biotechnology and Biomanufacturing Initiative. As tensions between China and US escalate, it is no...

Xinyao (Criss) Wang

A-H Premium Weekly (Sep 9th): Huadian, CGN Power, GWM

We analyzed A-H premium changes last week and highlight weekly changes in A-H premium for Huadian, CGN Power, GWM, Tigermed, Angang, CIMC,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)