Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Everest Medicines / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/everest-medicines-ltd" target="_blank" data-smartkarma-citation="entities:29224:1" rel="noopener">Everest Medicines (1952 HK)</a> aims to raise around US$200m via a top-up placement.</li>
<li>This will be the third placement this year for the stock, the previous two deals didn’t do well. Although the stock has bounced back a lot since.</li>
<li>In this note, we comment on the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Everest Medicines (1952 HK) aims to raise around US$200m via a top-up placement.
This will be the third placement this year for the stock, the previous two deals didn’t do well. Although the stock has bounced back a lot since.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.


Everest Medicine Placement - Third Deal in the Year, Previous Ones Didn’t Do Well

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (2268 HK)</a>'s stock price has recovered from the tariff fear induced selloff and the higher market cap should result in global index inclusion in August.</li>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (2268 HK)</a> has gone from bottom of the pack to middle over the last 9 months and there could be further relative upside.</li>
<li>There is positioning in the stock but it appears to be lower than positioning in its peers. Long/short trades could offer better risk/return.</li>
</ul>



WuXi XDC Cayman (2268 HK)'s stock price has recovered from the tariff fear induced selloff and the higher market cap should result in global index inclusion in August.

WuXi XDC Cayman (2268 HK) has gone from bottom of the pack to middle over the last 9 months and there could be further relative upside.
There is positioning in the stock but it appears to be lower than positioning in its peers. Long/short trades could offer better risk/return.


Wuxi XDC Cayman (2268 HK): Soaring Pharma Stocks & Global Index Inclusion

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Sino Biopharmaceutical / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical (1177 HK)</a> is acquiring the balance 95% equity interests in LaNova Medicines for net consideration of $500M to be funded by internal resources and bank borrowings.</li>
<li>With focus on oncology and differentiated capability spanning monoclonal antibodies, bispecific antibody, and ADC drug, LaNova is a strategic fit for Sino Biopharma.</li>
<li>The acquisition will enhance Sino Biopharma’s reputation and image in the global pharmaceutical industry, and promote the conclusion of potential international transactions in the future.</li>
</ul>



Sino Biopharmaceutical (1177 HK) is acquiring the balance 95% equity interests in LaNova Medicines for net consideration of $500M to be funded by internal resources and bank borrowings.
With focus on oncology and differentiated capability spanning monoclonal antibodies, bispecific antibody, and ADC drug, LaNova is a strategic fit for Sino Biopharma.
The acquisition will enhance Sino Biopharma’s reputation and image in the global pharmaceutical industry, and promote the conclusion of potential international transactions in the future.


Sino Biopharmaceutical (1177 HK): Acquisition To Enrich Pipeline and Enhance International Influence

Muyuan Foodstuff Co Ltd A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muyuan-foodstuff-co-ltd-a" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foodstuff Co Ltd A (002714 CH)</a>, a leader in the hog farming industry, aims to raise around US$2bn in its H-share listing.</li>
<li>MF is a leading pork company with over 30 years of expertise in the hog farming industry.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Muyuan Foodstuff Co Ltd A (002714 CH), a leader in the hog farming industry, aims to raise around US$2bn in its H-share listing.
MF is a leading pork company with over 30 years of expertise in the hog farming industry.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Muyuan Foods A/H Listing - Long Term Growth with Short-Term Volatility

Ascentage Pharma Group Corp / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ascentage-pharma-group-inter" target="_blank" data-smartkarma-citation="entities:27824:1" rel="noopener">Ascentage Pharma Group Corp (6855 HK)</a> (AP) aims to raise around US$196m via  top-up placement.</li>
<li>The company has undertaken a number of deals in the past, with none of the deals having done well. Although stock momentum has been strong this year.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Ascentage Pharma Group Corp (6855 HK) (AP) aims to raise around US$196m via  top-up placement.
The company has undertaken a number of deals in the past, with none of the deals having done well. Although stock momentum has been strong this year.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Ascentage Pharma Top-Up Placement - Past Deals Didn't Done Well, Stock up a Lot but Sector Is Strong

China

Hansoh Pharmaceutical Group Company Limited operates as a pharmaceutical company. The Company manufactures and sells anti-infectives, anti-neoplastic agents, diabetes drugs, and other products. Hansoh Pharmaceutical Group markets its products throughout China.

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Hansoh Pharmaceutical Group (3692 HK)

Everest Medicine Placement - Third Deal in the Year, Previous Ones Didn’t Do Well

Everest Medicines (1952 HK) aims to raise around US$200m via a top-up placement. In this note, we run the deal through our framework and talk about...

Sumeet Singh

Wuxi XDC Cayman (2268 HK): Soaring Pharma Stocks & Global Index Inclusion

Wuxi XDC could be added to a global index in August. There is positioning in the stock (but lower than peers) and sector momentum could lead to...

Brian Freitas

Sino Biopharmaceutical (1177 HK): Acquisition To Enrich Pipeline and Enhance International Influence

Sino Biopharmaceutical is acquiring China-based clinical-stage biopharma company LaNova Medicines for $500M, enhancing its oncology capabilities...

Tina Banerjee

Muyuan Foods A/H Listing - Long Term Growth with Short-Term Volatility

Muyuan Foodstuff Co Ltd A (002714 CH), a leader in the hog farming industry, aims to raise around US$2bn in its H-share listing. In this note, we...

Sumeet Singh

Ascentage Pharma Top-Up Placement - Past Deals Didn't Done Well, Stock up a Lot but Sector Is Strong

Ascentage Pharma Group Corp (6855 HK) (AP) aims to raise around US$196m via top-up placement. In this note, we talk about the deal dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Everest Medicine Placement - Third Deal in the Year, Previous Ones Didn’t Do Well

Everest Medicines (1952 HK) aims to raise around US$200m via a top-up placement. In this note, we run the deal through our framework and talk about...

Sumeet Singh

Wuxi XDC Cayman (2268 HK): Soaring Pharma Stocks & Global Index Inclusion

Wuxi XDC could be added to a global index in August. There is positioning in the stock (but lower than peers) and sector momentum could lead to...

Brian Freitas

Sino Biopharmaceutical (1177 HK): Acquisition To Enrich Pipeline and Enhance International Influence

​Sino Biopharmaceutical is acquiring China-based clinical-stage biopharma company LaNova Medicines for $500M, enhancing its oncology capabilities...

Tina Banerjee

Muyuan Foods A/H Listing - Long Term Growth with Short-Term Volatility

Muyuan Foodstuff Co Ltd A (002714 CH), a leader in the hog farming industry, aims to raise around US$2bn in its H-share listing. In this note, we...

Sumeet Singh

Ascentage Pharma Top-Up Placement - Past Deals Didn't Done Well, Stock up a Lot but Sector Is Strong

Ascentage Pharma Group Corp (6855 HK) (AP) aims to raise around US$196m via top-up placement. In this note, we talk about the deal dynamics.

Sumeet Singh

Sino Biopharmaceutical is acquiring China-based clinical-stage biopharma company LaNova Medicines for $500M, enhancing its oncology capabilities...