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 analyzed the changes in short interest of KRX Stocks as of Apr 19th which has an aggregated short interest worth USD6.6bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We estimate the short interests to be USD 6.6bn and highlight short interest changes in Samsung Electronics.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Apr 19th which has an aggregated short interest worth USD6.6bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We estimate the short interests to be USD 6.6bn and highlight short interest changes in Samsung Electronics.


KRX Short Interest Weekly (Apr 19th): Samsung Electronics

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>HLB Inc (028300 KS) announced that it has decided to transfer listing from KOSDAQ exchange to KOSPI exchange.</li>
<li>HLB currently has a market cap of 6.5 trillion won and HLB is likely to be included in KOSPI 200 in 2024. </li>
<li>One of the key reasons why the company has a large market cap is due to its Rivoceranib liver cancer drug which is being reviewed by the U.S. FDA. </li>
</ul>


HLB Inc (028300 KS) announced that it has decided to transfer listing from KOSDAQ exchange to KOSPI exchange.
HLB currently has a market cap of 6.5 trillion won and HLB is likely to be included in KOSPI 200 in 2024. 
One of the key reasons why the company has a large market cap is due to its Rivoceranib liver cancer drug which is being reviewed by the U.S. FDA. 


HLB: Approves to Switch Listing from KOSDAQ to KOSPI in an Extraordinary General Meeting

<ul>
<li>On 20 September, HLB Inc announced that it has hired Korea Investment &amp; Securities as an advisor for a potential switch from KOSDAQ to KOSPI listing. </li>
<li>In our view, there is a 80-90%+ probability of HLB switching its listing from KOSDAQ to KOSPI sometime in the next 6-12 months.</li>
<li>If HLB finally decides to switch its listing from KOSDAQ to KOSPI, it is likely that HLB will be included in KOSPI 200 index in 2024. </li>
</ul>


On 20 September, HLB Inc announced that it has hired Korea Investment &amp; Securities as an advisor for a potential switch from KOSDAQ to KOSPI listing. 
In our view, there is a 80-90%+ probability of HLB switching its listing from KOSDAQ to KOSPI sometime in the next 6-12 months.
If HLB finally decides to switch its listing from KOSDAQ to KOSPI, it is likely that HLB will be included in KOSPI 200 index in 2024. 


HLB: Hires Korea Investment & Securities for a Potential Switch to a KOSPI Listing

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>HLB's process of selecting a lead underwriter for the KOSPI listing has been witnessed in Yeouido.</li>
<li>The price impact becomes most evident on the board approval date as the point at which this impact is most pronounced is substantially accelerated due to the market's learning effect.</li>
<li>There is a strong likelihood that HLB will have its board decision by mid-September, necessitating our preparation for a position setup targeting this timing.</li>
</ul>


HLB's process of selecting a lead underwriter for the KOSPI listing has been witnessed in Yeouido.
The price impact becomes most evident on the board approval date as the point at which this impact is most pronounced is substantially accelerated due to the market's learning effect.
There is a strong likelihood that HLB will have its board decision by mid-September, necessitating our preparation for a position setup targeting this timing.


Positioning for the Timing of HLB, the Latest Target in the KOSDAQ Exodus

<ul>
<li>According to Chosun, KRX plans to list the single-stock futures of all constituents of KOSPI 200 and KOSDAQ 150 within 2-3 years.</li>
<li>This information comes from a KRX official, who directly confirmed it. As Chosun is the most well-established news outlet in Korea, the credibility of this article is quite high.</li>
<li>We should consider screening those with a high proportion of short-selling positions and devising a positioning strategy in conjunction with the new listing event of single stock futures in July.</li>
</ul>


According to Chosun, KRX plans to list the single-stock futures of all constituents of KOSPI 200 and KOSDAQ 150 within 2-3 years.
This information comes from a KRX official, who directly confirmed it. As Chosun is the most well-established news outlet in Korea, the credibility of this article is quite high.
We should consider screening those with a high proportion of short-selling positions and devising a positioning strategy in conjunction with the new listing event of single stock futures in July.


KRX Plans to List Single-Stock Futures of All KS200 & KQ150 Constituents

South Korea

HLB Inc. operates cord blood banking and clinical demonstration service. The Company also produces industrial valves, and iron manufacturing machines.  The Company's subsidiaries are engaged in a wide range of businesses including manufacturing of electric field instruments, lifeboats and agent services.

HLB Inc (028300 KS)

KRX Short Interest Weekly (Apr 19th): Samsung Electronics

We analyzed KRX short interest report for the past week. We estimate the short interests to be USD 6.6bn and highlighted short interest changes in...

Ke Yan, CFA, FRM

HLB: Approves to Switch Listing from KOSDAQ to KOSPI in an Extraordinary General Meeting

HLB Inc (028300 KS) announced that it has decided to transfer listing from KOSDAQ exchange to KOSPI exchange. HLB is likely to be included in KOSPI...

Douglas Kim

HLB: Hires Korea Investment & Securities for a Potential Switch to a KOSPI Listing

On 20 September, HLB Inc announced that it has hired Korea Investment & Securities as an advisor for a potential switch from KOSDAQ to KOSPI listing.

Douglas Kim

Positioning for the Timing of HLB, the Latest Target in the KOSDAQ Exodus

This post explores why top KOSDAQ companies are hurrying to shift to KOSPI in the second half of this year and discusses the best timing for...

Sanghyun Park

KRX Plans to List Single-Stock Futures of All KS200 & KQ150 Constituents

Chosun exclusively reports that KRX will list the single-stock futures of all KOSPI 200 and KOSDAQ 150 constituents. This post examines the trading...

Sanghyun Park