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

Legend Biotech Corp / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech Corp (LEGN US)</a>, a non-wholly owned subsidiary of Hong Kong-listed <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>, is planning to raise up to US$250m in its follow-on offering.</li>
<li>The company last raised cash in Dec 2021 in a similar sized deal, which ended up doing very well after a sharp share price correction.</li>
<li>In this note, we will talk about the deal dynamics and  run the deal through our ECM framework.</li>
</ul>



Legend Biotech Corp (LEGN US), a non-wholly owned subsidiary of Hong Kong-listed Genscript Biotech (1548 HK), is planning to raise up to US$250m in its follow-on offering.
The company last raised cash in Dec 2021 in a similar sized deal, which ended up doing very well after a sharp share price correction.
In this note, we will talk about the deal dynamics and  run the deal through our ECM framework.


Legend Biotech Follow-On - A Little Opportunistic. Last Deal Did Well, After a Large Correction

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

KraneShares CSI China Internet ETF / Event-Driven

KraneShares CSI China Internet ETF (KWEB US)

<ul>
<li>The PCAOB has not, despite a cooperation agreement with the CSRC signed in 2013, been able to conduct on-site investigations of a HK or mainland-based company since 2010.</li>
<li>On Friday, the CSRC published a new Strengthening Confidentiality and File Management Related to Overseas Issuance to replace 2009 rules. </li>
<li>Importantly, the revised Provisions deletes the stipulation that “on-site inspections shall be dominated by domestic regulators or depend on the conclusions of inspections by domestic regulators.” Will it be enough?</li>
</ul>


The PCAOB has not, despite a cooperation agreement with the CSRC signed in 2013, been able to conduct on-site investigations of a HK or mainland-based company since 2010.
On Friday, the CSRC published a new Strengthening Confidentiality and File Management Related to Overseas Issuance to replace 2009 rules. 
Importantly, the revised Provisions deletes the stipulation that “on-site inspections shall be dominated by domestic regulators or depend on the conclusions of inspections by domestic regulators.” Will it be enough?


New CSRC "Provisions" Take a Step Towards Meeting PCAOB Requirements

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>For the three commercialized products (fruquintinib, surufatinib and savolitinib), they are facing challenges from different aspects. </li>
<li>The lack of blockbuster products and promising targets indicates that Hutchmed's current pipeline does not have core competitiveness, which means Hutchmed's position in the industry is not in first echelon.</li>
<li>In fact, Li Ka-shing's positioning and original intention for Hutchmed is not on innovative drugs. So, big but not strong has always been the pain point of the Company.</li>
</ul>


For the three commercialized products (fruquintinib, surufatinib and savolitinib), they are facing challenges from different aspects. 
The lack of blockbuster products and promising targets indicates that Hutchmed's current pipeline does not have core competitiveness, which means Hutchmed's position in the industry is not in first echelon.
In fact, Li Ka-shing's positioning and original intention for Hutchmed is not on innovative drugs. So, big but not strong has always been the pain point of the Company.


Hutchmed China Ltd (13.HK/HCM.US) - Big but Not Strong

David Blennerhassett

<ul>
<li>With many cash grain/agri prices touching record highs amid war in Ukraine, boasting an upstream supply is not a bad thing. Yet <a href="https://www.smartkarma.com/entities/olam-international-ltd" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam (OLAM SP)</a> is a tricky beast to analyze.</li>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-kyoto" target="_blank" data-smartkarma-citation="entities:5248:1" rel="noopener">Bank of Kyoto (8369 JP)</a> would be a screaming buy vs its basket a bit lower. As it is, it's the same level after the bank changed its payout ratio. </li>
<li>The duo of Brookfield and Atlassian/Australian billionaire Mike Cannon-Brookes has lobbed a higher offer for <a href="https://www.smartkarma.com/entities/agl-energy-ltd" target="_blank" data-smartkarma-citation="entities:554:1" rel="noopener">AGL Energy Ltd (AGL AU)</a> and AGL has rejected it.</li>
</ul>


With many cash grain/agri prices touching record highs amid war in Ukraine, boasting an upstream supply is not a bad thing. Yet Olam (OLAM SP) is a tricky beast to analyze.

Bank of Kyoto (8369 JP) would be a screaming buy vs its basket a bit lower. As it is, it's the same level after the bank changed its payout ratio. 
The duo of Brookfield and Atlassian/Australian billionaire Mike Cannon-Brookes has lobbed a higher offer for AGL Energy Ltd (AGL AU) and AGL has rejected it.


Last Week in Event SPACE: Olam, Bank of Kyoto, AGL Energy, Jardine Matheson, Toshiba

<ul>
<li>On 8th Mar 2022, Securities Exchange Commission (SEC) added five China ADR names to its provisional list of issuers under the Holding Foreign Companies Accountable Act (HFCAA).</li>
<li>There is nothing new about the list, on 2nd Dec 2021, SEC had issued final amendments to implement the HFCAA which had already spoken about the list and its implications.</li>
<li>In this note, we'll talk about the latest developments its possible timelines and implications.</li>
</ul>


On 8th Mar 2022, Securities Exchange Commission (SEC) added five China ADR names to its provisional list of issuers under the Holding Foreign Companies Accountable Act (HFCAA).
There is nothing new about the list, on 2nd Dec 2021, SEC had issued final amendments to implement the HFCAA which had already spoken about the list and its implications.
In this note, we'll talk about the latest developments its possible timelines and implications.


China ADRs Delisting - SEC Sets the Clock Ticking and Sends China ADRs Tripping

Hong Kong

Hutchison Whampoa is an investment holding company with diverse global operations in ports and related services, property and hotels, retail, infrastructure, energy, and telecommunications. It operates port and container terminals, develops real estate, and provides mobile telecommunications services. The company is headquartered in Hong Kong and traces its roots back to 1862.

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Hutchison Whampoa (13 HK)

Legend Biotech Follow-On - A Little Opportunistic. Last Deal Did Well, After a Large Correction

Legend Biotech Corp (LEGN US), a non-wholly owned subsidiary of Hong Kong-listed Genscript Biotech (1548 HK), is planning to raise up to US$250m in...

Sumeet Singh

New CSRC "Provisions" Take a Step Towards Meeting PCAOB Requirements

CSRC has published new Provisions putting the onus of info management on companies, making it easier for the PCAOB to conduct on-site audits. It...

Travis Lundy

Hutchmed China Ltd (13.HK/HCM.US) - Big but Not Strong

Li Ka-shing's original intention for Hutchmed is not on innovative drugs. Hutchmed's current pipeline also does not have core competitiveness. So,...

Xinyao (Criss) Wang

Last Week in Event SPACE: Olam, Bank of Kyoto, AGL Energy, Jardine Matheson, Toshiba

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

China ADRs Delisting - SEC Sets the Clock Ticking and Sends China ADRs Tripping

On 8th Mar 2022, Securities Exchange Commission (SEC) added five China ADR names to its provisional list of issuers under the Holding Foreign...

Sumeet Singh

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