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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<ul>
<li>Hang Seng announced the results of the March rebalance post market close Friday. Two adds for the HSI, one set of changes for HSCEI, three sets for HSTECH.</li>
<li>An ad hoc rebalance was announced for the KOSDAQ150 following Osstem being designated an 'Administrative Issue'. In IPO world, we have LIC in India and SBI Sumishin NetBank coming up.</li>
<li>Friday was the review cutoff date for the March rebalance of the ASX200 Index. The ATO has provided Aventus with the tax ruling and that creates a timing issue.</li>
</ul>


Hang Seng announced the results of the March rebalance post market close Friday. Two adds for the HSI, one set of changes for HSCEI, three sets for HSTECH.
An ad hoc rebalance was announced for the KOSDAQ150 following Osstem being designated an 'Administrative Issue'. In IPO world, we have LIC in India and SBI Sumishin NetBank coming up.
Friday was the review cutoff date for the March rebalance of the ASX200 Index. The ATO has provided Aventus with the tax ruling and that creates a timing issue.


Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, S&P/ASX, SET50, LIC, SBI Sumishin, Crown

Orient Overseas (International) / Index Rebalance

<ul>
<li>There are 29 inclusions and 12 deletions for the HSCI at the March rebalance. 26 of the inclusions will be added to Connect while all deletes will leave Stock Connect.</li>
<li>Some of the Stock Connect deletions have a lot of mainland holdings and there could unwinding of some of the positions ahead of becoming sell-only on the link.</li>
<li>Orient Overseas International, United Energy, Cloud Village and Gcl Poly Energy Holdings Limited could also move higher over the next couple of weeks before the stocks enter Stock Connect.</li>
</ul>


There are 29 inclusions and 12 deletions for the HSCI at the March rebalance. 26 of the inclusions will be added to Connect while all deletes will leave Stock Connect.
Some of the Stock Connect deletions have a lot of mainland holdings and there could unwinding of some of the positions ahead of becoming sell-only on the link.
Orient Overseas International, United Energy, Cloud Village and Gcl Poly Energy Holdings Limited could also move higher over the next couple of weeks before the stocks enter Stock Connect.


HSCI Index Rebalance: 29 Adds, 12 Deletes & Changes to Stock Connect

<ul>
<li>The review period for the March review of the HSCI ended on 31 December. There are a lot of new listings that should be included in the index.</li>
<li>SenseTime is a high probability inclusion to the index, though it will only be added to Stock Connect in July once it completes 6 months and 20 trading days.</li>
<li>Xpeng and Li Auto will be added to Stock Connect in Feb/March if they pass the velocity test. We see Li Auto as failing the test, while Xpeng is close.</li>
</ul>


The review period for the March review of the HSCI ended on 31 December. There are a lot of new listings that should be included in the index.
SenseTime is a high probability inclusion to the index, though it will only be added to Stock Connect in July once it completes 6 months and 20 trading days.
Xpeng and Li Auto will be added to Stock Connect in Feb/March if they pass the velocity test. We see Li Auto as failing the test, while Xpeng is close.


HSCI Index Rebalance and Stock Connect: Plenty of New Listings Should Be Included

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

<p>JW Therapeutics raised HKD 2,197 million (USD 387m) from its global offering and will list on the Hong Kong Stock Exchange tomorrow November 2nd.</p>
<p>n our previous note, we discussed that the company is backed by a strong shareholder Juno, and has a strong foundation in the technology underlying the CAR-T therapy, which is demonstrated by its superior safety data for its Relma-cel. In addition to the CD19 target, the company has also obtained the technology for the BCMA target. The company's T-cell receptor-based pipeline products for solid tumor (liver cancer) with anti-T cell exhaustion enhancement based on the technologies from Eureka and Lyell have good potential as well. </p>
<p>In this note, we will look at the allocation and implications. We think the IPO valuation is reasonable with long term upsides given its leadership in CAR-T therapy.  However, we note that both Legend Biotech and Immunotech Biopharm have fallen substantially from their peak, which doesn't bode well for JW Therapeutics' listing. </p>
<div>
<h2>Our previous coverage on JW Therapeutics</h2>
</div>
<div>
<ul style="list-style-type: disc;">
<li dir="ltr">
<p><a href="https://www.smartkarma.com/insights/jw-therapeutics-pre-ipo-car-t-leader-in-china" target="_blank" rel="noopener">JW Therapeutics (药明巨诺) Pre-IPO: CAR-T leader in China</a></p>
</li>
<li dir="ltr">
<p><a href="https://www.smartkarma.com/insights/jw-therapeutics-pre-ipo-pricing-with-in-license-potential" target="_blank" rel="noopener">JW Therapeutics (药明巨诺) Pre-IPO: Pricing with in-license potential</a></p>
</li>
<li dir="ltr"><a href="https://www.smartkarma.com/insights/jw-therapeutics-ipo-free-options-for-potential-license-in" target="_blank" rel="noopener">JW Therapeutics (药明巨诺) IPO: Free Options for Potential License-In</a></li>
</ul>
</div>

JW Therapeutics raised HKD 2,197 million (USD 387m) from its global offering and will list on the Hong Kong Stock Exchange tomorrow November 2nd.
n our previous note, we discussed that the company is backed by a strong shareholder Juno, and has a strong foundation in the technology underlying the CAR-T therapy, which is demonstrated by its superior safety data for its Relma-cel. In addition to the CD19 target, the company has also obtained the technology for the BCMA target. The company's T-cell receptor-based pipeline products for solid tumor (liver cancer) with anti-T cell exhaustion enhancement based on the technologies from Eureka and Lyell have good potential as well. 
In this note, we will look at the allocation and implications. We think the IPO valuation is reasonable with long term upsides given its leadership in CAR-T therapy.  However, we note that both Legend Biotech and Immunotech Biopharm have fallen substantially from their peak, which doesn't bode well for JW Therapeutics' listing. 

Our previous coverage on JW Therapeutics




JW Therapeutics (药明巨诺) Pre-IPO: CAR-T leader in China


JW Therapeutics (药明巨诺) Pre-IPO: Pricing with in-license potential

JW Therapeutics (药明巨诺) IPO: Free Options for Potential License-In



JW Therapeutics (药明巨诺) IPO Trading: Peer Performance Doesn't Support a Strong Debut

Immunotech Biopharm / Equity Capital Markets

<div>
<p>Immunotech raised HKD 1,024 million (USD 132 m) from its global offering and will list on the Hong Kong Stock Exchange tomorrow.</p>
</div>
<div>
<p>In our previous insights, we had discussed that the company's product EAL will face challenges from hospitals' self-developed EAL services and it is behind the curve in the CAR-T therapy market, particularly the crowded CD-19 based CAR-T. </p>
</div>
<div>
<p>In this note, we will look at the allocation and implications. We believe that the IPO valuation is rich and that the bifurcation of the retail book and institutional book is worth-mentioning.</p>
<div>
<h2>Our previous coverage on Immunotech Biopharm</h2>
</div>
<div>
<ul>
<li><a href="https://www.smartkarma.com/insights/immunotech-biopharm-ipo-challenges-for-cellular-immunotherapies" target="_blank" rel="noopener">Immunotech Biopharm (永泰生物) IPO: Challenges for Cellular Immunotherapies</a></li>
<li><a href="https://www.smartkarma.com/insights/immunotech-biopharm-ipo-behind-the-curve-in-cell-therapy" target="_blank" rel="noopener">Immunotech Biopharm (永泰生物) IPO: Behind the Curve in Cell Therapy</a></li>
</ul>
</div>
</div>


Immunotech raised HKD 1,024 million (USD 132 m) from its global offering and will list on the Hong Kong Stock Exchange tomorrow.


In our previous insights, we had discussed that the company's product EAL will face challenges from hospitals' self-developed EAL services and it is behind the curve in the CAR-T therapy market, particularly the crowded CD-19 based CAR-T. 


In this note, we will look at the allocation and implications. We believe that the IPO valuation is rich and that the bifurcation of the retail book and institutional book is worth-mentioning.

Our previous coverage on Immunotech Biopharm



Immunotech Biopharm (永泰生物) IPO: Challenges for Cellular Immunotherapies
Immunotech Biopharm (永泰生物) IPO: Behind the Curve in Cell Therapy




Immunotech (永泰生物) IPO Trading: Bifurcation of Book Coverage

China

Immunotech Biopharm is a cellular immunotherapy biopharmaceutical company in China, focused on the research, development, and commercialization of T-cell immunotherapy for cancer treatments. Its key products include EAL (Expanded Activated Lymphocytes), CAR-T cell series, and TCR-T cell series products. The company is headquartered in Beijing, China, and was founded in 2006.

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Immunotech Biopharm (6978 HK)

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HSCI Index Rebalance and Stock Connect: Plenty of New Listings Should Be Included

There could be up to 34 adds and 22 deletes for the HSCI in March based on market cap, liquidity and prolonged suspensions. A lot of new listings,...

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JW Therapeutics (药明巨诺) IPO Trading: Peer Performance Doesn't Support a Strong Debut

In this note, we will look at the allocation and implications. We think the IPO valuation is reasonable with long term upsides given its leadership...

Ke Yan, CFA, FRM

Immunotech (永泰生物) IPO Trading: Bifurcation of Book Coverage

Immunotech raised HKD 1,024 million (USD 132 m) from its global offering and will list on the Hong Kong Stock Exchange tomorrow. In our previous...

Ke Yan, CFA, FRM

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