Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>CSPC Pharmaceutical’s Phase 3 trial of depression drug candidate HA1406 met pre-specified primary efficacy endpoint. Jiangsu Hengrui Pharmaceuticals received NMPA approval for long-acting basal insulin, sudelidec injection.</li>
<li>Otsuka Holdings secured FDA approval for Simtriyo, a once-daily extended-release capsule for ADHD. Nippon Shinyaku obtained exclusive commercialization rights for Tadekinig alfa in the U.S. for Hyperinflammatory Syndrome.</li>
<li>Pharmaessentia announced topline results from the Phase 1b clinical trial of P1101 (Besremi) and anti-PD1 in Chronic Hepatitis B or D. Cipla secured FDA approval for generic Advair Diskus.</li>
</ul>


CSPC Pharmaceutical’s Phase 3 trial of depression drug candidate HA1406 met pre-specified primary efficacy endpoint. Jiangsu Hengrui Pharmaceuticals received NMPA approval for long-acting basal insulin, sudelidec injection.
Otsuka Holdings secured FDA approval for Simtriyo, a once-daily extended-release capsule for ADHD. Nippon Shinyaku obtained exclusive commercialization rights for Tadekinig alfa in the U.S. for Hyperinflammatory Syndrome.
Pharmaessentia announced topline results from the Phase 1b clinical trial of P1101 (Besremi) and anti-PD1 in Chronic Hepatitis B or D. Cipla secured FDA approval for generic Advair Diskus.


APAC Healthcare Weekly (August 2) – CSPC, Hengrui, Otsuka, Nippon Shinyaku, PharmaEssnetia, Cipla

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

Victory Giant Technology (HuiZhou) / Index Rebalance

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>There could be 55 potential inclusions and 14 potential deletions for the Hang Seng Composite Index in September. There are more stocks that are close on market cap/liquidity.</li>
<li>A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.</li>
<li>There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.</li>
</ul>


There could be 55 potential inclusions and 14 potential deletions for the Hang Seng Composite Index in September. There are more stocks that are close on market cap/liquidity.
A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.


HSCI Index Rebalance Preview and Stock Connect (Sep 2026): Adds Outnumber Deletes as IPOs Dominate

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

TenNor Therapeutics (Suzhou) Limited / Equity Capital Markets

TenNor Therapeutics (Suzhou) Limited (TEN123 HK)

<ul>
<li>TenNor Therapeutics raised HKD 598.3m (USD 76.9m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, May 22, 2026.</li>
<li>In our previous notes, we looked at the company's fundamentals and the valuation.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


TenNor Therapeutics raised HKD 598.3m (USD 76.9m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, May 22, 2026.
In our previous notes, we looked at the company's fundamentals and the valuation.
In this note, we provide an update for the IPO before its trading debut.


TenNor Therapeutics (丹诺医药) IPO Trading

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.

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/shanghai-xizhi-technology-lightelligence" target="_blank" data-smartkarma-citation="entities:48061:1" rel="noopener">Shanghai Xizhi Technology (Lightelligence) (1879 HK)</a> recorded one of the highest demands yet.</li>
<li>On the placement front, <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a> finally got its H-share listing done.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Shanghai Xizhi Technology (Lightelligence) (1879 HK) recorded one of the highest demands yet.
On the placement front, Contemporary Amperex Technology (CATL) (3750 HK) finally got its H-share listing done.


Aequitas ECM Weekly (4 May 2026)- CATL, Innolight, Lightelligence, Unimicron, Cofoe, Lenskart, Seres

Zijin Gold International / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, all of the listings this week ended up doing well.</li>
<li>On the placements front, given the holiday shortened week in Hong Kong and India, there were no major placements this week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, all of the listings this week ended up doing well.
On the placements front, given the holiday shortened week in Hong Kong and India, there were no major placements this week.


ECM Weekly (6 October 2025)- Zijin, Myungin, Pateo,Tekscend, Tata Capital, LG India, WeWork, Impact

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IMPACT Therapeutics (IMPACT HK)

APAC Healthcare Weekly (August 2) – CSPC, Hengrui, Otsuka, Nippon Shinyaku, PharmaEssnetia, Cipla

Hengrui got NMPA approval for long-acting insulin. FDA approves Otsuka’s new CNS drug. Pharmaessentia announced positive topline result from Phase...

Tina Banerjee

HSCI Index Rebalance Preview and Stock Connect (Sep 2026): Adds Outnumber Deletes as IPOs Dominate

There could be 80 changes for the HSCI in March. That could result in 70 changes to the Southbound Stock Connect list and also have implications...

Brian Freitas

TenNor Therapeutics (丹诺医药) IPO Trading

TenNor Therapeutics raised USD 76.9m to list on HKEX on Friday, May 22. Retail demand is strong, but institutional subscription was modest. We also...

Ke Yan, CFA, FRM

Aequitas ECM Weekly (4 May 2026)- CATL, Innolight, Lightelligence, Unimicron, Cofoe, Lenskart, Seres

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

ECM Weekly (6 October 2025)- Zijin, Myungin, Pateo,Tekscend, Tata Capital, LG India, WeWork, Impact

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

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