IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/abbisko-cayman-limited" target="_blank" data-smartkarma-citation="entities:33511:1" rel="noopener">Abbisko Cayman (ABB HK)</a> is a clinical-stage biopharmaceutical company focused on the discovery and development of innovative and differentiated small molecule oncology therapies. Abbisko has developed a pipeline of 14 candidates focused on oncology, including five candidates at the clinical stage The core products are ABSK091, a pan-FGFR inhibitor licensed from <a href="https://www.smartkarma.com/entities/astrazeneca-plc" target="_blank" data-smartkarma-citation="entities:21824:1" rel="noopener">AstraZeneca PLC (AZN LN)</a> and ABSK011, an FGFR4 inhibitor. Abbisko is pre-marketing an HKEx IPO to raise $300 million, according to press reports. Abbisko has a credible management team with a commendable commercialisation track record. The three co-founders together have made contributions to several discovery programs, several of which led to successful commercialisation. Abbisko also has several blue-chip backers such as Lilly Asia Ventures, Sinopharm Capital, Qiming Venture Capital, GIC, Temasek, <a href="https://www.smartkarma.com/entities/carlyle-group-inc" target="_blank" data-smartkarma-citation="entities:33402:1" rel="noopener">Carlyle Group Inc (CG US)</a>, Lake Bleu Capital and OrbiMed. <div class="content-highlight">While both core products are at an early stage of development, promising results from trials, management’s track record and the exceptional line-up of blue-chip backers suggest that the product candidates have the potential to succeed in a fiercely competitive market. Overall, we believe that Abbisko is worth a closer look. </div>

Abbisko Cayman (ABB HK) is a clinical-stage biopharmaceutical company focused on the discovery and development of innovative and differentiated small molecule oncology therapies. Abbisko has developed a pipeline of 14 candidates focused on oncology, including five candidates at the clinical stage The core products are ABSK091, a pan-FGFR inhibitor licensed from AstraZeneca PLC (AZN LN) and ABSK011, an FGFR4 inhibitor. Abbisko is pre-marketing an HKEx IPO to raise $300 million, according to press reports. Abbisko has a credible management team with a commendable commercialisation track record. The three co-founders together have made contributions to several discovery programs, several of which led to successful commercialisation. Abbisko also has several blue-chip backers such as Lilly Asia Ventures, Sinopharm Capital, Qiming Venture Capital, GIC, Temasek, Carlyle Group Inc (CG US), Lake Bleu Capital and OrbiMed. While both core products are at an early stage of development, promising results from trials, management’s track record and the exceptional line-up of blue-chip backers suggest that the product candidates have the potential to succeed in a fiercely competitive market. Overall, we believe that Abbisko is worth a closer look. 

Abbisko IPO: A Promising but Longer Term Prognosis

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

Industry viewpoints:<ul>
<li>The centralized procurement would be applied to chemiluminescence products, so the logic changes.</li>
<li>Recently, the National Health Commission and the National Health Care Security Administration jointly issued a new regulation about long-term prescriptions.</li>
<li>There is new information about the national VBP of insulin released.</li>
</ul>Company news:News about the updated progress on new drugs and license agreement of <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene Ltd (6160 HK)</a>, <a href="https://www.smartkarma.com/entities/innocare-pharma-ltd" target="_blank" data-smartkarma-citation="entities:28355:1" rel="noopener">InnoCare Pharma Ltd (9969 HK)</a>, <a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a> and <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK).</a>Market review:Last week, stock price for healthcare sector in A share decreased 7.28%, while CSI 300 decreased 3.57% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
The centralized procurement would be applied to chemiluminescence products, so the logic changes.
Recently, the National Health Commission and the National Health Care Security Administration jointly issued a new regulation about long-term prescriptions.
There is new information about the national VBP of insulin released.
Company news:News about the updated progress on new drugs and license agreement of BeiGene Ltd (6160 HK), InnoCare Pharma Ltd (9969 HK), CSPC Pharmaceutical Group (1093 HK) and Innovent Biologics Inc (1801 HK).Market review:Last week, stock price for healthcare sector in A share decreased 7.28%, while CSI 300 decreased 3.57% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

With the S&amp;P 500 breaking above the June highs and the Russell 2000 bullishly inflecting topside a ~1-month base, it signals a continuation of the uptrends that began in March... see charts below. Therefore, we continue to have a bullish outlook and we believe the path of least resistance remains higher. In today’s report we highlight attractive Groups and stocks within Health Care and Materials: Biotech, Large-Cap, Biotech, Mid-Cap, Gold, Western Hemisphere, Small-Cap, and Silver, Platinum.

With the S&amp;P 500 breaking above the June highs and the Russell 2000 bullishly inflecting topside a ~1-month base, it signals a continuation of the uptrends that began in March... see charts below. Therefore, we continue to have a bullish outlook and we believe the path of least resistance remains higher. In today’s report we highlight attractive Groups and stocks within Health Care and Materials: Biotech, Large-Cap, Biotech, Mid-Cap, Gold, Western Hemisphere, Small-Cap, and Silver, Platinum.

U.S. Equity Strategy: Bullish Outlook Intact

Ongoing bullish developments continue to support our belief that we are in the early stages of a broad-based advance following a nearly 2-year consolidation period. In today’s report we highlight attractive Groups and stocks within Health Care: Biotech, Large-Cap, Biotech, Mid-Cap, Hospitals, and Rehab Services.

Ongoing bullish developments continue to support our belief that we are in the early stages of a broad-based advance following a nearly 2-year consolidation period. In today’s report we highlight attractive Groups and stocks within Health Care: Biotech, Large-Cap, Biotech, Mid-Cap, Hospitals, and Rehab Services.

U.S. Equity Strategy: Upgrading Health Care to Overweight

As bullish developments pile up, the weight-of-the-evidence continues to support our belief that we may be in the early stages of a broad-based advance. There are some developments that leave us wanting more, but we are inching toward an outright bullish outlook. In today’s report we outline our U.S. investment thesis, and highlight attractive Groups and stocks within Health Care, Materials, and Manufacturing: Biotech, Large-Cap, Aluminum, Chemicals, Diversified, and Fluid Technology &amp; Power.

As bullish developments pile up, the weight-of-the-evidence continues to support our belief that we may be in the early stages of a broad-based advance. There are some developments that leave us wanting more, but we are inching toward an outright bullish outlook. In today’s report we outline our U.S. investment thesis, and highlight attractive Groups and stocks within Health Care, Materials, and Manufacturing: Biotech, Large-Cap, Aluminum, Chemicals, Diversified, and Fluid Technology &amp; Power.

U.S. Equity Strategy: Small-Caps Testing Critical Resistance; Downgrading Communications

United States

Incyte Corp is a biopharmaceutical company. The Company discovers, develops and commercializes proprietary small molecule drugs, primarily used in oncology.

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Incyte Corp (INCY US)

Abbisko IPO: A Promising but Longer Term Prognosis

While both core products are at an early stage of development, promising trials, management’s track record and blue-chip backers suggest that the...

Arun George

China Healthcare Weekly (Aug.20)

The article analyzed the logic change due to the centralized procurement on chemiluminescence products, new regulation about long-term...

Xinyao (Criss) Wang

U.S. Equity Strategy: Bullish Outlook Intact

With the S&P 500 breaking above the June highs and the Russell 2000 bullishly inflecting topside a ~1-month base, it signals a continuation of...

Vermilion Research

U.S. Equity Strategy: Upgrading Health Care to Overweight

Ongoing bullish developments continue to support our belief that we are in the early stages of a broad-based advance following a nearly 2-year...

Vermilion Research

U.S. Equity Strategy: Small-Caps Testing Critical Resistance; Downgrading Communications

As bullish developments pile up, the weight-of-the-evidence continues to support our belief that we may be in the early stages of a broad-based...

Vermilion Research

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