External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Jiangsu Recbio Technology / Equity Bottom-Up

<div><div><div><ul><li>Recbio reported RMB350mn net loss for 1H22, vs RMB330mn net loss in 1H21.</li><li>R&amp;D expense increased by 73% YoY to RMB354mn in 1H22, mainly due to clinical trial expenses related to the Ph III trial of REC603 and PhII/III trials of ReCOV.</li><li>On 25 Aug, Recbio received a formal acceptance letter from China Securities Regulatory Commission, for the implementation of its H Share full circulation plan to convert 222.5mn Domestic Shares into H Shares.</li></ul></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Recbio reported RMB350mn net loss for 1H22, vs RMB330mn net loss in 1H21.R&amp;D expense increased by 73% YoY to RMB354mn in 1H22, mainly due to clinical trial expenses related to the Ph III trial of REC603 and PhII/III trials of ReCOV.On 25 Aug, Recbio received a formal acceptance letter from China Securities Regulatory Commission, for the implementation of its H Share full circulation plan to convert 222.5mn Domestic Shares into H Shares.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Recbio Technology (2179 HK) – Smooth progress of core pipeline products

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Chongqing Zhifei Biological Products / Equity Bottom-Up

<ul>
<li>Under the current policy in China, any minor changes to vaccine doses require a series of clinical data support and registration changes. So, WHO’s recommendation won’t affect Zhifei’s short-term performance.</li>
<li>The increasing domestic competing HPV vaccines in the future would be a big threat to Zhifei’s agency business. Its self-developed products may not be strong enough to compensate. </li>
<li>The performance in 2022 is expected to be solid before real challenge comes in 2024. The valuation logic and outlook won’t be brighten unless there’s new breakthrough in agency business.</li>
</ul>


Under the current policy in China, any minor changes to vaccine doses require a series of clinical data support and registration changes. So, WHO’s recommendation won’t affect Zhifei’s short-term performance.
The increasing domestic competing HPV vaccines in the future would be a big threat to Zhifei’s agency business. Its self-developed products may not be strong enough to compensate. 
The performance in 2022 is expected to be solid before real challenge comes in 2024. The valuation logic and outlook won’t be brighten unless there’s new breakthrough in agency business.


Chongqing Zhifei Biological Products (300122.CH) - WHO's One-Dose HPV Vaccine Regimen & The Outlook

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/v3-brands-asia" target="_blank" data-smartkarma-citation="entities:35797:1" rel="noopener">V3 Brands Asia (V3 HK)</a> is looking to raise about US$500m in its upcoming Hong Kong IPO. It was previously listed on the SGX between 2000-2016.</li>
<li>V3 Brands Asia is a lifestyle and wellness firm, it is most known for its flagship massage chairs which are sold under the OSIM brand.</li>
<li>In this note, we'll talk about the not so positive aspects of the deal.</li>
</ul>



V3 Brands Asia (V3 HK) is looking to raise about US$500m in its upcoming Hong Kong IPO. It was previously listed on the SGX between 2000-2016.
V3 Brands Asia is a lifestyle and wellness firm, it is most known for its flagship massage chairs which are sold under the OSIM brand.
In this note, we'll talk about the not so positive aspects of the deal.


V3 Brands Asia Pre-IPO - The Negatives - While Margins Have Grown, so Have Payouts to Founder

<ul>
<li>
<a href="https://www.smartkarma.com/entities/v3-brands-asia" target="_blank" data-smartkarma-citation="entities:35797:1" rel="noopener">V3 Brands Asia (V3 HK)</a> is looking to raise about US$500m in its upcoming Hong Kong IPO. It was previously listed on the SGX between 2000-2016.</li>
<li>V3 Brands Asia is a lifestyle and wellness firm, it is most known for its flagship massage chairs which are sold under the OSIM brand.</li>
<li>It has also recorded a bounce back post-COVID as average revenue per store surged. Margins have expanded as well owing to operating leverage and the firm’s partnership with Daito-OSIM.</li>
</ul>



V3 Brands Asia (V3 HK) is looking to raise about US$500m in its upcoming Hong Kong IPO. It was previously listed on the SGX between 2000-2016.
V3 Brands Asia is a lifestyle and wellness firm, it is most known for its flagship massage chairs which are sold under the OSIM brand.
It has also recorded a bounce back post-COVID as average revenue per store surged. Margins have expanded as well owing to operating leverage and the firm’s partnership with Daito-OSIM.


V3 Brands Asia Pre-IPO - The Positives - Margins and Revenue Have Grown

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Jiangsu Recbio Technology / Equity Capital Markets

<ul>
<li>Jiangsu RecBio raised HKD 672m (USD 86m) from its global offering and will list on the Hong Kong Stock Exchange on Thursday, March 31st.</li>
<li>In the previous note, we looked at the company's core products, including its HPV portfolio and the COVID-19 vaccine. </li>
<li>In this note, we provide an update for the IPO before trading debut.</li>
</ul>


Jiangsu RecBio raised HKD 672m (USD 86m) from its global offering and will list on the Hong Kong Stock Exchange on Thursday, March 31st.
In the previous note, we looked at the company's core products, including its HPV portfolio and the COVID-19 vaccine. 
In this note, we provide an update for the IPO before trading debut.


RecBio (江苏瑞科) IPO Trading: Fairly Valued for Vaccine Hype

China

Jiangsu Recbio Technology Co., Ltd. develops biotechnology products. The Company produces novel pharmaceuticals, pharmaceutical targets, and other products. Jiangsu Recbio Technology also operates import and export businesses.

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Jiangsu Recbio Technology (2179 HK)

Recbio Technology (2179 HK) – Smooth progress of core pipeline products

R&D expense increased by 73% YoY to RMB354mn in 1H22, mainly due to clinical trial expenses related to the Ph III trial of REC603 and PhII/III...

CMB International

Chongqing Zhifei Biological Products (300122.CH) - WHO's One-Dose HPV Vaccine Regimen & The Outlook

WHO’s recommendation on HPV vaccines is not the biggest risk of Zhifei and won't affect short-term performance, but the valuation logic...

Xinyao (Criss) Wang

V3 Brands Asia Pre-IPO - The Negatives - While Margins Have Grown, so Have Payouts to Founder

V3 Brands Asia (V3 HK) is looking to raise about US$500m in its upcoming Hong Kong IPO. In this note, we'll talk about the not so positive aspects...

Clarence Chu

V3 Brands Asia Pre-IPO - The Positives - Margins and Revenue Have Grown

V3 Brands Asia (V3 HK) is looking to raise about US$500m in its upcoming Hong Kong IPO. It was previously listed on the SGX between 2000-2016.

Clarence Chu

RecBio (江苏瑞科) IPO Trading: Fairly Valued for Vaccine Hype

We provide an update for RecBio before trading debut. We think the company is fairly valued for the vaccine hype: COVID-19 vaccine for the short...

Ke Yan, CFA, FRM

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