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

China Biologic Products / Equity Capital Markets

<p>On Wednesday after market close, <a href="https://www.smartkarma.com/entities/china-biologic-products-hold" target="_blank" data-smartkarma-citation="entities:22633:1" rel="noopener">China Biologic Products (CBPO US)</a> announced a surprising privatisation bid from a consortium for $120 per ADS. The bid values China Biologic at a market cap of $4.6 billion. China Biologic shares jumped 10% to $114 per ADS, which is 5% below the bid price. </p><div class="content-highlight"><p>The latest privatisation bid follows privatisation offers in July (withdrawn) and August 2018 (rejected). Overall, we believe that the bid is unattractive and faces several hurdles. </p></div>

On Wednesday after market close, China Biologic Products (CBPO US) announced a surprising privatisation bid from a consortium for $120 per ADS. The bid values China Biologic at a market cap of $4.6 billion. China Biologic shares jumped 10% to $114 per ADS, which is 5% below the bid price. The latest privatisation bid follows privatisation offers in July (withdrawn) and August 2018 (rejected). Overall, we believe that the bid is unattractive and faces several hurdles. 

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

<p>We remain cautious as the number of bearish-leaning developments continue to pile up. As a result we continue to believe global equities are vulnerable to a breakdown. We recap important technical levels across markets and highlight Actionable Themes within Services, Consumer Staples, and Health Care. We also highlight attractive set ups in H&amp;M Hennes &amp; Mauritz AB Class B (HM.B-SE).</p>

We remain cautious as the number of bearish-leaning developments continue to pile up. As a result we continue to believe global equities are vulnerable to a breakdown. We recap important technical levels across markets and highlight Actionable Themes within Services, Consumer Staples, and Health Care. We also highlight attractive set ups in H&amp;M Hennes &amp; Mauritz AB Class B (HM.B-SE).

Global Equity Strategy: Bearish-Leaning Developments Continue; Europe/UK Holding Above Support.

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

China Biologic Products / Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/21274" target="_blank" data-smartkarma-citation="entities:21274:1">Grifols SA (GRF SM)</a> and Shanghai RAAS Blood Products Co Ltd (002252.SZ) recently announced an asset exchange that effectively combines the companies' blood products operations in China. This transaction marks the third investment (two are cross-border) into the industry in the last two years. Despite some challenges arising from recent healthcare reforms, the industry has favorable supply/demand dynamics and high barriers to entry. US-listed <a href="https://www.smartkarma.com/entities/22633" target="_blank" data-smartkarma-citation="entities:22633:1">China Biologic Products (CBPO US)</a> trades at a significant discount to the implied private market values, but requires patience as management adjusts to the new operating environment.</p>

Grifols SA (GRF SM) and Shanghai RAAS Blood Products Co Ltd (002252.SZ) recently announced an asset exchange that effectively combines the companies' blood products operations in China. This transaction marks the third investment (two are cross-border) into the industry in the last two years. Despite some challenges arising from recent healthcare reforms, the industry has favorable supply/demand dynamics and high barriers to entry. US-listed China Biologic Products (CBPO US) trades at a significant discount to the implied private market values, but requires patience as management adjusts to the new operating environment.

China Blood Products: Deals Highlight Values

China

Jiangxi Boya Bio-Pharmaceutical company Limited develops, produces and sells blood product. The Company's main products include human serum albumin, intravenous immunoglobulin (static C) and fibrinogen.

Jiangxi Boya Bio Pharmaceutical (300294 CH)

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Jiangxi Boya Bio Pharmaceutical (300294 CH)

China Biologic's Privatisation Redux

On Wednesday after market close, China Biologic Products (CBPO US) announced a surprising privatisation bid from a consortium for $120 per ADS. The...

Arun George

Global Equity Strategy: Bearish-Leaning Developments Continue; Europe/UK Holding Above Support.

We remain cautious as the number of bearish-leaning developments continue to pile up. As a result we continue to believe global equities are...

Vermilion Research

China Blood Products: Deals Highlight Values

Grifols SA (GRF SM) and Shanghai RAAS Blood Products Co Ltd (002252.SZ) recently announced an asset exchange that effectively combines the...

Kemp Dolliver, CFA

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52-week Range

Market Cap (USDm)

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