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.

Event-Driven

Jiangsu Hengrui Pharmaceuticals / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (1276 HK)</a>, a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing in May 2025. The lockup on its cornerstone will expire soon.</li>
<li>JHP Has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Jiangsu Hengrui Pharmaceuticals (1276 HK), a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing in May 2025. The lockup on its cornerstone will expire soon.
JHP Has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.
In this note, we will talk about the lockup dynamics and possible placement.


Jiangsu Hengrui Pharma IPO Lockup - US$850m Cornerstone Release

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Agricultural Bank Of China / Event-Driven

<ul>
<li>Hs outperformed As on average, slightly, within the AH pair universe. Last week's reco gained vs the A on the week, but not Monday close to Friday. Stay long.</li>
<li>There are nine new recos this week after a bunch of trades were closed last week.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free - for all SK readers.</li>
</ul>


Hs outperformed As on average, slightly, within the AH pair universe. Last week's reco gained vs the A on the week, but not Monday close to Friday. Stay long.
There are nine new recos this week after a bunch of trades were closed last week.
The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free - for all SK readers.


A/H Premium Tracker (Week to 14 Nov 2025):  Beautiful Skew Still Behaving Badly, SOE Pair Hs Better

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of Xiaomi, Pop Mart Intl, CNOOC, Meituan, Zijin Gold International.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of Xiaomi, Pop Mart Intl, CNOOC, Meituan, Zijin Gold International.


Hong Kong Connect Flows (October): $792m Outflows from Healthcare

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 62.2% as of Oct 31st.</li>
<li>The average A-H premium changed by 2.3ppt week-on-week, led by consumer discretionary, information technology, financials and offset by real estate.</li>
<li>We highlight weekly changes in A-H premium for Sinotrans, Jiangxi Copper, Everbright Securities, Guangzhou Automobile.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 62.2% as of Oct 31st.
The average A-H premium changed by 2.3ppt week-on-week, led by consumer discretionary, information technology, financials and offset by real estate.
We highlight weekly changes in A-H premium for Sinotrans, Jiangxi Copper, Everbright Securities, Guangzhou Automobile.


A-H Premium Weekly (Oct 31st): Sinotrans, Jiangxi Copper, Everbright Securities

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> has announced 3Q25 result, with revenue growing 15% YoY and net profit increasing 83% YoY. U.S. remains the main driving force behind the company’s strong performance.</li>
<li>With continuous capacity expansion to better meet customer demand, backlog for continuing operations reached a record high of RMB60B as of September 30, 2025, up 41% YoY.</li>
<li>Based on the current momentum and confidence in customers’ ongoing demand for enabling services, Wuxi AppTec has further raised its full-year revenue growth guidance to 17–18% from 13–17%.</li>
</ul>



WuXi AppTec (2359 HK) has announced 3Q25 result, with revenue growing 15% YoY and net profit increasing 83% YoY. U.S. remains the main driving force behind the company’s strong performance.
With continuous capacity expansion to better meet customer demand, backlog for continuing operations reached a record high of RMB60B as of September 30, 2025, up 41% YoY.
Based on the current momentum and confidence in customers’ ongoing demand for enabling services, Wuxi AppTec has further raised its full-year revenue growth guidance to 17–18% from 13–17%.


WuXi AppTec (2359 HK): Continued Strong Momentum in 3Q Leads to Consecutive FY Guidance Raise

China

Joinn Laboratories (China) Co., Ltd. operates as a medicines development company. The Company offers drug development, pharmaceutical analysis, pharmacologic testing, and other related services. Joinn Laboratories (China) also provides pesticide and medical device safety evaluation services.

Price Gauge
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Joinn Laboratories China Lt (6127 HK)

Jiangsu Hengrui Pharma IPO Lockup - US$850m Cornerstone Release

Jiangsu Hengrui Pharmaceuticals (1276 HK), a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing in May 2025. The...

Sumeet Singh

A/H Premium Tracker (Week to 14 Nov 2025): Beautiful Skew Still Behaving Badly, SOE Pair Hs Better

Hs outperformed As slightly as HK shares outperformed mainland shares. Sectors were mixed. There was no beautiful skew as the widest spreads...

Travis Lundy

Hong Kong Connect Flows (October): $792m Outflows from Healthcare

We estimated the inflows to Hong Kong stocks from mainland investors to be USD 11bn in October and noted outflows of $792m from Healthcare sector.

Ke Yan, CFA, FRM

A-H Premium Weekly (Oct 31st): Sinotrans, Jiangxi Copper, Everbright Securities

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Sinotrans, Jiangxi Copper, Everbright Securities, Guangzhou...

Ke Yan, CFA, FRM

WuXi AppTec (2359 HK): Continued Strong Momentum in 3Q Leads to Consecutive FY Guidance Raise

WuXi AppTec reports 3Q25 results with revenue up 15% YoY and net profit up 83% YoY, driven by U.S. operations. Backlog reached new high, leading...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jiangsu Hengrui Pharma IPO Lockup - US$850m Cornerstone Release

Jiangsu Hengrui Pharmaceuticals (1276 HK), a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing in May 2025. The...

Sumeet Singh

A/H Premium Tracker (Week to 14 Nov 2025): Beautiful Skew Still Behaving Badly, SOE Pair Hs Better

Hs outperformed As slightly as HK shares outperformed mainland shares. Sectors were mixed. There was no beautiful skew as the widest spreads...

Travis Lundy

Hong Kong Connect Flows (October): $792m Outflows from Healthcare

We estimated the inflows to Hong Kong stocks from mainland investors to be USD 11bn in October and noted outflows of $792m from Healthcare sector.

Ke Yan, CFA, FRM

A-H Premium Weekly (Oct 31st): Sinotrans, Jiangxi Copper, Everbright Securities

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Sinotrans, Jiangxi Copper, Everbright Securities, Guangzhou...

Ke Yan, CFA, FRM

WuXi AppTec (2359 HK): Continued Strong Momentum in 3Q Leads to Consecutive FY Guidance Raise

​WuXi AppTec reports 3Q25 results with revenue up 15% YoY and net profit up 83% YoY, driven by U.S. operations. Backlog reached new high, leading...

Tina Banerjee

WuXi AppTec reports 3Q25 results with revenue up 15% YoY and net profit up 83% YoY, driven by U.S. operations. Backlog reached new high, leading...