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

Lygend Resources & Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lygend-resources-technology" target="_blank" data-smartkarma-citation="entities:36493:1" rel="noopener">Lygend Resources &amp; Technology (2245 HK)</a> raised US$470m in its Hong Kong IPO.</li>
<li>Lygend Resources &amp; Technology (Lygend) is a nickel trading and production firm with a portfolio covering multiple areas across the nickel industry value chain.</li>
<li>In this note we will talk about the trading dynamics.</li>
</ul>



Lygend Resources &amp; Technology (2245 HK) raised US$470m in its Hong Kong IPO.
Lygend Resources &amp; Technology (Lygend) is a nickel trading and production firm with a portfolio covering multiple areas across the nickel industry value chain.
In this note we will talk about the trading dynamics.


Lygend Resources & Technology IPO Trading - Tepid Subscription but Potential Upside Remains

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.

Index Rebalance

China Datang Renewable Power / Index Rebalance

<ul>
<li>After one month from the September batch of Hong Kong Connect inclusion, we provide an analysis on the stock inclusion for 12 stocks. </li>
<li>We analysed the inclusion by performance post announcement, performance post inclusion, inflows and analyst coverage.</li>
<li>We continued to observed outperformance post the HSCI announcement but not the actual inclusion despite the fact that southbound inflows has a significant impact on the trading volume. </li>
</ul>


After one month from the September batch of Hong Kong Connect inclusion, we provide an analysis on the stock inclusion for 12 stocks. 
We analysed the inclusion by performance post announcement, performance post inclusion, inflows and analyst coverage.
We continued to observed outperformance post the HSCI announcement but not the actual inclusion despite the fact that southbound inflows has a significant impact on the trading volume. 


HK Connect: Sep '22 Inclusion Post-Event Analysis

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

<ul>
<li>There are 24 adds and 14 deletes for the Hang Seng Composite Index (HSCI) at the September rebalance to take the number of index constituents up to 518.</li>
<li>19 of the 24 HSCI inclusions will be added to Southbound Stock Connect, while 12 of the 14 HSCI deletions will be removed from Southbound Stock Connect.</li>
<li>Five of the HSCI constituents could be removed from Southbound Stock Connect only since the average market cap over the last year is less than HK$5bn.</li>
</ul>


There are 24 adds and 14 deletes for the Hang Seng Composite Index (HSCI) at the September rebalance to take the number of index constituents up to 518.
19 of the 24 HSCI inclusions will be added to Southbound Stock Connect, while 12 of the 14 HSCI deletions will be removed from Southbound Stock Connect.
Five of the HSCI constituents could be removed from Southbound Stock Connect only since the average market cap over the last year is less than HK$5bn.


HSCI Index Rebalance: 24 Adds, 14 Deletes & Changes to Stock Connect

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Lepu Medical Technology A / Equity Capital Markets

<ul>
<li>Lepu suffered from the negative impact of VBP on drug/medical consumables, and its share price has yet to recover. We are not optimistic about the outlook of the traditional businesses.</li>
<li>Lepu’s expansion mainly relies on continuous M&amp;A. Whether these diversified businesses will produce synergies and how much performance they will contribute need to be tested by time and the market.</li>
<li>Excessive epitaxial expansion may not be a long-term solution. Lepu needs to focus more on endogenous growth and R&amp;D,which is good for sustainable long-term growth. Such business transformation takes time.</li>
</ul>


Lepu suffered from the negative impact of VBP on drug/medical consumables, and its share price has yet to recover. We are not optimistic about the outlook of the traditional businesses.
Lepu’s expansion mainly relies on continuous M&amp;A. Whether these diversified businesses will produce synergies and how much performance they will contribute need to be tested by time and the market.
Excessive epitaxial expansion may not be a long-term solution. Lepu needs to focus more on endogenous growth and R&amp;D,which is good for sustainable long-term growth. Such business transformation takes time.


Pre-IPO Lepu Medical Technology - Lepu Is in a Difficult Position and Turning It Around Takes Time

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lepu-biopharma-co-ltd" target="_blank" data-smartkarma-citation="entities:33231:1" rel="noopener">Lepu Biopharma (2157 HK)</a> has filed NDA for its lead drug candidate pucotenlimab (HX008) for two indications in China, having a combined estimated market opportunity of RMB8 billion by 2030.</li>
<li>Overcrowded PD-1 mAb drugs market in China, with 10 marketed drugs, may limit the growth potential of pucotenlimab. However, pucotenlimab has better efficacy than existing drugs.</li>
<li>Lepu’s other core assets are also progressing and the company has sufficient cash to fund its R&amp;D and commercialization initiatives.</li>
</ul>



Lepu Biopharma (2157 HK) has filed NDA for its lead drug candidate pucotenlimab (HX008) for two indications in China, having a combined estimated market opportunity of RMB8 billion by 2030.
Overcrowded PD-1 mAb drugs market in China, with 10 marketed drugs, may limit the growth potential of pucotenlimab. However, pucotenlimab has better efficacy than existing drugs.
Lepu’s other core assets are also progressing and the company has sufficient cash to fund its R&amp;D and commercialization initiatives.


Lepu Biopharma (2157 HK): Lead Candidate Marching Toward Commercialization; Pipeline Is Progressing

China

Lepu Biopharma Co. Ltd. is an innovation-driven biopharmaceutical company focused on discovering, developing, and commercializing drug candidates in anti-tumor targeted therapy and oncology immunotherapy. The company's pipeline includes ADCs, immunotherapies, and oncolytic virus drugs, with commercial products like Puyouheng and Meiyouheng. It was founded in 2018 and is headquartered in Shanghai, China.

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Lepu Biopharma (2157 HK)

Lygend Resources & Technology IPO Trading - Tepid Subscription but Potential Upside Remains

Lygend Resources & Technology (2245 HK) raised US$470m in its Hong Kong IPO. In this note we will talk about the trading dynamics.

Clarence Chu

HK Connect: Sep '22 Inclusion Post-Event Analysis

We analyzed south bound Hong Kong connect's inclusion in September following Hang Seng index review on August 19th. We highlight strong post...

Ke Yan, CFA, FRM

HSCI Index Rebalance: 24 Adds, 14 Deletes & Changes to Stock Connect

There are 24 adds and 14 deletes for the HSCI at the September rebalance. 19 stocks will be added to Stock Connect and 12 will be removed. Some of...

Brian Freitas

Pre-IPO Lepu Medical Technology - Lepu Is in a Difficult Position and Turning It Around Takes Time

Lepu will be listed in Swiss, but it still suffers from declining performance due to VBP. Its R&D is weak and aggressive M&A carries more risks...

Xinyao (Criss) Wang

Lepu Biopharma (2157 HK): Lead Candidate Marching Toward Commercialization; Pipeline Is Progressing

Lepu is preparing for commercialization of pucotenlimab for two indications in China, after approval. The indications targeted by Lepu’s core drug...

Tina Banerjee

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