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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Sep 6th which has an aggregated short interest worth USD4.9bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Posco (005490 KS) .</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Sep 6th which has an aggregated short interest worth USD4.9bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Posco (005490 KS) .


KRX Short Interest Weekly (Sep 6th): Posco

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Equity Capital Markets

<ul>
<li>To justify a higher multiple, K-Bank is comparing itself to international internet banks, with KakaoBank as the only local peer. Differences in market conditions could complicate this comparison.</li>
<li>This might explains why K-Bank is cautiously testing the market by announcing the rights issue first and delaying the prospectus, amid regulatory crackdowns on inflated IPOs.</li>
<li>Controversy over high multiples from overseas peers and KakaoBank’s legal discount will be key in setting K-Bank’s IPO pricing.</li>
</ul>


To justify a higher multiple, K-Bank is comparing itself to international internet banks, with KakaoBank as the only local peer. Differences in market conditions could complicate this comparison.
This might explains why K-Bank is cautiously testing the market by announcing the rights issue first and delaying the prospectus, amid regulatory crackdowns on inflated IPOs.
Controversy over high multiples from overseas peers and KakaoBank’s legal discount will be key in setting K-Bank’s IPO pricing.


The Story Behind K-Bank Leaking Pricing Details Before the IPO Prospectus Dropped

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>K Bank is the biggest IPO in Korea in 2024. The IPO price range is from 9,500 won to 12,000 won. It is offering 82 million shares in this IPO.</li>
<li>According to the bankers' valuation, the expected market cap of the company is from 4.0 trillion won to 5.0 trillion won.</li>
<li>The IPO deal size is 779 billion (US$579 million) to 984 billion won (US$732 million). </li>
</ul>


K Bank is the biggest IPO in Korea in 2024. The IPO price range is from 9,500 won to 12,000 won. It is offering 82 million shares in this IPO.
According to the bankers' valuation, the expected market cap of the company is from 4.0 trillion won to 5.0 trillion won.
The IPO deal size is 779 billion (US$579 million) to 984 billion won (US$732 million). 


K Bank IPO - The Biggest IPO in Korea in 2024

Founder & Head of Research, Fortress Hill Advisors

Alex Ng

Founder & Head of Research

Fortress Hill Advisors

Founded in Hong Kong in 2019, Fortress Hill Advisor seeks to provide premium economic and financial researches.

Premium Economic & Investment Research

Thematic (Sector/Industry)

<ul>
<li>Recent improvements in solar and battery technologies have been driven by advances in materials science, manufacturing techniques, and system efficiency.</li>
<li>Solid-State batteries replace the liquid electrolyte in traditional lithium-ion batteries with a solid electrolyte, energy density, and charging speeds. They are seen as a game-changer, especially for electric vehicles.</li>
<li>Both solar and battery technologies are becoming cheaper, making renewable energy more accessible and economically viable.</li>
</ul>


Recent improvements in solar and battery technologies have been driven by advances in materials science, manufacturing techniques, and system efficiency.
Solid-State batteries replace the liquid electrolyte in traditional lithium-ion batteries with a solid electrolyte, energy density, and charging speeds. They are seen as a game-changer, especially for electric vehicles.
Both solar and battery technologies are becoming cheaper, making renewable energy more accessible and economically viable.


Improvement in Solar and Battery Technology

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Sep 6th which has an aggregated holding worth USD545.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,276mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Samsung Electronics, Sk Hynix, Kia Corp..</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Sep 6th which has an aggregated holding worth USD545.5bn.
We estimate that foreign flows to be outflows of USD1,276mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Samsung Electronics, Sk Hynix, Kia Corp..


KRX Foreign Holding Weekly (Sep 6th): Samsung Electronics, Sk Hynix, Kia Corp.

South Korea

LG Energy Solution produces and sells batteries. The Company manufactures and sells automobile batteries, small batteries, energy storage system batteries, and other products. LG Energy Solution markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

LG Energy Solution (373220 KS)

KRX Short Interest Weekly (Sep 6th): Posco

We analyzed KRX short interest report for the past week and highlighted short interest changes in Posco (ticker:005490 KS).

Ke Yan, CFA, FRM

The Story Behind K-Bank Leaking Pricing Details Before the IPO Prospectus Dropped

This post examines why K-Bank chose to reveal pricing details before the IPO prospectus, in a bid to test market reaction.

Sanghyun Park

K Bank IPO - The Biggest IPO in Korea in 2024

K Bank is the biggest IPO in Korea in 2024. The IPO price range is from 9,500 won to 12,000 won. It is offering 82 million shares in this IPO.

Douglas Kim

Improvement in Solar and Battery Technology

Advances in materials science and manufacturing are driving improvements in solar and battery technologies, making renewable energy more...

Alex Ng

KRX Foreign Holding Weekly (Sep 6th): Samsung Electronics, Sk Hynix, Kia Corp.

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Sk Hynix, Kia Corp..

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KRX Short Interest Weekly (Sep 6th): Posco

We analyzed KRX short interest report for the past week and highlighted short interest changes in Posco (ticker:005490 KS).

Ke Yan, CFA, FRM

The Story Behind K-Bank Leaking Pricing Details Before the IPO Prospectus Dropped

This post examines why K-Bank chose to reveal pricing details before the IPO prospectus, in a bid to test market reaction.

Sanghyun Park

K Bank IPO - The Biggest IPO in Korea in 2024

K Bank is the biggest IPO in Korea in 2024. The IPO price range is from 9,500 won to 12,000 won. It is offering 82 million shares in this IPO.

Douglas Kim

Improvement in Solar and Battery Technology

​Advances in materials science and manufacturing are driving improvements in solar and battery technologies, making renewable energy more...

Alex Ng

KRX Foreign Holding Weekly (Sep 6th): Samsung Electronics, Sk Hynix, Kia Corp.

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Sk Hynix, Kia Corp..

Ke Yan, CFA, FRM

Advances in materials science and manufacturing are driving improvements in solar and battery technologies, making renewable energy more...