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 ASX Stocks as of Dec 15th (reported today) which has an aggregated short interest worth USD20.1bn.</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 BHP, Rio Tinto, Macquarie, Wisetech Global, Fortescue, Westpac, ANZ, Qantas Airways.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Dec 15th (reported today) which has an aggregated short interest worth USD20.1bn.
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 BHP, Rio Tinto, Macquarie, Wisetech Global, Fortescue, Westpac, ANZ, Qantas Airways.


ASX Short Interest Weekly (Dec 15th): BHP, Rio Tinto, Macquarie, Wisetech Global, Fortescue, Westpac

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a> has entered a new transaction implementation deed with <a href="https://www.smartkarma.com/entities/sociedad-quimica-y-minera-de-chile-sa" target="_blank" data-smartkarma-citation="entities:27977:1" rel="noopener">Sociedad Quimica y Minera de Chile (SQM US)</a> and Hancock at A$3.70, a 51.6% premium to the undisturbed price.</li>
<li>The emergence of Hancock and <a href="https://www.smartkarma.com/entities/mineral-resources-ltd" target="_blank" data-smartkarma-citation="entities:15103:1" rel="noopener">Mineral Resources (MIN AU)</a> as substantial shareholders necessitated the new offer. The off-market takeover offer is A$3.65 per share if the scheme fails. </li>
<li>The scheme's completion hinges on MinRes’ acceptance. MinRes could potentially block the scheme but has a history of selling into Hancock offers.</li>
</ul>



Azure Minerals (AZS AU) has entered a new transaction implementation deed with Sociedad Quimica y Minera de Chile (SQM US) and Hancock at A$3.70, a 51.6% premium to the undisturbed price.
The emergence of Hancock and Mineral Resources (MIN AU) as substantial shareholders necessitated the new offer. The off-market takeover offer is A$3.65 per share if the scheme fails. 
The scheme's completion hinges on MinRes’ acceptance. MinRes could potentially block the scheme but has a history of selling into Hancock offers.


Azure Minerals (AZS AU): SQM/Hancock Team up for a New Offer

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>This makes life a lot simpler. Gina Rinehart’s Hancock Prospecting will now team up with Chile’s <a href="https://www.smartkarma.com/entities/sociedad-quimica-y-minera-de-chile-sa" target="_blank" data-smartkarma-citation="entities:27977:1" rel="noopener">SQM</a> to take control of lithium play <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a>.</li>
<li>In a<a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02755714-6A1187098" target="_blank" rel="noopener"> binding Offer</a>, by way of a Scheme, the joint bidders (collectively holding ~37.79%) are offering A$3.70/share, a 5.1% bump in terms to SQM's prior Scheme Offer. </li>
<li>
An off-market takeover at A$3.65/share unfolds IF this Scheme were to fail. If both fail/lapse,  SQM will, "in certain circumstances", be required to proceed with its off-market transaction of A$3.50/share.</li>
</ul>


This makes life a lot simpler. Gina Rinehart’s Hancock Prospecting will now team up with Chile’s SQM to take control of lithium play Azure Minerals (AZS AU).
In a binding Offer, by way of a Scheme, the joint bidders (collectively holding ~37.79%) are offering A$3.70/share, a 5.1% bump in terms to SQM's prior Scheme Offer. 

An off-market takeover at A$3.65/share unfolds IF this Scheme were to fail. If both fail/lapse,  SQM will, "in certain circumstances", be required to proceed with its off-market transaction of A$3.50/share.


<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Dec 8th (reported today) which has an aggregated short interest worth USD18.9bn.</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 Wisetech Global, Mineral Resource, Liontown, ANZ, CSL, Macquarie, Car.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Dec 8th (reported today) which has an aggregated short interest worth USD18.9bn.
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 Wisetech Global, Mineral Resource, Liontown, ANZ, CSL, Macquarie, Car.


ASX Short Interest Weekly (Dec 8th): Wisetech Global, Mineral Resource, Liontown, ANZ, CSL

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

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/albemarle-corp" target="_blank" data-smartkarma-citation="entities:7678:1" rel="noopener">Albemarle Corp (ALB US)</a> will replace <a href="https://www.smartkarma.com/entities/ioneer-ltd" target="_blank" data-smartkarma-citation="entities:10264:1" rel="noopener">ioneer (INR AU)</a> in the <a href="https://www.smartkarma.com/entities/vaneck-rare-earth-strategic-me" target="_blank" data-smartkarma-citation="entities:32320:1" rel="noopener">VanEck Rare Earth/Strategic Me (REMX US)</a> at the close on 15 December.</li>
<li>Constituent changes, float changes and capping changes result in an estimated one-way turnover is 13.4% and in a one-way trade of US$50m.</li>
<li>The mainland China stocks in the index have been the biggest laggards and this rebalance will reduce their weight in the index significantly.</li>
</ul>



Albemarle Corp (ALB US) will replace ioneer (INR AU) in the VanEck Rare Earth/Strategic Me (REMX US) at the close on 15 December.
Constituent changes, float changes and capping changes result in an estimated one-way turnover is 13.4% and in a one-way trade of US$50m.
The mainland China stocks in the index have been the biggest laggards and this rebalance will reduce their weight in the index significantly.


MVIS Global Rare Earth/​​​​​Strategic Metals Index Rebalance: Albermarle (ALB US) Finally Added

Australia

Liontown Resources Ltd. explores for and mines base metals.

Price Gauge
52-week Range	0.00 - 0.00
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Liontown Resources (LTR AU)

ASX Short Interest Weekly (Dec 15th): BHP, Rio Tinto, Macquarie, Wisetech Global, Fortescue, Westpac

We analyzed ASX short interest report for the past week and highlight short interest changes in BHP, Rio Tinto, Macquarie, Wisetech Global,...

Ke Yan, CFA, FRM

Azure Minerals (AZS AU): SQM/Hancock Team up for a New Offer

The scheme's completion hinges on MinRes’ acceptance. MinRes could potentially block the scheme but has a history of selling into Hancock offers....

Arun George

Gina Joins SQM In Bid For Azure (AZS AU)

This is done. Trading super tight at A$3.68/share as I type. If in, stay in. Alternatively get involved on any material pull-back.

David Blennerhassett

ASX Short Interest Weekly (Dec 8th): Wisetech Global, Mineral Resource, Liontown, ANZ, CSL

We analyzed ASX short interest report for the past week and highlight short interest changes in Wisetech Global, Mineral Resource, Liontown, ANZ,...

Ke Yan, CFA, FRM

MVIS Global Rare Earth/Strategic Metals Index Rebalance: Albermarle (ALB US) Finally Added

Albemarle will replace ioneer in the index. Constituent changes, float changes and capping changes result in an estimated one-way turnover is 13.4%...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ASX Short Interest Weekly (Dec 15th): BHP, Rio Tinto, Macquarie, Wisetech Global, Fortescue, Westpac

We analyzed ASX short interest report for the past week and highlight short interest changes in BHP, Rio Tinto, Macquarie, Wisetech Global,...

Ke Yan, CFA, FRM

Azure Minerals (AZS AU): SQM/Hancock Team up for a New Offer

The scheme's completion hinges on MinRes’ acceptance. MinRes could potentially block the scheme but has a history of selling into Hancock offers....

Arun George

Gina Joins SQM In Bid For Azure (AZS AU)

This is done. Trading super tight at A$3.68/share as I type. If in, stay in. Alternatively get involved on any material pull-back.

David Blennerhassett

ASX Short Interest Weekly (Dec 8th): Wisetech Global, Mineral Resource, Liontown, ANZ, CSL

We analyzed ASX short interest report for the past week and highlight short interest changes in Wisetech Global, Mineral Resource, Liontown, ANZ,...

Ke Yan, CFA, FRM

MVIS Global Rare Earth/​​​​​Strategic Metals Index Rebalance: Albermarle (ALB US) Finally Added

Albemarle will replace ioneer in the index. Constituent changes, float changes and capping changes result in an estimated one-way turnover is 13.4%...

Brian Freitas

MVIS Global Rare Earth/Strategic Metals Index Rebalance: Albermarle (ALB US) Finally Added