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 Jun 13th (reported today). The aggregated short interest was USD27.1bn.</li>
<li>We tabulate league tables 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 Northern Star Resources, Cochlear, Commonwealth Bank Of Australia, Sigma Pharmaceuticals, Evolution Mining, Brambles.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jun 13th (reported today). The aggregated short interest was USD27.1bn.
We tabulate league tables 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 Northern Star Resources, Cochlear, Commonwealth Bank Of Australia, Sigma Pharmaceuticals, Evolution Mining, Brambles.


ASX Short Interest Weekly (Jun 13th): Northern Star Resources, Cochlear

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<strong>I have no clue</strong>. Given this is unchartered territory, in Australia, I don't believe anyone has a perfect handle on the situation</li>
<li>What do we know? The Second Court meeting has been pushed out to the 18th September from 20th June initially, to "<em>enable the dispute with Cosette</em>". </li>
<li>This date may be further delayed as a court hearing will commence on the 9th September to hear the validity of Cosette's termination notice.</li>
</ul>



I have no clue. Given this is unchartered territory, in Australia, I don't believe anyone has a perfect handle on the situation
What do we know? The Second Court meeting has been pushed out to the 18th September from 20th June initially, to "enable the dispute with Cosette". 
This date may be further delayed as a court hearing will commence on the 9th September to hear the validity of Cosette's termination notice.


Mayne Pharma (MYX AU): The Vote Gets Up. Now What?

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Boss delivered a robust March 2025 quarter, with Honeymoon generating free cash flow and production ramping sharply.</li>
<li>The company targets ~2.9M lbs annual output by FY27, supported by Alta Mesa and multiple exploration assets.</li>
<li>Valuations remain attractive at ~8× forward P/E, though uranium price volatility and execution risks persist.</li>
</ul>


Boss delivered a robust March 2025 quarter, with Honeymoon generating free cash flow and production ramping sharply.
The company targets ~2.9M lbs annual output by FY27, supported by Alta Mesa and multiple exploration assets.
Valuations remain attractive at ~8× forward P/E, though uranium price volatility and execution risks persist.


Boss Energy (ASX: BOE) – Transitioning to Tier-1 Producer with Strong Quarterly Momentum

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>There is 1 add/delete for each of the MVIS Global Uranium &amp; Nuclear Energy Index and the MarketVector Global Uranium and Nuclear Energy Infrastructure Index.</li>
<li>
<a href="https://www.smartkarma.com/entities/cgn-mining-co-ltd" target="_blank" data-smartkarma-citation="entities:6426:1" rel="noopener">Cgn Mining (1164 HK)</a> is an add to both indices. <a href="https://www.smartkarma.com/entities/endesa-sa" target="_blank" data-smartkarma-citation="entities:21264:1" rel="noopener">Endesa SA</a> is a delete from the Uranium&amp;Nuclear Energy Index, <a href="https://www.smartkarma.com/entities/encore-energy-corp" target="_blank" data-smartkarma-citation="entities:39218:1" rel="noopener">Encore Energy</a> is a delete from the Uranium&amp;Nuclear Energy Infrastructure Index.</li>
<li>The net round-trip trade across both indices is US$560m with capping changes resulting in much bigger flow for the MVIS Global Uranium &amp; Nuclear Energy Index.</li>
</ul>


There is 1 add/delete for each of the MVIS Global Uranium &amp; Nuclear Energy Index and the MarketVector Global Uranium and Nuclear Energy Infrastructure Index.

Cgn Mining (1164 HK) is an add to both indices. Endesa SA is a delete from the Uranium&amp;Nuclear Energy Index, Encore Energy is a delete from the Uranium&amp;Nuclear Energy Infrastructure Index.
The net round-trip trade across both indices is US$560m with capping changes resulting in much bigger flow for the MVIS Global Uranium &amp; Nuclear Energy Index.


MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Double Inclusion for CGN Mining

<ul>
<li>There is 1 change for the S&amp;P/ASX20 Index, 1 change for the S&amp;P/ASX50 Index, 2 changes for the S&amp;P/ASX100 Index and 2 changes for the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a>.</li>
<li>There is between A$30m-A$135m to trade in the index changes and that is between 0.7-16 days of ADV in the stocks. Short interest has jumped in a few stocks.</li>
<li>We expect positioning to be lower than the passive trading in <a href="https://www.smartkarma.com/entities/nick-scali-ltd" target="_blank" data-smartkarma-citation="entities:20803:1" rel="noopener">Nick Scali</a>, <a href="https://www.smartkarma.com/entities/viva-energy-group-ltd" target="_blank" data-smartkarma-citation="entities:27220:1" rel="noopener">Viva Energy Group</a>, <a href="https://www.smartkarma.com/entities/perseus-mining-ltd" target="_blank" data-smartkarma-citation="entities:15306:1" rel="noopener">Perseus Mining</a>, <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd</a> and <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius</a>.</li>
</ul>


There is 1 change for the S&amp;P/ASX20 Index, 1 change for the S&amp;P/ASX50 Index, 2 changes for the S&amp;P/ASX100 Index and 2 changes for the S&amp;P/ASX 200 (AS51 INDEX).
There is between A$30m-A$135m to trade in the index changes and that is between 0.7-16 days of ADV in the stocks. Short interest has jumped in a few stocks.
We expect positioning to be lower than the passive trading in Nick Scali, Viva Energy Group, Perseus Mining, Austal Ltd and Healius.


S&P/​​​​ASX Index Rebalance (June 2025): Changes, Flows, Shorts & Positioning

Australia

Paladin Energy Ltd operates as a mining company. The Company explores and mines uranium. Paladin Energy serves customers worldwide.

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Paladin Energy (PDN AU)

ASX Short Interest Weekly (Jun 13th): Northern Star Resources, Cochlear

We analyzed ASX short interest report for the past week and highlight short interest changes in Northern Star Resources (NST AU), Cochlear (COH...

Ke Yan, CFA, FRM

Mayne Pharma (MYX AU): The Vote Gets Up. Now What?

The possibility of an agreed price reduction has reduced; but arguably, so has the MAC threat. Only the facts presented during the court hearing...

David Blennerhassett

Boss Energy (ASX: BOE) – Transitioning to Tier-1 Producer with Strong Quarterly Momentum

Boss had a strong quarter with Honeymoon generating cash flow and production increasing, aiming for 2.9M lbs output by FY27, but faces risks due...

Rahul Jain

MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Double Inclusion for CGN Mining

CGN Mining is a double add, while Endesa and enCore Energy are deletes. Estimated net round-trip trade across both indices is US$560m.

Brian Freitas

S&P/ASX Index Rebalance (June 2025): Changes, Flows, Shorts & Positioning

There are 12 changes across the ASX family. Flows are big in some stocks and short interest has spiked in a few stocks. Adds have outperformed the...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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ASX Short Interest Weekly (Jun 13th): Northern Star Resources, Cochlear

We analyzed ASX short interest report for the past week and highlight short interest changes in Northern Star Resources (NST AU), Cochlear (COH...

Ke Yan, CFA, FRM

Mayne Pharma (MYX AU): The Vote Gets Up. Now What?

The possibility of an agreed price reduction has reduced; but arguably, so has the MAC threat. Only the facts presented during the court hearing...

David Blennerhassett

Boss Energy (ASX: BOE) – Transitioning to Tier-1 Producer with Strong Quarterly Momentum

​Boss had a strong quarter with Honeymoon generating cash flow and production increasing, aiming for 2.9M lbs output by FY27, but faces risks due...

Rahul Jain

MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Double Inclusion for CGN Mining

CGN Mining is a double add, while Endesa and enCore Energy are deletes. Estimated net round-trip trade across both indices is US$560m.

Brian Freitas

S&P/​​​​ASX Index Rebalance (June 2025): Changes, Flows, Shorts & Positioning

There are 12 changes across the ASX family. Flows are big in some stocks and short interest has spiked in a few stocks. Adds have outperformed the...

Brian Freitas

Boss had a strong quarter with Honeymoon generating cash flow and production increasing, aiming for 2.9M lbs output by FY27, but faces risks due...

S&P/ASX Index Rebalance (June 2025): Changes, Flows, Shorts & Positioning