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>Kelun-Biotech, a China-based integrated innovative biopharmaceutical company, plans to raise up to US$ 300m via a Hong Kong listing.</li>
<li>In this note, we examine the company's two core products, namely SKB264, a TROP2-ADC, and A166, a HER2-ADC. We also look at the company's management and pre-IPO investors.</li>
<li>We think the company is worth investors attention with promising candidates. Its pre-IPO investor line-up is decent.</li>
</ul>


Kelun-Biotech, a China-based integrated innovative biopharmaceutical company, plans to raise up to US$ 300m via a Hong Kong listing.
In this note, we examine the company's two core products, namely SKB264, a TROP2-ADC, and A166, a HER2-ADC. We also look at the company's management and pre-IPO investors.
We think the company is worth investors attention with promising candidates. Its pre-IPO investor line-up is decent.


Kelun-Biotech (科伦博泰) Pre-IPO: Candidates Are Differentiated and Promising

<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 115.1% as of Mar 10th.</li>
<li>The average A-H premium changed by 3.2ppt week on week, led by health care, communication services, information technology.</li>
<li>We highlight weekly changes in A-H premium for China Shenhua, PetroChina, China Southern, ZTE, CRRC, CICC.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 115.1% as of Mar 10th.
The average A-H premium changed by 3.2ppt week on week, led by health care, communication services, information technology.
We highlight weekly changes in A-H premium for China Shenhua, PetroChina, China Southern, ZTE, CRRC, CICC.


A-H Premium Weekly (Mar 10th): China Shenhua, PetroChina, China Southern, ZTE, CRRC, CICC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 1st.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Tencent, Great Wall Motor, China Construction Bank, Hong Kong Exchanges And Clearing.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 1st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Great Wall Motor, China Construction Bank, Hong Kong Exchanges And Clearing.


Hong Kong Connect Flows (Mar 1st): Tencent, Great Wall Motor, CCB, HKEx

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>ZLAB: Merck's Keytruda received repeated setbacks on treating prostate cancer, but the result cannot benefit ZLAB(/)</li>
<li>9995HK: RemeGen preannounced 2022 results, which is slightly better than our estimate</li>
<li>1877HK: JUNSHI preannounced 2022 result, which was worse than we expected</li>
</ul>


ZLAB: Merck's Keytruda received repeated setbacks on treating prostate cancer, but the result cannot benefit ZLAB(/)
9995HK: RemeGen preannounced 2022 results, which is slightly better than our estimate
1877HK: JUNSHI preannounced 2022 result, which was worse than we expected


China TME Update (Mar.2) - ZLAB; 9995HK;1877HK

<ul>
<li>XPEV: BYD cut prices for the older models of its Dynasty series (-)</li>
<li>700HK/SE/NTES: &lt;Undawn&gt; performance lower than expectation  (-/-/+)， hence we cut our estimation of annual gross billings of the game</li>
<li>9995HK: Daiichi Sangyo/Astra Zeneca's ADC blockbuster DS8201 (Enhertu) approve by NMPA... Impact to Remegen is material in the long run (-)</li>
</ul>


XPEV: BYD cut prices for the older models of its Dynasty series (-)
700HK/SE/NTES: &lt;Undawn&gt; performance lower than expectation  (-/-/+)， hence we cut our estimation of annual gross billings of the game
9995HK: Daiichi Sangyo/Astra Zeneca's ADC blockbuster DS8201 (Enhertu) approve by NMPA... Impact to Remegen is material in the long run (-)


China TMT Update(Feb.28):  700HK/SE/NTES/XPEV/9995HK - BYD Cut Prices for the Older Models

China

RemeGen Co., Ltd. operates biotechnology businesses. The Company develops therapeutic antibody drugs such as antibody drug conjugates (ADC), antibody fusion proteins, monoclonal antibodies and double antibodies. RemeGen provides solutions autoimmune diseases, tumor diseases, and ophthalmic diseases.

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Remegen (9995 HK)

Kelun-Biotech (科伦博泰) Pre-IPO: Candidates Are Differentiated and Promising

We think the Kelun-Biotech's core products are promising, both with more favorable efficacy and safety profile compared to respective benchmark...

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 10th): China Shenhua, PetroChina, China Southern, ZTE, CRRC, CICC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Shenhua, PetroChina, China Southern, ZTE, CRRC, CICC.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Mar 1st): Tencent, Great Wall Motor, CCB, HKEx

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent, Great Wall Motor, CCB, Hong Kong Exchanges And...

Ke Yan, CFA, FRM

China TME Update (Mar.2) - ZLAB; 9995HK;1877HK

ZLAB: Merck's Keytruda received repeated setbacks on treating prostate cancer, but the result cannot benefit ZLAB(/); 9995HK: RemeGen preannounced...

Blue Lotus Research Institute

China TMT Update(Feb.28): 700HK/SE/NTES/XPEV/9995HK - BYD Cut Prices for the Older Models

9995HK: Daiichi Sangyo/Astra Zeneca's ADC blockbuster DS8201 (Enhertu) approve by NMPA; XPEV: BYD cut prices for the older models (-); 700HK/SE...

Blue Lotus Research Institute

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