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 Nov 28th (reported today). The aggregated short interest was USD27.2bn.</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 Lynas Rare Earths, James Hardie Industries, Transurban, CAR, Macquarie.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 28th (reported today). The aggregated short interest was USD27.2bn.
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 Lynas Rare Earths, James Hardie Industries, Transurban, CAR, Macquarie.


ASX Short Interest Weekly (Nov 28th): Lynas Rare Earths, James Hardie Industries, Transurban, CAR

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>The shareholder vote failed, but momentum builds: Despite only 19.35% support, institutional backing signals growing pressure on Rio Tinto’s board to revisit the dual-listed company structure in future.</li>
<li>Valuation gap widens, thesis strengthens: With RIO Ltd trading at a 23.2% premium over RIO plc, the economic case for unification — and the relative value trade — becomes increasingly compelling.</li>
<li>Not statistical arbitrage, but event-driven optionality: The long plc / short Ltd setup lacks persistent mean reversion but offers asymmetric upside if governance shifts, tax changes, or structural catalysts force convergence.</li>
</ul>


The shareholder vote failed, but momentum builds: Despite only 19.35% support, institutional backing signals growing pressure on Rio Tinto’s board to revisit the dual-listed company structure in future.
Valuation gap widens, thesis strengthens: With RIO Ltd trading at a 23.2% premium over RIO plc, the economic case for unification — and the relative value trade — becomes increasingly compelling.
Not statistical arbitrage, but event-driven optionality: The long plc / short Ltd setup lacks persistent mean reversion but offers asymmetric upside if governance shifts, tax changes, or structural catalysts force convergence.


Digging Deeper: The Vote Failed, But the Value in Rio Tinto’s Dual Listing Remains Untapped

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Palliser Capital, which reportedly holds ~$300mn in <strong><a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU/LN)</a></strong> shares across its dual-head structure, has campaigned for near-on a year to unify the primary listing in Australia.</li>
<li>Palliser's reasonings (and others) to unify make sense, such as access to stock-based mergers and eliminating franking wastage. A recent independent assessment from Grant Thornton is also supportive of unification.</li>
<li>Shareholders will vote on the resolution on 3rd April  for UK-listed shares and 1st May for Australian-listed shares. The UK line holds the key to the vote outcome.</li>
</ul>


Palliser Capital, which reportedly holds ~$300mn in Rio Tinto Ltd (RIO AU/LN) shares across its dual-head structure, has campaigned for near-on a year to unify the primary listing in Australia.
Palliser's reasonings (and others) to unify make sense, such as access to stock-based mergers and eliminating franking wastage. A recent independent assessment from Grant Thornton is also supportive of unification.
Shareholders will vote on the resolution on 3rd April  for UK-listed shares and 1st May for Australian-listed shares. The UK line holds the key to the vote outcome.


Rio Tinto (RIO AU/LN): Shareholders To Vote On Merits Of Unification

Index Rebalance

<ul>
<li>Rio Tinto could remain in the FTSE 100 if it retains a premium London listing and meets FTSE Russell's UK nationality test, despite losing UK incorporation.</li>
<li>BHP's removal from the FTSE 100 in 2022 highlights the importance of maintaining a primary UK listing over UK incorporation alone.</li>
<li>FTSE 100 inclusion supports Rio Tinto’s access to UK and European capital markets, enhancing liquidity and flexibility for future share issuances.</li>
</ul>


Rio Tinto could remain in the FTSE 100 if it retains a premium London listing and meets FTSE Russell's UK nationality test, despite losing UK incorporation.
BHP's removal from the FTSE 100 in 2022 highlights the importance of maintaining a primary UK listing over UK incorporation alone.
FTSE 100 inclusion supports Rio Tinto’s access to UK and European capital markets, enhancing liquidity and flexibility for future share issuances.


Mine Over Matter: Will Rio Stay in the FTSE 100?

<ul>
<li>Unification could unlock $27-32B in value, driven by cost synergies, franking credit release, and index upweighting, enhancing Rio Tinto’s market positioning and shareholder returns.</li>
<li>$2.88B in franking credits are lost annually due to the DLC structure; unification enables full utilization via higher franked dividends and strategic off-market buybacks.</li>
<li>Increased ASX200 and FTSE100 weighting post-unification could drive $5-7B in passive fund inflows, improving liquidity, stock valuation, and institutional investor appeal.</li>
</ul>


Unification could unlock $27-32B in value, driven by cost synergies, franking credit release, and index upweighting, enhancing Rio Tinto’s market positioning and shareholder returns.
$2.88B in franking credits are lost annually due to the DLC structure; unification enables full utilization via higher franked dividends and strategic off-market buybacks.
Increased ASX200 and FTSE100 weighting post-unification could drive $5-7B in passive fund inflows, improving liquidity, stock valuation, and institutional investor appeal.


Rio Tinto Dual-Listed Company (DLC) Unification Analysis

Australia

Rio Tinto Limited is an international mining company.  The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. Dually-listed company with RIO LN.

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

Rio Tinto Ltd (RIO AU)

ASX Short Interest Weekly (Nov 28th): Lynas Rare Earths, James Hardie Industries, Transurban, CAR

We analyzed ASX short interest report for the past week and highlight short interest changes in Lynas Rare Earths, James Hardie Industries,...

Ke Yan, CFA, FRM

Digging Deeper: The Vote Failed, But the Value in Rio Tinto’s Dual Listing Remains Untapped

Rio Tinto’s dual listing trades at a 23% gap—structurally unjustified and politically fragile. Long plc / short Ltd offers asymmetric, catalyst...

Jesus Rodriguez Aguilar

Rio Tinto (RIO AU/LN): Shareholders To Vote On Merits Of Unification

Rio Tinto Ltd (RIO AU) shareholders voted down (80.65% against, spread across two meetings in London and Perth) Palliser's proposal to review its...

David Blennerhassett

Mine Over Matter: Will Rio Stay in the FTSE 100?

Rio Tinto could remain in the FTSE 100 if it retains a premium London listing and meets FTSE Russell's UK nationality test, despite losing UK...

Jesus Rodriguez Aguilar

Rio Tinto Dual-Listed Company (DLC) Unification Analysis

Rio Tinto's unification could unlock $27-32B in value through cost synergies, franking credit release, and index upweighting, boosting market...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ASX Short Interest Weekly (Nov 28th): Lynas Rare Earths, James Hardie Industries, Transurban, CAR

We analyzed ASX short interest report for the past week and highlight short interest changes in Lynas Rare Earths, James Hardie Industries,...

Ke Yan, CFA, FRM

Digging Deeper: The Vote Failed, But the Value in Rio Tinto’s Dual Listing Remains Untapped

Rio Tinto’s dual listing trades at a 23% gap—structurally unjustified and politically fragile. Long plc / short Ltd offers asymmetric, catalyst...

Jesus Rodriguez Aguilar

Rio Tinto (RIO AU/LN): Shareholders To Vote On Merits Of Unification

Rio Tinto Ltd (RIO AU) shareholders voted down (80.65% against, spread across two meetings in London and Perth) Palliser's proposal to review its...

David Blennerhassett

Mine Over Matter: Will Rio Stay in the FTSE 100?

​Rio Tinto could remain in the FTSE 100 if it retains a premium London listing and meets FTSE Russell's UK nationality test, despite losing UK...

Jesus Rodriguez Aguilar

Rio Tinto Dual-Listed Company (DLC) Unification Analysis

​Rio Tinto's unification could unlock $27-32B in value through cost synergies, franking credit release, and index upweighting, boosting market...

Jesus Rodriguez Aguilar

Rio Tinto could remain in the FTSE 100 if it retains a premium London listing and meets FTSE Russell's UK nationality test, despite losing UK...

Rio Tinto's unification could unlock $27-32B in value through cost synergies, franking credit release, and index upweighting, boosting market...