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 foreign holdings of KRX stocks as of Jun 27th. The aggregated holding was USD625.5bn.</li>
<li>We estimate that foreign flows to be inflows of USD100mln. We tabulates 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 SK Hynix, Kakaopay, Naver.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jun 27th. The aggregated holding was USD625.5bn.
We estimate that foreign flows to be inflows of USD100mln. We tabulates 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 SK Hynix, Kakaopay, Naver.


KRX Foreign Holding Weekly (Jun 27th): SK Hynix, Kakaopay, Naver

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Innovent Biologics Inc / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a> aims to raise around US$500m for R&amp;D and marketing.</li>
<li>The company has undertaken a number of deals in the past, with the overall results being mixed but recent deals have done well.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Innovent Biologics Inc (1801 HK) aims to raise around US$500m for R&amp;D and marketing.
The company has undertaken a number of deals in the past, with the overall results being mixed but recent deals have done well.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Innovent Biologics Placement - Second for the Month, Stock Has Doubled but Momentum Is Strong

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Samsung Biologics launches organoid-based drug screening services to support early-stage drug discovery and development. Daewoong Pharmaceutical signed a five-year KRW74B export agreement for botulinum toxin product with its Thailand partner.</li>
<li>Shionogi’s tender offer for Torii Pharmaceutical has become successful. Simcere stuck outlicensing agreement with NextCure for ADC drug candidate SIM0505 for upfront payment, development, and sales milestones up to $745M.</li>
<li>CSL received FDA approval of Andemry for hereditary angioedema. PharmaEssentia has received marketing approval of Besremi in Argentina. Lotus Pharmaceutical acquires a portfolio of five drugs in Vietnam.</li>
</ul>


Samsung Biologics launches organoid-based drug screening services to support early-stage drug discovery and development. Daewoong Pharmaceutical signed a five-year KRW74B export agreement for botulinum toxin product with its Thailand partner.
Shionogi’s tender offer for Torii Pharmaceutical has become successful. Simcere stuck outlicensing agreement with NextCure for ADC drug candidate SIM0505 for upfront payment, development, and sales milestones up to $745M.
CSL received FDA approval of Andemry for hereditary angioedema. PharmaEssentia has received marketing approval of Besremi in Argentina. Lotus Pharmaceutical acquires a portfolio of five drugs in Vietnam.


APAC Healthcare Weekly (June 22)- Samsung Biologics, Daewoong Pharma, Shionogi, Simcere, CSL

<ul>
<li>CSPC entered research collaboration with AstraZeneca for oral small molecule drug discovery utilizing CSPC’s AI-driven drug discovery platform. Wuxi Biologics kicked off construction of new microbial manufacturing site in China.</li>
<li>Samsung Biologics signed a CDMO contract worth more than KRW100B (~$73M) with an unnamed European pharmaceutical company. Daiichi Sankyo initiates Phase 3 trial of Enhertu in first-line breast cancer.</li>
<li>SanBio has completed filing a partial change application of marketing approval of Akuugo. Cochlear introduces Nucleus Nexa system, the world’s first and only smart cochlear implant system.</li>
</ul>


CSPC entered research collaboration with AstraZeneca for oral small molecule drug discovery utilizing CSPC’s AI-driven drug discovery platform. Wuxi Biologics kicked off construction of new microbial manufacturing site in China.
Samsung Biologics signed a CDMO contract worth more than KRW100B (~$73M) with an unnamed European pharmaceutical company. Daiichi Sankyo initiates Phase 3 trial of Enhertu in first-line breast cancer.
SanBio has completed filing a partial change application of marketing approval of Akuugo. Cochlear introduces Nucleus Nexa system, the world’s first and only smart cochlear implant system.


APAC Healthcare Weekly (June 15)- CSPC, Wuxi Bio, Samsung Bio, Daiichi Sankyo, SanBio, Cochlear

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.

Event-Driven

<ul>
<li>The FTC uses acquisition cost, not market value, so Samsung C&amp;T’s existing 5.05% Samsung Elec stake is booked at KRW 400B</li>
<li>Samsung Life only needs to sell ~5.5% of Samsung Elec, not the full 8.51%, leaving Samsung C&amp;T with a ~KRW 10T buffer before hitting the 50% holdco threshold.</li>
<li>The holdco risk is overblown—unlikely without rule changes. The Bio spin-off looks like prep for Samsung C&amp;T to buy Samsung Elec stake, driving re-rating upside for C&amp;T and Life.</li>
</ul>


The FTC uses acquisition cost, not market value, so Samsung C&amp;T’s existing 5.05% Samsung Elec stake is booked at KRW 400B
Samsung Life only needs to sell ~5.5% of Samsung Elec, not the full 8.51%, leaving Samsung C&amp;T with a ~KRW 10T buffer before hitting the 50% holdco threshold.
The holdco risk is overblown—unlikely without rule changes. The Bio spin-off looks like prep for Samsung C&amp;T to buy Samsung Elec stake, driving re-rating upside for C&amp;T and Life.


Samsung Insider’s Flawed Premise on the Samsung C&T Forced Holdco Conversion Issue

South Korea

Samsung Biologics Co.,Ltd. manufactures bio-healthcare products. The Company develops, refines, and distributes biopharmaceutical products.

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Samsung Biologics (207940 KS)

KRX Foreign Holding Weekly (Jun 27th): SK Hynix, Kakaopay, Naver

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Kakaopay, Naver.

Ke Yan, CFA, FRM

Innovent Biologics Placement - Second for the Month, Stock Has Doubled but Momentum Is Strong

Innovent Biologics Inc (1801 HK) aims to raise around US$500m for R&D and marketing. In this note, we talk about the deal dynamics.

Sumeet Singh

APAC Healthcare Weekly (June 22)- Samsung Biologics, Daewoong Pharma, Shionogi, Simcere, CSL

Samsung Bio launches new service for early-stage biotechs. Shionogi’s tender offer for Torii becomes successful. Simcere stuck outlicensing deal....

Tina Banerjee

APAC Healthcare Weekly (June 15)- CSPC, Wuxi Bio, Samsung Bio, Daiichi Sankyo, SanBio, Cochlear

CSPC entered research collaboration with AstraZeneca. Wuxi Bio is constructing new plant in China. Samsung Bio signed new CDMO contract. Daiichi...

Tina Banerjee

Samsung Insider’s Flawed Premise on the Samsung C&T Forced Holdco Conversion Issue

This post examines the flawed premise behind a Samsung insider’s take on Samsung C&T’s forced holding company conversion issue.

Sanghyun Park

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