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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 17th.</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 estimate the total inflows to be USD 960m and  highlight flows for Meituan, Xiaomi, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 17th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We estimate the total inflows to be USD 960m and  highlight flows for Meituan, Xiaomi, Tencent.


Hong Kong Connect Flows (Feb 17th): Meituan, Xiaomi, Tencent

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Shareholders have given <strong><a href="https://www.smartkarma.com/entities/sciclone-pharmaceuticals-holdings-limited" target="_blank" data-smartkarma-citation="entities:17351:1" rel="noopener">SciClone Pharmaceuticals (6600 HK)</a></strong>'s buyback the go-ahead which will result in the major shareholder holding (upward of) 31.63%, and the freedom to creep.</li>
<li>As such, a concentrated shareholder register, primarily comprising entities that privatised SciClone in 2017, gets even more concentrated.</li>
<li>Trading inexpensively ahead of the launch of a new (and approved) drug, SciClone is worth a second look. </li>
</ul>


Shareholders have given SciClone Pharmaceuticals (6600 HK)'s buyback the go-ahead which will result in the major shareholder holding (upward of) 31.63%, and the freedom to creep.
As such, a concentrated shareholder register, primarily comprising entities that privatised SciClone in 2017, gets even more concentrated.
Trading inexpensively ahead of the launch of a new (and approved) drug, SciClone is worth a second look. 


SciClone Pharma (6600 HK): Inexpensive Ahead Of New Therapies Rolling Out

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Sciclone Pharmaceuticals / Equity Bottom-Up

<ul>
<li>Zadaxin has been the biggest performance driver of SciClone, but it would face the risk of losing market share and increased pricing pressures after generic drugs were included in VBP.</li>
<li>SciClone is primarily a pharmaceutical development/sales company, rather than a research-based innovative drug company.The increasingly low cost performance of in-licensed products has made the capital “reconsider” and be more rational.</li>
<li>SciClone is a good stock for short-term trade, especially by taking advantage of the positive momentum after it reaches licensing deals/launches new products, but we're concerned about its long-term prospects.</li>
</ul>


Zadaxin has been the biggest performance driver of SciClone, but it would face the risk of losing market share and increased pricing pressures after generic drugs were included in VBP.
SciClone is primarily a pharmaceutical development/sales company, rather than a research-based innovative drug company.The increasingly low cost performance of in-licensed products has made the capital “reconsider” and be more rational.
SciClone is a good stock for short-term trade, especially by taking advantage of the positive momentum after it reaches licensing deals/launches new products, but we're concerned about its long-term prospects.


Sciclone Pharmaceuticals (6600.HK) - The Business, the Outlook and the Challenges

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 13th.</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 China Mobile, Simcere Pharmaceutical, Tencent, Geely Automobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 13th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, Simcere Pharmaceutical, Tencent, Geely Automobile.


Hong Kong Connect Flows (Jan 13th): Tencent Profit Taking

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 6th.</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, China Mobile, Wuxi Biologics, Kuaishou Technology.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 6th.
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, China Mobile, Wuxi Biologics, Kuaishou Technology.


Hong Kong Connect Flows (Jan 6th): Tencent, China Mobile, Wuxi Biologics, Kuaishou

China

SciClone Pharmaceuticals (Holdings) Limited operates as a biopharmaceutical company. The Company develops produces and sells oncology drug, infectious diseases drugs and other products. SciClone Pharmaceuticals (Holdings) markets its products throughout China.

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Sciclone Pharmaceuticals (6600 HK)

Hong Kong Connect Flows (Feb 17th): Meituan, Xiaomi, Tencent

We analyzed the Hong Kong Connect Scheme for last week and highlight inflows for Meituan, Xiaomi and outflows from Tencent.

Ke Yan, CFA, FRM

SciClone Pharma (6600 HK): Inexpensive Ahead Of New Therapies Rolling Out

It would not be surprising if the consortium which privatised SciClone six years ago, opts to do the same again. Or instigate an alternative...

David Blennerhassett