HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>InventisBio’s core advantages lie in its differentiated R&amp;D strategy (“Fast-Follow”, focusing on oral administration to enhance patient compliance), proven cooperation model, and a pipeline that combines depth and commercialization progress.</li>
<li>Whether D-2570 can maintain outstanding data in Phase III clinical trials and successfully realize "BIC" potential in psoriasis and UC markets is the key driving force for its valuation performance.</li>
<li>InventisBio’s valuation has higher upside potential than <a href="https://www.smartkarma.com/entities/shanghai-allist-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44181:1" rel="noopener">Allist</a> and Betta. Since D-2570 target pathway is relatively more mature, the potential return "elasticity" of InventisBio may be higher than that of Zelgen.</li>
</ul>


InventisBio’s core advantages lie in its differentiated R&amp;D strategy (“Fast-Follow”, focusing on oral administration to enhance patient compliance), proven cooperation model, and a pipeline that combines depth and commercialization progress.
Whether D-2570 can maintain outstanding data in Phase III clinical trials and successfully realize "BIC" potential in psoriasis and UC markets is the key driving force for its valuation performance.
InventisBio’s valuation has higher upside potential than Allist and Betta. Since D-2570 target pathway is relatively more mature, the potential return "elasticity" of InventisBio may be higher than that of Zelgen.


Pre-IPO InventisBio (A/H Listing) - The Success of Key Products Will Lead to a Surge in Valuation

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of STAR50 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on LOONGSON TECHNOLOGY, TRINA SOLAR, Xinjiang Daqo, SHENGYI ELECTRONICS, QI AN XIN TECHNOLOGY, NATIONAL SILICON INDUSTRY, JINKO SOLAR, Shengyi Electronics, Qi An Xin Technology, Jinko Solar.</li>
</ul>


We analysed the earning revision of component stocks of STAR50 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on LOONGSON TECHNOLOGY, TRINA SOLAR, Xinjiang Daqo, SHENGYI ELECTRONICS, QI AN XIN TECHNOLOGY, NATIONAL SILICON INDUSTRY, JINKO SOLAR, Shengyi Electronics, Qi An Xin Technology, Jinko Solar.


STAR50 Index Earning Revision (Sep): LOONGSON TECHNOLOGY, TRINA SOLAR, Xinjiang Daqo

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

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.

Sichuan Kelun-Biotech Biopharmaceutical / Equity Capital Markets

Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-kelun-biotech-biopharm" target="_blank" data-smartkarma-citation="entities:40071:1" rel="noopener">Sichuan Kelun-Biotech Biopharm (6990 HK)</a> is looking to raise up to US$200m from a primary placement. The offering is priced at HK$ 330.2-341, a 5-8% discount to last close.</li>
<li>The company plans to use the proceeds for research and development, clinical trials of its core products and as working capital.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Sichuan Kelun-Biotech Biopharm (6990 HK) is looking to raise up to US$200m from a primary placement. The offering is priced at HK$ 330.2-341, a 5-8% discount to last close.
The company plans to use the proceeds for research and development, clinical trials of its core products and as working capital.
In this note, we will talk about the placement and run the deal through our ECM framework.


Kelun-Biotech Placement - Recent Run-Up Makes Its Tricky

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Xiamen Amoytop Biotech Co Ltd / Index Rebalance

Xiamen Amoytop Biotech Co Ltd (688278 CH)

<ul>
<li>The March 2025 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 28th February 2025.</li>
<li>There will be 3 changes for the STAR 50 index and 6 changes for the STAR 100 index.</li>
<li>We expect one-way flows of approximately US$1bn and US$356mn for the STAR 50 and STAR 100 index rebal events respectively.</li>
</ul>


The March 2025 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 28th February 2025.
There will be 3 changes for the STAR 50 index and 6 changes for the STAR 100 index.
We expect one-way flows of approximately US$1bn and US$356mn for the STAR 50 and STAR 100 index rebal events respectively.


Quiddity STAR 50/100 Mar25 Results: US$1.4bn Total One-Way Flows; Mostly in Line with Expectations

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

<ul>
<li>There are 3 constituent changes for the <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50 INDEX</a> and 6 changes for the STAR100 Index at the March rebalance that will be implemented at the close on 14 March.</li>
<li>The last-minute methodology change could lead to under/over positioning on some names and those stocks could move the most over the next few days.</li>
<li>Performance has been mixed in the changes to the <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50 INDEX</a> but the outright adds have continued to outperform the outright deletes for the STAR100 Index.</li>
</ul>


There are 3 constituent changes for the STAR50 INDEX and 6 changes for the STAR100 Index at the March rebalance that will be implemented at the close on 14 March.
The last-minute methodology change could lead to under/over positioning on some names and those stocks could move the most over the next few days.
Performance has been mixed in the changes to the STAR50 INDEX but the outright adds have continued to outperform the outright deletes for the STAR100 Index.


STAR50/STAR100 Index Rebalance: Methodology Changes & Some Surprises

China

Shanghai Allist Pharmaceuticals Co., Ltd. operates as a pharmaceutical company. The Company discovers, develops, and commercializes generic and brandeded pharmaceuticals for the treatment of cardiovascular diseases, acid related diseases, and cancers. Shanghai Allist Pharmaceuticals markets its products throughout China.

Shanghai Allist Pharmaceuticals (688578 CH)

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Shanghai Allist Pharmaceuticals (688578 CH)

Pre-IPO InventisBio (A/H Listing) - The Success of Key Products Will Lead to a Surge in Valuation

InventisBio's differentiated R&D strategy/promising pipeline will lead to higher valuation upside compared to peers. D-2570 is the key driving...

Xinyao (Criss) Wang

STAR50 Index Earning Revision (Sep): LOONGSON TECHNOLOGY, TRINA SOLAR, Xinjiang Daqo

We analyzed STAR50's consensus for Sep 2025 and highlighted changes of EPS in LOONGSON TECHNOLOGY (688047 CH), TRINA SOLAR (688599 CH), Xinjiang...

Ke Yan, CFA, FRM

Kelun-Biotech Placement - Recent Run-Up Makes Its Tricky

Kelun-Biotech Biopharmaceutical Co (Kelun) is looking to raise up to US$200m from a primary placement. In this note, we will talk about the...

Akshat Shah

Quiddity STAR 50/100 Mar25 Results: US$1.4bn Total One-Way Flows; Mostly in Line with Expectations

Most of the changes were in line with expectations. The STAR 50 ADDs and DELs have multiple days of volume to trade but it is important to note the...

Janaghan Jeyakumar, CFA

STAR50/STAR100 Index Rebalance: Methodology Changes & Some Surprises

There are 3/6 changes for the STAR50/100 indices. Methodology changes result in a few surprises. The STAR50 adds/deletes have performed in line,...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO InventisBio (A/H Listing) - The Success of Key Products Will Lead to a Surge in Valuation

​InventisBio's differentiated R&D strategy/promising pipeline will lead to higher valuation upside compared to peers. D-2570 is the key driving...

Xinyao (Criss) Wang

STAR50 Index Earning Revision (Sep): LOONGSON TECHNOLOGY, TRINA SOLAR, Xinjiang Daqo

We analyzed STAR50's consensus for Sep 2025 and highlighted changes of EPS in LOONGSON TECHNOLOGY (688047 CH), TRINA SOLAR (688599 CH), Xinjiang...

Ke Yan, CFA, FRM

Kelun-Biotech Placement - Recent Run-Up Makes Its Tricky

Kelun-Biotech Biopharmaceutical Co (Kelun) is looking to raise up to US$200m from a primary placement. In this note, we will talk about the...

Akshat Shah

Quiddity STAR 50/100 Mar25 Results: US$1.4bn Total One-Way Flows; Mostly in Line with Expectations

Most of the changes were in line with expectations. The STAR 50 ADDs and DELs have multiple days of volume to trade but it is important to note the...

Janaghan Jeyakumar, CFA

STAR50/STAR100 Index Rebalance: Methodology Changes & Some Surprises

There are 3/6 changes for the STAR50/100 indices. Methodology changes result in a few surprises. The STAR50 adds/deletes have performed in line,...

Brian Freitas

InventisBio's differentiated R&D strategy/promising pipeline will lead to higher valuation upside compared to peers. D-2570 is the key driving...