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 analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.1% as of Oct 17th.</li>
<li>The average A-H premium changed by 3.0ppt week-on-week, led by information technology, real estate, materials.</li>
<li>We highlight weekly changes in A-H premium for Hua Hong Semiconductor, Sinotrans, Shanghai Junshi Biosciences, China Southern Airlines.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.1% as of Oct 17th.
The average A-H premium changed by 3.0ppt week-on-week, led by information technology, real estate, materials.
We highlight weekly changes in A-H premium for Hua Hong Semiconductor, Sinotrans, Shanghai Junshi Biosciences, China Southern Airlines.


A-H Premium Weekly (Oct 17th): Hua Hong Semiconductor, Sinotrans, Shanghai Junshi Biosciences

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.0% as of Aug 29th.</li>
<li>The average A-H premium changed by 2.7ppt week-on-week, led by health care, financials, information technology and offset by real estate.</li>
<li>We highlight weekly changes in A-H premium for Qingdao Port, Beigene, Cgn Power, China Galaxy Securities, Jl Mag Rare-Earth.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.0% as of Aug 29th.
The average A-H premium changed by 2.7ppt week-on-week, led by health care, financials, information technology and offset by real estate.
We highlight weekly changes in A-H premium for Qingdao Port, Beigene, Cgn Power, China Galaxy Securities, Jl Mag Rare-Earth.


A-H Premium Weekly (Aug 29th): Qingdao Port, Beigene, Cgn Power, China Galaxy Securities

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Shanghai Junshi Biosciences  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-junshi-biosciences-co-838d3eb3-3e0d-45f0-a9c5-ab0764709221" target="_blank" data-smartkarma-citation="entities:27760:1" rel="noopener">Shanghai Junshi Biosciences (1877 HK)</a> reported 49% revenue growth on the back of toripalimab during 1H25 in China. 10 indications of total 12 approved, included in China’s NRDL.</li>
<li>Toripalimab (branded as Loqtorzi) in U.S reported ~$17.3M revenue in 1H25 vs $5.8M in 1H24. Approvals received in new geographies like UAE and Kuwait.</li>
<li>With solid R&amp;D focus and Tuoyi’s prospects going ahead, given the regular geographical and indication expansions, it surely offers a long-term growth prospect.</li>
</ul>



Shanghai Junshi Biosciences (1877 HK) reported 49% revenue growth on the back of toripalimab during 1H25 in China. 10 indications of total 12 approved, included in China’s NRDL.
Toripalimab (branded as Loqtorzi) in U.S reported ~$17.3M revenue in 1H25 vs $5.8M in 1H24. Approvals received in new geographies like UAE and Kuwait.
With solid R&amp;D focus and Tuoyi’s prospects going ahead, given the regular geographical and indication expansions, it surely offers a long-term growth prospect.


Shanghai Junshi Bioscience (1877 HK): Tuoyi Holds Momentum Steady As a Rock, Losses Narrow in 1H

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

Index Rebalance

<ul>
<li>Nearing the end of the review period, we forecast 1 change 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">SSE STAR50 (STAR50 INDEX)</a> and 5 changes for the STAR100 Index in September.</li>
<li>We estimate turnover of 1% 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">SSE STAR50 (STAR50 INDEX)</a> and 3.6% for the STAR100 Index. The estimated round-trip trade is CNY 5bn (US$700m).</li>
<li>Near term performance 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">SSE STAR50 (STAR50 INDEX)</a> changes has been great, while the performance of the outright STAR100 Index changes has been far from satisfactory.</li>
</ul>


Nearing the end of the review period, we forecast 1 change for the SSE STAR50 (STAR50 INDEX) and 5 changes for the STAR100 Index in September.
We estimate turnover of 1% for the SSE STAR50 (STAR50 INDEX) and 3.6% for the STAR100 Index. The estimated round-trip trade is CNY 5bn (US$700m).
Near term performance for the SSE STAR50 (STAR50 INDEX) changes has been great, while the performance of the outright STAR100 Index changes has been far from satisfactory.


STAR50/STAR100 Index Rebalance Preview: Outright Changes & Migrations

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.9% as of Aug 8th.</li>
<li>The average A-H premium changed by -2.3ppt week-on-week, led by materials, health care, utilities.</li>
<li>We highlight weekly changes in A-H premium for Metallurgical Corporation Of China, Shandong Gold Mining, China Shenhua Energy, Tianqi Lithium.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.9% as of Aug 8th.
The average A-H premium changed by -2.3ppt week-on-week, led by materials, health care, utilities.
We highlight weekly changes in A-H premium for Metallurgical Corporation Of China, Shandong Gold Mining, China Shenhua Energy, Tianqi Lithium.


A-H Premium Weekly (Aug 8th): Metallurgical Corporation Of China, Shandong Gold Mining

China

Shanghai Junshi Biosciences Co., Ltd. operates as a biopharmaceutical company. The Company develops and sells small molecule drugs, antibody drug conjugates, and other products. Shanghai Junshi Biosciences markets its products worldwide.

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Shanghai Junshi Biosciences (688180 CH)

A-H Premium Weekly (Oct 17th): Hua Hong Semiconductor, Sinotrans, Shanghai Junshi Biosciences

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hua Hong Semiconductor, Sinotrans, Shanghai Junshi...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 29th): Qingdao Port, Beigene, Cgn Power, China Galaxy Securities

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Qingdao Port, Beigene, Cgn Power, China Galaxy Securities,...

Ke Yan, CFA, FRM

Shanghai Junshi Bioscience (1877 HK): Tuoyi Holds Momentum Steady As a Rock, Losses Narrow in 1H

Junshi Biosciences sees 49% revenue growth in 1H25 on strong performance of Tuoyi in China. Solid R&D focus and Tuoyi’s regular geographical and...

Tina Banerjee

STAR50/STAR100 Index Rebalance Preview: Outright Changes & Migrations

The STAR50/100 forecast adds have outperformed the forecast deletes over the last month, and by a lot. Announcement is at the close on Friday, so...

Brian Freitas

A-H Premium Weekly (Aug 8th): Metallurgical Corporation Of China, Shandong Gold Mining

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Metallurgical Corporation Of China, Shandong Gold Mining,...

Ke Yan, CFA, FRM

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52-week Range

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