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 61.4% as of Aug 1st.</li>
<li>The average A-H premium changed by 3.6ppt week-on-week, led by real estate, consumer staples, health care and offset by materials.</li>
<li>We highlight weekly changes in A-H premium for China Telecom, CIMC, Anjoy Food, China Everbright Bank, Zhengzhou Coal Mining Machinery, BYD.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.4% as of Aug 1st.
The average A-H premium changed by 3.6ppt week-on-week, led by real estate, consumer staples, health care and offset by materials.
We highlight weekly changes in A-H premium for China Telecom, CIMC, Anjoy Food, China Everbright Bank, Zhengzhou Coal Mining Machinery, BYD.


A-H Premium Weekly (Aug 1st): China Telecom, CIMC, Anjoy Food, China Everbright Bank

<ul>
<li>We analyse the changes of A-H premium on 156 stocks over the last week. The average A-H premium was 70.1% as of Jun 27th.</li>
<li>The average A-H premium changed by -2.3ppt week-on-week, led by consumer staples, financials, communication services and offset by information technology.</li>
<li>We highlight weekly changes in A-H premium for China Shenhua Energy, Bank Of Zhengzhou, Guolian Minsheng Securities, Shenwan Hongyuan, Jiangxi Copper, Cmoc.</li>
</ul>


We analyse the changes of A-H premium on 156 stocks over the last week. The average A-H premium was 70.1% as of Jun 27th.
The average A-H premium changed by -2.3ppt week-on-week, led by consumer staples, financials, communication services and offset by information technology.
We highlight weekly changes in A-H premium for China Shenhua Energy, Bank Of Zhengzhou, Guolian Minsheng Securities, Shenwan Hongyuan, Jiangxi Copper, Cmoc.


A-H Premium Weekly (Jun 27th): China Shenhua Energy, Bank Of Zhengzhou, Guolian Minsheng Securities

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Jiangsu Hengrui Pharmaceuticals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (1276 HK)</a> has launched its H Share listing at HK$41.45 to HK$44.05 per H Share. Pricing will be on 21 May.</li>
<li>I discussed the H Share listing in <em><strong><a href="https://www.smartkarma.com/insights/jiangsu-hengrui-pharma-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:185190" rel="noopener">Jiangsu Hengrui Pharma H Share Listing: The Investment Case</a></strong></em>. </li>
<li>The proposed AH discount can be argued as either light or attractive. I lean toward the latter and would participate in the H Share listing.</li>
</ul>



Jiangsu Hengrui Pharmaceuticals (1276 HK) has launched its H Share listing at HK$41.45 to HK$44.05 per H Share. Pricing will be on 21 May.
I discussed the H Share listing in Jiangsu Hengrui Pharma H Share Listing: The Investment Case. 
The proposed AH discount can be argued as either light or attractive. I lean toward the latter and would participate in the H Share listing.


Jiangsu Hengrui Pharma H Share Listing (1276 HK): Valuation Insights

Jiangsu Hengrui Medicine / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a>, a leading Chinese pharmaceutical company, has filed its PHIP for an H Share listing to raise US$2 billion.     </li>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (JHR HK)</a> ranked first among Chinese pharma companies in revenue from NME drugs in 2023 and the number of commercialised NME drugs in 2024.</li>
<li>The investment case rests on its product portfolio, strong revenue growth, rising profitability, cash generation, strong balance sheet and undemanding valuation. </li>
</ul>



Jiangsu Hengrui Medicine (600276 CH), a leading Chinese pharmaceutical company, has filed its PHIP for an H Share listing to raise US$2 billion.     

Jiangsu Hengrui Pharmaceuticals (JHR HK) ranked first among Chinese pharma companies in revenue from NME drugs in 2023 and the number of commercialised NME drugs in 2024.
The investment case rests on its product portfolio, strong revenue growth, rising profitability, cash generation, strong balance sheet and undemanding valuation. 


Jiangsu Hengrui Pharma H Share Listing: The Investment Case

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 10 stocks in China that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Four stocks remain, six new join the fray</li>
<li>Since inception, it has gained 150% versus the CSI 300 Index’s return of 53%</li>
</ul>


We highlight 10 stocks in China that look interesting to us based on our FVMR Methodology
Portfolio changes: Four stocks remain, six new join the fray
Since inception, it has gained 150% versus the CSI 300 Index’s return of 53%


China

Shanghai Pharmaceuticals Holding Co., Ltd. manufactures, retails, and wholesales a variety of pharmaceuticals including biopharmaceuticals, chemical and Chinese traditional medicines, and healthcare products. The Company also invests in new medicine development and provides related services.

Shanghai Pharmaceuticals Holding (2607 HK)

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Shanghai Pharmaceuticals Holding (2607 HK)

A-H Premium Weekly (Aug 1st): China Telecom, CIMC, Anjoy Food, China Everbright Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Telecom, CIMC, Anjoy Food, China Everbright Bank,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 27th): China Shenhua Energy, Bank Of Zhengzhou, Guolian Minsheng Securities

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Shenhua Energy, Bank Of Zhengzhou, Guolian Minsheng...

Ke Yan, CFA, FRM

The Stocks to Own in China – Vol. 35

We highlight 10 stocks in China that look interesting to us based on our FVMR Methodology. Since inception, it has gained 150% versus the CSI 300...

A. Stotz Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Aug 1st): China Telecom, CIMC, Anjoy Food, China Everbright Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Telecom, CIMC, Anjoy Food, China Everbright Bank,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 27th): China Shenhua Energy, Bank Of Zhengzhou, Guolian Minsheng Securities

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Shenhua Energy, Bank Of Zhengzhou, Guolian Minsheng...

Ke Yan, CFA, FRM

Jiangsu Hengrui Pharma H Share Listing (1276 HK): Valuation Insights

The proposed AH discount can be argued as either light or attractive. I lean toward the latter and would participate in the H Share listing.

Arun George

Jiangsu Hengrui Pharma H Share Listing: The Investment Case

Hengrui Pharma has filed its PHIP for an H Share listing to raise US$2 billion. In this note, we discuss the key tenets of the investment case.

Arun George

The Stocks to Own in China – Vol. 35

We highlight 10 stocks in China that look interesting to us based on our FVMR Methodology. Since inception, it has gained 150% versus the CSI 300...

A. Stotz Investment Research