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 analysed the earning revision of component stocks of CSI 100 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 GANFENG LITHIUM, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, PING AN INSURANCE, GREE ELECTRIC APPLIANCES, Moutai, CAMBRICON TECHNOLOGIES, BYD, CSSC, Ping An Insurance, BYD, Cssc, Moutai.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 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 GANFENG LITHIUM, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, PING AN INSURANCE, GREE ELECTRIC APPLIANCES, Moutai, CAMBRICON TECHNOLOGIES, BYD, CSSC, Ping An Insurance, BYD, Cssc, Moutai.


CSI 100 Index Earning Revision (Oct): GANFENG LITHIUM, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Duality Biotherapeutics / Equity Bottom-Up

<ul>
<li>Trump said he will place import taxes on 100% of pharmaceutical drugs, which will begin on Oct.1. Below, we shared our views on this new policy.</li>
<li>Some companies continue to repurchase/increase their holdings despite the industry's significant rise this year, indicating that major shareholders truly have confidence in the outlook. We specifically listed these companies.</li>
<li>The fluctuations in Duality’s stock price are obviously driven by capital after being included in HK Stock Connect. we suggest that investors pay attention to risks as Duality faces correction.</li>
</ul>


Trump said he will place import taxes on 100% of pharmaceutical drugs, which will begin on Oct.1. Below, we shared our views on this new policy.
Some companies continue to repurchase/increase their holdings despite the industry's significant rise this year, indicating that major shareholders truly have confidence in the outlook. We specifically listed these companies.
The fluctuations in Duality’s stock price are obviously driven by capital after being included in HK Stock Connect. we suggest that investors pay attention to risks as Duality faces correction.


China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Equity Capital Markets

Jiangxi Institute of Biological Products / Equity Capital Markets

<ul>
<li>In the field of Human TAT, Jiangxi Institute of Biological Products (JIBP)  is in a dominant position. Net profit CAGR was much higher than the revenue CAGR, indicating strong profitability.</li>
<li>This market is not big with obvious growth ceiling. Future CAGR of JIBP would gradually slow down if it continues to mainly rely on Human TAT to contribute performance. </li>
<li>Since the technical barriers in Human TAT industry are relatively high, and JIBP is a global leader in this field, JIBP’s valuation can at least reach the industry average level.</li>
</ul>


In the field of Human TAT, Jiangxi Institute of Biological Products (JIBP)  is in a dominant position. Net profit CAGR was much higher than the revenue CAGR, indicating strong profitability.
This market is not big with obvious growth ceiling. Future CAGR of JIBP would gradually slow down if it continues to mainly rely on Human TAT to contribute performance. 
Since the technical barriers in Human TAT industry are relatively high, and JIBP is a global leader in this field, JIBP’s valuation can at least reach the industry average level.


Pre-IPO Jiangxi Institute of Biological Products-Concerns Behind the Strong Growth and Profitability

<ul>
<li>We analysed the earning revision of component stocks of CSI 100 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 Industrial Bank, Satellite Chemical, Zhejiang Nhu, Zhongjin Gold, Wus Printed Circuit (Kunshan), Longi Green, Tcl Zhonghuan, Cambricon Technologies.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 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 Industrial Bank, Satellite Chemical, Zhejiang Nhu, Zhongjin Gold, Wus Printed Circuit (Kunshan), Longi Green, Tcl Zhonghuan, Cambricon Technologies.


CSI 100 Index Earning Revision (Jun): Industrial Bank, Satellite Chemical, Zhejiang Nhu

Thematic (Sector/Industry)

<ul>
<li>APIs, generic drugs, CXO, low-end medical consumables will be hit the most due to tariffs.Investors are advised to be cautious on these subsectors as companies’ performance would be negatively affected. </li>
<li>As the tariff war is heating up, blood products, innovative medical device, innovative drugs, chain pharmacies, innovative medical services, pharmaceutical distribution business could be "safe haven assets" for investors. </li>
<li>The logic behind tariffs is to attack China's effective supply and trigger China's overcapacity problem, thereby weakening effective demand and reducing capital accumulation rate, so as to attack the RMB.</li>
</ul>


APIs, generic drugs, CXO, low-end medical consumables will be hit the most due to tariffs.Investors are advised to be cautious on these subsectors as companies’ performance would be negatively affected. 
As the tariff war is heating up, blood products, innovative medical device, innovative drugs, chain pharmacies, innovative medical services, pharmaceutical distribution business could be "safe haven assets" for investors. 
The logic behind tariffs is to attack China's effective supply and trigger China's overcapacity problem, thereby weakening effective demand and reducing capital accumulation rate, so as to attack the RMB.


The Impact of Trump's Tariffs on China Healthcare - The Victims, And the Safe Haven Assets

China

Shanghai RAAS Blood Products Co., Ltd. produces blood products. The Company develops and manufactures human albumin, human immunoglobulin, coagulation factors, tetanus human immunoglobulin, and other products. Shanghai RAAS Blood Products markets its products throughout China.

Shanghai RAAS Blood Products C (002252 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

Shanghai RAAS Blood Products C (002252 CH)

CSI 100 Index Earning Revision (Oct): GANFENG LITHIUM, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS

We analyzed CSI 100's consensus for Oct 2025 and highlighted changes of EPS in GANFENG LITHIUM (002460 CH), CHONGQING ZHIFEI BIOLOGICAL PRODUCTS...

Ke Yan, CFA, FRM

China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Trump’s 100% pharma tariff starting Oct. 1. Major shareholders of some companies increased their holdings at high prices. Fluctuations in Duality’s...

Xinyao (Criss) Wang

Pre-IPO Jiangxi Institute of Biological Products-Concerns Behind the Strong Growth and Profitability

Jiangxi Institute of Biological Products leads in Human TAT with strong profitability, but future growth may slow. Technical barriers/global...

Xinyao (Criss) Wang

CSI 100 Index Earning Revision (Jun): Industrial Bank, Satellite Chemical, Zhejiang Nhu

We analyzed CSI 100's consensus for Jun 2025 and highlighted changes of EPS in Industrial Bank (601166 CH), Satellite Chemical (002648 CH),...

Ke Yan, CFA, FRM

The Impact of Trump's Tariffs on China Healthcare - The Victims, And the Safe Haven Assets

As tariff war is heating up, some sectors in China healthcare will be victims, but there will also safe haven assets.The logic behind tariffs is to...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CSI 100 Index Earning Revision (Oct): GANFENG LITHIUM, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS

We analyzed CSI 100's consensus for Oct 2025 and highlighted changes of EPS in GANFENG LITHIUM (002460 CH), CHONGQING ZHIFEI BIOLOGICAL PRODUCTS...

Ke Yan, CFA, FRM

China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Trump’s 100% pharma tariff starting Oct. 1. Major shareholders of some companies increased their holdings at high prices. Fluctuations in Duality’s...

Xinyao (Criss) Wang

Pre-IPO Jiangxi Institute of Biological Products-Concerns Behind the Strong Growth and Profitability

​Jiangxi Institute of Biological Products leads in Human TAT with strong profitability, but future growth may slow. Technical barriers/global...

Xinyao (Criss) Wang

CSI 100 Index Earning Revision (Jun): Industrial Bank, Satellite Chemical, Zhejiang Nhu

We analyzed CSI 100's consensus for Jun 2025 and highlighted changes of EPS in Industrial Bank (601166 CH), Satellite Chemical (002648 CH),...

Ke Yan, CFA, FRM

The Impact of Trump's Tariffs on China Healthcare - The Victims, And the Safe Haven Assets

As tariff war is heating up, some sectors in China healthcare will be victims, but there will also safe haven assets.The logic behind tariffs is to...

Xinyao (Criss) Wang

Jiangxi Institute of Biological Products leads in Human TAT with strong profitability, but future growth may slow. Technical barriers/global...