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 analyzed the latest HK SFC report for aggregate short position as of Sep 12th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso, Shandong Gold Mining.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 12th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso, Shandong Gold Mining.


HK Short Interest Weekly: Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

TransThera Sciences (Nanjing) / Equity Bottom-Up

<ul>
<li>At current valuation level, leading biotech listed in Hong Kong have generally “overdrawn” their performance for the next 1 to 3 years. So, it is time to consider taking profits.</li>
<li>TransThera’s shares have been highly volatile following their inclusion in several innovative-drug ETFs. We analyzed the drivers behind this move. With valuation now diverging from fundamentals, we advise caution.</li>
<li>The fluctuations of Duality’s shares were driven by the inclusion of HSCI. However, some funds chose to take profits at high stock prices, thus Duality is under pressure of correction.</li>
</ul>


At current valuation level, leading biotech listed in Hong Kong have generally “overdrawn” their performance for the next 1 to 3 years. So, it is time to consider taking profits.
TransThera’s shares have been highly volatile following their inclusion in several innovative-drug ETFs. We analyzed the drivers behind this move. With valuation now diverging from fundamentals, we advise caution.
The fluctuations of Duality’s shares were driven by the inclusion of HSCI. However, some funds chose to take profits at high stock prices, thus Duality is under pressure of correction.


China Healthcare Weekly(Sep.21)-HK Biotechs Are Overvalued, Duality, Story Behind "Crazy" TransThera

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alphamab-oncology" target="_blank" data-smartkarma-citation="entities:28213:1" rel="noopener">Alphamab Co Ltd (9966 HK)</a> 's NDA of KN026 (anbenitamab) in combination with chemotherapy for the treatment of patients with HER2+ gastric or gastroesophageal junction cancer was accepted by NMPA.</li>
<li>Alphamab has four major products at this moment, one of them commercialized (KN035) and the rest (KN026, JSKN003 and KN046) in the advanced stages of trial or regulatory approval.</li>
<li>In 1H25, company reported an increase of 84% YoY in revenue mainly driven by licensing income. The strong Phase III line up provides a fair bit of revenue visibility.</li>
</ul>



Alphamab Co Ltd (9966 HK) 's NDA of KN026 (anbenitamab) in combination with chemotherapy for the treatment of patients with HER2+ gastric or gastroesophageal junction cancer was accepted by NMPA.
Alphamab has four major products at this moment, one of them commercialized (KN035) and the rest (KN026, JSKN003 and KN046) in the advanced stages of trial or regulatory approval.
In 1H25, company reported an increase of 84% YoY in revenue mainly driven by licensing income. The strong Phase III line up provides a fair bit of revenue visibility.


Alphamab Oncology (9966 HK): Phase III Candidates Hold Opportunity Beyond KN035 (Envafolimab)

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 5th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Horizon Robotics, Tencent, CCB, Shandong Gold Mining.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 5th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Horizon Robotics, Tencent, CCB, Shandong Gold Mining.


HK Short Interest Weekly: Horizon Robotics, Tencent, CCB, Shandong Gold Mining

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>China (Shanghai Composite) has been a major focus ever since our July 3 report titled "China and Japan Breaking Out," and it's pulling back toward 10-year base support at 3675-3725;buy.</li>
<li>Japan's TOPIX and TOPIX Small indexes remain bullish (BUY), but RS remains below multi-month resistances; we would upgrade Japan to overweight on RS breakouts.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
China (Shanghai Composite) has been a major focus ever since our July 3 report titled "China and Japan Breaking Out," and it's pulling back toward 10-year base support at 3675-3725;buy.
Japan's TOPIX and TOPIX Small indexes remain bullish (BUY), but RS remains below multi-month resistances; we would upgrade Japan to overweight on RS breakouts.


Buys in Japan and Europe; China Pulling Back -- Buy; MSCI ACWI Uptrend Intact

China

Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. operates biotechnology businesses. The Company develops and provides biological drugs, chemical raw materials, antibody conjugating drugs, innovative drugs, and other products. Kelun Biotech also operates import and export businesses.

Price Gauge
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Sichuan Kelun-Biotech Biopharm (6990 HK)

HK Short Interest Weekly: Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso

We analyzed the latest HK SFC report for aggregate short position as of Sep 12th and highlight short interest changes in Alibaba, China Pacific...

Ke Yan, CFA, FRM

China Healthcare Weekly(Sep.21)-HK Biotechs Are Overvalued, Duality, Story Behind "Crazy" TransThera

Investors in HK biotechs should consider taking profits as they are overvalued. Duality is under pressure of correction. TransThera’s shares...

Xinyao (Criss) Wang

Alphamab Oncology (9966 HK): Phase III Candidates Hold Opportunity Beyond KN035 (Envafolimab)

Alphamab's NDA for KN026 in combo with chemo for HER2+ cancer accepted by NMPA. 1H25 revenue growth driven by licensing income. Robust Phase III...

Tina Banerjee

HK Short Interest Weekly: Horizon Robotics, Tencent, CCB, Shandong Gold Mining

We analyzed the latest HK SFC report for aggregate short position as of Sep 5th and highlight short interest changes in Horizon Robotics, Tencent,...

Ke Yan, CFA, FRM

Buys in Japan and Europe; China Pulling Back -- Buy; MSCI ACWI Uptrend Intact

Buys in Japan and Europe; China's Shanghai Composite Pulling Back to 10-year Base Support -- Buy; MSCI $ACWI Uptrend Intact. Actionable Themes:...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Short Interest Weekly: Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso

We analyzed the latest HK SFC report for aggregate short position as of Sep 12th and highlight short interest changes in Alibaba, China Pacific...

Ke Yan, CFA, FRM

China Healthcare Weekly(Sep.21)-HK Biotechs Are Overvalued, Duality, Story Behind "Crazy" TransThera

​Investors in HK biotechs should consider taking profits as they are overvalued. Duality is under pressure of correction. TransThera’s shares...

Xinyao (Criss) Wang

Alphamab Oncology (9966 HK): Phase III Candidates Hold Opportunity Beyond KN035 (Envafolimab)

​Alphamab's NDA for KN026 in combo with chemo for HER2+ cancer accepted by NMPA. 1H25 revenue growth driven by licensing income. Robust Phase III...

Tina Banerjee

HK Short Interest Weekly: Horizon Robotics, Tencent, CCB, Shandong Gold Mining

We analyzed the latest HK SFC report for aggregate short position as of Sep 5th and highlight short interest changes in Horizon Robotics, Tencent,...

Ke Yan, CFA, FRM

Buys in Japan and Europe; China Pulling Back -- Buy; MSCI ACWI Uptrend Intact

Buys in Japan and Europe; China's Shanghai Composite Pulling Back to 10-year Base Support -- Buy; MSCI $ACWI Uptrend Intact. Actionable Themes:...

Vermilion Research

Investors in HK biotechs should consider taking profits as they are overvalued. Duality is under pressure of correction. TransThera’s shares...

Alphamab's NDA for KN026 in combo with chemo for HER2+ cancer accepted by NMPA. 1H25 revenue growth driven by licensing income. Robust Phase III...