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

Sichuan Kelun-Biotech Biopharmaceutical / Index Rebalance

Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)

<ul>
<li>The recent placement and price surge in <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> could result in the stock being added to a global index in August.</li>
<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</a> has outperformed its peers as the entire industry has been trading well. There is a small increase in short interest in the stock.</li>
<li>Positioning has increased steadily over the last month. Momentum in the stock and its peers could lead to further upside before profit taking kicks in.</li>
</ul>


The recent placement and price surge in Sichuan Kelun-Biotech Biopharm (6990 HK) could result in the stock being added to a global index in August.

Sichuan Kelun-Biotech Biopharm has outperformed its peers as the entire industry has been trading well. There is a small increase in short interest in the stock.
Positioning has increased steadily over the last month. Momentum in the stock and its peers could lead to further upside before profit taking kicks in.


Sichuan Kelun Biotech (6990 HK): Price Surge & Global Index Inclusion

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Equity Capital Markets

Ascentage Pharma / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ascentage-pharma-group-inter" target="_blank" data-smartkarma-citation="entities:27824:1" rel="noopener">Ascentage Pharma Group Corp (6855 HK)</a> (AP) aims to raise around US$196m via  top-up placement.</li>
<li>The company has undertaken a number of deals in the past, with none of the deals having done well. Although stock momentum has been strong this year.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Ascentage Pharma Group Corp (6855 HK) (AP) aims to raise around US$196m via  top-up placement.
The company has undertaken a number of deals in the past, with none of the deals having done well. Although stock momentum has been strong this year.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Ascentage Pharma Top-Up Placement - Past Deals Didn't Done Well, Stock up a Lot but Sector Is Strong

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group-co" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical Group (3692 HK)</a> granted an exclusive worldwide license to develop, manufacture, and commercialize HS-20094, an investigational dual GLP-1/GIP receptor agonist.</li>
<li>Globally, the only approved dual GLP-1/GIP receptor agonist is Eli Lilly’s Zepbound, which garnered revenue of $4.9B in 2024, with a potential of peak global sales of $27.2B by 2030.</li>
<li>Hansoh’s mainstay drug Ameile was approved for an additional indication of treatment of adult patients with stage II to IIIB NSCLC whose tumors have EGFR mutations.</li>
</ul>



Hansoh Pharmaceutical Group (3692 HK) granted an exclusive worldwide license to develop, manufacture, and commercialize HS-20094, an investigational dual GLP-1/GIP receptor agonist.
Globally, the only approved dual GLP-1/GIP receptor agonist is Eli Lilly’s Zepbound, which garnered revenue of $4.9B in 2024, with a potential of peak global sales of $27.2B by 2030.
Hansoh’s mainstay drug Ameile was approved for an additional indication of treatment of adult patients with stage II to IIIB NSCLC whose tumors have EGFR mutations.


Hansoh Pharmaceutical (3692 HK): Outlicensing and Indication Expansion Of Core Drug Augur Well

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

China Medical System / Equity Capital Markets

<ul>
<li>CMS announced proposed secondary listing on the SGX-ST. The Company is undergoing pipeline adjustments and strategic transformation. Its growth logic is shifting from "dependence on generic drugs" to "innovation-driven drugs".</li>
<li>However, the valuation logic has changed. The capital market will give high valuations to companies that achieve overseas licensing-out deals, rather than the attractive DCF model based on traditional business.</li>
<li>After 2023/2024 performance downturn, revenue growth is expected to return to positive in 2025. But in essence, CMS’s current business model is license-in, which will affect the future valuation performance. </li>
</ul>


CMS announced proposed secondary listing on the SGX-ST. The Company is undergoing pipeline adjustments and strategic transformation. Its growth logic is shifting from "dependence on generic drugs" to "innovation-driven drugs".
However, the valuation logic has changed. The capital market will give high valuations to companies that achieve overseas licensing-out deals, rather than the attractive DCF model based on traditional business.
After 2023/2024 performance downturn, revenue growth is expected to return to positive in 2025. But in essence, CMS’s current business model is license-in, which will affect the future valuation performance. 


Pre-IPO China Medical System (867 HK) - About the IPO in Singapore and Concerns on Valuation Outlook

Innovent Biologics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a> aims to raise around US$500m for R&amp;D and marketing.</li>
<li>The company has undertaken a number of deals in the past, with the overall results being mixed but recent deals have done well.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Innovent Biologics Inc (1801 HK) aims to raise around US$500m for R&amp;D and marketing.
The company has undertaken a number of deals in the past, with the overall results being mixed but recent deals have done well.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Innovent Biologics Placement - Second for the Month, Stock Has Doubled but Momentum Is Strong

China

Sichuan Kelun-Biotech Biopharmaceutical is a biopharmaceutical company focused on the research, development, manufacturing, and commercialization of innovative biological and small molecule drugs, particularly Antibody-Drug Conjugates (ADCs). It addresses unmet medical needs in oncology, autoimmune disorders, and metabolic diseases, with key products including sacituzumab tirumotecan and trastuzumab botidotin. The company is headquartered in Chengdu, Sichuan, China, and was founded in 2016.

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Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)

Sichuan Kelun Biotech (6990 HK): Price Surge & Global Index Inclusion

Sichuan Kelun Biotech could be added to a global index in August. There is positioning in the stock, but industry momentum could lead to further...

Brian Freitas

Ascentage Pharma Top-Up Placement - Past Deals Didn't Done Well, Stock up a Lot but Sector Is Strong

Ascentage Pharma Group Corp (6855 HK) (AP) aims to raise around US$196m via top-up placement. In this note, we talk about the deal dynamics.

Sumeet Singh

Hansoh Pharmaceutical (3692 HK): Outlicensing and Indication Expansion Of Core Drug Augur Well

Hansoh Pharma grants license for dual GLP-1/GIP receptor agonist to Regeneron, aiming to tap global weight loss market. Flagship drug Ameile also...

Tina Banerjee

Pre-IPO China Medical System (867 HK) - About the IPO in Singapore and Concerns on Valuation Outlook

Listing in SGX opens a new chapter and CMS is undergoing pipeline adjustments and strategic transformation. But as valuation logic changes, license...

Xinyao (Criss) Wang

Innovent Biologics Placement - Second for the Month, Stock Has Doubled but Momentum Is Strong

Innovent Biologics Inc (1801 HK) aims to raise around US$500m for R&D and marketing. In this note, we talk about the deal dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sichuan Kelun Biotech (6990 HK): Price Surge & Global Index Inclusion

Sichuan Kelun Biotech could be added to a global index in August. There is positioning in the stock, but industry momentum could lead to further...

Brian Freitas

Ascentage Pharma Top-Up Placement - Past Deals Didn't Done Well, Stock up a Lot but Sector Is Strong

Ascentage Pharma Group Corp (6855 HK) (AP) aims to raise around US$196m via top-up placement. In this note, we talk about the deal dynamics.

Sumeet Singh

Hansoh Pharmaceutical (3692 HK): Outlicensing and Indication Expansion Of Core Drug Augur Well

​Hansoh Pharma grants license for dual GLP-1/GIP receptor agonist to Regeneron, aiming to tap global weight loss market. Flagship drug Ameile also...

Tina Banerjee

Pre-IPO China Medical System (867 HK) - About the IPO in Singapore and Concerns on Valuation Outlook

Listing in SGX opens a new chapter and CMS is undergoing pipeline adjustments and strategic transformation. But as valuation logic changes, license...

Xinyao (Criss) Wang

Innovent Biologics Placement - Second for the Month, Stock Has Doubled but Momentum Is Strong

Innovent Biologics Inc (1801 HK) aims to raise around US$500m for R&D and marketing. In this note, we talk about the deal dynamics.

Sumeet Singh

Hansoh Pharma grants license for dual GLP-1/GIP receptor agonist to Regeneron, aiming to tap global weight loss market. Flagship drug Ameile also...