Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

NSING Technologies / Equity Capital Markets

<ul>
<li>The SFC acted against both IPO issuers and investors, suspending Cloudbreak and Baicha and making the largest asset restriction in SFC history.</li>
<li>The SFC suspects syndicates created false demand for IPO shares, and IPO proceeds may have returned to them through undisclosed financial-product agreements.</li>
<li>Based on the SFC press releases, we summarize red flags usable in ECM research and investment, three before listing and two after listing.</li>
</ul>


The SFC acted against both IPO issuers and investors, suspending Cloudbreak and Baicha and making the largest asset restriction in SFC history.
The SFC suspects syndicates created false demand for IPO shares, and IPO proceeds may have returned to them through undisclosed financial-product agreements.
Based on the SFC press releases, we summarize red flags usable in ECM research and investment, three before listing and two after listing.


Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Sino Biopharmaceutical entered outlicensing agreement with Sanofi for rovadicitinib for upfront payment of $135M. Antengene entered outlicensing agreement with UCB for ATG-201 for upfront and near-term milestone payment of $80M.</li>
<li>FDA accepted Takeda’s NDA for polycythemia vera drug rusfertide and granted Priority Review.  Sumitomo Pharma received conditional and time‑limited approval in Japan for the allogeneic cell product Amchepry.</li>
<li>FDA has cleared ABL Bio’s application for a Phase 1 clinical trial of ABL209. Glenmark Pharmaceuticals received FDA approval for generic Flovent with 180-day CGT exclusivity.</li>
</ul>


Sino Biopharmaceutical entered outlicensing agreement with Sanofi for rovadicitinib for upfront payment of $135M. Antengene entered outlicensing agreement with UCB for ATG-201 for upfront and near-term milestone payment of $80M.
FDA accepted Takeda’s NDA for polycythemia vera drug rusfertide and granted Priority Review.  Sumitomo Pharma received conditional and time‑limited approval in Japan for the allogeneic cell product Amchepry.
FDA has cleared ABL Bio’s application for a Phase 1 clinical trial of ABL209. Glenmark Pharmaceuticals received FDA approval for generic Flovent with 180-day CGT exclusivity.


APAC Healthcare Weekly (March 8) – Sino Bio, Antengene, Takeda, Sumitomo Pharma, ABL Bio, Glenmark

<ul>
<li>Simcere entered outlicensing agreement with Boehringer Ingelheim for IBD drug candidate SIM0709 for upfront payment of €42M. CSPC entered collaboration and license agreement with AstraZeneca for upfront payment of $1.2B.</li>
<li>Hanmi Pharm signs exclusive Mexico distribution deal for GLP-1 obesity drug efpeglenatide. HK inno.N will be launching 'X1 Plus Tablet', a triple antihypertensive drug for the first time in Korea.</li>
<li>Eisai’s Leqembi autoinjector is now under FDA review as weekly starting dose, with target action date of May 24. Chugai Pharmaceutical filed for additional indication of Tecentriq for bladder cancer.</li>
</ul>


Simcere entered outlicensing agreement with Boehringer Ingelheim for IBD drug candidate SIM0709 for upfront payment of €42M. CSPC entered collaboration and license agreement with AstraZeneca for upfront payment of $1.2B.
Hanmi Pharm signs exclusive Mexico distribution deal for GLP-1 obesity drug efpeglenatide. HK inno.N will be launching 'X1 Plus Tablet', a triple antihypertensive drug for the first time in Korea.
Eisai’s Leqembi autoinjector is now under FDA review as weekly starting dose, with target action date of May 24. Chugai Pharmaceutical filed for additional indication of Tecentriq for bladder cancer.


APAC Healthcare Weekly (February 1) – Simcere, CSPC, Hanmi Pharm, HK Inno.N, Eisai, Chugai Pharma

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>While the 1H25 IPOs have gained an average of 38% YTD, their average share price change has been only 6.3% MTD.</li>
<li>"Rising Suns" stocks are interesting: <a href="https://www.smartkarma.com/entities/hainan-drinda-new-energy-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:45252:1" rel="noopener">Hainan Drinda New Energy Technology (2865 HK)</a>, <a href="https://www.smartkarma.com/entities/pegbio-co-ltd" target="_blank" data-smartkarma-citation="entities:40924:1" rel="noopener">PegBio (2565 HK)</a>, <a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao (2643 HK)</a>, and <a href="https://www.smartkarma.com/entities/anhui-conch-material-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:45012:1" rel="noopener">Anhui Conch Material Technology (2560 HK)</a>.  </li>
<li>"Real Treasures" stocks are safe bets: <a href="https://www.smartkarma.com/entities/duality-biotherapeutics-inc" target="_blank" data-smartkarma-citation="entities:43878:1" rel="noopener">Duality Biotherapeutics (9606 HK)</a>, <a href="https://www.smartkarma.com/entities/unisound-ai-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36800:1" rel="noopener">Unisound AI Tech. (9678 HK)</a>, <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a>, <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui (1276 HK)</a>, and <a href="https://www.smartkarma.com/entities/nanshan-aluminium-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:43976:1" rel="noopener">Nanshan Aluminium (2610 HK)</a>. </li>
</ul>


While the 1H25 IPOs have gained an average of 38% YTD, their average share price change has been only 6.3% MTD.
"Rising Suns" stocks are interesting: Hainan Drinda New Energy Technology (2865 HK), PegBio (2565 HK), CaoCao (2643 HK), and Anhui Conch Material Technology (2560 HK).  
"Real Treasures" stocks are safe bets: Duality Biotherapeutics (9606 HK), Unisound AI Tech. (9678 HK), CATL (3750 HK), Jiangsu Hengrui (1276 HK), and Nanshan Aluminium (2610 HK). 


HK Strategy: Finding the Gems in 1H25 HK IPOs

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>We studied 43 HK IPO cornerstone deals from the Jan to Nov 2025 listing cohort to measure price action around the IPO+6M lock-up expiry.</li>
<li>We note that selling pressure from cornerstone selling overhang is deal-size dependent.</li>
<li>Sponsor mix further refines the screen. Pure international-sponsored deals underperformed other cohorts.</li>
</ul>


We studied 43 HK IPO cornerstone deals from the Jan to Nov 2025 listing cohort to measure price action around the IPO+6M lock-up expiry.
We note that selling pressure from cornerstone selling overhang is deal-size dependent.
Sponsor mix further refines the screen. Pure international-sponsored deals underperformed other cohorts.


HK IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

China

VISEN Pharmaceuticals is an innovative biopharmaceutical company focused on endocrine diseases. It develops and commercializes therapies for conditions such as pediatric growth hormone deficiency, achondroplasia, and chronic hypoparathyroidism. The company was founded in 2018 and is headquartered in Suzhou, China.

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VISEN Pharmaceuticals (2561 HK)

HK IPO: Five Red Flags of Demand Rigging

HK IPO: The SFC suspended Cloudbreak and Baicha and froze HK$4.66bn of assets over suspected IPO rigging. From its releases and the deal filings,...

Ke Yan, CFA, FRM

APAC Healthcare Weekly (March 8) – Sino Bio, Antengene, Takeda, Sumitomo Pharma, ABL Bio, Glenmark

Sino Bio and Anetengene stuck outlicensing deals with Sanofi and UCB, respectively. FDA accepted Takeda’s NDA for rusfertide. Sumitomo Pharma got...

Tina Banerjee

APAC Healthcare Weekly (February 1) – Simcere, CSPC, Hanmi Pharm, HK Inno.N, Eisai, Chugai Pharma

CSPC and Simcere signed outlicensing deals with AstraZeneca and Boehringer Ingelheim, respectively. Eisai’s Leqembi autoinjector is now under FDA...

Tina Banerjee

HK Strategy: Finding the Gems in 1H25 HK IPOs

1H25 IPOs have seen a YTD average gain of 38%, but only 6.3% MTD. "Rising Suns" like Hainan Drinda New Energy, PegBio, CaoCao Inc., and Anhui...

Osbert Tang, CFA

HK IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

HK IPO Essential Stat: We studied 43 HK IPO cornerstone deals listed in 2025 to quantify the selling pressure upon lock-up expiry.

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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HK IPO: Five Red Flags of Demand Rigging

HK IPO: The SFC suspended Cloudbreak and Baicha and froze HK$4.66bn of assets over suspected IPO rigging. From its releases and the deal filings,...

Ke Yan, CFA, FRM

APAC Healthcare Weekly (March 8) – Sino Bio, Antengene, Takeda, Sumitomo Pharma, ABL Bio, Glenmark

Sino Bio and Anetengene stuck outlicensing deals with Sanofi and UCB, respectively. FDA accepted Takeda’s NDA for rusfertide. Sumitomo Pharma got...

Tina Banerjee

APAC Healthcare Weekly (February 1) – Simcere, CSPC, Hanmi Pharm, HK Inno.N, Eisai, Chugai Pharma

CSPC and Simcere signed outlicensing deals with AstraZeneca and Boehringer Ingelheim, respectively. Eisai’s Leqembi autoinjector is now under FDA...

Tina Banerjee

HK Strategy: Finding the Gems in 1H25 HK IPOs

​1H25 IPOs have seen a YTD average gain of 38%, but only 6.3% MTD. "Rising Suns" like Hainan Drinda New Energy, PegBio, CaoCao Inc., and Anhui...

Osbert Tang, CFA

HK IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

HK IPO Essential Stat: We studied 43 HK IPO cornerstone deals listed in 2025 to quantify the selling pressure upon lock-up expiry.

Ke Yan, CFA, FRM

1H25 IPOs have seen a YTD average gain of 38%, but only 6.3% MTD. "Rising Suns" like Hainan Drinda New Energy, PegBio, CaoCao Inc., and Anhui...