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 changes in short interest of TWSE Stocks as of Nov 11th which has an aggregated short interest worth USD13.6bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Unimicron, Alchip, Lotes, King Yuan Electronics, Wistron, TXC. </li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Nov 11th which has an aggregated short interest worth USD13.6bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Unimicron, Alchip, Lotes, King Yuan Electronics, Wistron, TXC. 


TWSE Short Interest Weekly (Nov 11th): Unimicron, Alchip, Lotes, King Yuan Electronics, Wistron, TXC

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Oct 28th which has an aggregated short interest worth USD11.7bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We analyzed TWSE short interest report for the past week and highlight short interest changes in Mediatek, Global Unichip, Alchip, Wiwynn Corp.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Oct 28th which has an aggregated short interest worth USD11.7bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We analyzed TWSE short interest report for the past week and highlight short interest changes in Mediatek, Global Unichip, Alchip, Wiwynn Corp.


TWSE Short Interest Weekly (Oct 28th): Mediatek, Global Unichip, Alchip, Wiwynn Corp

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Sep 30th which has an aggregated short interest worth USD12.0bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Evergreen Marine, Quanta computer, Cathay Financial, Fubon Financial, Largan Precision.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 30th which has an aggregated short interest worth USD12.0bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Evergreen Marine, Quanta computer, Cathay Financial, Fubon Financial, Largan Precision.


TWSE Short Interest Weekly (Sep 30th): Evergreen Marine, Quanta, Cathay, Fubon, Largan

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<div>
<p>This insight provides a quick summary of gross/annualised (where possible) spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and how those spreads have changed over the last week; plus the next hard events over the coming weeks.</p>
</div>
<div>
<p>I number 46, mostly firm, deals around the region.</p>
</div>
<div>
<p>More below the fold.</p>
</div>


This insight provides a quick summary of gross/annualised (where possible) spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and how those spreads have changed over the last week; plus the next hard events over the coming weeks.


I number 46, mostly firm, deals around the region.


More below the fold.


Asia-Pac Weekly Risk Arb Summary: Shinsei Bank, HomeCo/Aventus, Irongate, Spark Infra, ICar, Yorkey

Travis Lundy

<p>The Tender Offer for <a href="https://www.smartkarma.com/entities/jih-sun-financial-holdings" target="_blank" data-smartkarma-citation="entities:17971:1" rel="noopener">Jih Sun Financial (5820 TT)</a> by <a href="https://www.smartkarma.com/entities/fubon-financial-holding-co" target="_blank" data-smartkarma-citation="entities:11869:1" rel="noopener">Fubon Financial Holding Co (2881 TT)</a> closes on 23 March. </p><p>The original close was 1 February but a 50-day extension was granted as requested, to 23 March. In Taiwan, Tender Offers are for a minimum of 20 days and a maximum of 50 days, and an extension can be granted for 50 days. There are further extensions possible for "reasonable cause" upon application to the FSC, but it is not clear that exists in this case. I expect if Fubon wants it, the FSC would be inclined to grant it. </p><p>There appears to be substantial regulatory support for the deal as a first among what may be many such future financial holding company consolidations. But there remain questions as to whether this gets done or not. </p>

The Tender Offer for Jih Sun Financial (5820 TT) by Fubon Financial Holding Co (2881 TT) closes on 23 March. The original close was 1 February but a 50-day extension was granted as requested, to 23 March. In Taiwan, Tender Offers are for a minimum of 20 days and a maximum of 50 days, and an extension can be granted for 50 days. There are further extensions possible for "reasonable cause" upon application to the FSC, but it is not clear that exists in this case. I expect if Fubon wants it, the FSC would be inclined to grant it. There appears to be substantial regulatory support for the deal as a first among what may be many such future financial holding company consolidations. But there remain questions as to whether this gets done or not. 

Taiwan

IBF Financial Holdings Co., Ltd. is a holding company.  Through its subsidiaries, the Company acts as a broker and dealer of short term bills, certifier, underwriter and guarantor of commercial papers, and broker for inter-bank call loans.  The Company also trades government bonds and provides financial consulting services.

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IBF Financial Holdings (2889 TT)

TWSE Short Interest Weekly (Nov 11th): Unimicron, Alchip, Lotes, King Yuan Electronics, Wistron, TXC

We analyzed TWSE short interest report for the past week and highlight short interest changes in Unimicron, Alchip, Lotes, King Yuan Electronics,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Oct 28th): Mediatek, Global Unichip, Alchip, Wiwynn Corp

We analyzed TWSE short interest report for the past week and highlight short interest changes in Mediatek, Global Unichip, Alchip, Wiwynn Corp.

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Sep 30th): Evergreen Marine, Quanta, Cathay, Fubon, Largan

We analyzed TWSE short interest report for the past week and highlight short interest changes in Evergreen Marine, Quanta computer, Cathay...

Ke Yan, CFA, FRM

Asia-Pac Weekly Risk Arb Summary: Shinsei Bank, HomeCo/Aventus, Irongate, Spark Infra, ICar, Yorkey

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Jih Sun Financial Deal Down To The Wire

Fubon deal for Jih Sun comes down to the wire. Extension is possible but there is no word from either of the two big holders. Jih Sun trades at...

Travis Lundy

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52-week Range

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