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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 19th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight the weekly Hong Kong connect flows for CCB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 19th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight the weekly Hong Kong connect flows for CCB.


<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jan 12th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight Hong Kong short weekly changes in Citic Sec.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jan 12th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight Hong Kong short weekly changes in Citic Sec.


External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>WuXi Bio recently announced better-than-expected number of projects signed in 2023 despite the challenging macro environment in the global pharmaceutical industry.</li><li>The company added 132 integrated projects to its pipeline in 2023, largely in line with the record highs during the COVID pandemic.</li><li>Notably, it signed 71 new projects in 4Q23, which mgt. attributed to clients’ sentiment improvement during Nov-Dec 2023. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

WuXi Bio recently announced better-than-expected number of projects signed in 2023 despite the challenging macro environment in the global pharmaceutical industry.The company added 132 integrated projects to its pipeline in 2023, largely in line with the record highs during the COVID pandemic.Notably, it signed 71 new projects in 4Q23, which mgt. attributed to clients’ sentiment improvement during Nov-Dec 2023. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi Biologics (2269 HK) - On the Road to Recovery

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>WuXi XDC looks like “an outlier” among domestic CXOs - Its share price has performed well so far. As a niche player, WuXi XDC’s short-term performance growth is relatively guaranteed.</li>
<li>We analyzed the valuation of <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (2268 HK)</a> under different scenarios. How much upside WuXi XDC’s valuation would have depends on the future real market size of ADCs.</li>
<li>We’re conservative about whether we could have a US$50 billion ADC market. The "lucky" part for WuXi XDC is the current ADC market brings "a safe window period" for investors.</li>
</ul>


WuXi XDC looks like “an outlier” among domestic CXOs - Its share price has performed well so far. As a niche player, WuXi XDC’s short-term performance growth is relatively guaranteed.
We analyzed the valuation of WuXi XDC Cayman (2268 HK) under different scenarios. How much upside WuXi XDC’s valuation would have depends on the future real market size of ADCs.
We’re conservative about whether we could have a US$50 billion ADC market. The "lucky" part for WuXi XDC is the current ADC market brings "a safe window period" for investors.


WuXi XDC Cayman (2268.HK) - Would It Be An "Oasis in the Desert"?

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jan 5th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Baba, Petrochina, and China Mobile.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jan 5th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Baba, Petrochina, and China Mobile.


HK Short Interest Weekly: Baba, Petrochina, China Mobile

China

WuXi Biologics (Cayman) Inc. is a leading open-access R&D capability and technology platform company serving the pharmaceutical, biotechnology, and medical device industries, with operations in China, U.S., and Iceland.  We provide a broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process.  Our services are designed to help our global partners in shortening the cycle and lowering the cost of drug and medical device R&D through cost-effective and efficient solutions. 

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Wuxi Biologics (2269 HK)

Hong Kong Connect Flows (Jan 19th): CCB

We analyzed southbound Hong Kong connect flows in the past week and highlight southbound Hong Kong connect flows for CCB.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Citic Sec

We analyzed the latest HK SFC report for aggregate short position as of Jan 12th and highlight short interest changes in Citic Sec.

Ke Yan, CFA, FRM