In today’s briefing:
- Volpara Health (VHT AU): 12th April Shareholder Vote
- Quiddity Leaderboard ChiNext & ChiNext 50 Jun 24: Multiple Changes to Expectations; US$481mn One-Way
- Volpara Health (VHT AU): Scheme Vote on 12 April
- Pre-IPO Qyuns Therapeutics (PHIP Updates) – Some Points Worth the Attention
- OCI Or No OCI, Hanmi Pharm (128940 KS) Will Continue to Roar on Strong Base Business and Pipeline
Volpara Health (VHT AU): 12th April Shareholder Vote
- On the 14 December, Volpara Health (VHT AU), which makes software enabling the early detection of breast cancer, announced an Offer by way of a Scheme with Lunit (328130 KS)
- NZ’s OIO approval was satisfied on the 31 January. The Scheme Booklet is now out, with a Scheme Meeting to be held on the 12th April.
- Lunit is offering Volpara shareholders A$1.15/share, in cash, a 47.4% premium to last close. Cornerstone investors with 25.92% of shares out are supportive. The IE says terms are fair.
Quiddity Leaderboard ChiNext & ChiNext 50 Jun 24: Multiple Changes to Expectations; US$481mn One-Way
- The ChiNext Index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
- The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
- In this insight, we take a look at the names leading the race to become ADDs and DELs in the June 2024 index rebal event.
Volpara Health (VHT AU): Scheme Vote on 12 April
- The Volpara Health Technologies (VHT AU) IE considers Lunit (328130 KS)‘s A$1.15 offer fair and reasonable as it is above its A$0.67-0.82 per share valuation range.
- NZ OIO approval has been received. The scheme is conditional on shareholders’ approval by more than 75% of votes cast and more than 50% of shareholders.
- The scheme vote will get up as the offer is attractive vs. historical trading ranges. At the last close and for the 21 May payment, the gross/annualised spread was 2.2%/13.0%.
Pre-IPO Qyuns Therapeutics (PHIP Updates) – Some Points Worth the Attention
- The biggest concern here is the uncertain commercialization outlook of Qyuns’s pipeline, mainly due to both industry factors in the field of autoimmune and allergic diseases and Qyuns’s own problems.
- Qyuns is overvalued. There’re rumors that Qyuns was “not popular” in primary market when fundraising, perhaps due to Dr. Yu Guoliang’s past unsuccessful experience which made investors suffered losses before.
- By reducing the size of IPO to maintain high share price, this IPO may “look successful”.Investors can seize this opportunity to take profits in time, but long-term hold isn’t recommended.
OCI Or No OCI, Hanmi Pharm (128940 KS) Will Continue to Roar on Strong Base Business and Pipeline
- In 2023, Hanmi Pharm (128940 KS) reported 12% and 40% growth in revenue and operating profit, respectively, driven by double-digit revenue increase from Rosuzet and improving performance of China subsidiary.
- In January, the company has enrolled first patient in phase 3 trial of type 2 diabetes/obesity drug candidate Efpeglenatide. The study is expected to complete in 2026.
- Hanmi Science-OCI merger has hit a roadblock. Although merger with OCI will bring synergistic effect, Hanmi Pharm will continue to grow even if the merger does not happen.
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