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.

Equity Capital Markets

<ul>
<li>Medtide, a Chinese headquartered CDMO company, launched its IPO to raise up to US$66m via a Hong Kong listing.</li>
<li>We have previously covered the company's fundamentals. We highlighted potential corporate governance issues despite its superior financials compared to peers.</li>
<li>In this note, we look at the deal term. We think the valuation and broker guidance is aggressive.</li>
</ul>


Medtide, a Chinese headquartered CDMO company, launched its IPO to raise up to US$66m via a Hong Kong listing.
We have previously covered the company's fundamentals. We highlighted potential corporate governance issues despite its superior financials compared to peers.
In this note, we look at the deal term. We think the valuation and broker guidance is aggressive.


Medtide (泰德医药) IPO: Aggressive Valuation

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jun 20th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Chow Tai Fook Jewellery (1929 HK), AIA (1299 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Chow Tai Fook Jewellery (1929 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jun 20th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Chow Tai Fook Jewellery (1929 HK), AIA (1299 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Chow Tai Fook Jewellery (1929 HK).


Hong Kong Buybacks Weekly (Jun 20th): Tencent, Chow Tai Fook Jewellery, AIA

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Jun 13th (reported today). The aggregated short interest was USD27.1bn.</li>
<li>We tabulate league tables 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 Northern Star Resources, Cochlear, Commonwealth Bank Of Australia, Sigma Pharmaceuticals, Evolution Mining, Brambles.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jun 13th (reported today). The aggregated short interest was USD27.1bn.
We tabulate league tables 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 Northern Star Resources, Cochlear, Commonwealth Bank Of Australia, Sigma Pharmaceuticals, Evolution Mining, Brambles.


ASX Short Interest Weekly (Jun 13th): Northern Star Resources, Cochlear

<ul>
<li>Medtide, a Chinese headquartered CDMO company, is seeking to raise at least USD 100m via a Hong Kong listing. The deal sponsors are MS and CITIC.</li>
<li>In this note, we take a quick look at the company’s fundamentals.</li>
<li>We highlighted its corporate governance risk despite its decent financials as compared to larger players.</li>
</ul>


Medtide, a Chinese headquartered CDMO company, is seeking to raise at least USD 100m via a Hong Kong listing. The deal sponsors are MS and CITIC.
In this note, we take a quick look at the company’s fundamentals.
We highlighted its corporate governance risk despite its decent financials as compared to larger players.


Medtide (泰德医药) Pre-IPO: Mind the CG Risk

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jun 13th. The aggregated net margin trading position is USD17,593m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor, Isuzu Motors, Skylark, Fujikura, Nintendo, Mcdonald's.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jun 13th. The aggregated net margin trading position is USD17,593m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor, Isuzu Motors, Skylark, Fujikura, Nintendo, Mcdonald's.


JPX Margin Trading Weekly (Jun 13th): Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor

An inquisitive investment analyst with background in both finance and computing. Covering ECM research, biotech, market data analytics.

Ke Yan, CFA, FRM
Asia Pac IPO & Placement Research, China biotech
• Aequitas Research

Medtide (泰德医药) IPO: Aggressive Valuation

Chinese CDMO Medtide launches IPO in Hong Kong to raise up to US$66m. We think its valuation and guidance are aggressive despite being a niche...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Jun 20th): Tencent, Chow Tai Fook Jewellery, AIA

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Jun 13th): Northern Star Resources, Cochlear

We analyzed ASX short interest report for the past week and highlight short interest changes in Northern Star Resources (NST AU), Cochlear (COH...

Ke Yan, CFA, FRM

Medtide (泰德医药) Pre-IPO: Mind the CG Risk

Chinese peptide-focused CDMO Medtide plans to raise $100m in Hong Kong listing with deal sponsors MS and CITIC. We look at the company's...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Jun 13th): Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor

We analyzed JPX margin trading positions report for the past week and highlighted Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor, Isuzu...

Ke Yan, CFA, FRM

Medtide (泰德医药) IPO: Aggressive Valuation

​Chinese CDMO Medtide launches IPO in Hong Kong to raise up to US$66m. We think its valuation and guidance are aggressive despite being a niche...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Jun 20th): Tencent, Chow Tai Fook Jewellery, AIA

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Jun 13th): Northern Star Resources, Cochlear

We analyzed ASX short interest report for the past week and highlight short interest changes in Northern Star Resources (NST AU), Cochlear (COH...

Ke Yan, CFA, FRM

Medtide (泰德医药) Pre-IPO: Mind the CG Risk

​Chinese peptide-focused CDMO Medtide plans to raise $100m in Hong Kong listing with deal sponsors MS and CITIC. We look at the company's...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Jun 13th): Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor

We analyzed JPX margin trading positions report for the past week and highlighted Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor, Isuzu...

Ke Yan, CFA, FRM

Chinese CDMO Medtide launches IPO in Hong Kong to raise up to US$66m. We think its valuation and guidance are aggressive despite being a niche...

Chinese peptide-focused CDMO Medtide plans to raise $100m in Hong Kong listing with deal sponsors MS and CITIC. We look at the company's...