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>B&amp;K, a China-based clinical stage biotech company, launched its IPO to raise at USD 774 million via a Hong Kong listing.</li>
<li>In this note, we look at its fundamentals briefly, including its core products and its management team.</li>
<li>We deem the fundamentals of the deal weak and will avoid the deal.</li>
</ul>


B&amp;K, a China-based clinical stage biotech company, launched its IPO to raise at USD 774 million via a Hong Kong listing.
In this note, we look at its fundamentals briefly, including its core products and its management team.
We deem the fundamentals of the deal weak and will avoid the deal.


B&K (华芢生物科技) IPO: Weak Fundamentals

Quantitative Analysis

<ul>
<li>TeNor Terapeutics, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC and ABCI are the joint book runners.</li>
<li>In this note, we look at the company’s core products, rifasutenizol, rifaquizinone, and TNP-2092, and assess the selling point around the core product.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


TeNor Terapeutics, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC and ABCI are the joint book runners.
In this note, we look at the company’s core products, rifasutenizol, rifaquizinone, and TNP-2092, and assess the selling point around the core product.
We also look at the company’s pre-IPO investors and management team.


TeNor Therapeutics (丹诺医药) Pre-IPO Quick Comment: Strong Innovation Constrained by Commercial Outlook

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 12th. We estimate that they had an aggregated short interest worth USD2.3bn.</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 Intouch, Airports of Thailand, Plan B Media, Thai Life Insurance, Gulf Energy Development, Airports Of Thailand, Gulf Energy Development.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 12th. We estimate that they had an aggregated short interest worth USD2.3bn.
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 Intouch, Airports of Thailand, Plan B Media, Thai Life Insurance, Gulf Energy Development, Airports Of Thailand, Gulf Energy Development.


Thailand Short Interest Weekly (Dec 12th): Intouch, Airports of Thailand, Plan B Media

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of Dec 12th. The aggregated short interest is USD460m.</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 CIMB, Public Bank, Gamuda, Datasonic, Guan Chong.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Dec 12th. The aggregated short interest is USD460m.
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 CIMB, Public Bank, Gamuda, Datasonic, Guan Chong.


Bursa Short Interest Weekly (Dec 12th): CIMB, Public Bank, Gamuda, Datasonic, Guan Chong

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 12th. The aggregated holding was USD1,385.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD614mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Accton Technology, Hon Hai Precision, L&amp;K Engineering, Wistron, TSMC, Accton Technology, L&amp;K Engineering, Hon Hai Precision, Wistron.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 12th. The aggregated holding was USD1,385.1bn.
We estimate that foreign flows to be inflows of USD614mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Accton Technology, Hon Hai Precision, L&amp;K Engineering, Wistron, TSMC, Accton Technology, L&amp;K Engineering, Hon Hai Precision, Wistron.


TWSE Foreign Holding Weekly (Dec 12th): TSMC, Accton Technology, Hon Hai Precision, L&K Engineering

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

B&K (华芢生物科技) IPO: Weak Fundamentals

Huatai and CITIC led B&K IPO appears to be unattractive: minor incremental innovation, crowded wound-care competition, limited valuation upside,...

Ke Yan, CFA, FRM

TeNor Therapeutics (丹诺医药) Pre-IPO Quick Comment: Strong Innovation Constrained by Commercial Outlook

Tenor Therapeutics has Innovative antibacterial assets with solid clinical rationale, but commercialization faces structural headwinds from...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Dec 12th): Intouch, Airports of Thailand, Plan B Media

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Airports of Thailand (AOT...

Ke Yan, CFA, FRM

Bursa Short Interest Weekly (Dec 12th): CIMB, Public Bank, Gamuda, Datasonic, Guan Chong

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in CIMB, Public Bank, Gamuda, Datasonic,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Dec 12th): TSMC, Accton Technology, Hon Hai Precision, L&K Engineering

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Accton Technology (2345 TT), Hon...

Ke Yan, CFA, FRM