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

Clover Biopharmaceuticals / Equity Capital Markets

Clover, a China-based clinical-stage biotech company, plans to raise up to USD 300m via a Hong Kong listing.
The company developed a trimer tag platform that makes use of the human collagen to trimerize targeted protein with an expected favorable safety profile. The company has completed a Phase 2/3 clinical trial for the COVID-19 vaccine (SCB-2019) which will be the main revenue driver for the company in the next two years as it will supply vaccines through the COVAX program. We also look at its two clinical-stage candidates, namely SCB-313 and SCB-808. 
We also look at the profile of the company's pre-IPO investors and the management. We think the company is interesting and investors should follow the deal.

Clover, a China-based clinical-stage biotech company, plans to raise up to USD 300m via a Hong Kong listing.
The company developed a trimer tag platform that makes use of the human collagen to trimerize targeted protein with an expected favorable safety profile. The company has completed a Phase 2/3 clinical trial for the COVID-19 vaccine (SCB-2019) which will be the main revenue driver for the company in the next two years as it will supply vaccines through the COVAX program. We also look at its two clinical-stage candidates, namely SCB-313 and SCB-808. 
We also look at the profile of the company's pre-IPO investors and the management. We think the company is interesting and investors should follow the deal.

Clover (三叶草生物) Pre-IPO: COVID-19 Wildcard

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

In recent years, with the successful development and large-scale use of mRNA COVID-19 vaccine worldwide, RNA-based therapeutics have caught the attention of the public. Meanwhile, with the advancement of target discovery technology and the maturation of chemical modification and delivery technology, RNA-based therapeutics are expected to become a major treatment option in the future. On July 15, 2021, <a href="https://www.smartkarma.com/entities/sirnaomics-inc" target="_blank" data-smartkarma-citation="entities:33804:1" rel="noopener">Sirnaomics (1400833D US)</a>, the first and only clinical-stage RNA therapeutics biopharmaceutical company, formally submitted its prospectus to the HKEX for listing on the main board. This insight mainly analyzed the industry characteristics, the delivery platforms, the pipeline and the concerns of the Company.

In recent years, with the successful development and large-scale use of mRNA COVID-19 vaccine worldwide, RNA-based therapeutics have caught the attention of the public. Meanwhile, with the advancement of target discovery technology and the maturation of chemical modification and delivery technology, RNA-based therapeutics are expected to become a major treatment option in the future. On July 15, 2021, Sirnaomics (1400833D US), the first and only clinical-stage RNA therapeutics biopharmaceutical company, formally submitted its prospectus to the HKEX for listing on the main board. This insight mainly analyzed the industry characteristics, the delivery platforms, the pipeline and the concerns of the Company.

Pre-IPO Sirnaomics Ltd. - Cautious Optimism Is Still Recommended

Jiangsu Recbio Technology / Equity Capital Markets

In recent years, driven by global public health event such as COVID-19, vaccine R&amp;D and production have gradually attracted wide attention in the market. More and more vaccine companies have begun to develop innovative vaccines with the support of capital, and <a href="https://www.smartkarma.com/entities/jiangsu-recbio-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:33810:1" rel="noopener">Jiangsu Recbio Technology (JRT HK)</a> is one of them. On July 16, 2021, Recbio submitted its prospectus to the HKEX for the application of listing on the main board. This insight mainly analyzed the industry characteristics, the pipeline and related concerns of the Company.

In recent years, driven by global public health event such as COVID-19, vaccine R&amp;D and production have gradually attracted wide attention in the market. More and more vaccine companies have begun to develop innovative vaccines with the support of capital, and Jiangsu Recbio Technology (JRT HK) is one of them. On July 16, 2021, Recbio submitted its prospectus to the HKEX for the application of listing on the main board. This insight mainly analyzed the industry characteristics, the pipeline and related concerns of the Company.

Pre-IPO Jiangsu Recbio Technology - There Are Many Uncertainties

The global spread of COVID-19 has given the vaccine industry unprecedented attention. With the increasing prosperity of the industry, many vaccine companies are increasingly enthusiastic about going public. On Sep 12, 2021, <a href="https://www.smartkarma.com/entities/aim-vaccine-co-ltd" target="_blank" data-smartkarma-citation="entities:33778:1" rel="noopener">AIM Vaccine (AIM HK)</a> submitted its listing application to the HKEX and officially started its IPO process. AIM is a leading vaccine company that covers the full value chain from R&amp;D to manufacturing and to commercialization. This insight mainly analyzed AIM in terms of the industry characteristics, the key vaccine products, the vaccine pipeline and related concerns of the Company.

The global spread of COVID-19 has given the vaccine industry unprecedented attention. With the increasing prosperity of the industry, many vaccine companies are increasingly enthusiastic about going public. On Sep 12, 2021, AIM Vaccine (AIM HK) submitted its listing application to the HKEX and officially started its IPO process. AIM is a leading vaccine company that covers the full value chain from R&amp;D to manufacturing and to commercialization. This insight mainly analyzed AIM in terms of the industry characteristics, the key vaccine products, the vaccine pipeline and related concerns of the Company.

Pre-IPO AIM Vaccine - Insights on Key Products, Pipeline and Concerns

Quantitative Analysis

Hong Kong SFC reported aggregate short position as of Aug 20. The aggregate short value for equities decreased by $-4,182m (-6.1%) WoW and decreased by $4,188m (-6.1%) over the preceding four weeks. Most shorted stocks by aggregate short value of positions are Ping An Insurance (Group) Company Of China, Ltd./2318 HK($4,519m, -5.9% WoW), China Merchants Bank Co., Ltd./3968 HK($2,233m, -1.4% WoW), Zhongsheng Group Holdings Limited/881 HK($1,868m, -10.3% WoW), Anta Sports Products Limited/2020 HK($1,667m, -0.2% WoW), Tencent Holdings Limited/700 HK($1,505m, -16.5% WoW).

Hong Kong SFC reported aggregate short position as of Aug 20. The aggregate short value for equities decreased by $-4,182m (-6.1%) WoW and decreased by $4,188m (-6.1%) over the preceding four weeks.  Most shorted stocks by aggregate short value of positions are Ping An Insurance (Group) Company Of China, Ltd./2318 HK($4,519m, -5.9% WoW), China Merchants Bank Co., Ltd./3968 HK($2,233m, -1.4% WoW), Zhongsheng Group Holdings Limited/881 HK($1,868m, -10.3% WoW), Anta Sports Products Limited/2020 HK($1,667m, -0.2% WoW), Tencent Holdings Limited/700 HK($1,505m, -16.5% WoW).

HK Short Interest: Short Increased in Xiaomi, Pop Mart and Cansino

China

CanSino Biologics Inc. develops and manufactures biological vaccine products. The Company discovers quadrivalence meningococcal conjugate, pneumococcal polysaccharide, and adenovirus vector-based tuberculosis vaccines for human use. CanSino Biologics serves customers worldwide.

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CanSino Biologics (6185 HK)

Clover (三叶草生物) Pre-IPO: COVID-19 Wildcard

We look at Clover's key products, including SCB-2019 (COVID-19 vaccine), SCB-313 (for intracavitary malignancies), and SCB-808 (biosimilar of...

Ke Yan, CFA, FRM

Pre-IPO Sirnaomics Ltd. - Cautious Optimism Is Still Recommended

This article mainly analyzed Sirnaomics in terms of the industry characteristics, the delivery platforms, the pipeline and the concerns of the...

Xinyao (Criss) Wang

Pre-IPO Jiangsu Recbio Technology - There Are Many Uncertainties

This article mainly analyzed Recbio Technology in terms of the vaccine industry characteristics, core product candidates (HPV vaccines, COVID-19...

Xinyao (Criss) Wang

Pre-IPO AIM Vaccine - Insights on Key Products, Pipeline and Concerns

This article mainly analyzed AIM in terms of the vaccine industry characteristics, the key vaccine products (human rabies vaccine, recombinant HBV...

Xinyao (Criss) Wang

HK Short Interest: Short Increased in Xiaomi, Pop Mart and Cansino

We highlight week-on-week short interest Increased in Xiaomi, Pop Mart and Cansino based on the latest Hong Kong SFC aggregate short interest report.

Ke Yan, CFA, FRM

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