Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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

Innovent Biologics Inc / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a> (IB) aims to raise around US$313m for R&amp;D and marketing.</li>
<li>The company has undertaken a number of deals in the past, with the overall results being mixed.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Innovent Biologics Inc (1801 HK) (IB) aims to raise around US$313m for R&amp;D and marketing.
The company has undertaken a number of deals in the past, with the overall results being mixed.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Innovent Biologics Placement - Has Ample Cash but the Discount Is Enticing

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This is the brand spanking new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the <a href="https://www.smartkarma.com/insights/quiddity-a-h-premium-weekly-sep-8-icbc-abc-ccb-boc-vanke-ncl-rails" target="_blank" rel="noopener">A/H Premium Monitor</a> and HK Connect SOUTHBOUND Monitor.</li>
<li>The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).</li>
<li>We like the nifty interactive tables and charts. We welcome feedback on how to make it more useful going forward.</li>
</ul>


This is the brand spanking new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.
The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).
We like the nifty interactive tables and charts. We welcome feedback on how to make it more useful going forward.


Quiddity Mainland Connect NORTHBOUND Flows (Week to 8Sep23) : BYD, ZTE, Zhongji Innolight, Amperex

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 114.4% as of Sep 8th.</li>
<li>The average A-H premium changed by -3.9ppt week on week, led by real estate, consumer staples, communication services and offset by consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Huadian Power, Huaneng Power, Shanghai Elect, China Longyuan, Aluminum Corp.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 114.4% as of Sep 8th.
The average A-H premium changed by -3.9ppt week on week, led by real estate, consumer staples, communication services and offset by consumer discretionary.
We highlight weekly changes in A-H premium for Huadian Power, Huaneng Power, Shanghai Elect, China Longyuan, Aluminum Corp.


A-H Premium Weekly (Sep 8th): Huadian Power, Huaneng Power, Shanghai Electric, China Longyuan

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>We estimate the outflows to be $12.8bn in August and consumer staples, and financials sectors led the outflows.</li>
<li>We highlight flows for CATL, Wuxi Wapptec, Fuyao Glass, Foxconn Industrial, CMB, Wuliangye, Mindray, Moutai, Longi Green.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
We estimate the outflows to be $12.8bn in August and consumer staples, and financials sectors led the outflows.
We highlight flows for CATL, Wuxi Wapptec, Fuyao Glass, Foxconn Industrial, CMB, Wuliangye, Mindray, Moutai, Longi Green.


Northbound Flows Monthly (August): $12.8bn Outflows

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>CSRC has issued new policies related to stamp duty/IPO/reduction of shares held by listed companies. These new policies may profoundly rewrite the investment logic of the primary and secondary markets.</li>
<li>IPOs may no longer be as attractive to founders. The era of M&amp;A is coming. Investors will prefer companies with positive cash flow, solid commercialization performance, and close to/already breakeven.</li>
<li>In the new context, good stories of high growth alone but with long-term losses may not be effective. We recommend overweight companies with high buybacks/dividend payout, which could eventually outperform.</li>
</ul>


CSRC has issued new policies related to stamp duty/IPO/reduction of shares held by listed companies. These new policies may profoundly rewrite the investment logic of the primary and secondary markets.
IPOs may no longer be as attractive to founders. The era of M&amp;A is coming. Investors will prefer companies with positive cash flow, solid commercialization performance, and close to/already breakeven.
In the new context, good stories of high growth alone but with long-term losses may not be effective. We recommend overweight companies with high buybacks/dividend payout, which could eventually outperform.


CSRC’s IPO Reform and Its Impact on China Healthcare Investment

China

WuXi AppTec Co., Ltd. manufactures medical products. The Company produces biological agents, antibodies, biological diagnostic reagents, and other products. WuXi AppTec also provides biological analysis, technical study, and other services.

Price Gauge
52-week Range	0.00 - 0.00
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WuXi AppTec (2359 HK)

Innovent Biologics Placement - Has Ample Cash but the Discount Is Enticing

Innovent Biologics Inc (1801 HK) (IB) aims to raise around US$313m for R&D and marketing. In this note, we talk about the deal dynamics and run the...

Sumeet Singh

Quiddity Mainland Connect NORTHBOUND Flows (Week to 8Sep23) : BYD, ZTE, Zhongji Innolight, Amperex

The Brand-Spanking New Quiddity Mainland Connect NORTHBOUND Flows Monitor. Tables and Charts of Top 10-30 names/flows, flows and position by...

Travis Lundy

A-H Premium Weekly (Sep 8th): Huadian Power, Huaneng Power, Shanghai Electric, China Longyuan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Huadian Power, Huaneng Power, Shanghai Electric, China...

Ke Yan, CFA, FRM

Northbound Flows Monthly (August): $12.8bn Outflows

We analyzed the Shanghai/Shenzhen Connect Scheme for August and highlight flows for CATL, Wuxi Wapptec, Fuyao Glass, Foxconn Industrial, CMB,...

Ke Yan, CFA, FRM

CSRC’s IPO Reform and Its Impact on China Healthcare Investment

CSRC issued new policy related to IPO/reduction of shares, which would rewrite the investment logic of primary/secondary market.Investors need to...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)