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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 21st. 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, Gulf Energy Development, Minor International, Advanced Info Service, CP AXTRA NVDR, Minor International, Advanced Info Service, Gulf Energy Development, Cp Axtra Nvdr.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 21st. 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, Gulf Energy Development, Minor International, Advanced Info Service, CP AXTRA NVDR, Minor International, Advanced Info Service, Gulf Energy Development, Cp Axtra Nvdr.


Thailand Short Interest Weekly (Nov 21st): Intouch, Gulf Energy Development, Minor International

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Given the size of Mandi - relative to <a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> - higher market multiples for its in-specie spin-off may have a limited impact on the overall valuation.</li>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a>  raised around US$5.2bn in its H-share listing in May 2025. The last day for their lockup was the 19th November 2025.</li>
<li>While <a href="https://www.smartkarma.com/entities/grindr-inc" target="_blank" data-smartkarma-citation="entities:37106:1" rel="noopener">Grindr (GRND US)</a> Special Committee considers the MBO proposal, chairman James Lu has unusually opted to step down. And sell shares below the NBIO price. </li>
</ul>


Given the size of Mandi - relative to 3SBio Inc (1530 HK) - higher market multiples for its in-specie spin-off may have a limited impact on the overall valuation.

CATL (3750 HK)  raised around US$5.2bn in its H-share listing in May 2025. The last day for their lockup was the 19th November 2025.
While Grindr (GRND US) Special Committee considers the MBO proposal, chairman James Lu has unusually opted to step down. And sell shares below the NBIO price. 


Last Week In Event SPACE: 3SBio/Mandi, CATL, Grindr, Mandarin Oriental

<ul>
<li>As first discussed back in May (see <a href="https://skr.ma/LAfHm" target="_blank" rel="noopener">here</a>), shares in <a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" data-smartkarma-citation="entities:20097:1" rel="noopener">Krungthai Card (KTC TB)</a>, <a href="https://www.smartkarma.com/entities/xspring-capital-pcl" target="_blank" data-smartkarma-citation="entities:19807:1" rel="noopener">XSpring (XPG TB)</a>, <a href="https://www.smartkarma.com/entities/bec-world-public-co-ltd" target="_blank" data-smartkarma-citation="entities:16881:1" rel="noopener">BEC (BEC TB)</a>, and <a href="https://www.smartkarma.com/entities/the-practical-solution-public-company-limited" target="_blank" data-smartkarma-citation="entities:45379:1" rel="noopener">The Practical Solution (TPS TB)</a> all went limit down. Twice.</li>
<li>Pledging in those shares - in what I call the Prakitchaiwattana Complex - have been static, to down, in the month of October.</li>
<li>Recent big-ish moves were seen in <a href="https://www.smartkarma.com/entities/siam-city-cement-pcl" target="_blank" data-smartkarma-citation="entities:346:1" rel="noopener">Siam City Cement (SCCC TB)</a> (up), <a href="https://www.smartkarma.com/entities/bangkok-expressway-and-metro-68c0c1b3-af0c-4380-a380-f3dc7ba5d5ac" target="_blank" data-smartkarma-citation="entities:22849:1" rel="noopener">Bangkok Expressway and Metro (BEM TB)</a> (up); <a href="https://www.smartkarma.com/entities/nakhonluang-capital-pcl" target="_blank" data-smartkarma-citation="entities:26954:1" rel="noopener">Next Capital (NCAP TB)</a> (down) and <a href="https://www.smartkarma.com/entities/banpu-public-co-ltd" target="_blank" data-smartkarma-citation="entities:15363:1" rel="noopener">Banpu Public (BANPU TB)</a> (down).</li>
</ul>


As first discussed back in May (see here), shares in Krungthai Card (KTC TB), XSpring (XPG TB), BEC (BEC TB), and The Practical Solution (TPS TB) all went limit down. Twice.
Pledging in those shares - in what I call the Prakitchaiwattana Complex - have been static, to down, in the month of October.
Recent big-ish moves were seen in Siam City Cement (SCCC TB) (up), Bangkok Expressway and Metro (BEM TB) (up); Next Capital (NCAP TB) (down) and Banpu Public (BANPU TB) (down).


<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 31st. We estimate that they had an aggregated short interest worth USD2.4bn.</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, PTT, Kasikornbank, Advanced Info Service, CP ALL, Kasikornbank, CP ALL, Ptt, Advanced Info Service.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 31st. We estimate that they had an aggregated short interest worth USD2.4bn.
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, PTT, Kasikornbank, Advanced Info Service, CP ALL, Kasikornbank, CP ALL, Ptt, Advanced Info Service.


Thailand Short Interest Weekly (Oct 31st): Intouch, PTT, Kasikornbank, Advanced Info Service, CP ALL

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 10th. We estimate that they had an aggregated short interest worth USD2.4bn.</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, PTT GlobalChem, Airports of Thailand, TMBThanachart Bank, Bangkok Bank, Airports Of Thailand, Bangkok Bank, Ptt Globalchem.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 10th. We estimate that they had an aggregated short interest worth USD2.4bn.
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, PTT GlobalChem, Airports of Thailand, TMBThanachart Bank, Bangkok Bank, Airports Of Thailand, Bangkok Bank, Ptt Globalchem.


Thailand Short Interest Weekly (Oct 10th): Intouch, PTT GlobalChem, Airports of Thailand

Thailand

Banpu Public Company Limited mines for coal and other minerals. The Company produces thermal coal and coking coal, and have expertise in open-pit and underground coal mining operations, as well as coal-fired power generation.  Banpu PCL has business bases in Thailand, Laos, Indonesia, China, Australia and Mongolia.

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Banpu Public (BANPU TB)

Thailand Short Interest Weekly (Nov 21st): Intouch, Gulf Energy Development, Minor International

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Gulf Energy Development...

Ke Yan, CFA, FRM

Last Week In Event SPACE: 3SBio/Mandi, CATL, Grindr, Mandarin Oriental

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Thai Pledged Shares In October 2025

This insight is primarily about pledged tables. Recent big-ish moves were seen in Siam City Cement (up), Bangkok Expressway and Metro (up); Next...

David Blennerhassett

Thailand Short Interest Weekly (Oct 31st): Intouch, PTT, Kasikornbank, Advanced Info Service, CP ALL

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), PTT (PTT TB), Kasikornbank...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Oct 10th): Intouch, PTT GlobalChem, Airports of Thailand

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), PTT GlobalChem (PTTGC TB),...

Ke Yan, CFA, FRM

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52-week Range

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