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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 15th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight Hong Kong Conncect flows for Meituan and Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 15th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight Hong Kong Conncect flows for Meituan and Tencent.


Hong Kong Connect Flows (Dec 15th): Meituan, Tencent

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 1st.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight weekly Hongkong connect flows for Meituan and Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 1st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight weekly Hongkong connect flows for Meituan and Tencent.


Hong Kong Connect Flows (Dec 1st): Meituan, Tencent

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>The biggest expectation on CARsgen is to break through solid tumor technology (from zero to one).However, it depends on the choices of doctors/patients to see how much clinical benefits would be.</li>
<li>The investment value of CARsgen has been transferred from R&amp;D progress of pipeline to its future commercialization outlook/market potential, which however, are the major concerns that investors have for CARsgen.</li>
<li>Due to "practical obstacles" in the application of CAR-T therapy, CARsgen’s commercialization prospects are still vague. Share price could remain weak, but its valuation should be higher than JW Therapeutics. </li>
</ul>


The biggest expectation on CARsgen is to break through solid tumor technology (from zero to one).However, it depends on the choices of doctors/patients to see how much clinical benefits would be.
The investment value of CARsgen has been transferred from R&amp;D progress of pipeline to its future commercialization outlook/market potential, which however, are the major concerns that investors have for CARsgen.
Due to "practical obstacles" in the application of CAR-T therapy, CARsgen’s commercialization prospects are still vague. Share price could remain weak, but its valuation should be higher than JW Therapeutics. 


CARSgen Therapeutics (2171.HK) - Pain Points Have Not Been Effectively Resolved

<ul>
<li>The 2022 NRDL negotiation results were released. We analyzed some points worth investor's attention.</li>
<li>The "safety pad" brought by medical insurance is difficult to ensure products future sales.Even after entering NRDL, how to improve patient/doctor coverage is an important problem for enterprises to consider.</li>
<li>Here are some companies that investors are interested in. We mainly analyzed some key points of them, including <a href="https://www.smartkarma.com/entities/sirnaomics-inc" target="_blank" data-smartkarma-citation="entities:33804:1" rel="noopener">Sirnaomics (2257 HK)</a>, <a href="https://www.smartkarma.com/entities/jw-therapeutics" target="_blank" data-smartkarma-citation="entities:29679:1" rel="noopener">JW Therapeutics (2126 HK)</a>, <a href="https://www.smartkarma.com/entities/antengene-corp-ltd" target="_blank" data-smartkarma-citation="entities:29705:1" rel="noopener">Antengene (6996 HK)</a>. </li>
</ul>


The 2022 NRDL negotiation results were released. We analyzed some points worth investor's attention.
The "safety pad" brought by medical insurance is difficult to ensure products future sales.Even after entering NRDL, how to improve patient/doctor coverage is an important problem for enterprises to consider.
Here are some companies that investors are interested in. We mainly analyzed some key points of them, including Sirnaomics (2257 HK), JW Therapeutics (2126 HK), Antengene (6996 HK). 


China Healthcare Weekly (Jan.20) - NRDL Negotiation Results, JW Therapeutics, Sirnaomics, Antengene

Thematic (Sector/Industry)

<ul>
<li>Fujian will lead 27 provinces to launch the centralized procurement of electrophysiological medical consumables. Its scale is comparable to the national VBP. Unlike many people's optimism, we see potential concerns.</li>
<li>The centralized procurement of orthodontic materials and brackets led by Shaanxi Province has made new progress, which is beyond the expectations of many people since invisible braces are included.</li>
<li>We analyzed China HPV market potential and valuation logic. We expected that the valuation of related companies would have a significant downward space ahead.</li>
</ul>


Fujian will lead 27 provinces to launch the centralized procurement of electrophysiological medical consumables. Its scale is comparable to the national VBP. Unlike many people's optimism, we see potential concerns.
The centralized procurement of orthodontic materials and brackets led by Shaanxi Province has made new progress, which is beyond the expectations of many people since invisible braces are included.
We analyzed China HPV market potential and valuation logic. We expected that the valuation of related companies would have a significant downward space ahead.


China Healthcare Weekly (Oct.21) - Electrophysiology VBP; Orthodontics VBP New Progress; HPV Vaccine

China

CARsgen is a leading immunotherapy company focused on the development of new chimeric antigen receptor T (CAR-T) cell therapeutics for liver, lung, stomach and brain cancers. The company has relationships with Shanghai Cancer Institute and Shanghai Renji Hospital, plans to initiate clinical trials for KJgpc3-001, a glypican-3 (GPC3)-directed CAR-T cell therapy.

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CARSgen Therapeutics (2171 HK)

Hong Kong Connect Flows (Dec 15th): Meituan, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlight weekly Hong Kong connect flows for Meituan and Tencent.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Dec 1st): Meituan, Tencent

We analyzed southbound weekly Hong Kong connect flows in the past week and we highlighted weekly flows for Meituan and Tencent.

Ke Yan, CFA, FRM