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 ASX Stocks as of Nov 10th (reported today) which has an aggregated short interest worth USD18.1bn.</li>
<li>We tabulate league table 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 CSL, BHP, Imugene, Wisetech Global, Macquarie.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 10th (reported today) which has an aggregated short interest worth USD18.1bn.
We tabulate league table 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 CSL, BHP, Imugene, Wisetech Global, Macquarie.


ASX Short Interest Weekly (Nov 10th): CSL, BHP, Imugene, Wisetech Global, Macquarie

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Nov 3rd (reported today) which has an aggregated short interest worth USD18.5bn.</li>
<li>We tabulate league table 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 Wisetech Global, BHP, Rio Tinto, Wesfarmers, Whitehaven Coal, Northern Star Re, Invocare.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 3rd (reported today) which has an aggregated short interest worth USD18.5bn.
We tabulate league table 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 Wisetech Global, BHP, Rio Tinto, Wesfarmers, Whitehaven Coal, Northern Star Re, Invocare.


ASX Short Interest Weekly (Nov 3rd): Wisetech Global, BHP, Rio Tinto, Wesfarmers, Whitehaven Coal

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a> has entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/sociedad-quimica-y-minera-de-chile-sa" target="_blank" data-smartkarma-citation="entities:27977:1" rel="noopener">Sociedad Quimica y Minera de Chile (SQM US)</a> at A$3.52 per share, a 44.3% premium to the undisturbed price.</li>
<li>To avoid a repeat of the <a href="https://www.smartkarma.com/entities/albemarle-corp" target="_blank" data-smartkarma-citation="entities:7678:1" rel="noopener">Albemarle Corp (ALB US)</a>/<a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a> situation, if the scheme fails or is terminated, SQM will launch an off-market takeover offer at A$3.50.</li>
<li>Gina Rinehart is rumoured to have built a 14.5% stake, suggesting the final offer is an off-market takeover. The offer is conditional on FIRB approval. </li>
</ul>



Azure Minerals (AZS AU) has entered a scheme implementation deed with Sociedad Quimica y Minera de Chile (SQM US) at A$3.52 per share, a 44.3% premium to the undisturbed price.
To avoid a repeat of the Albemarle Corp (ALB US)/Liontown Resources (LTR AU) situation, if the scheme fails or is terminated, SQM will launch an off-market takeover offer at A$3.50.
Gina Rinehart is rumoured to have built a 14.5% stake, suggesting the final offer is an off-market takeover. The offer is conditional on FIRB approval. 


Azure Minerals (AZS AU): SQM’s Rinehart-Proof Offer

Lithium Power International / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lithium-power-international" target="_blank" data-smartkarma-citation="entities:30603:1" rel="noopener">Lithium Power International (LPI AU)</a> has entered a scheme implementation deed with Corporacion Nacional del Cobre de Chile (Codelco) at A$0.57 per share, a 119.2% premium to the undisturbed price.  </li>
<li>Shareholders representing 32.47% of outstanding shares will vote in favour of the scheme. Forums suggest that retail shareholders are broadly resigned to accepting the offer.</li>
<li>The offer is conditional on FIRB approval. The scheme meeting will be held on 23 January 2024. At the last close, the gross spread was 7.5%. </li>
</ul>



Lithium Power International (LPI AU) has entered a scheme implementation deed with Corporacion Nacional del Cobre de Chile (Codelco) at A$0.57 per share, a 119.2% premium to the undisturbed price.  
Shareholders representing 32.47% of outstanding shares will vote in favour of the scheme. Forums suggest that retail shareholders are broadly resigned to accepting the offer.
The offer is conditional on FIRB approval. The scheme meeting will be held on 23 January 2024. At the last close, the gross spread was 7.5%. 


Lithium Power (LPI AU): Codelco’s Binding Offer at A$0.57

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on the 28 March, <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a> rejected the third proposal of $2.50/share from <a href="https://www.smartkarma.com/entities/albemarle-corp" target="_blank" data-smartkarma-citation="entities:7678:1" rel="noopener">Albemarle (ALB US)</a>, the world’s largest lithium producer, citing terms were opportunistic.</li>
<li>Then everything went quiet. There appeared to be an interested party building a stake ~$2.75/share, but nothing concrete emerged. </li>
<li>Now Albemarle has returned with a revised indicative proposal of $3.00/share - best and final. Due diligence has been granted. The board is supportive if terms are firmed.</li>
</ul>


Back on the 28 March, Liontown Resources (LTR AU) rejected the third proposal of $2.50/share from Albemarle (ALB US), the world’s largest lithium producer, citing terms were opportunistic.
Then everything went quiet. There appeared to be an interested party building a stake ~$2.75/share, but nothing concrete emerged. 
Now Albemarle has returned with a revised indicative proposal of $3.00/share - best and final. Due diligence has been granted. The board is supportive if terms are firmed.


Australia

GreenX Metals Limited provides exploration and mining services. The Company explores and develops copper and other critical mineral projects. GreenX Metals serves customers worldwide.

Musgrave Minerals Ltd. explores for minerals in Australia.  The Company operates on the Musgrave Province in South Australia.

Dropsuite Limited operates a cloud based software platform. The Company owns commercialized cloud backup software that enables small and medium enterprises to  backup, recover, and protect their digital assets.

Tribune Resources Ltd. acquires, explores for and produces minerals and gold in the Mount Celia and Kundana Joint Ventures and the 7 Mile Hill mine in Western Australia.

Bougainville Copper Limited operated a large open pit mine and processing facility at Panguna on Bougainville Island in the North Solomons Province, Papua New Guinea. Production included quantities of copper, gold and silver. Operations halted in 1989 due to militant activity. The mines are managed on a contracted services basis until production can be resumed.

Santana Minerals Limited focuses on the exploration of gold and silver. The Company explores for, develops and retails precious metals mined throughout Mexico.

Bisalloy Steel Group Limited imports, distributes and processes specialty steels and metals in Australia and New Zealand.  The Company's products include stainless steels, engineering steels, quenched and tempered steel plate, flat rolled aluminium, carbon tube, pipe and fittings. Bisalloy also provides heat treating, cutting, slitting, blanking and polishing services.

Aeris Resources Limited is a mining and exploration company. The Company explores, develops, mines, and produces copper. Aeris Resources conducts its business operations in Australia.

Burgundy Diamond Mines Limited operates as a mineral resources exploration company. The Company mines, explores, and produces diamond and other precious stones. Burgundy Diamond Mines serves customers worldwide.

Silver Mines Limited explores, discovers, and develops silver mining operations in Australia and overseas.

PT Krakatau Steel Persero Tbk is the iron and steel producer in Indonesia. The Company is a  state-owned enterprise and located in Cilegon, Indonesia. Krakatau Steel consists of production plants that produce hot rolled coils, plates and sheets.

China Daye Non-Ferrous Metals Mining Ltd., through its subsidiaries, currently possesses various wolfram mines and a molybdenum mine in the Republic of Mongolia along with a number of silver and copper mines in Xinjiang Province, the PRC.

China Daye Non Ferrous Metals Mining (661 HK)

Da Ming International Holdings Ltd. processes stainless steel.  The Company purchases stainless steel coils and plates and offers coil cutting, coil slitting, surface polishing, plate cutting and forming services.

Ann Joo Resources Berhad is an investment holding company which trades, retails, and supplies building and construction materials and steel and iron products. Ann Joo also trades hardware and steel materials and is involved in property management.

Tata Steel Thailand Public Company Limited, through its subsidiaries, operates blast furnaces and manufactures steel rods, re-bars and finished steel products for construction purposes for both domestic and export markets.

Pacific Metals Co., Ltd. manufactures ferronickel, stainless steel, and metal powder.  The Company, a member of the Nippon Steel Group, exports mainly to South Korea and Taiwan.  Pacific Metals produces electromagnetic materials for data communications as well.

United Alloy-Tech Company Ltd produces bicycle components, computer components, forging parts, and materials.

Tokyo Rope Manufacturing Co Ltd manufactures wires and ropes.  The Company's products are used for automobile tires, ski lifts, bridges, cranes, mattresses, and elevators.

Steelcast Limited manufactures steel.  The Company produces carbon, low alloy, high alloy and hadfield manganese steel and other grades of wear and abrasion resistant castings produced by the sand molding and shell molding processes.

Daehan Steel Co., Ltd. manufactures steel bars for concrete reinforcement. The Company's product includes round steel bar and deformed steel bar.  Daehan Steel provides the product for construction industry.

Core Lithium Ltd operates as a mineral exploration company. The Company explores and mines finniss lithium resources. Core Lithium serves customers in Australia.

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Core Lithium Ltd (CXO AU)

ASX Short Interest Weekly (Nov 10th): CSL, BHP, Imugene, Wisetech Global, Macquarie

We analyzed ASX short interest report for the past week and highlight short interest changes in CSL, BHP, Imugene, Wisetech Global, Macquarie.

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Nov 3rd): Wisetech Global, BHP, Rio Tinto, Wesfarmers, Whitehaven Coal

We analyzed ASX short interest report for the past week and highlight short interest changes in Wisetech Global, BHP, Rio Tinto, Wesfarmers,...

Ke Yan, CFA, FRM

Azure Minerals (AZS AU): SQM’s Rinehart-Proof Offer

The scheme consideration is A$3.52 per share. To avoid the Albermarle/Liontown debacle, the offer is Rinehart-proofed with an A$3.50 off-market...

Arun George

Lithium Power (LPI AU): Codelco’s Binding Offer at A$0.57

Forums suggest that retail shareholders are broadly resigned to accepting the offer. The scheme meeting will be held on 23 January 2024. At the...

Arun George

Liontown Warms To Albemarle's Bump

Albermarle withdraws NBIO "due to the growing complexities associated with executing the transaction". Shares subsequently halted until Wednesday...

David Blennerhassett

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