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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene Holding (GBH HK)</a>  aims to raise around US$500m in its Hong Kong IPO.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>We had looked at the company’s past performance in our previous notes. In this note, we’ll undertake a peer comparison.</li>
</ul>



Giant Biogene Holding (GBH HK)  aims to raise around US$500m in its Hong Kong IPO.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
We had looked at the company’s past performance in our previous notes. In this note, we’ll undertake a peer comparison.


Giant Biogene Pre-IPO - Peer Comparison - Might Need to Spend a Lot More Online

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Bloomage Biotechnology  Lt / Equity Bottom-Up

<ul>
<li>Many interpretations of Bloomage are just looking at the surface of the Company. It is actually a biotechnology and biomaterial company, with business layout covering the whole industrial chain.</li>
<li>The biggest advantage is the innovation of raw materials.Based on synthetic biology, Bloomage is more comfortable in the richness of raw materials (hyaluronic acid/collagen etc.) and flexibility of product matrix expansion.</li>
<li>The synergy/complementarity of multiple businesses improve the resilience to market/policy changes. If investors cannot have a deep understanding of Bloomage's positioning/real strategic intentions, they won't seize the alpha in the future.</li>
</ul>


Many interpretations of Bloomage are just looking at the surface of the Company. It is actually a biotechnology and biomaterial company, with business layout covering the whole industrial chain.
The biggest advantage is the innovation of raw materials.Based on synthetic biology, Bloomage is more comfortable in the richness of raw materials (hyaluronic acid/collagen etc.) and flexibility of product matrix expansion.
The synergy/complementarity of multiple businesses improve the resilience to market/policy changes. If investors cannot have a deep understanding of Bloomage's positioning/real strategic intentions, they won't seize the alpha in the future.


Bloomage Biotechnology (688363.CH) - Positioning and Strategic Layout Imply Strong Upside Potential

<ul>
<li>The strength about Giant Biogene is that the founders have R&amp;D background, which helps build trust. Meanwhile, the financial performance was good, with three years of consistent high margins.</li>
<li>The sustainability of high-profit model will face pressure due to increasing competition. The establishment of long-term core competitiveness and second growth point is important. Complex related-party transaction is another concern.</li>
<li>Giant Biogene is in an industry that has a large potential for future growth in valuation. Its valuation should be lower than that of Bloomage and Imeik.</li>
</ul>


The strength about Giant Biogene is that the founders have R&amp;D background, which helps build trust. Meanwhile, the financial performance was good, with three years of consistent high margins.
The sustainability of high-profit model will face pressure due to increasing competition. The establishment of long-term core competitiveness and second growth point is important. Complex related-party transaction is another concern.
Giant Biogene is in an industry that has a large potential for future growth in valuation. Its valuation should be lower than that of Bloomage and Imeik.


Pre-IPO Giant Biogene - The Strength and the Concerns

<ul>
<li>
<a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene Holding (GBH HK)</a> aims to raise around US$500m in its Hong Kong IPO.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>We had looked at the company’s past performance in  our previous notes. In this note, we’ll talk about its PHIP updates.</li>
</ul>



Giant Biogene Holding (GBH HK) aims to raise around US$500m in its Hong Kong IPO.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
We had looked at the company’s past performance in  our previous notes. In this note, we’ll talk about its PHIP updates.


Giant Biogene Pre-IPO - PHIP Updates - Sales Growing Faster but so Have Marketing Spends

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>In last week's Int'l Compass (July 21) we discussed positive signals that suggested the lows for this bear market may have already been established, or that downside is limited.</li>
<li>But we also noted that various downtrends remained firmly intact, and that we needed to see indexes reverse their downtrends in order to get more constructive at the index level.</li>
<li>It appears the bullish reversals have begun, as the SPX, MSCI ACWI (ACWI-US), and STOXX 600 are the first three major indexes to reverse topside their 4-month and YTD downtrends.</li>
</ul>


In last week's Int'l Compass (July 21) we discussed positive signals that suggested the lows for this bear market may have already been established, or that downside is limited.
But we also noted that various downtrends remained firmly intact, and that we needed to see indexes reverse their downtrends in order to get more constructive at the index level.
It appears the bullish reversals have begun, as the SPX, MSCI ACWI (ACWI-US), and STOXX 600 are the first three major indexes to reverse topside their 4-month and YTD downtrends.


Europe, MSCI ACWI Bullish Downtrend Reversals as Japan Tests Resistance; Tech, Health Care Buys

China

Imeik Technology Development Co,,Ltd. manufactures and distributes biomedical products. The Company produces sodium hyaluronate, collagens, polylactic acids, and other related products. Imeik Technology Development also produces medical devices.

Imeik Technology Development C (300896 CH)

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Imeik Technology Development C (300896 CH)

Giant Biogene Pre-IPO - Peer Comparison - Might Need to Spend a Lot More Online

Giant Biogene Holding aims to raise around US$500m in its Hong Kong IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

Bloomage Biotechnology (688363.CH) - Positioning and Strategic Layout Imply Strong Upside Potential

Synthetic biology/industrial chain integration help Bloomage build high moat.Synergy of multiple business improve the resilience to market...

Xinyao (Criss) Wang

Pre-IPO Giant Biogene - The Strength and the Concerns

Giant Biogene is in an industry that has big potential for growth in valuation. How to build long-term system advantage/core competitiveness is an...

Xinyao (Criss) Wang

Giant Biogene Pre-IPO - PHIP Updates - Sales Growing Faster but so Have Marketing Spends

Giant Biogene aims to raise around US$500m in its Hong Kong IPO. The company is one of the leaders in the bioactive ingredient-based professional...

Sumeet Singh

Europe, MSCI ACWI Bullish Downtrend Reversals as Japan Tests Resistance; Tech, Health Care Buys

Bullish reversals have begun, as the $SPX, MSCI ACWI $ACWI, and $STOXX 600 are the first three major indexes to reverse topside their 4-month and...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)