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.

Equity Capital Markets

Jenscare Scientific / Equity Capital Markets

<ul>
<li>Jenscare is a China-based medical device company with a focus on structural heart disease. The company launched a deal to  raise up to USD 30m via a Hong Kong listing.</li>
<li>In our previous note, we looked at the company's product lines and provided a brief overview on the company's valuation.</li>
<li>In this note, we provide an update for the book building. We provide our quick thoughts on the valuation and deal dynamics.</li>
</ul>


Jenscare is a China-based medical device company with a focus on structural heart disease. The company launched a deal to  raise up to USD 30m via a Hong Kong listing.
In our previous note, we looked at the company's product lines and provided a brief overview on the company's valuation.
In this note, we provide an update for the book building. We provide our quick thoughts on the valuation and deal dynamics.


Jenscare (健世科技) IPO: Candidate for Shorts

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>We see 37 potential adds (including plenty of new listings) and 25 potential deletes (on market cap and liquidity) for the Hang Seng Composite Index in September.</li>
<li>We expect 32 stocks to be added to Southbound Stock Connect following the rebalance while 24 stocks could be deleted from the trading link and become Sell-only.</li>
<li>There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.</li>
</ul>


We see 37 potential adds (including plenty of new listings) and 25 potential deletes (on market cap and liquidity) for the Hang Seng Composite Index in September.
We expect 32 stocks to be added to Southbound Stock Connect following the rebalance while 24 stocks could be deleted from the trading link and become Sell-only.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.


HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 28th.</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 flows for CCB (939 HK), ICBC (1398 HK), Tencent (700 HK).</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 28th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CCB (939 HK), ICBC (1398 HK), Tencent (700 HK).


Hong Kong Connect Flows (Jun 28th): CCB, ICBC, Tencent

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 10th.</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 flows for BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou Technology.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 10th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou Technology.


Hong Kong Connect Flows (May 10th): BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou Technology

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 19th.</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 flows for China Mobile, Bank Of China, Tencent, Petrochina, ICBC,  HSBC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 19th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, Bank Of China, Tencent, Petrochina, ICBC,  HSBC.


Hong Kong Connect Flows (Apr 19th): China Mobile, Bank Of China, Tencent, Petrochina, HSBC

Hong Kong

Arts Optical International Holdings Limited, through its subsidiaries, designs, manufactures, and sells optical products.

Shanghai Kindly Medical Instruments Co., Ltd. produces and sells medical instruments. The Company manufactures and sells intestinal balloon catheter, inflation device, multifunction drainage tube, Shanghai Kindly Medical Instruments markets its products primarily throughout China with limited overseas.

Town Health International Medical Group Limited, through its subsidiaries, provides management services to medical and dental practitioners and licenses the Town Health Centre name.  The Company also provides healthcare and related services including general dental consultation services, paramedical services, operates health portals, and distributes health food products.

Genertec Universal Medical Group Company Limited provides healthcare services. The Company offers medical financing, hospital investment and management, digitization, and clinical department upgrade advisory services. Genertec Universal Medical Group serves customers in Hong Kong.

Wenzhou Kangning Hospital Co., Limited is a psychiatric healthcare group. The Company operate and manage a network of healthcare facilities across various regions in China.

Hospital Corp of China Ltd. is a hospital operation and management group. The Company consolidate medical resources to provide medical services and treatment of diseases.

UMP Healthcare Holdings Ltd. offers healthcare solutions provider. The Company provides services for medical and dental needs. UMP serves both contract and plan customers.

Bamboos Health Care Holdings provides healthcare staffing solutions. The Company offers customizable temporary staffing services to individuals and institutions.

Hang Chi Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides medical care, rehabilitation, recreational activities arrangement, and other services. Hang Chi Holdings serves elders having lack of self-care abilities. Hang Chi Holdings offers its services in Hong Kong.

Yunnan Energy International Co. Limited engages in distribution and related repair and maintenance services for analytical instruments and life science equipment. The Company provides chromatographs, spectrophotometers, electronic microscopes, life science and general laboratory instruments, and more. Yunnan Energy International conducts business in China.

OraSure Technologies, Inc. develops, manufactures, and markets medical devices and diagnostic products.  The Company supplies oral fluid collection devices and assays to the life insurance industry and public health markets for the detection of antibodies to HIV.  OraSure also supplies oral fluid testing solutions for drugs-of-abuse testing.

Utah Medical Products, Inc. develops, manufactures, assembles, and markets a broad range of disposable and reusable specialty medical devices. The Company's products are designed to provide better health outcomes for patients and their care-providers. Utah Medical's primary focus is healthcare for women and their babies.

INTEROJO CO LTD manufactures and markets contact lens.  The Company's main brands are Clalen, Morning-Q, Festival-II, Bandage, Multivision.

United Orthopedic Corporation manufactures orthopedic implants and precision medical devices.  The Company's products include hip replacement system, knee replacement system, as well as oncology and custom implants.  UOC also acts as an OEM (Original Equipment Manufacturer) supplier.

St.Shine Optical Co., Ltd. specializes in manufacturing cast-molding soft contact lens, including disposable and frequent replacement contact lens.  The Company also produces lathe-cutting contact lens.  St.Shine Optical markets its products under the brand name Ticon.

Value Added Technology Co., Ltd. develops, manufactures, and engages in sales of digital radiography medical equipments for dental clinics.  The Company also supplies digital sensor for X-ray equipments.

CYBERDYNE, INC. researches and develops medical equipment to improve physical  function of patients, support care workers and assist everyday life for disable dpeople.  The main product is cyborg-type robot, HAL (Hybrid Assistive Limb).  The Company also manufactures and sells the medical product as well as providin gservice for the related fields such as rental and trainings.

AngioDynamics, Inc. designs, develops, manufactures, and markets therapeutic and diagnostic devices.  The Company's products enable interventional physicians to treat peripheral vascular disease and other non-coronary diseases. AngioDynamic's product lines consist of angiographic catheters, hemodialysis catheters, image guided vascular access products, and thrombolytic products.

Bioteque Corporation manufactures and markets disposable medical products. The Company's products include hemodialysis blood line sets, AV (arteriovenous) fistula needles, IV (intravenous) infusion bags, IV infusion sets, drainage bags, precision infusion sets, surgical drainage tubes, medical catheters. medical components, and homecare items.

Curexo Inc. distributes medical equipment such as MRI (Magnetic Resonance Imaging) and endoscope used in operating of breast cancer.  The Company also produces goods for aromatic therapy.

Jenscare Scientific Co., Ltd. manufactures and distributes medical devices. The Company produces transcatheter tricuspid valve replacement systems and others. Jenscare Scientific offers treatment solutions targeting different types of structural heart diseases, including tricuspid valve diseases, aortic valve diseases, mitral valve diseases, heart failure, and others.

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Jenscare Scientific (9877 HK)

Jenscare (健世科技) IPO: Candidate for Shorts

Jenscare launched a downsized deal at a valuation substantially higher than its peers. While we would not pay for the valuation we think it is a...

Ke Yan, CFA, FRM

HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September

There could be nearly 80 adds/deletes for the HSCI in September. That will trigger changes to the Southbound Stock Connect list and increase flows...

Brian Freitas

Hong Kong Connect Flows (Jun 28th): CCB, ICBC, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for CCB (939 HK), ICBC (1398 HK), Tencent (700 HK).

Ke Yan, CFA, FRM

Hong Kong Connect Flows (May 10th): BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou Technology

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Apr 19th): China Mobile, Bank Of China, Tencent, Petrochina, HSBC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for China Mobile, Bank Of China, Tencent, Petrochina, ICBC, HSBC.

Ke Yan, CFA, FRM

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