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 analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 109.2% as of Jan 6th.</li>
<li>The average A-H premium changed by -2.6ppt week on week, led by utilities, real estate, financials and offset by health care, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Weichai Power, Tigermed, Pharmaron, Minsheng, Junshi, YOFC, Huaneng Power, China Longyuan.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 109.2% as of Jan 6th.
The average A-H premium changed by -2.6ppt week on week, led by utilities, real estate, financials and offset by health care, consumer discretionary.
We highlight weekly changes in A-H premium for Weichai Power, Tigermed, Pharmaron, Minsheng, Junshi, YOFC, Huaneng Power, China Longyuan.


A-H Premium Weekly (Jan 6th): Weichai Power, Tigermed, Pharmaron, Minsheng, Junshi, YOFC

<ul>
<li>We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 115.3% as of Dec 9th.</li>
<li>The average A-H premium changed by -2.6ppt weeok on week, led by health care, real estate, materials and offset by consumer discretionary, information technology.</li>
<li>We highlight weekly changes in A-H premium for Weichai Power, Shanghai Fudan, Guolian Securities, Joinn Lab, Great Wall Motor, Tsingtao Brewery.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 115.3% as of Dec 9th.
The average A-H premium changed by -2.6ppt weeok on week, led by health care, real estate, materials and offset by consumer discretionary, information technology.
We highlight weekly changes in A-H premium for Weichai Power, Shanghai Fudan, Guolian Securities, Joinn Lab, Great Wall Motor, Tsingtao Brewery.


A-H Premium Weekly (Dec 9th): Weichai Power, Shanghai Fudan, Guolian, Joinn Lab, GWC, Tsingtao

<ul>
<li>We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 118.8% as of Dec 2nd.</li>
<li>The average A-H premium changed by 0.6ppt week on week, led by consumer staples, real estate, information technology and offset by consumer discretionary, materials.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan, Ganfeng Lithium, China Minsheng, Guolian Securities, Shanghai Fudan, Red Star Macalline, Joinn Lab, Cosco Shipping Energy, Great Wall Mortor.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 118.8% as of Dec 2nd.
The average A-H premium changed by 0.6ppt week on week, led by consumer staples, real estate, information technology and offset by consumer discretionary, materials.
We highlight weekly changes in A-H premium for China Longyuan, Ganfeng Lithium, China Minsheng, Guolian Securities, Shanghai Fudan, Red Star Macalline, Joinn Lab, Cosco Shipping Energy, Great Wall Mortor.


A-H Premium Weekly (Dec 2nd): China Longyuan, Ganfeng Lithium

<ul>
<li>We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 130.7% as of Nov 4th.</li>
<li>The average A-H premium changed by -4.4ppt weeok on week, led by health care, financials, utilities and offset by consumer staples, real estate, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for First Tractor, Maanshan Iron, Datang Intl, Cansino, Jushi, Fudan Microelectronics.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 130.7% as of Nov 4th.
The average A-H premium changed by -4.4ppt weeok on week, led by health care, financials, utilities and offset by consumer staples, real estate, consumer discretionary.
We highlight weekly changes in A-H premium for First Tractor, Maanshan Iron, Datang Intl, Cansino, Jushi, Fudan Microelectronics.


A-H Premium Weekly (Nov 4th): First Tractor, Maanshan Iron

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Joinn Laboratories China  Lt / Equity Bottom-Up

<ul>
<li>The monkeys have become <a href="https://www.smartkarma.com/entities/joinn-laboratories-china-c-h" target="_blank" data-smartkarma-citation="entities:31498:1" rel="noopener">Joinn Laboratories (H) (6127 HK)</a>’s important profit growth point based on the logic chain of "monkey supply shortage - monkey price rise - Joinn’s performance increase". </li>
<li>Faced with doubts about the future prosperity of CXO, we don't think Joinn is immune as a part of this industrial chain. Joinn is hard to achieve the V-shaped rebound.</li>
<li>Valuations are hard to increase by when the industry is very mature.For investment logic, my favorite is the industry beta, followed by industry beta+alpha. The last is low P/E ratio.</li>
</ul>


The monkeys have become Joinn Laboratories (H) (6127 HK)’s important profit growth point based on the logic chain of "monkey supply shortage - monkey price rise - Joinn’s performance increase". 
Faced with doubts about the future prosperity of CXO, we don't think Joinn is immune as a part of this industrial chain. Joinn is hard to achieve the V-shaped rebound.
Valuations are hard to increase by when the industry is very mature.For investment logic, my favorite is the industry beta, followed by industry beta+alpha. The last is low P/E ratio.


Joinn Laboratories (6127.HK) 22H1 - It's Time to Face Reality Before the Magic of Monkeys Disappears

China

Joinn Laboratories (China) Co., Ltd. operates as a medicines development company. The Company offers drug development, pharmaceutical analysis, pharmacologic testing, and other related services. Joinn Laboratories (China) also provides pesticide and medical device safety evaluation services.

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Joinn Laboratories China Lt (603127 CH)

A-H Premium Weekly (Jan 6th): Weichai Power, Tigermed, Pharmaron, Minsheng, Junshi, YOFC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Weichai Power, Tigermed, Pharmaron, Minsheng, Junshi, YOFC,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Dec 9th): Weichai Power, Shanghai Fudan, Guolian, Joinn Lab, GWC, Tsingtao

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Weichai Power, Shanghai Fudan, Guolian Securities, Joinn...

Ke Yan, CFA, FRM

A-H Premium Weekly (Dec 2nd): China Longyuan, Ganfeng Lithium

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, Ganfeng Lithium, Shanghai Fudan, Red Star...

Ke Yan, CFA, FRM

A-H Premium Weekly (Nov 4th): First Tractor, Maanshan Iron

We analyzed A-H premium changes in the past week and highlight A-H premium changes for First Tractor, Maanshan Iron, Datang Intl, Cansino, Jushi,...

Ke Yan, CFA, FRM

Joinn Laboratories (6127.HK) 22H1 - It's Time to Face Reality Before the Magic of Monkeys Disappears

The logic chain of "monkey shortage-monkey price rise-Joinn’s performance increase" has shaken.Faced with doubts about future prosperity of...

Xinyao (Criss) Wang

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