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 141 stocks over the last week. The average A/H premium changed by -1.7ppt over the past one week.</li>
<li>A-H Premium decline was led by consumer discretionary, consumer staples, and real estates, offset by the A-H premium increase of health care sector.</li>
<li>We highlight changes in A-H premium for Angang Steel, Chongqing Ireon, China Merchants Securities, COSCO Ship Eng, Joinn Lab, Zoomlion, Shandong Xinhua, Zheshang Bank, Sinopec Shanghai Petrochem.</li>
</ul>


We analyse the changes of A/H premium on 141 stocks over the last week. The average A/H premium changed by -1.7ppt over the past one week.
A-H Premium decline was led by consumer discretionary, consumer staples, and real estates, offset by the A-H premium increase of health care sector.
We highlight changes in A-H premium for Angang Steel, Chongqing Ireon, China Merchants Securities, COSCO Ship Eng, Joinn Lab, Zoomlion, Shandong Xinhua, Zheshang Bank, Sinopec Shanghai Petrochem.


A-H Premium Weekly: Joinn Lab, Zoomlion, Shandong Xinhua, Zheshang Bank, Sinopec Shanghai Petrochem

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine.</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 Tencent and BYD that dominated the inflows last week.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight Tencent and BYD that dominated the inflows last week.


Hong Kong Connect Flows: 11 Weeks of Inflows

<ul>
<li>We analyse the changes of A/H premium on 140 stocks over the last week.</li>
<li>A-H premium increased by 1.8ppt last week, mainly led by health care, utilities, consumer discretionary sector.</li>
<li>We highlight A-H premium changes in Cansino, Great Wall Motor, Shandong Xinhua, Xinhua Winshare, First Tractor, Joinn Lab.</li>
</ul>


We analyse the changes of A/H premium on 140 stocks over the last week.
A-H premium increased by 1.8ppt last week, mainly led by health care, utilities, consumer discretionary sector.
We highlight A-H premium changes in Cansino, Great Wall Motor, Shandong Xinhua, Xinhua Winshare, First Tractor, Joinn Lab.


A-H Premium Weekly: Cansino, Great Wall Motor, Shandong Xinhua

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>As one of the few CXOs in the industry that has layout of the whole industry chain, Pharmaron carries many expectations. But it cannot compete with WuXi AppTec so far.</li>
<li>If Pharmaron could make breakthrough either in its CMC services (improving gross profit margin and scale) or the CGT services, the Company’s outlook and valuation logic would improve greatly.</li>
<li>The valuation of Pharmaron should be lower than WuXi AppTec and WuXi Biologics, but higher than Asymchem, Tigermed and Joinn. Considering the macro uncertainties, short-term trades are advised.</li>
</ul>


As one of the few CXOs in the industry that has layout of the whole industry chain, Pharmaron carries many expectations. But it cannot compete with WuXi AppTec so far.
If Pharmaron could make breakthrough either in its CMC services (improving gross profit margin and scale) or the CGT services, the Company’s outlook and valuation logic would improve greatly.
The valuation of Pharmaron should be lower than WuXi AppTec and WuXi Biologics, but higher than Asymchem, Tigermed and Joinn. Considering the macro uncertainties, short-term trades are advised.


Pharmaron Beijing Co Ltd (3759.HK/300759.CH) 2022/2021Q1 Results- Expectations Coexist with Concerns

<ul>
<li>We analyse the changes of A/H premium on 136 stocks over the last week.</li>
<li>Average A/H premium was 4.7ppt lower last week, led by consumer discretionary, material and healthcare. </li>
<li>37 stocks reached 52 week high last week but most have retreated since, representing arb opportunities in volatile market. </li>
</ul>


We analyse the changes of A/H premium on 136 stocks over the last week.
Average A/H premium was 4.7ppt lower last week, led by consumer discretionary, material and healthcare. 
37 stocks reached 52 week high last week but most have retreated since, representing arb opportunities in volatile market. 


A/H Premium Weekly: Arb Opportunities Last Week

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Joinn Laboratories China Lt (6127 HK)

A-H Premium Weekly: Joinn Lab, Zoomlion, Shandong Xinhua, Zheshang Bank, Sinopec Shanghai Petrochem

A-H premium declined by 1.7ppt last week. We highlight changes in A-H premium for Joinn Lab, Zoomlion, Shandong Xinhua, Zheshang Bank, Sinopec...

Ke Yan, CFA, FRM

Hong Kong Connect Flows: 11 Weeks of Inflows

Southbound connect recorded 11 weeks of consecutive inflows. We highlight Tencent and BYD that dominated the inflows last week.

Ke Yan, CFA, FRM

A-H Premium Weekly: Cansino, Great Wall Motor, Shandong Xinhua

We highlight weekly A-H premium changes of Cansino, Great Wall Motor, Shandong Xinhua, Xinhua Winshare, First Tractor, Joinn Lab.

Ke Yan, CFA, FRM

Pharmaron Beijing Co Ltd (3759.HK/300759.CH) 2022/2021Q1 Results- Expectations Coexist with Concerns

We analyzed Pharmaron's performance in 2021 & 2022Q1.Expectations coexist with concerns. Its outlook/valuation logic would improve greatly if it...

Xinyao (Criss) Wang

A/H Premium Weekly: Arb Opportunities Last Week

We highlight average A/H premium was 4.7ppt lower last week, led by consumer discretionary, material and healthcare. 37 stocks reached 52w high...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)