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 136 stocks over the last week.</li>
<li>Information technology and health care led the increases of A/H premium while consumer staple led the decreases of A/H premium. </li>
<li>We highlight A/H premium increases for Flat Glass, Cansino, and China Eastern Air. </li>
</ul>


We analyse the changes of A/H premium on 136 stocks over the last week.
Information technology and health care led the increases of A/H premium while consumer staple led the decreases of A/H premium. 
We highlight A/H premium increases for Flat Glass, Cansino, and China Eastern Air. 


A/H Premium Weekly: Flat Glass, Cansino, China Eastern Air

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>The executive meeting of the State Council last week formally mentioned to include dental implants in the centralized procurement.</li>
<li>We analyzed what the potential impact and trends could be after the centralized procurement is applied to dental implants. </li>
<li>We listed the 16 major varieties that are likely to be included in the 7th national VBP this year. </li>
</ul>


The executive meeting of the State Council last week formally mentioned to include dental implants in the centralized procurement.
We analyzed what the potential impact and trends could be after the centralized procurement is applied to dental implants. 
We listed the 16 major varieties that are likely to be included in the 7th national VBP this year. 


China Healthcare Weekly (Jan.14) - Impact on Dental Implant VBP, Prediction on 7th National VBP 2022

Equity Bottom-Up

Porton Pharma Solutions / Equity Bottom-Up

<ul>
<li>Porton made a successful turnaround and the CGT business layout is also in the right direction. The US$217 million new order would improve the certainties of its 2022 performance.</li>
<li>The concerns on potential deterioration of international relations and the broken logic in CXO sector also apply to <a href="https://www.smartkarma.com/entities/porton-pharma-solutions-ltd" target="_blank" data-smartkarma-citation="entities:14201:1" rel="noopener">Porton Pharma Solutions (300363 CH)</a>, which should be aware of by investors.</li>
<li>So, there is a long way to go for Porton to truly get into the first tier. It may not be a good buying point currently considering the high valuation.</li>
</ul>


Porton made a successful turnaround and the CGT business layout is also in the right direction. The US$217 million new order would improve the certainties of its 2022 performance.
The concerns on potential deterioration of international relations and the broken logic in CXO sector also apply to Porton Pharma Solutions (300363 CH), which should be aware of by investors.
So, there is a long way to go for Porton to truly get into the first tier. It may not be a good buying point currently considering the high valuation.


Porton Pharma Solutions (300363.CH) - Not Easy to Get into the First Tier

<ul>
<li>We analyse the changes of A/H premium on 134 stocks over the last week. </li>
<li>The sector with the biggest A/H premium increase was Health Care (ΔA/H premium=+8.1ppt).  The average A/H premium of the the Health Care sector was also at 52 week high. </li>
<li>This is due to the A/H premia of many Health Care stocks at 52 week high: Wuxi Apptec, Tigermed, Pharmaron, Hepalink, and the increase of A/H for Join Lab, Haohai. </li>
</ul>


We analyse the changes of A/H premium on 134 stocks over the last week. 
The sector with the biggest A/H premium increase was Health Care (ΔA/H premium=+8.1ppt).  The average A/H premium of the the Health Care sector was also at 52 week high. 
This is due to the A/H premia of many Health Care stocks at 52 week high: Wuxi Apptec, Tigermed, Pharmaron, Hepalink, and the increase of A/H for Join Lab, Haohai. 


A/H Premium Weekly: Health Care A/H Premium at 52W High

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Asymchem Laboratories Tianjin / Equity Capital Markets

<ul>
<li>Asymchem Laboratories raised around US$1.05bn in its H-share listing in Hong Kong.</li>
<li>AL is a provider of outsourced pharmaceutical development and manufacturing solutions and services. </li>
<li>In this note, we will talk about the subscription levels and trading dynamics.</li>
</ul>


Asymchem Laboratories raised around US$1.05bn in its H-share listing in Hong Kong.
AL is a provider of outsourced pharmaceutical development and manufacturing solutions and services. 
In this note, we will talk about the subscription levels and trading dynamics.


Asymchem Labs A/H Trading - Moderate Demand and Upside

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.

Maccura Biotechnology Co., Ltd. specializes in the research, development, manufacturing, sales, and service of in-vitro diagnostic products. The Company provides biochemistry, immunity, rapid detection, blood, molecular diagnosis, pathology, raw materials, and more. Maccura Biotechnology conducts business in China.

Guangzhou Boji Medical & Biotechnological Co., Ltd. is an outsourcing drug research and development company. The Company provides pharmaceutical companies the ability to conduct its researches and developments at lower cost levels and offers support to bring drugs and devices to the Chinese market quicker.

Guangzhou Improve Medical Instruments Co., Ltd. researches, develops, and manufactures medical instruments. The Company's products include evacuated blood collection system, microbe specimen collection and transport, clinical testing reagent, equipment for clinical specimen testing & processing, etc.

Viva Biotech Holdings operates as a drug discovery platform. The Company provides target protein expression, structure researching, hit screening, drug candidate determination, and other services. Viva Biotech Holdings serves customers worldwide.

3SBio, Inc. is a biotechnology company located in China. The Company focuses on mammalian cell-based biopharmaceuticals in the biotechnology industry. 3SBio also develops, manufactures and markets biopharmaceutical products globally.

Inner Mongolia Furui Medical Science Co Ltd. manufactures and sells hepatology C hinese medicines. The Company's products include anti-fibrosis drug, anti fattyliver disease medicine, and liver fibrosis testing instruments.

Inner Mongolia Furui Medical Scie (300049 CH)

Shanghai Shyndec Pharmaceutical Co.,Ltd. develops, manufactures and distributes pharmaceuticals. The Company's products include antibiotics, hypertension drugs, diet pills, anti-aging drugs, biological products and medicine preparations.

Shanghai Shyndec Pharmaceutical (600420 CH)

Yifan Pharmaceutical Co.,Ltd. manufactures fine biochemicals. The Company's main products include food additives, pharmaceuticals, fine chemical products, calcium pantothenate, and polymer materials. The Company also offers technology development and transfer, in addition to technical advice and services.

Apeloa Pharmaceutical Co., Ltd. manufactures and markets raw material medicines and preparations, including antitumour, antivirus, anti-infectious, cardiovascular, and other medicines.

NeoGenomics, Inc. operates a network of clinical laboratories that specializes in cancer genetics diagnostic testing services. The Company's services include cytogenetics, fluorescence in-situhybridization (FISH), flow cytometry, morphology, anatomic pathology, and molecular genetic testing. NeoGenomics serves pathologists, oncologists, urologists, and hospitals.

LegoChem Biosciences, Inc. (LCB) is a researched-based biotechnology company that discovers, develops, and commercializs of medicines.  The Company utilizes chemistry to make biologics more targeted and potent for patients with diseases of highly unmet medical needs.  The Company focuses on therapy within antibiotics, anti-coagulants, oncology, antibody and protein-drug conjugate.

Evotec AG offers drug research, development, and manufacturing services.  The Company offers assay development and screening and compound optimization services to pharmaceutical companies.  Evotec also develops drugs on its own for out-licensing.

Azenta, Inc. provides life sciences solutions. The Company offers cold-chain sample management solutions and genomic services across areas such as drug development, clinical research, and advanced cell therapies. Azenta serves pharmaceutical, biotech, academic, and healthcare institutions worldwide.

MorphoSys AG operates as a biopharmaceutical company. The Company discovers and develops differentiated therapies and medicines for the patients suffering from cancer, inflammations, and autoimmune diseases. MorphoSys serves customers in Germany.

ST Pharm Co., Ltd.  manufactures active pharmaceutical ingredients.  The Company is also engaged in new drug custom manufacturing services, fine chemical business, and bio-therapy businesss.

Standard BioTools Inc. offers technologies that help biomedical researchers develop medicines. The Company offers reliable and repeatable insights in health and disease using its proprietary mass cytometry and microfluidics technologies that help transform scientific discoveries into better patient outcomes.

Ergomed plc provides clinical research, and drug development and safety services in the United Kingdom and rest of Europe, the Middle East, Africa, North America, Asia, and Australia. The company offers clinical development, trial management services, and pharmacovigilance services for pharmaceutical and generics companies, as well as small and mid-sized drug development companies. It focuses on various therapeutic areas, including oncology, neurology, and immunology, as well as the development of orphan drugs. The company?s clinical development services include study management, site management, study physician support, safety services, regulatory and quality management, clinical data management and biostatistics, and medical writing. It also provides late phase services, such as strategy and study design, medical training, regulatory consultancy, management of ISTs, full study management, publication management, site management, pharmacovigilance, tailored data capture solutions, REMS and RMPs, and medical information services; and co-development services for pharma and biotech companies. In addition, the company is involved in the studies of ultra-rare diseases, including infantile hypophsophatemia, paroxyzmal nocturnal haemoglobinuria, and primary hyperoxaluria; and the provision of the specialized site management model that allows smooth interaction of the sites and patient organizations, and advocacy groups. The company was formerly known as Ergomed Clinical Research Limited and changed its name to Ergomed plc in June 2014. Ergomed Plc was founded in 1997 and is headquartered in Guildford, the United Kingdom.

Pacific Biosciences of California Inc. has developed a novel approach to studying the synthesis and regulation of DNA, RNA and protein.  The Company's system enables real-time analysis of biomolecules with single molecule resolution.

Pacific Biosciences Of California (PACB US)

Genscript Biotech Corp is biotech service company. The Company provides life science services and products and pre-clinical drug development services.

Pharmaron Beijing Co., Ltd. engages in discovery, development, and manufacturing spectrum for small molecule drugs, cell therapies, and gene therapies as well as providing testing services for medical devices and clinic research. The Company offers laboratory, clinical development, chemistry manufactory and control, and other services. Pharmaron Beijing conducts businesses based in China.

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Pharmaron Beijing (3759 HK)

A/H Premium Weekly: Flat Glass, Cansino, China Eastern Air

We highlight information technology and health care led the increases of A/H premium and three stocks: Flat Glass, Cansino, and China Eastern Air.

Ke Yan, CFA, FRM

China Healthcare Weekly (Jan.14) - Impact on Dental Implant VBP, Prediction on 7th National VBP 2022

This insight analyzed the centralized procurement on dental implants and its impact and trends, as well as the prediction of 16 major varieties...

Xinyao (Criss) Wang

Porton Pharma Solutions (300363.CH) - Not Easy to Get into the First Tier

This insight analyzed Porton about its past development, how it successfully made turnarounds, the future outlook, and concerns on deterioration of...

Xinyao (Criss) Wang

A/H Premium Weekly: Health Care A/H Premium at 52W High

We highlight that A/H premium of Health Care sector at 52 week high due to rumor of entity list inclusion, this is due to A/H premia of many...

Ke Yan, CFA, FRM

Asymchem Labs A/H Trading - Moderate Demand and Upside

Asymchem Laboratories raised around US$1.05bn in its H-share listing in Hong Kong. In this note, we talk about the trading dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)