APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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/quantumpharm-inc" target="_blank" data-smartkarma-citation="entities:40369:1" rel="noopener">QuantumPharm (QUP HK)</a> (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO.</li>
<li>QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



QuantumPharm (QUP HK) (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO.
QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.
In this note, we will talk about the positive aspects of the deal.


QuantumPharm (Xtalpi) Pre-IPO - The Positives - Grand Ambitions to Open New Monetisation Channels

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The essential difference between QuantumPharm and InSilico in terms of business models is that InSilico is an end-to-end generative AI-driven biotech but QuantumPharm is more of a platform-based service provider.</li>
<li>It’s difficult for QuantumPharm to achieve significant increase in revenue scale in short time,because the service fee amount is usually not large, and it takes time to accumulate order volume.</li>
<li>If there is no substantial performance contribution, these good stories would not bring about a sustained leap in valuation. QuantumPharm’s valuation in last funding round before IPO is too expensive. </li>
</ul>


The essential difference between QuantumPharm and InSilico in terms of business models is that InSilico is an end-to-end generative AI-driven biotech but QuantumPharm is more of a platform-based service provider.
It’s difficult for QuantumPharm to achieve significant increase in revenue scale in short time,because the service fee amount is usually not large, and it takes time to accumulate order volume.
If there is no substantial performance contribution, these good stories would not bring about a sustained leap in valuation. QuantumPharm’s valuation in last funding round before IPO is too expensive. 


Pre-IPO QuantumPharm - Good Stories May Not Be Backed up by Performance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/quantumpharm-inc" target="_blank" data-smartkarma-citation="entities:40369:1" rel="noopener">QuantumPharm (QUP HK)</a> is looking to raise US$200m in its upcoming Hong Kong IPO. The bookrunner on the deal is Citic Securities.</li>
<li>QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions. </li>
<li>Its solutions and services cater to the pharmaceutical and material science (including agritech, energy and new chemicals, and cosmetics) industries and beyond.</li>
</ul>



QuantumPharm (QUP HK) is looking to raise US$200m in its upcoming Hong Kong IPO. The bookrunner on the deal is Citic Securities.
QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions. 
Its solutions and services cater to the pharmaceutical and material science (including agritech, energy and new chemicals, and cosmetics) industries and beyond.


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

Black Sesame Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/black-sesame-technologies-inc" target="_blank" data-smartkarma-citation="entities:39894:1" rel="noopener">Black Sesame Technologies (BLACKSES HK)</a> is looking to raise around US$300m in its upcoming Hong Kong IPO.</li>
<li>Black Sesame International Holdings (BSIH) is an automotive-grade computing SoC and SoC-based intelligent vehicle solution provider.</li>
<li>In our previous note we looked at the company’s past performance. In this note, we discuss Black Sesame’s PHIP updates.</li>
</ul>



Black Sesame Technologies (BLACKSES HK) is looking to raise around US$300m in its upcoming Hong Kong IPO.
Black Sesame International Holdings (BSIH) is an automotive-grade computing SoC and SoC-based intelligent vehicle solution provider.
In our previous note we looked at the company’s past performance. In this note, we discuss Black Sesame’s PHIP updates.


Black Sesame Pre-IPO - PHIP Updates - Unable to Shake off Its Loss-Making Tendencies

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

QuantumPharm (QUP HK)

QuantumPharm (Xtalpi) Pre-IPO - The Positives - Grand Ambitions to Open New Monetisation Channels

QuantumPharm (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects of the deal.

Clarence Chu

Pre-IPO QuantumPharm - Good Stories May Not Be Backed up by Performance

It's hard for QuantumPharm to general large revenue scale in a short time due to the weakness in business model. So, high valuation is...

Xinyao (Criss) Wang

QuantumPharm (XtalPi) Pre-IPO Tearsheet

QuantumPharm (QUP HK) is looking to raise US$200m in its upcoming Hong Kong IPO. The bookrunner on the deal is Citic Securities.

Clarence Chu

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

Black Sesame Pre-IPO - PHIP Updates - Unable to Shake off Its Loss-Making Tendencies

Black Sesame Technologies (BLACKSES HK) is looking to raise around US$300m in its upcoming Hong Kong IPO. In this note, we discuss Black Sesame’s...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)