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

<ul>
<li>Kelun-Biotech raised HKD 1,259m (USD 161m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, July 10th.</li>
<li>In our previous note, we looked at the company's business lines of ADC products. We were of the view that the IPO is fairly priced, at best.</li>
<li>In this note, we provide an update for the IPO before trading debut.</li>
</ul>


Kelun-Biotech raised HKD 1,259m (USD 161m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, July 10th.
In our previous note, we looked at the company's business lines of ADC products. We were of the view that the IPO is fairly priced, at best.
In this note, we provide an update for the IPO before trading debut.


Kelun-Biotech (科伦博泰) IPO Trading: Lukewarm Demand but Peers Have Done Well Recently

Quantitative Analysis

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>We highlight flows for PetroChina, China Mobile, Xpeng, Bilibili, Kuaishou, CCB, ICBC, BYD, HSBC.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
We highlight flows for PetroChina, China Mobile, Xpeng, Bilibili, Kuaishou, CCB, ICBC, BYD, HSBC.


Hong Kong Connect Flows Monthly: $366m Outflows in June

<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 114.6% as of Jun 30th.</li>
<li>The average A-H premium changed by -5.2ppt week on week, led by health care, information technology, consumer discretionary and offset by consumer staples.</li>
<li>We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tianqi Lithium, CQRC Bank, Shanghai Fudan, Joinn Lab, Remegen, Cansino Biologics.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 114.6% as of Jun 30th.
The average A-H premium changed by -5.2ppt week on week, led by health care, information technology, consumer discretionary and offset by consumer staples.
We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tianqi Lithium, CQRC Bank, Shanghai Fudan, Joinn Lab, Remegen, Cansino Biologics.


A-H Premium Weekly (Jun 30th): Healthcare Led Premium Decline

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>NTES/700.HK: China’s NPPA publishes list of 89 domestic game code approval</li>
<li>9995HK/1801HK：RemeGen explored ADC-PD1 combination theray for its RC88 and RC108 with Innovent (-)</li>
<li>LKNCY/2150HK/ATAT/3690HK: Tourism spending maintain stable growth during Dragon Boat Festival, indicating sustainable recovery in service oriented consumption in China.(+)</li>
</ul>


NTES/700.HK: China’s NPPA publishes list of 89 domestic game code approval
9995HK/1801HK：RemeGen explored ADC-PD1 combination theray for its RC88 and RC108 with Innovent (-)
LKNCY/2150HK/ATAT/3690HK: Tourism spending maintain stable growth during Dragon Boat Festival, indicating sustainable recovery in service oriented consumption in China.(+)


China TMT Update-NTES/700.HK/9995HK/1801HK/LKNCY/2150HK/ATAT/3690HK:Game Code,ADC-PD1, Tourism Spend

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 23rd.</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 Tencent, Meituan, Industrial And Commercial Bank Of China.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 23rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Meituan, Industrial And Commercial Bank Of China.


Hong Kong Connect Flows (Jun 23rd): Tencent, Meituan, ICBC

China

RemeGen Co., Ltd. operates biotechnology businesses. The Company develops therapeutic antibody drugs such as antibody drug conjugates (ADC), antibody fusion proteins, monoclonal antibodies and double antibodies. RemeGen provides solutions autoimmune diseases, tumor diseases, and ophthalmic diseases.

Price Gauge
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Remegen (9995 HK)

Kelun-Biotech (科伦博泰) IPO Trading: Lukewarm Demand but Peers Have Done Well Recently

Kelun Biotech will start trading on July 11th. We provide an update of the IPO before its debut. We think the deal attracted lukewarm demand but...

Ke Yan, CFA, FRM

Hong Kong Connect Flows Monthly: $366m Outflows in June

We analyzed the Hong Kong Connect Scheme for June and highlight flows for PetroChina, China Mobile, Xpeng, Bilibili, Kuaishou, CCB, ICBC, BYD, HSBC.

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 30th): Healthcare Led Premium Decline

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tianqi Lithium, CQRC Bank, Shanghai Fudan, Joinn Lab,...

Ke Yan, CFA, FRM

China TMT Update-NTES/700.HK/9995HK/1801HK/LKNCY/2150HK/ATAT/3690HK:Game Code,ADC-PD1, Tourism Spend

NTES/700.HK: 89 domestic game code approval；9995HK/1801HK：RemeGen explored ADC-PD1 combination theray；LKNCY/2150HK/ATAT/3690HK: Tourism spending...

Blue Lotus Research Institute

Hong Kong Connect Flows (Jun 23rd): Tencent, Meituan, ICBC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent, Meituan, Industrial And Commercial Bank Of China.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)