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 146 stocks over the last week. The average A-H premium was 132.9% as of Apr 5th.</li>
<li>The average A-H premium changed by 5.3ppt week-on-week, led by consumer staples, health care, real estate.</li>
<li>We analyzed A-H premium changes in the past week and highlight A-H premium changes for Baiyunshan, Jiangxi Copper, ZTE, Fosun Pharma, Air China, Joinn Lab.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 132.9% as of Apr 5th.
The average A-H premium changed by 5.3ppt week-on-week, led by consumer staples, health care, real estate.
We analyzed A-H premium changes in the past week and highlight A-H premium changes for Baiyunshan, Jiangxi Copper, ZTE, Fosun Pharma, Air China, Joinn Lab.


A-H Premium Weekly (Apr 5th): 21 Stocks at 1Y High

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

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>1810 HK/1211 HK: Xiaomi SU7 pre order conversion rate estimated to be about 20-30%, reopening the Founder's Edition to increase the conversion rate（///）</li>
<li>1810 HK: Zeekr 001 exceeded 30,000 in the first month of its launch. Zeekr + SU7 may have the biggest impact on Tesla and BBA（/）</li>
<li>1810 HK/1211 HK/XPEV/ TSLA: Su7's aggressive pricing impacts ICE vehicles, Tesla, Zeekr, while also stimulating overall auto sales (//-/-/-)</li>
</ul>


1810 HK/1211 HK: Xiaomi SU7 pre order conversion rate estimated to be about 20-30%, reopening the Founder's Edition to increase the conversion rate（///）
1810 HK: Zeekr 001 exceeded 30,000 in the first month of its launch. Zeekr + SU7 may have the biggest impact on Tesla and BBA（/）
1810 HK/1211 HK/XPEV/ TSLA: Su7's aggressive pricing impacts ICE vehicles, Tesla, Zeekr, while also stimulating overall auto sales (//-/-/-)


[Blue Lotus Daily]:1810 HK/1211 HK/XPEV/ TSLA/300750 CH/9995 HK

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 124.6% as of Mar 22nd.</li>
<li>The average A-H premium changed by 1.4ppt week-on-week, led by consumer staples, information technology, utilities and offset by financials, health care.</li>
<li>We highlight weekly changes in A-H premium for ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai Fudan, Hua Hong Semi.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 124.6% as of Mar 22nd.
The average A-H premium changed by 1.4ppt week-on-week, led by consumer staples, information technology, utilities and offset by financials, health care.
We highlight weekly changes in A-H premium for ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai Fudan, Hua Hong Semi.


A-H Premium Weekly (Mar 22nd): ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai Fudan

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>A document titled "<em>Soliciting Opinions on the Implementation Plan for Supporting the Development of Innovative Drugs throughout the Whole Chain</em>" attracted widespread attention, which is significantly different from past policies. </li>
<li>Restrictions on payment end and deteriorating investment and financing situations will be improved, marking a new starting point for China’s innovative drug business. We have reasons to start being optimistic.</li>
<li>If approved and implemented, it would be a significant reversal of the previous expectation and investment logic of innovative drugs. So, investors should not overlook the importance of this document.</li>
</ul>


A document titled "Soliciting Opinions on the Implementation Plan for Supporting the Development of Innovative Drugs throughout the Whole Chain" attracted widespread attention, which is significantly different from past policies. 
Restrictions on payment end and deteriorating investment and financing situations will be improved, marking a new starting point for China’s innovative drug business. We have reasons to start being optimistic.
If approved and implemented, it would be a significant reversal of the previous expectation and investment logic of innovative drugs. So, investors should not overlook the importance of this document.


Important New Policy for China’s Innovative Drugs – The Game Rule Is About to Change Radically

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 123.2% as of Mar 15th.</li>
<li>The average A-H premium changed by -0.1ppt week-on-week, led by communication services, utilities, energy and offset by consumer staples, real estate, health care.</li>
<li>We highlight weekly changes in A-H premium for Air China, QHD Port, Datang Intl, Wuxi Apptec, PetroChina, CGN Power.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 123.2% as of Mar 15th.
The average A-H premium changed by -0.1ppt week-on-week, led by communication services, utilities, energy and offset by consumer staples, real estate, health care.
We highlight weekly changes in A-H premium for Air China, QHD Port, Datang Intl, Wuxi Apptec, PetroChina, CGN Power.


A-H Premium Weekly (Mar 15th): Air China, QHD Port, Datang Intl, Wuxi Apptec, PetroChina, CGN Power

China

Shanghai Haohai Biological Technology Company Limited manufactures absorbable biomedical materials. The Company targets therapeutic areas such as orthopedics, anti-adhesion and hemostasis, ophthalmology, and wound care and tissue filling.

Shanghai Haohai Biological Technology (6826 HK)

Zhongyuan Union Cell & Gene Engineering Corp Ltd, mainly operates in the stem cell inspection and storage business and other stem cell related business.

Zhongyuan Union Cell & Gene Eng Corp (600645 CH)

Beijing SL Pharmaceutical Co., Ltd. develops, manufactures and markets genetic engineering drugs, biological drugs, chemical drugs and medicine preparations.

Da An Gene Company Limited of Sun Yat-Sen University researches, develops, manufactures, and sells fluorescence Polymerase Chain Reaction (PCR) diagnostic kits and related medical equipment.  The Company's products are used in diagnosing Hepatitis B virus, Hepatitis C virus, Mycobacterium tuberculosis, chlamydia trachomatis, and SARS coronavirus.

Jinyu Bio-Technology Co Ltd manufactures and markets biopharmaceuticals for animals and cashmere products.  The Company also produces linseed oil and invests in real estate development business.

Jinyu Bio-Technology Co., Ltd. (600201 CH)

Chengzhi Company Limited manufactures and sells household chemical products, biotechnology products, pharmaceuticals, and information technology products. The Company's products include detergents, toothpastes, D-ribose, L-glutamine, Chinese traditional medicines, computer memory devices, and other related products.

Beijing Strong Biotechnologies, Inc. operates in the IVD industry, where they specialize in the manufacturing of clinical chemistry liquid reagents.

Inmyshow Digital Technology (Group) Co., Ltd. researches, develops, and produces blood, biochemical, and dermatological pharmaceuticals. The Company's main products include blood albumin, interferon, and thymus peptides.

Inmyshow Digital Technology (Group) (600556 CH)

Yantai Dongcheng Pharmaceutical Co Ltd is an enterprise group that combines pharmaceutical R&D, production, marketing, and capital operations across the fields of biochemical API, chemical synthetic drugs, and modern Chinese medicine.

Yantai Dongcheng Pharmaceuticl Gp (002675 CH)

Ningbo Medical System Biotechnology Co., Ltd. manufactures biochemistry reagent and analyzers. The Company specializes in clinical laboratory service, scientific research, development and other related services.

Green Cross Corporation manufactures household medical drugs. The Company's product includes medicines for cold and fever, nutrition, antiseptic drug, and a lip balm.

OPKO Health, Inc. is involved in the discovery, development, and commercialization of pharmaceutical products, vaccines, and diagnostic products.

Xencor, Inc. develops antibody and protein therapeutics to treat cancer and autoimmune inflammation. The Company markets its products to healthcare providers and facilities throughout the United States and internationally.

PolyNovo Limited is a biotechnology company. The Company has a portfolio of biodegradeable polymers that have potential for application across numerous medical fields.

Ironwood Pharmaceuticals, Inc. is a pharmaceutical company. The Company discovers, develops, manufactures, and commercializes marketed drugs.   Ironwood products used in treatments of cholesterol, gastrointestinal and cardiovascular diseases, pain, inflammation, and others.

MiMedx Group Inc. operates as a medical device company. The Company focuses on biomaterials for soft tissue repair, such as tendons, ligaments, and cartilage, as well as other biomaterial based products for other medical applications. MiMedx Group serves the medical industry worldwide.

BioGaia AB develops and markets health care products.  The Company sells foods with healthy additives that help increase resistance against illnesses, and nutritional products with therapeutic effects for adults and children.  BioGaia also sells animal feeds and performs pharmaceutical research in the United States and Sweden.  Many products are sold worldwide by license.

Formycon AG is a biopharmaceutical company with more than twelve years experience in product development. The company's activities focus on developing and marketing "biosimilars" - biopharmaceuticals which are similar to existing drugs for which patent protection is expiring - as well as the provision of contract services  to other biotechnology and pharmaceutical companies.

Kolon TissueGene, Inc. operates as a biopharmaceutical company. The Company develops novel advanced orthopedic disorders cell therapies, novel cell and gene therapies drugs, and other related products. Kolon TissueGene offers services worldwide.

AnaptysBio, Inc. operates as a clinical stage biotechnology company. The Company manufactures and markets antibodies for cancer immunotherapy and inflammation. AnaptysBio has primary operations in the United States.

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.

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Remegen (9995 HK)

A-H Premium Weekly (Apr 5th): 21 Stocks at 1Y High

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Baiyunshan, Jiangxi Copper, ZTE, Fosun Pharma, Air China,...

Ke Yan, CFA, FRM

[Blue Lotus Daily]:1810 HK/1211 HK/XPEV/ TSLA/300750 CH/9995 HK

Xiaomi SU7 and Zeekr 001 pre-orders show strong conversion rates, potentially impacting Tesla and other auto manufacturers.

Blue Lotus Research Institute

A-H Premium Weekly (Mar 22nd): ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai Fudan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai...

Ke Yan, CFA, FRM

Important New Policy for China’s Innovative Drugs – The Game Rule Is About to Change Radically

A new document about China's innovative drugs would change the game rule/outlook radically. We have reasons to start being optimistic that the...

Xinyao (Criss) Wang

A-H Premium Weekly (Mar 15th): Air China, QHD Port, Datang Intl, Wuxi Apptec, PetroChina, CGN Power

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Air China, QHD Port, Datang Intl, Wuxi Apptec, PetroChina,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Apr 5th): 21 Stocks at 1Y High

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Baiyunshan, Jiangxi Copper, ZTE, Fosun Pharma, Air China,...

Ke Yan, CFA, FRM

[Blue Lotus Daily]:1810 HK/1211 HK/XPEV/ TSLA/300750 CH/9995 HK

​Xiaomi SU7 and Zeekr 001 pre-orders show strong conversion rates, potentially impacting Tesla and other auto manufacturers.

Blue Lotus Research Institute

A-H Premium Weekly (Mar 22nd): ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai Fudan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai...

Ke Yan, CFA, FRM

Important New Policy for China’s Innovative Drugs – The Game Rule Is About to Change Radically

A new document about China's innovative drugs would change the game rule/outlook radically. We have reasons to start being optimistic that the...

Xinyao (Criss) Wang

A-H Premium Weekly (Mar 15th): Air China, QHD Port, Datang Intl, Wuxi Apptec, PetroChina, CGN Power

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Air China, QHD Port, Datang Intl, Wuxi Apptec, PetroChina,...

Ke Yan, CFA, FRM

Xiaomi SU7 and Zeekr 001 pre-orders show strong conversion rates, potentially impacting Tesla and other auto manufacturers.