External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Two well-verified proprietary RNAi delivery platforms. Sirnaomics is a clinical-stage RNA therapeutics company with a strong presence in both Asia and the US.</li><li>Delivery platforms are critical to the intact delivery of RNA therapeutics to the cells where they are needed. Sirnaomics has developed two platforms of proprietary delivery technologies: (1) PNP delivery platform for local or systemic administration of RNAi therapeutics to target the activated endothelial cells, multiple liver cell types beyond liver hepatocyte, and (2) GalNAc-RNAi delivery platform GalAhead™ for subcutaneous administration of RNAi therapeutics to the liver hepatocyte.</li><li>Based on the PNP platform, Sirnaomics is currently advancing RNAi therapeutics for oncology applications of two core products, STP705 and STP707. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Two well-verified proprietary RNAi delivery platforms. Sirnaomics is a clinical-stage RNA therapeutics company with a strong presence in both Asia and the US.Delivery platforms are critical to the intact delivery of RNA therapeutics to the cells where they are needed. Sirnaomics has developed two platforms of proprietary delivery technologies: (1) PNP delivery platform for local or systemic administration of RNAi therapeutics to target the activated endothelial cells, multiple liver cell types beyond liver hepatocyte, and (2) GalNAc-RNAi delivery platform GalAhead™ for subcutaneous administration of RNAi therapeutics to the liver hepatocyte.Based on the PNP platform, Sirnaomics is currently advancing RNAi therapeutics for oncology applications of two core products, STP705 and STP707. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sirnaomics (2257 HK) – A Differentiated Biotech Company in RNAi Therapeutics

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

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 analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows for BOC, Tencent, China Mobile, ZTO Express, Anta Sports.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows for BOC, Tencent, China Mobile, ZTO Express, Anta Sports.


Hong Kong Connect Flows (April): 12M High of $10.7bn Inflows

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 26th.</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 Bank Of China, Tencent, China Mobile, HKEx, Zto Express, Meituan, HSBC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 26th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Bank Of China, Tencent, China Mobile, HKEx, Zto Express, Meituan, HSBC.


Hong Kong Connect Flows (Apr 26th): BOC, Tencent, China Mobile, HKEx, ZTO, Meituan, HSBC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 19th.</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 China Mobile, Bank Of China, Tencent, Petrochina, ICBC,  HSBC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 19th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, Bank Of China, Tencent, Petrochina, ICBC,  HSBC.


Hong Kong Connect Flows (Apr 19th): China Mobile, Bank Of China, Tencent, Petrochina, HSBC

United States

Atara Biotherapeutics Inc. provides health care services. The Company offers research and development treatment solutions for cancer, kidney disease, and other illnesses.

Cidara Therapeutics, Inc. operates as a bio-pharmaceutical company. The Company focuses on the discovery, development, and commercialization of novel anti-infectives for the treatment of diseases. Cidara Therapeutics serves customers in the United States.

Matinas BioPharma Holdings, Inc. operates as a clinical-stage biopharmaceutical company focused on identifying and developing effective anti-fungal and anti-bacterial therapeutics for the treatment of serious or life threatening infections.

Fortress Biotech, Inc. is a biopharmaceutical company dedicated to acquiring, developing and commercializing novel pharmaceutical and biotechnology products. The Company will provide funding and management services to each of the Fortress Companies, and will seek licensing, partnerships, joint ventures and/or public and and private financing for research and development support.

Bioxcel Therapeutics, Inc. operates as a clinical-stage biopharmaceutical development company. The Company utilizes big data, machine learning, and artificial intelligence to identify the next wave of medicines across neuroscience, immuno-oncology, and related diseases. BioXcel Therapeutics serves customers in the State of Connecticut.

Homology Medicines, Inc. operates as a genetic medicines company. The Company offers a platform to utilize human hematopoietic stem cell derived adeno-associated virus vectors to treat a range of disease-causing mutations through gene correction, insertion, and knockout. Homology Medicines serves patients in the United States.

Kezar Life Sciences, Inc. operates as a bio-technology company. The Company discovers and develops molecule therapeutics and medicines such as protein homeostasis for autoimmune disorders. Kezar Life Sciences serves healthcare sectors in the State of California.

Magenta Therapeutics, Inc. operates as a bio-technology company. The Company develops medicines, molecules, and cell therapy to transform patient preparation, stem cell expansion, and stem cell harvesting, as well as reduces post-transplant complications. Magenta Therapeutics serves patients in the State of Massachusetts.

NextCure, Inc. operates as a clinical-stage biopharmaceutical company. The Company focuses on discovering and developing next generation immunomedicines for cancer and other diseases. NextCure serves health care industry.

Allakos Inc. operates as a clinical stage bio-technology company. The Company discovers and develops therapeutic antibodies for the treatment of allergic, inflammatory, and proliferative diseases. Allakos serves customers in the United States.

Orthocell Ltd is a biotherapeutic technology development company seeking to address unmet clinical needs within the global orthopaedics sector. The Company's core focus is biological therapies for tendon and ligament tissue repair and regeneration.

AnGes MG, Inc. develops gene-therapy drugs that use Hepatocyte Growth Factor (HGF) for myocardial infarction and arteriosclerosis patients.  The Company also develops nucleic acid drug (decoy oligo) for patients with asthma, allergy, and rheumatism.  AnGes MG develops vectors (a carrier used to introduce a foreign gene into a host cell) which help study and analyze genetic functions.

Uni-Bio Science Group Limited is a bio-science related business with focus on the research, development and commercialization of biopharmaceuticals through recombinant DNA and other technologies.

Zenotech Laboratories Limited develops and manufactures generic biopharmaceuticals.  The Company also develops oncology and neurology drugs.

Allied Biotech Corp manufactures carotenoid formulations for food, supplement and feed industries. Products include beta-carotene, beta-apo-8-carotenal, coenzyme Q10 and lycopene.

Genomics BioSci & Tech Co., Ltd. provides complete and professional antibody production services, multiple immune animal systems, and complete antibody production consulting services. The Company offers DNA sequencing, primer synthesis, genetic function analysis, gene mutation analysis, and biological information integration.

Taiwan Advance Bio-Pharmaceutical Inc researches and develops IVD, antibiotic preparation, umbilical cord blood stem cell, other medical equipments. The company also provides drug testing services and biotechnology services.

Naturalendo Tech Co., Ltd. specializes in bio-sciences, herbs, and endocrinology.  The Company also develops, manufactures, and sells health care products such as natural medicine, health food, cosmetic material, and transdermal drug delivery system.

Seoulin Bioscience Co., Ltd. develops and provides biotechnology related products.  The Company's main products include DNA chip scanner and diagnostic DNA kit. Seoulin also operates various research.

Innovative Pharmaceutical Biotech Limited is a pharmaceutical company. The Company distributes gene-testing services, bio-industrial products and provides health care management services.

Sirnaomics Ltd. operates as a clinical-stage RNA therapeutics biopharmaceutical company. The Company's products includes oncology, fibrosis-related diseases as well as antiviral and cardiometabolic diseases. Sirnaomics conducts businesses in USA and China.

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Sirnaomics (2257 HK)