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

China Huarong Asset Management / Event-Driven

<ul>
<li>We see seven new listings as potential inclusions to the HSCI in June. One is already a part of Connect while five will be added to Southbound Stock Connect.</li>
<li>We see 19 potential changes to the HSCI in September. Seven of the deletions are on market cap, four on liquidity, and eight due to prolonged trading suspension.</li>
<li>Some of the potential deletions have large Southbound holdings and some of these could be trimmed over the next couple of months.</li>
</ul>


We see seven new listings as potential inclusions to the HSCI in June. One is already a part of Connect while five will be added to Southbound Stock Connect.
We see 19 potential changes to the HSCI in September. Seven of the deletions are on market cap, four on liquidity, and eight due to prolonged trading suspension.
Some of the potential deletions have large Southbound holdings and some of these could be trimmed over the next couple of months.


HSCI Index Rebalance and Stock Connect: Potential Changes in June and September

<ul>
<li>The review period for the March review of the HSCI ended on 31 December. There are a lot of new listings that should be included in the index.</li>
<li>SenseTime is a high probability inclusion to the index, though it will only be added to Stock Connect in July once it completes 6 months and 20 trading days.</li>
<li>Xpeng and Li Auto will be added to Stock Connect in Feb/March if they pass the velocity test. We see Li Auto as failing the test, while Xpeng is close.</li>
</ul>


The review period for the March review of the HSCI ended on 31 December. There are a lot of new listings that should be included in the index.
SenseTime is a high probability inclusion to the index, though it will only be added to Stock Connect in July once it completes 6 months and 20 trading days.
Xpeng and Li Auto will be added to Stock Connect in Feb/March if they pass the velocity test. We see Li Auto as failing the test, while Xpeng is close.


HSCI Index Rebalance and Stock Connect: Plenty of New Listings Should Be Included

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

LG Energy Solution / Equity Capital Markets

<ul>
<li><strong>Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs. </strong></li>
<li>Trading debuts across different markets have been poor. But there are some trades to be put for lock-up expiries.</li>
<li>This will be our last week of ECM weekly notes for the year. Our weekly notes will be back in January when things start to pick up again.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs. 
Trading debuts across different markets have been poor. But there are some trades to be put for lock-up expiries.
This will be our last week of ECM weekly notes for the year. Our weekly notes will be back in January when things start to pick up again.


ECM Weekly (19th December 2021) - LG Energy, Hyundai Engineering, Chervon, Sirnaomics, JG Mag A/H

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

<ul>
<li>Sirnaomics is a biotech with a focus on siRNA technology for oncology and fibrosis diseases, and is looking to raise up to USD 150m via a Hong Kong listing.</li>
<li>We look at the company's core products, including STP705 and STP707. Having looked at the company's products, we aren't convinced that they can be blockbuster drugs.</li>
<li>We think the company's product pipeline is too light. The company management lacks track record in siRNA development and investors are mostly domestic individuals and funds.</li>
</ul>


Sirnaomics is a biotech with a focus on siRNA technology for oncology and fibrosis diseases, and is looking to raise up to USD 150m via a Hong Kong listing.
We look at the company's core products, including STP705 and STP707. Having looked at the company's products, we aren't convinced that they can be blockbuster drugs.
We think the company's product pipeline is too light. The company management lacks track record in siRNA development and investors are mostly domestic individuals and funds.


Sirnaomics Pre-IPO: Not a Convincing siRNA Pipeline

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<p>In recent years, with the successful development and large-scale use of mRNA COVID-19 vaccine worldwide, RNA-based therapeutics have caught the attention of the public. Meanwhile, with the advancement of target discovery technology and the maturation of chemical modification and delivery technology, RNA-based therapeutics are expected to become a major treatment option in the future. On July 15, 2021, <a href="https://www.smartkarma.com/entities/sirnaomics-inc" target="_blank" data-smartkarma-citation="entities:33804:1" rel="noopener">Sirnaomics (1400833D US)</a>, the first and only clinical-stage RNA therapeutics biopharmaceutical company, formally submitted its prospectus to the HKEX for listing on the main board. This insight mainly analyzed the industry characteristics, the delivery platforms, the pipeline and the concerns of the Company.</p>

In recent years, with the successful development and large-scale use of mRNA COVID-19 vaccine worldwide, RNA-based therapeutics have caught the attention of the public. Meanwhile, with the advancement of target discovery technology and the maturation of chemical modification and delivery technology, RNA-based therapeutics are expected to become a major treatment option in the future. On July 15, 2021, Sirnaomics (1400833D US), the first and only clinical-stage RNA therapeutics biopharmaceutical company, formally submitted its prospectus to the HKEX for listing on the main board. This insight mainly analyzed the industry characteristics, the delivery platforms, the pipeline and the concerns of the Company.

Pre-IPO Sirnaomics Ltd. - Cautious Optimism Is Still Recommended

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)

HSCI Index Rebalance and Stock Connect: Potential Changes in June and September

We forecast 7 adds to the HSCI in June. For the September rebalance, we forecast 19 adds & 19 deletes (7 on mkt cap, 4 on liquidity, 8 on long...

Brian Freitas

HSCI Index Rebalance and Stock Connect: Plenty of New Listings Should Be Included

There could be up to 34 adds and 22 deletes for the HSCI in March based on market cap, liquidity and prolonged suspensions. A lot of new listings,...

Brian Freitas

ECM Weekly (19th December 2021) - LG Energy, Hyundai Engineering, Chervon, Sirnaomics, JG Mag A/H

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Sirnaomics Pre-IPO: Not a Convincing siRNA Pipeline

Sirnaomics, a US and China based biotech company focusing on the siRNA, is looking for a listing in Hong Kong. We look at the siRNA technology and...

Ke Yan, CFA, FRM

Pre-IPO Sirnaomics Ltd. - Cautious Optimism Is Still Recommended

This article mainly analyzed Sirnaomics in terms of the industry characteristics, the delivery platforms, the pipeline and the concerns of the...

Xinyao (Criss) Wang

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