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>XtalPi’s revenue increased by 52.8% YoY to RMB266mn in FY24, driven by strong growth in its intelligent robotics solutions segment, which rose by 87.8% to RMB163mn.</li><li>This was largely due to robust demand of XtalPi R&amp;D solutions, including traditional Chinese medicine (TCM) and electrolyte robotics offerings, as well as increased revenue from automated chemical synthesis services.</li><li>During the period, revenue from drug discovery solutions also grew by 18.2% YoY to RMB104mn, supported by an expanded customer base and a higher number of revenue-generating programs. </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>

XtalPi’s revenue increased by 52.8% YoY to RMB266mn in FY24, driven by strong growth in its intelligent robotics solutions segment, which rose by 87.8% to RMB163mn.This was largely due to robust demand of XtalPi R&amp;D solutions, including traditional Chinese medicine (TCM) and electrolyte robotics offerings, as well as increased revenue from automated chemical synthesis services.During the period, revenue from drug discovery solutions also grew by 18.2% YoY to RMB104mn, supported by an expanded customer base and a higher number of revenue-generating programs. 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.

XtalPi (2228 HK) - AI-Driven Innovation Unlocks Expansive Commercial Prospects

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

<ul>
<li>Xtapli is looking to raise around US$242m via a primary placement, after having raised US$145m in Jan 2025.</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 placement and run the deal through our ECM framework.</li>
</ul>


Xtapli is looking to raise around US$242m via a primary placement, after having raised US$145m in Jan 2025.
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 placement and run the deal through our ECM framework.


Xtapli Placement - Questionable Timing. An AI Momentum Play, at Best

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/quantumpharm-inc" target="_blank" data-smartkarma-citation="entities:40369:1" rel="noopener">QuantumPharm (2228 HK)</a> listed in Hong Kong after raising US$126m towards the bottom end of its IPO price range. Its six-month lockup will expire on 12th Dec 2024.</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 lock-up dynamics and updates since our last note.</li>
</ul>



QuantumPharm (2228 HK) listed in Hong Kong after raising US$126m towards the bottom end of its IPO price range. Its six-month lockup will expire on 12th Dec 2024.
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 lock-up dynamics and updates since our last note.


QuantumPharm US$750m Lockup Expiry - Financial Investors Checked 35% of Stock into CCASS

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The HS HK-Listed Biotech Index ("Hang Seng Biotech Index") represents the 50 largest biotech companies listed in Hong Kong (HKEX).</li>
<li>In this insight, we take a look at the final rankings of potential ADDs/DELs and our capping flow expectations for the December 2024 index rebal event.</li>
<li>We expect two changes for the HSHKBIO index in December 2024. </li>
</ul>


The HS HK-Listed Biotech Index ("Hang Seng Biotech Index") represents the 50 largest biotech companies listed in Hong Kong (HKEX).
In this insight, we take a look at the final rankings of potential ADDs/DELs and our capping flow expectations for the December 2024 index rebal event.
We expect two changes for the HSHKBIO index in December 2024. 


Quiddity Leaderboard Hang Seng Biotech Dec 24: Two Changes Expected + Capping Flows

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lenovo-group-ltd" target="_blank" data-smartkarma-citation="entities:13359:1" rel="noopener">Lenovo (992 HK)</a>, <a href="https://www.smartkarma.com/entities/aac-technologies-holdings-inc" target="_blank" data-smartkarma-citation="entities:6544:1" rel="noopener">AAC Technologies Holdings (2018 HK)</a>, <a href="https://www.smartkarma.com/entities/byd-electronic-international-co-ltd" target="_blank" data-smartkarma-citation="entities:1927:1" rel="noopener">BYD Electronics (285 HK)</a>, and <a href="https://www.smartkarma.com/entities/tcl-multimedia-technology" target="_blank" data-smartkarma-citation="entities:15654:1" rel="noopener">Tcl Multimedia Technology (1070 HK)</a> are the prime beneficiaries of Trump's tariff exemption.</li>
<li>On average, they have 24.5% of revenue from the US market, and their share price has collapsed 19.8% MTD. They are well set to have a decent rebound.</li>
<li>There will be speculations that more exemptions in other sectors will be granted, and the big losers will see a relief rally. </li>
</ul>



Lenovo (992 HK), AAC Technologies Holdings (2018 HK), BYD Electronics (285 HK), and Tcl Multimedia Technology (1070 HK) are the prime beneficiaries of Trump's tariff exemption.
On average, they have 24.5% of revenue from the US market, and their share price has collapsed 19.8% MTD. They are well set to have a decent rebound.
There will be speculations that more exemptions in other sectors will be granted, and the big losers will see a relief rally. 


China & HK Strategy: Tariff Exemption Beneficiaries

Hong Kong

XtalPi Holdings Limited develops quantum physics-based, artificial intelligence (AI)-powered, and robotics-driven integrated technology platform. The Company offers quantum physics-based first-principles calculation, cloud computing, and scalable standardized robotic automation for pharmaceutical material, and other fields. XtalPi Holdings serves customers worldwide.

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XtalPi Holdings (2228 HK)

XtalPi (2228 HK) - AI-Driven Innovation Unlocks Expansive Commercial Prospects

XtalPi’s revenue increased by 52.8% YoY to RMB266mn in FY24, driven by strong growth in its intelligent robotics solutions segment, which rose by...

CMB International

Xtapli Placement - Questionable Timing. An AI Momentum Play, at Best

Xtapli is looking to raise around US$242m via a primary placement, after having raised US$145m in Jan 2025. In this note, we talk about the deal...

Sumeet Singh

QuantumPharm US$750m Lockup Expiry - Financial Investors Checked 35% of Stock into CCASS

QuantumPharm (2228 HK) listed in Hong Kong after raising US$126m towards the bottom end of its IPO price range. Its six-month lockup will expire on...

Clarence Chu

Quiddity Leaderboard Hang Seng Biotech Dec 24: Two Changes Expected + Capping Flows

Assuming the two index changes expected in this insight take place, there will be US$33mn capping flow which translates to a turnover of 2.8%. Five...

Janaghan Jeyakumar, CFA

China & HK Strategy: Tariff Exemption Beneficiaries

Lenovo, AAC Technologies, BYD Electronics, and Tcl Multimedia are set to benefit from Trump's tariff exemption, with potential for a rebound in...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

XtalPi (2228 HK) - AI-Driven Innovation Unlocks Expansive Commercial Prospects

XtalPi’s revenue increased by 52.8% YoY to RMB266mn in FY24, driven by strong growth in its intelligent robotics solutions segment, which rose by...

CMB International

Xtapli Placement - Questionable Timing. An AI Momentum Play, at Best

Xtapli is looking to raise around US$242m via a primary placement, after having raised US$145m in Jan 2025. In this note, we talk about the deal...

Sumeet Singh

QuantumPharm US$750m Lockup Expiry - Financial Investors Checked 35% of Stock into CCASS

QuantumPharm (2228 HK) listed in Hong Kong after raising US$126m towards the bottom end of its IPO price range. Its six-month lockup will expire on...

Clarence Chu

Quiddity Leaderboard Hang Seng Biotech Dec 24: Two Changes Expected + Capping Flows

Assuming the two index changes expected in this insight take place, there will be US$33mn capping flow which translates to a turnover of 2.8%. Five...

Janaghan Jeyakumar, CFA

China & HK Strategy: Tariff Exemption Beneficiaries

​Lenovo, AAC Technologies, BYD Electronics, and Tcl Multimedia are set to benefit from Trump's tariff exemption, with potential for a rebound in...

Osbert Tang, CFA

Lenovo, AAC Technologies, BYD Electronics, and Tcl Multimedia are set to benefit from Trump's tariff exemption, with potential for a rebound in...