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 weekly Hong Kong Connect flows with our data engine for holding position as of August 8th.</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, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 8th.
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, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile.


HK Connect Flows Weekly (Aug 8th): Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 41 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Five new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a>,<a href="https://www.smartkarma.com/entities/ci-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:26170:1" rel="noopener">Ci Medical (3540 JP)</a>, <a href="https://www.smartkarma.com/entities/soft99-corp" target="_blank" data-smartkarma-citation="entities:18486:1" rel="noopener">Soft99 Corp (4464 JP)</a>, <a href="https://www.smartkarma.com/entities/technopro-holdings-inc" target="_blank" data-smartkarma-citation="entities:6955:1" rel="noopener">Technopro Holdings (6028 JP)</a>, and <a href="https://www.smartkarma.com/entities/kolon-mobility-group" target="_blank" data-smartkarma-citation="entities:45648:1" rel="noopener">Kolon Mobility (450140 KS)</a>.</li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/iress-ltd" target="_blank" data-smartkarma-citation="entities:15342:1" rel="noopener">Iress Ltd (IRE AU)</a>, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ)</a>, and <a href="https://www.smartkarma.com/entities/furukawa-battery-co-ltd" target="_blank" data-smartkarma-citation="entities:6513:1" rel="noopener">Furukawa Battery (6937 JP)</a>.</li>
</ul>


I tally 41 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Five new deal was discussed on Smartkarma this week: Infomedia Ltd (IFM AU),Ci Medical (3540 JP), Soft99 Corp (4464 JP), Technopro Holdings (6028 JP), and Kolon Mobility (450140 KS).
Key updates/news took place on Iress Ltd (IRE AU), PointsBet Holdings (PBH AU), HKBN Ltd (1310 HK), Tourism Holdings (THL NZ), and Furukawa Battery (6937 JP).


(Mostly) Asia-Pac M&A: Technopro, Infomedia, Kolon Mobility, Iress, HKBN, Furukawa Battery

<ul>
<li>I tally 40 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/joy-city-property-ltd" target="_blank" data-smartkarma-citation="entities:10958:1" rel="noopener">Joy City Property (207 HK)</a>, <a href="https://www.smartkarma.com/entities/hogy-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:10493:1" rel="noopener">Hogy Medical (3593 JP)</a>, and <a href="https://www.smartkarma.com/entities/nihon-chouzai-co-ltd" target="_blank" data-smartkarma-citation="entities:5873:1" rel="noopener">Nihon Chouzai (3341 JP)</a>.</li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/mac-copper-limited-6dcb19d0-2c56-496c-817a-5d64e48b3c5d" target="_blank" data-smartkarma-citation="entities:45237:1" rel="noopener">MAC Copper (MAC AU)</a>, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/ainsworth-game-technology-limited" target="_blank" data-smartkarma-citation="entities:957:1" rel="noopener">Ainsworth Game Technology (AGI AU)</a>, <a href="https://www.smartkarma.com/entities/piedmont-lithium-ltd" target="_blank" data-smartkarma-citation="entities:17619:1" rel="noopener">Piedmont Lithium (PLL AU)</a>,<a href="https://www.smartkarma.com/entities/pacific-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:6261:1" rel="noopener">Pacific Industrial (7250 JP)</a>, and <a href="https://www.smartkarma.com/entities/topcon-corp" target="_blank" data-smartkarma-citation="entities:738:1" rel="noopener">Topcon (7732 JP)</a> .</li>
</ul>


I tally 40 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Three new deal was discussed on Smartkarma this week: Joy City Property (207 HK), Hogy Medical (3593 JP), and Nihon Chouzai (3341 JP).
Key updates/news took place on MAC Copper (MAC AU), PointsBet (PBH AU), Ainsworth Game Technology (AGI AU), Piedmont Lithium (PLL AU),Pacific Industrial (7250 JP), and Topcon (7732 JP) .


(Mostly) Asia-Pac M&A: Topcon, Joy City, Hogy Medical, Nihon Chouzai, Piedmont Lithium, Pacific Ind.

<ul>
<li>For July 2025, just six new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of only ~US$4bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in July was 45%, with a year-to-date average of 47%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%</li>
</ul>


For July 2025, just six new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of only ~US$4bn.
The average premium for the new transactions announced (or first discussed) in July was 45%, with a year-to-date average of 47%.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%


(Mostly) Asia M&A, July 2025 Wrap: Pacific Industrial, Johns Lyon, TalkMed, DD Group, Hanil Cement

<ul>
<li>Back on the 27th May 2025, dual-listed <a href="https://www.smartkarma.com/entities/mac-copper-limited-6dcb19d0-2c56-496c-817a-5d64e48b3c5d" target="_blank" data-smartkarma-citation="entities:45237:1" rel="noopener">MAC Copper (MAC AU/MTAL US)</a>, a NSW copper miner, entered into a Scheme Implementation Deed with <a href="https://www.smartkarma.com/entities/harmony-gold-mining-co-ltd" target="_blank" data-smartkarma-citation="entities:25115:1" rel="noopener">Harmony Gold Mining (HAR SJ)</a>.</li>
<li>Harmony offered US$12.25 for each MAC Share, a 20.7% premium to last close. The A$ consideration for MAC CDIs pivots off the USD/AUD exchange rate around the Record Date. </li>
<li>
A copy of the Circular is now available, with a shareholder vote on the 29th August. Barrenjoey, the FA, says fair &amp; reasonable. 22.54% of shares out are supportive.</li>
</ul>


Back on the 27th May 2025, dual-listed MAC Copper (MAC AU/MTAL US), a NSW copper miner, entered into a Scheme Implementation Deed with Harmony Gold Mining (HAR SJ).
Harmony offered US$12.25 for each MAC Share, a 20.7% premium to last close. The A$ consideration for MAC CDIs pivots off the USD/AUD exchange rate around the Record Date. 

A copy of the Circular is now available, with a shareholder vote on the 29th August. Barrenjoey, the FA, says fair &amp; reasonable. 22.54% of shares out are supportive.


MAC Copper (MAC AU/MTAL US): 29th August Vote On Harmony's Offer

Hong Kong

YiChang HEC ChangJiang Pharmaceutical Co Ltd develops a variety of drugs.  The Company develops and sells drugs for anti-virus, metabolic diseases, cardiovascular, and more.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Yichang HEC Changjiang Pharma (1558 HK)

HK Connect Flows Weekly (Aug 8th): Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile.

Ke Yan, CFA, FRM

(Mostly) Asia-Pac M&A: Technopro, Infomedia, Kolon Mobility, Iress, HKBN, Furukawa Battery

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

(Mostly) Asia-Pac M&A: Topcon, Joy City, Hogy Medical, Nihon Chouzai, Piedmont Lithium, Pacific Ind.

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

(Mostly) Asia M&A, July 2025 Wrap: Pacific Industrial, Johns Lyon, TalkMed, DD Group, Hanil Cement

For the month of July, 6 new deals were discussed on Smartkarma with an overall deal size of just ~US$4bn. The average premium for the new deals...

David Blennerhassett

MAC Copper (MAC AU/MTAL US): 29th August Vote On Harmony's Offer

Both legs have the same gross/annual. spreads of 1.5%/7.9%, assuming early Oct payment. There will be nominal costs to be netted off the CDI...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)