In today’s briefing:
- STAR100 Index Rebalance: Ten Changes a Side; Adds Outperforming as Expected
- Merger Arb Mondays (26 Feb) – China TCM, Azure, A2B, Boral, CSR, Outsourcing, Snow Peak, Genetron
- Akums Drugs and Pharmaceuticals Pre-IPO Tearsheet
- QuantumPharm (Xtalpi) Pre-IPO – The Positives – Grand Ambitions to Open New Monetisation Channels
STAR100 Index Rebalance: Ten Changes a Side; Adds Outperforming as Expected
- There are 10 changes for the STAR100 Index in March. We correctly forecast all 10 deletes and got 8 of the 10 adds right.
- Estimated one-way turnover is 6.8% and that results in a one-way trade of CNY 1.79bn. Nearly all constituent changes have more than 1 day of ADV to trade.
- The adds have started to outperform the deletes and the index over the last couple of weeks and there could be more outperformance in the next two weeks.
Merger Arb Mondays (26 Feb) – China TCM, Azure, A2B, Boral, CSR, Outsourcing, Snow Peak, Genetron
- We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
- Highest spreads Probiotec Ltd (PBP AU), JSR Corp (4185 JP), Shinko Electric Industries (6967 JP), CSR Ltd (CSR AU), China Traditional Chinese Medicine (570 HK), Lithium Power International (LPI AU).
- Lowest spreads – Tietto Minerals Ltd (TIE AU), Orecorp Ltd (ORR AU), Pact Group Holdings (PGH AU), CPMC Holdings (906 HK), T&K Toka Co Ltd (4636 JP), Snow Peak.
Akums Drugs and Pharmaceuticals Pre-IPO Tearsheet
- Akums Drugs and Pharmaceuticals (0200361D IN) is looking to raise >US$100m in its upcoming India IPO. The deal will be run by ICICI Securities, Axis Capital, Citigroup and Ambit.
- Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.
- As a CDMO, it produces a range of dosage forms including tablets, capsules, liquid orals, vials, ampoules, blow-filled seals, topical preparations, eye drops, dry powder injections, and gummies, among others.
QuantumPharm (Xtalpi) Pre-IPO – The Positives – Grand Ambitions to Open New Monetisation Channels
- QuantumPharm (QUP HK) (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO.
- QuantumPharm is a R&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&D solutions.
- In this note, we will talk about the positive aspects of the deal.
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