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.

Equity Capital Markets

Hanx Biopharmaceuticals / Equity Capital Markets

<ul>
<li>Hanx Biopharm, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. ICBCI and CITIC are the joint book runners.</li>
<li>In this note, we look at the company’s core product, HX009, and assess the selling point around the core product.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


Hanx Biopharm, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. ICBCI and CITIC are the joint book runners.
In this note, we look at the company’s core product, HX009, and assess the selling point around the core product.
We also look at the company’s pre-IPO investors and management team.


Hanx Biopharm (翰思爱泰) Pre-IPO Quick Comment: Innovative I/O Product with Early Signals

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Dec 12th. The aggregated short interest was USD12.1bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in SANIL ELECTRIC, Hanwha Vision, kakaopay, Samsung F&amp;M Insurance, Alteogen.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Dec 12th. The aggregated short interest was USD12.1bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in SANIL ELECTRIC, Hanwha Vision, kakaopay, Samsung F&amp;M Insurance, Alteogen.


KRX Short Interest Weekly (Dec 12th): SANIL ELECTRIC, Hanwha Vision, Kakaopay, Samsung F&M Insurance

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Dec 12th. The aggregated net margin trading position is USD19,648m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Ci Medical, Toyoda Gosei, SoftBank, Toyota Motor, Lasertec, Skylark, Nintendo, Kawasaki Heavy Industries, Mitsubishi UFJ Financial, Tokyo Electron, Ci Medical, Toyoda Gosei.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Dec 12th. The aggregated net margin trading position is USD19,648m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Ci Medical, Toyoda Gosei, SoftBank, Toyota Motor, Lasertec, Skylark, Nintendo, Kawasaki Heavy Industries, Mitsubishi UFJ Financial, Tokyo Electron, Ci Medical, Toyoda Gosei.


JPX Margin Trading Weekly (Dec 12th): Ci Medical, Toyoda Gosei, SoftBank, Toyota Motor, Lasertec

<ul>
<li>B&amp;K, a China-based clinical stage biotech company, launched its IPO to raise at USD 774 million via a Hong Kong listing.</li>
<li>In this note, we look at its fundamentals briefly, including its core products and its management team.</li>
<li>We deem the fundamentals of the deal weak and will avoid the deal.</li>
</ul>


B&amp;K, a China-based clinical stage biotech company, launched its IPO to raise at USD 774 million via a Hong Kong listing.
In this note, we look at its fundamentals briefly, including its core products and its management team.
We deem the fundamentals of the deal weak and will avoid the deal.


B&K (华芢生物科技) IPO: Weak Fundamentals

<ul>
<li>TeNor Terapeutics, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC and ABCI are the joint book runners.</li>
<li>In this note, we look at the company’s core products, rifasutenizol, rifaquizinone, and TNP-2092, and assess the selling point around the core product.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


TeNor Terapeutics, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC and ABCI are the joint book runners.
In this note, we look at the company’s core products, rifasutenizol, rifaquizinone, and TNP-2092, and assess the selling point around the core product.
We also look at the company’s pre-IPO investors and management team.


TeNor Therapeutics (丹诺医药) Pre-IPO Quick Comment: Strong Innovation Constrained by Commercial Outlook

An inquisitive investment analyst with background in both finance and computing. Covering ECM research, biotech, market data analytics.

Ke Yan, CFA, FRM
Asia Pac IPO & Placement Research, China biotech
• Aequitas Research

Hanx Biopharm (翰思爱泰) Pre-IPO Quick Comment: Innovative I/O Product with Early Signals

China-based biotech company Hanx Biopharm seeks to raise $100 million through a Hong Kong listing. We assessed the selling point of its core...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Dec 12th): SANIL ELECTRIC, Hanwha Vision, Kakaopay, Samsung F&M Insurance

We analyzed KRX short interest report for the past week and highlighted short interest changes in SANIL ELECTRIC, Hanwha Vision, kakaopay, Samsung...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Dec 12th): Ci Medical, Toyoda Gosei, SoftBank, Toyota Motor, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted Ci Medical (3540 JP), Toyoda Gosei (7282 JP), SoftBank (9984 JP),...

Ke Yan, CFA, FRM

B&K (华芢生物科技) IPO: Weak Fundamentals

Huatai and CITIC led B&K IPO appears to be unattractive: minor incremental innovation, crowded wound-care competition, limited valuation upside,...

Ke Yan, CFA, FRM

TeNor Therapeutics (丹诺医药) Pre-IPO Quick Comment: Strong Innovation Constrained by Commercial Outlook

Tenor Therapeutics has Innovative antibacterial assets with solid clinical rationale, but commercialization faces structural headwinds from...

Ke Yan, CFA, FRM

Hanx Biopharm (翰思爱泰) Pre-IPO Quick Comment: Innovative I/O Product with Early Signals

​China-based biotech company Hanx Biopharm seeks to raise $100 million through a Hong Kong listing. We assessed the selling point of its core...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Dec 12th): SANIL ELECTRIC, Hanwha Vision, Kakaopay, Samsung F&M Insurance

We analyzed KRX short interest report for the past week and highlighted short interest changes in SANIL ELECTRIC, Hanwha Vision, kakaopay, Samsung...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Dec 12th): Ci Medical, Toyoda Gosei, SoftBank, Toyota Motor, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted Ci Medical (3540 JP), Toyoda Gosei (7282 JP), SoftBank (9984 JP),...

Ke Yan, CFA, FRM

B&K (华芢生物科技) IPO: Weak Fundamentals

Huatai and CITIC led B&K IPO appears to be unattractive: minor incremental innovation, crowded wound-care competition, limited valuation upside,...

Ke Yan, CFA, FRM

TeNor Therapeutics (丹诺医药) Pre-IPO Quick Comment: Strong Innovation Constrained by Commercial Outlook

Tenor Therapeutics has Innovative antibacterial assets with solid clinical rationale, but commercialization faces structural headwinds from...

Ke Yan, CFA, FRM

China-based biotech company Hanx Biopharm seeks to raise $100 million through a Hong Kong listing. We assessed the selling point of its core...