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

MiRXES Pte. Ltd. operates as a biotechnology company. The Company focuses on developing non-invasive screening tests for early detection of cancers, as well as RNA technology for cardiovascular, metabolic, and infectious diseases. MiRXES serves customers worldwide.

<ul>
<li>Mirxes, a Singapore-based clinical-stage biotechnology company, launched its IPO to raise up to US$139m via a Hong Kong listing.</li>
<li>We look at the deal dynamics and latest developments in the early cancer screening sector in China.</li>
<li>We are of the view that there's little fundamentals supporting that valuation. Precision oncology companies have not done well in China. </li>
</ul>


Mirxes, a Singapore-based clinical-stage biotechnology company, launched its IPO to raise up to US$139m via a Hong Kong listing.
We look at the deal dynamics and latest developments in the early cancer screening sector in China.
We are of the view that there's little fundamentals supporting that valuation. Precision oncology companies have not done well in China. 


Mirxes IPO: Valuation Without Sensible Fundamentals

<ul>
<li>After an IPO attempt two years ago, Mirxes filed an updated prospectus in an attempt to raise at least US$100m via a Hong Kong listing.</li>
<li>In our previous note, we analyzed its product pipelines and highlighted signs of commercialization challenges.</li>
<li>In this note, we note that the company expanded its clinical trial plans. Yet, more data shows that blockbuster-level uptakes are unlikely given the profile of its clinical data.</li>
</ul>


After an IPO attempt two years ago, Mirxes filed an updated prospectus in an attempt to raise at least US$100m via a Hong Kong listing.
In our previous note, we analyzed its product pipelines and highlighted signs of commercialization challenges.
In this note, we note that the company expanded its clinical trial plans. Yet, more data shows that blockbuster-level uptakes are unlikely given the profile of its clinical data.


Mirxes Pre-IPO: Challenges for Mass Adoption Become Clearer

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of May 9th which has an aggregated short interest worth USD6.4bn.</li>
<li>We tabulate league table 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 SK Hynix, Kakao, Samsung Electronics, Hybe, Hanwha Ind Sol, Lig Nex1.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of May 9th which has an aggregated short interest worth USD6.4bn.
We tabulate league table 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 SK Hynix, Kakao, Samsung Electronics, Hybe, Hanwha Ind Sol, Lig Nex1.


KRX Short Interest Weekly (May 9th): SK Hynix, Kakao, Samsung Electronics, Hybe, Hanwha Ind Sol

Guangzhou Innogen Pharmaceutical Group / Equity Capital Markets

Guangzhou Innogen Pharmaceutical Group (GIP HK)

<ul>
<li>Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.</li>
<li>In this note, we look at the company’s product pipeline, its pre-IPO investors, and management.</li>
<li>Our initial view is that the stock will rely heavily on its sales ramp. Yet we are not seeing signs that the company is at full throttle post-NMPA approval.</li>
</ul>


Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.
In this note, we look at the company’s product pipeline, its pre-IPO investors, and management.
Our initial view is that the stock will rely heavily on its sales ramp. Yet we are not seeing signs that the company is at full throttle post-NMPA approval.


Innogen (银诺医药) Pre-IPO First Take: Good News Is Also Bad News

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 2nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Baba (9988 HK), CCB (939 HK), Jd (9618 HK).</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 2nd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Baba (9988 HK), CCB (939 HK), Jd (9618 HK).


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

Mirxes IPO: Valuation Without Sensible Fundamentals

Singapore biotech company Mirexes launches IPO in Hong Kong to raise up to $139m, but little fundamentals support the valuation, even in blue sky...

Ke Yan, CFA, FRM

Mirxes Pre-IPO: Challenges for Mass Adoption Become Clearer

Mirxes files updated prospectus for Hong Kong listing, expanding clinical trial plans but facing challenges in achieving blockbuster-level success.

Ke Yan, CFA, FRM

KRX Short Interest Weekly (May 9th): SK Hynix, Kakao, Samsung Electronics, Hybe, Hanwha Ind Sol

We analyzed KRX short interest report for the past week and highlighted short interest changes in SK Hynix, Kakao, Samsung Electronics, Hybe,...

Ke Yan, CFA, FRM

Innogen (银诺医药) Pre-IPO First Take: Good News Is Also Bad News

Innogen, the leading Chinese company in the GLP-1 space, seeks to raise $100 million through Hong Kong listing, with focus on product pipeline and...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Baba, CCB, Jd

We analyzed the latest HK SFC report for aggregate short position as of May 2nd and highlight short interest changes in Baba, CCB, Jd.

Ke Yan, CFA, FRM

Mirxes IPO: Valuation Without Sensible Fundamentals

​Singapore biotech company Mirexes launches IPO in Hong Kong to raise up to $139m, but little fundamentals support the valuation, even in blue sky...

Ke Yan, CFA, FRM

Mirxes Pre-IPO: Challenges for Mass Adoption Become Clearer

​Mirxes files updated prospectus for Hong Kong listing, expanding clinical trial plans but facing challenges in achieving blockbuster-level success.

Ke Yan, CFA, FRM

KRX Short Interest Weekly (May 9th): SK Hynix, Kakao, Samsung Electronics, Hybe, Hanwha Ind Sol

We analyzed KRX short interest report for the past week and highlighted short interest changes in SK Hynix, Kakao, Samsung Electronics, Hybe,...

Ke Yan, CFA, FRM

Innogen (银诺医药) Pre-IPO First Take: Good News Is Also Bad News

Innogen, the leading Chinese company in the GLP-1 space, seeks to raise $100 million through Hong Kong listing, with focus on product pipeline and...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Baba, CCB, Jd

We analyzed the latest HK SFC report for aggregate short position as of May 2nd and highlight short interest changes in Baba, CCB, Jd.

Ke Yan, CFA, FRM

Singapore biotech company Mirexes launches IPO in Hong Kong to raise up to $139m, but little fundamentals support the valuation, even in blue sky...

Mirxes files updated prospectus for Hong Kong listing, expanding clinical trial plans but facing challenges in achieving blockbuster-level success.