Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Shenzhen Salubris Pharmaceuticals / Equity Capital Markets

The company is a leading Chinese pharmaceutical company focused on the Cardiovascular-Kidney-Metabolic (CKM) sector, engaged in R&D, production, and sales of pharmaceuticals and medical devices. It is seeking a primary listing on the HKEX, having been listed on the Shenzhen Stock Exchange since 2009.

Shenzhen Salubris Pharmaceuticals (SLBRS HK)

<ul>
<li>Salubris, a CKM-focused innovative pharmaceutical company, is seeking an A+H listing. GS, Citi and CITIC are the joint sponsors.</li>
<li>While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves.</li>
<li>We raise our A-H premium base case for the company, given the shift in peer A-H premiums.</li>
</ul>


Salubris, a CKM-focused innovative pharmaceutical company, is seeking an A+H listing. GS, Citi and CITIC are the joint sponsors.
While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves.
We raise our A-H premium base case for the company, given the shift in peer A-H premiums.


Salubris (信立泰) A+H Pre-IPO: 1H26 Results Update

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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.

Akeso is a biopharmaceutical company focused on the research, development, manufacturing, and commercialization of innovative antibody drugs. It develops treatments for major diseases such as cancer, autoimmune diseases, inflammation, and metabolic diseases, with key products including cadonilimab, ivonescimab, and penpulimab. The company was founded in 2012 and is headquartered in Zhongshan, Guangdong, China.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akeso-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso (9926 HK) </a>is looking to raise around US$250m in a primary offering.</li>
<li>Recent deals over the last couple of years have been weak though this raise is a lot less opportunistic than prior deals.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Akeso (9926 HK) is looking to raise around US$250m in a primary offering.
Recent deals over the last couple of years have been weak though this raise is a lot less opportunistic than prior deals.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Aequitas: Akeso Inc Placement Past Deals Have Been Weak but Current Raise Is Less Opportunistic

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Wuxi Biologics is a global Contract Research, Development, and Manufacturing Organization (CRDMO) offering end-to-end solutions for biologics discovery, development, and manufacturing, including complex modalities like monoclonal antibodies and antibody-drug conjugates. The company provides comprehensive services from concept to commercialization, including vaccine CRDMO services. It was founded in 2010 and is headquartered in Wuxi, China.

<ul>
<li>WuXi Bio launched a Placement,aiming to raise up to US$500mn.After a significant surge, selling shares at this share price level indicates a feature of cashing out at a high price. </li>
<li>Based on HK$51.77-52.31 and 2026 forecast, P/E is 32-33x, higher than our estimate 25-30x P/E.This means the market has already priced in most of growth for WuXi Bio this year.</li>
<li>Although Wuxi's affiliated companies have demonstrated solid fundamentals and signs of valuation recovery since 2025, the share reduction by major shareholders has still weakened market confidence in their long-term value</li>
</ul>


WuXi Bio launched a Placement,aiming to raise up to US$500mn.After a significant surge, selling shares at this share price level indicates a feature of cashing out at a high price. 
Based on HK$51.77-52.31 and 2026 forecast, P/E is 32-33x, higher than our estimate 25-30x P/E.This means the market has already priced in most of growth for WuXi Bio this year.
Although Wuxi's affiliated companies have demonstrated solid fundamentals and signs of valuation recovery since 2025, the share reduction by major shareholders has still weakened market confidence in their long-term value


Wuxi Biologics (2269 HK) Placement - Thought on Valuation and the Outlook

<ul>
<li>WuXi Biologics Holdings (WBH) is looking to raise US$500m from a partial selldown of its stake in <a href="https://www.smartkarma.com/entities/wuxi-biologics-cayman-inc" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK).</a>
</li>
<li>WBH had been continuously selling down its stake over the last few years.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


WuXi Biologics Holdings (WBH) is looking to raise US$500m from a partial selldown of its stake in Wuxi Biologics (2269 HK).

WBH had been continuously selling down its stake over the last few years.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Wuxi Biologics Placement - Recent Streak of Underperforming Deals

Hong Jie Seow

CSPC Innovation Pharmaceutical-A / Equity Capital Markets

CSPC Innovation Pharmaceutical Co.,Ltd. manufactures bulk pharmaceutical chemical products. The Company develops and markets diprophylline, theobromine, pentoxifylline, doxofylline, psychotropic drugs, and other products. CSPC Innovation Pharmaceutical also produces vitamin products, functional foods, and other products.

CSPC Innovation Pharmaceutical-A (300765 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cspc-innovation-pharmaceutical-a" target="_blank" data-smartkarma-citation="entities:29829:1" rel="noopener">CSPC Innovation Pharmaceutical-A (300765 CH)</a> CSPC Innovation Pharma aims to raise around US$500m in its H-share listing.</li>
<li>CSPC Innovation Pharmaceutical is engaged in the research, development, manufacturing, and sale of caffeine, functional ingredients, consumer nutritional products, and biopharmaceuticals.</li>
<li>In this note, we talk about the company’s past performances.</li>
</ul>



CSPC Innovation Pharmaceutical-A (300765 CH) CSPC Innovation Pharma aims to raise around US$500m in its H-share listing.
CSPC Innovation Pharmaceutical is engaged in the research, development, manufacturing, and sale of caffeine, functional ingredients, consumer nutritional products, and biopharmaceuticals.
In this note, we talk about the company’s past performances.


Aequitas: CSPC Innovation Pharma A/H Listing - 1H26’s Performance Boosted by Licensing Deal

New market cap creation in China healthcare