HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

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>Akeso has entered into a Placing agreement to issue 20 million new shares at HK$97.76 each, representing a discount of about 6.90% to the previous day’s closing price (HK$105.00)</li>
<li>Launching the Placement a month in advance would obviously cause investors to worry about the FDA results on Nov.14th. Does this indicate that Akeso lacks confidence in the FDA results?</li>
<li>The FDA approval results and subsequent HARMONi-3 data will be the crucial turning point that determines the valuation direction – either to surpass Innovent or fall back to RMB50 billion</li>
</ul>


Akeso has entered into a Placing agreement to issue 20 million new shares at HK$97.76 each, representing a discount of about 6.90% to the previous day’s closing price (HK$105.00)
Launching the Placement a month in advance would obviously cause investors to worry about the FDA results on Nov.14th. Does this indicate that Akeso lacks confidence in the FDA results?
The FDA approval results and subsequent HARMONi-3 data will be the crucial turning point that determines the valuation direction – either to surpass Innovent or fall back to RMB50 billion


Akeso (9926 HK) Placement - The Logic Behind and Thoughts on Valuation

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

INFRONEER Holdings  / Equity Capital Markets

INFRONEER Holdings Inc. offers infrastructure construction services. The Company provides energy construction, road construction, airport construction, exhibition hall construction, and more. INFRONEER Holdings also produces construction equipment.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/infroneer-holdings-inc" target="_blank" data-smartkarma-citation="entities:35785:1" rel="noopener">INFRONEER Holdings (5076 JP)</a>  aims to raise around US$800m to fund the acquisition of Swing Corporation.</li>
<li>The acquisition was announced earlier this year, with the company revising its earnings guidance a few months ago. The stock has corrected significantly since the deal was announced.</li>
<li>We had a look at the deal background in our previous note. In this note, we talk about the updates and past large deals performance.</li>
</ul>



INFRONEER Holdings (5076 JP)  aims to raise around US$800m to fund the acquisition of Swing Corporation.
The acquisition was announced earlier this year, with the company revising its earnings guidance a few months ago. The stock has corrected significantly since the deal was announced.
We had a look at the deal background in our previous note. In this note, we talk about the updates and past large deals performance.


Aequitas:Infroneer Holding Placement Updates- Correction Done, past Large Primary Deals Have Done Ok

Global Healthcare Analyst

Tina Banerjee

<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> announced the placement of 20M shares for subscription at HK$ 97.76 per share.</li>
<li>The company intends to use most of the placement proceeds for R&amp;D of innovative pipeline, platform, building of infrastructure and facilities, and commercialization of existing approved products.</li>
<li>In the near to medium term, the company offers much prospect with ivonescimab,  cadonilimab and others beginning to unleash their full potential. Placement looks attractive.</li>
</ul>



Akeso (9926 HK) announced the placement of 20M shares for subscription at HK$ 97.76 per share.
The company intends to use most of the placement proceeds for R&amp;D of innovative pipeline, platform, building of infrastructure and facilities, and commercialization of existing approved products.
In the near to medium term, the company offers much prospect with ivonescimab,  cadonilimab and others beginning to unleash their full potential. Placement looks attractive.


Akeso Inc (9926 HK) Placement: Prospective Pipeline, Positive Trial Results Offer Opportunistic Bet

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

<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

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