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.

Equity Capital Markets

<ul>
<li>Wuxi Biologics Holdings is looking to raise up to US$288m by selling about 2% of <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a>. </li>
<li>This is the company's 17th placement since it listed in June 2017.</li>
<li>In this note, we talk about the updates since then and run the deal through our ECM Framework.</li>
</ul>


Wuxi Biologics Holdings is looking to raise up to US$288m by selling about 2% of Wuxi Biologics (2269 HK). 
This is the company's 17th placement since it listed in June 2017.
In this note, we talk about the updates since then and run the deal through our ECM Framework.


Wuxi Biologics Placement - Smaller Deal than Previous as Last Didn’t Do Well, Overhang Remain

Keymed Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keymed-biosciences-inc" target="_blank" data-smartkarma-citation="entities:33011:1" rel="noopener">Keymed Biosciences (2162 HK)</a>, along with its controlling shareholder, is looking to raise around US$112m to fund its R&amp;D requirements.</li>
<li>Keymed Biosciences, a China-based biotech company which focuses on therapeutic areas of autoimmune and oncology</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Keymed Biosciences (2162 HK), along with its controlling shareholder, is looking to raise around US$112m to fund its R&amp;D requirements.
Keymed Biosciences, a China-based biotech company which focuses on therapeutic areas of autoimmune and oncology
In this note, we will talk about the placement and run the deal through our ECM framework.


Keymed Bioscience Placement - Track Record Isn’t Great but Recent Performance Has Been Better

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xtalpi-holdings-ltd" target="_blank" data-smartkarma-citation="entities:40369:1" rel="noopener">XtalPi Holdings (2228 HK)</a> was listed in Hong Kong on 13th Jun 2024 after raising US$126m. Its one-year lockup will expire soon.</li>
<li>QuantumPharm is a R&amp;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&amp;D solutions.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



XtalPi Holdings (2228 HK) was listed in Hong Kong on 13th Jun 2024 after raising US$126m. Its one-year lockup will expire soon.
QuantumPharm is a R&amp;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&amp;D solutions.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Xtalpi US$860m IPO Lockup Expiry - Last of the Lockup Release with Nearly All Shares in CCASS Now

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Sino Biopharmaceutical / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical (1177 HK)</a> presented encouraging data readouts from three lung cancer trials for its innovative drug benmelstobart at the 2025 American Society of Clinical Oncology Annual Meeting last week.</li>
<li>Although China’s PD-1 space is already overcrowded, superior clinical efficacy of benmelstobart as depicted by head-on-head trial with key approved drugs (Keytruda, Tevimra) enhance conviction on its market uptake potential.</li>
<li>The company expects to have more than 30 marketed innovative products by 2027, with revenue from innovative products accounting for over 55% of total revenue.</li>
</ul>



Sino Biopharmaceutical (1177 HK) presented encouraging data readouts from three lung cancer trials for its innovative drug benmelstobart at the 2025 American Society of Clinical Oncology Annual Meeting last week.
Although China’s PD-1 space is already overcrowded, superior clinical efficacy of benmelstobart as depicted by head-on-head trial with key approved drugs (Keytruda, Tevimra) enhance conviction on its market uptake potential.
The company expects to have more than 30 marketed innovative products by 2027, with revenue from innovative products accounting for over 55% of total revenue.


Sino Biopharmaceutical (1177 HK): Trial Result To Pave Label Expansion in Larger Patient Population

Thematic (Sector/Industry)

<ul>
<li>Hansoh Pharmaceutical stuck outlicense agreement with Regeneron Pharmaceuticals for GLP-1 drug candidate for an upfront payment of $80M. Daiichi Sankyo unveiled positive phase 3 trial result in first-line breast cancer.</li>
<li>Takeda received European approval for Adcetris as a chemotherapy regimen in Hodgkin lymphoma. Zydus Lifesciences is acquiring 5.9% stake in Agenus and commercial right for its lead candidate for India.</li>
<li>Mayne Pharma has filed a complaint in the U.S. Court against TherapeuticsMD. Cosette Pharmaceuticals indicated an intention to terminate the acquisition over “material adverse clause claims.”</li>
</ul>


Hansoh Pharmaceutical stuck outlicense agreement with Regeneron Pharmaceuticals for GLP-1 drug candidate for an upfront payment of $80M. Daiichi Sankyo unveiled positive phase 3 trial result in first-line breast cancer.
Takeda received European approval for Adcetris as a chemotherapy regimen in Hodgkin lymphoma. Zydus Lifesciences is acquiring 5.9% stake in Agenus and commercial right for its lead candidate for India.
Mayne Pharma has filed a complaint in the U.S. Court against TherapeuticsMD. Cosette Pharmaceuticals indicated an intention to terminate the acquisition over “material adverse clause claims.”


APAC Healthcare Weekly (June 8)- Hansoh Pharma, Daiichi Sankyo, Takeda, Mayne Pharma, Zydus Life

China

Hansoh Pharmaceutical Group Company Limited operates as a pharmaceutical company. The Company manufactures and sells anti-infectives, anti-neoplastic agents, diabetes drugs, and other products. Hansoh Pharmaceutical Group markets its products throughout China.

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Hansoh Pharmaceutical Group (3692 HK)

Wuxi Biologics Placement - Smaller Deal than Previous as Last Didn’t Do Well, Overhang Remain

Wuxi Biologics Holdings is looking to raise up to US$288m by selling about 2% of Wuxi Biologics (2269 HK). This will be the 17th placement in the...

Sumeet Singh

Keymed Bioscience Placement - Track Record Isn’t Great but Recent Performance Has Been Better

Keymed Biosciences (2162 HK), along with its controlling shareholder, is looking to raise around US$112m to fund its R&D requirements.

Sumeet Singh

Xtalpi US$860m IPO Lockup Expiry - Last of the Lockup Release with Nearly All Shares in CCASS Now

XtalPi Holdings (2228 HK) was listed in Hong Kong on 13th Jun 2024 after raising US$126m. Its one-year lockup will expire soon.

Sumeet Singh

Sino Biopharmaceutical (1177 HK): Trial Result To Pave Label Expansion in Larger Patient Population

Sino Biopharmaceutical presents promising lung cancer trial data for benmelstobart at ASCO. With superior clinical efficacy, benmelstobart has...

Tina Banerjee

APAC Healthcare Weekly (June 8)- Hansoh Pharma, Daiichi Sankyo, Takeda, Mayne Pharma, Zydus Life

Hansoh stuck deal with Regeneron for obesity drug candidate. Daiichi Sankyo unveiled positive phase 3 trial result in first-line breast cancer....

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Wuxi Biologics Placement - Smaller Deal than Previous as Last Didn’t Do Well, Overhang Remain

Wuxi Biologics Holdings is looking to raise up to US$288m by selling about 2% of Wuxi Biologics (2269 HK). This will be the 17th placement in the...

Sumeet Singh

Keymed Bioscience Placement - Track Record Isn’t Great but Recent Performance Has Been Better

Keymed Biosciences (2162 HK), along with its controlling shareholder, is looking to raise around US$112m to fund its R&D requirements.

Sumeet Singh

Xtalpi US$860m IPO Lockup Expiry - Last of the Lockup Release with Nearly All Shares in CCASS Now

XtalPi Holdings (2228 HK) was listed in Hong Kong on 13th Jun 2024 after raising US$126m. Its one-year lockup will expire soon.

Sumeet Singh

Sino Biopharmaceutical (1177 HK): Trial Result To Pave Label Expansion in Larger Patient Population

​Sino Biopharmaceutical presents promising lung cancer trial data for benmelstobart at ASCO. With superior clinical efficacy, benmelstobart has...

Tina Banerjee

APAC Healthcare Weekly (June 8)- Hansoh Pharma, Daiichi Sankyo, Takeda, Mayne Pharma, Zydus Life

Hansoh stuck deal with Regeneron for obesity drug candidate. Daiichi Sankyo unveiled positive phase 3 trial result in first-line breast cancer....

Tina Banerjee

Sino Biopharmaceutical presents promising lung cancer trial data for benmelstobart at ASCO. With superior clinical efficacy, benmelstobart has...