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

Genfleet Therapeutics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/genfleet-therapeutics" target="_blank" data-smartkarma-citation="entities:44187:1" rel="noopener">GenFleet Therapeutics</a> (GFT) raised around US$240m in its Hong Kong IPO in September 2025. The lockup on its cornerstone investors is set to expire soon.</li>
<li>GFT is a biopharmaceutical company focused on developing novel treatment options in the fields of oncology.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



GenFleet Therapeutics (GFT) raised around US$240m in its Hong Kong IPO in September 2025. The lockup on its cornerstone investors is set to expire soon.
GFT is a biopharmaceutical company focused on developing novel treatment options in the fields of oncology.
In this note, we will talk about the lockup dynamics and possible placement.


GenFleet Therapeutics IPO Lockup - A Minor Prelude to a Much Bigger Release

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> announced that the rovadicitinib tablet, a national category 1 innovative drug indicated for myelofibrosis, has been approved by NMPA for marketing.</li>
<li>The other major drug for myelofibrosis available in the China market is Incyte’s Jakafi (ruxolitinib) which garnered global revenue of around $3.1B in 2025.</li>
<li>The company expects to have more than 35 marketed innovative products by 2027, with revenue from innovative products accounting for over 60% of total revenue.</li>
</ul>



Sino Biopharmaceutical (1177 HK) announced that the rovadicitinib tablet, a national category 1 innovative drug indicated for myelofibrosis, has been approved by NMPA for marketing.
The other major drug for myelofibrosis available in the China market is Incyte’s Jakafi (ruxolitinib) which garnered global revenue of around $3.1B in 2025.
The company expects to have more than 35 marketed innovative products by 2027, with revenue from innovative products accounting for over 60% of total revenue.


Sino Biopharma (1177 HK): Rovadicitinib Approved for Marketing, Outlicensing Agreement with Sanofi

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene (6160 HK)</a> reported 2025 revenues of $5.3B, up 40% YoY driven primarily by growth in Brukinsa (zanubrutinib) sales in the U.S. and Europe.</li>
<li>In 2025, sale of Brukinsa was $3.9B, up 49% YoY. For five consequtive quarters now, Brukinsa outpaced its closest competitor Calquence which reported global revenue of $3.5B in 2025.</li>
<li>The company’s second CLL drug candidate, Sonrotoclax has received first global approval in China for relapsed/refractory (R/R) MCL, CLL &amp; SLL.</li>
</ul>



BeiGene (6160 HK) reported 2025 revenues of $5.3B, up 40% YoY driven primarily by growth in Brukinsa (zanubrutinib) sales in the U.S. and Europe.
In 2025, sale of Brukinsa was $3.9B, up 49% YoY. For five consequtive quarters now, Brukinsa outpaced its closest competitor Calquence which reported global revenue of $3.5B in 2025.
The company’s second CLL drug candidate, Sonrotoclax has received first global approval in China for relapsed/refractory (R/R) MCL, CLL &amp; SLL.


BeiGene (6160 HK): Brukinsa Growth Momentum Lifts 2025, 2026 Guidance Announced

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>BeiGene’s 2025 performance was in line with expectations. The management’s 2026 guidance is relatively conservative, which could be related to the potential growth slowdown of BRUKINSA, tislelizumab, other agent products.</li>
<li>Future product peak sales is expected to reach US$9 billion.However, investors may not be happy with the net profit margin brought by single revenue driver BRUKINSA based on our calculation.</li>
<li>There’s no next blockbuster that can drive BeiGene to a big step forward.This might be the reason why the market is reluctant to give BeiGene a higher than 10x P/S.  </li>
</ul>


BeiGene’s 2025 performance was in line with expectations. The management’s 2026 guidance is relatively conservative, which could be related to the potential growth slowdown of BRUKINSA, tislelizumab, other agent products.
Future product peak sales is expected to reach US$9 billion.However, investors may not be happy with the net profit margin brought by single revenue driver BRUKINSA based on our calculation.
There’s no next blockbuster that can drive BeiGene to a big step forward.This might be the reason why the market is reluctant to give BeiGene a higher than 10x P/S.  


BeiGene (6160.HK/​ONC US) 2025 Results - The Outlook and the Concerns Behind

Brightgene Bio-Medical Technology / Equity Capital Markets

Brightgene Bio-Medical Technology (BBMT HK)

<ul>
<li>The continuous decline of APIs/intermediates business and the high R&amp;D expenditure will lead to pressure on performance in 2025 (e.g. negative growth in revenue and net profit).</li>
<li>The 2025 low base and the recovery of APIs/intermediates business is expected to bring a rebound in 2026. BGM0504 may begin to make contributions in 2027 if it gets approval.</li>
<li>The Phase III results of BGM0504 are still uncertain (with R&amp;D failure risks). If the launch of BGM0504 is delayed, the net profit may be revised downward in the future.</li>
</ul>


The continuous decline of APIs/intermediates business and the high R&amp;D expenditure will lead to pressure on performance in 2025 (e.g. negative growth in revenue and net profit).
The 2025 low base and the recovery of APIs/intermediates business is expected to bring a rebound in 2026. BGM0504 may begin to make contributions in 2027 if it gets approval.
The Phase III results of BGM0504 are still uncertain (with R&amp;D failure risks). If the launch of BGM0504 is delayed, the net profit may be revised downward in the future.


Pre-IPO Brightgene Bio-Medical Technology (A/H Listing) - 2025 Will Face a Performance Slump

China

Hansoh Pharmaceutical is a pharmaceutical company that researches, develops, manufactures, and sells a diverse portfolio of medicines. It focuses on therapeutic areas such as oncology, anti-infectives, central nervous system diseases, metabolic disorders, and autoimmune diseases. The company was founded in 1995 and is headquartered in Shanghai, China.

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Hansoh Pharmaceutical (3692 HK)

GenFleet Therapeutics IPO Lockup - A Minor Prelude to a Much Bigger Release

GenFleet Therapeutics (GFT) raised around US$240m in its Hong Kong IPO in September 2025. The lockup on its cornerstone investors is set to expire...

Sumeet Singh

Sino Biopharma (1177 HK): Rovadicitinib Approved for Marketing, Outlicensing Agreement with Sanofi

Sino Biopharmaceutical received approval for rovadicitinib tablet for myelofibrosis and signs outlicensing agreement with Sanofi. Aims for over...

Tina Banerjee

BeiGene (6160 HK): Brukinsa Growth Momentum Lifts 2025, 2026 Guidance Announced

BeiGene reported strong 2025 revenues of $5.3B, driven by growth in Brukinsa. Sonrotoclax received first global approval in China. 2026 Revenue...

Tina Banerjee

BeiGene (6160.HK/ONC US) 2025 Results - The Outlook and the Concerns Behind

BeiGene's 2025 results met expectations, but 2026 would see potential growth slow down of key products. Due to the lack of next blockbuster...

Xinyao (Criss) Wang

Pre-IPO Brightgene Bio-Medical Technology (A/H Listing) - 2025 Will Face a Performance Slump

Declining APIs business, VBP and high R&D costs may impact performance in 2025, but rebound expected in 2026 with potential contributions from...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GenFleet Therapeutics IPO Lockup - A Minor Prelude to a Much Bigger Release

GenFleet Therapeutics (GFT) raised around US$240m in its Hong Kong IPO in September 2025. The lockup on its cornerstone investors is set to expire...

Sumeet Singh

Sino Biopharma (1177 HK): Rovadicitinib Approved for Marketing, Outlicensing Agreement with Sanofi

​Sino Biopharmaceutical received approval for rovadicitinib tablet for myelofibrosis and signs outlicensing agreement with Sanofi. Aims for over...

Tina Banerjee

BeiGene (6160 HK): Brukinsa Growth Momentum Lifts 2025, 2026 Guidance Announced

​BeiGene reported strong 2025 revenues of $5.3B, driven by growth in Brukinsa. Sonrotoclax received first global approval in China. 2026 Revenue...

Tina Banerjee

BeiGene (6160.HK/​ONC US) 2025 Results - The Outlook and the Concerns Behind

​BeiGene's 2025 results met expectations, but 2026 would see potential growth slow down of key products. Due to the lack of next blockbuster...

Xinyao (Criss) Wang

Pre-IPO Brightgene Bio-Medical Technology (A/H Listing) - 2025 Will Face a Performance Slump

​Declining APIs business, VBP and high R&D costs may impact performance in 2025, but rebound expected in 2026 with potential contributions from...

Xinyao (Criss) Wang

Sino Biopharmaceutical received approval for rovadicitinib tablet for myelofibrosis and signs outlicensing agreement with Sanofi. Aims for over...

BeiGene reported strong 2025 revenues of $5.3B, driven by growth in Brukinsa. Sonrotoclax received first global approval in China. 2026 Revenue...

BeiGene (6160.HK/ONC US) 2025 Results - The Outlook and the Concerns Behind

BeiGene's 2025 results met expectations, but 2026 would see potential growth slow down of key products. Due to the lack of next blockbuster...

Declining APIs business, VBP and high R&D costs may impact performance in 2025, but rebound expected in 2026 with potential contributions from...