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.

Event-Driven

Jiangsu Hengrui Pharmaceuticals / Event-Driven

Jiangsu Hengrui Pharmaceuticals (1276 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (1276 HK)</a>, a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing in May 2025. The lockup on its cornerstone will expire soon.</li>
<li>JHP Has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Jiangsu Hengrui Pharmaceuticals (1276 HK), a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing in May 2025. The lockup on its cornerstone will expire soon.
JHP Has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.
In this note, we will talk about the lockup dynamics and possible placement.


Jiangsu Hengrui Pharma IPO Lockup - US$850m Cornerstone Release

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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 3Q25 revenues of $1.4B, up 40% YoY (9M25 Revenue: $3.8B, up 43%), driven primarily by growth in Brukinsa sales in the U.S. and Europe.</li>
<li>In 3Q25, US sale of Brukinsa was $738.7M, up 46% YoY. For four consequtive quarters now, Brukinsa outpaced its closest competitor Calquence which reported US revenue of $612M in 3Q25.</li>
<li>BeOne now expects 2025 revenue to be in the range of $5.1–5.3B (up 34–39% YoY) compared to the previous revenue guidance of $5.0–5.3B.</li>
</ul>



BeiGene (6160 HK) reported 3Q25 revenues of $1.4B, up 40% YoY (9M25 Revenue: $3.8B, up 43%), driven primarily by growth in Brukinsa sales in the U.S. and Europe.
In 3Q25, US sale of Brukinsa was $738.7M, up 46% YoY. For four consequtive quarters now, Brukinsa outpaced its closest competitor Calquence which reported US revenue of $612M in 3Q25.
BeOne now expects 2025 revenue to be in the range of $5.1–5.3B (up 34–39% YoY) compared to the previous revenue guidance of $5.0–5.3B.


BeOne (6160 HK): Shares Are Breaking Into New Highs. Should You Buy?

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The medical insurance fund has crossed certain “warning lines”. Therefore, it is inevitable that the measures to control costs at the expenditure end will be further tightened.</li>
<li>We are actually not optimistic about the NewCo model, because domestic pharmaceutical companies may not necessarily be able to share much of Newco's future development achievements in the end.</li>
<li>BeiGene’s 25Q3 results beat expectations. However, there’s no next blockbuster that can drive BeiGene to a big step forward, this is why the market is reluctant to offer higher valuation.</li>
</ul>


The medical insurance fund has crossed certain “warning lines”. Therefore, it is inevitable that the measures to control costs at the expenditure end will be further tightened.
We are actually not optimistic about the NewCo model, because domestic pharmaceutical companies may not necessarily be able to share much of Newco's future development achievements in the end.
BeiGene’s 25Q3 results beat expectations. However, there’s no next blockbuster that can drive BeiGene to a big step forward, this is why the market is reluctant to offer higher valuation.


China Healthcare Weekly (Nov.9)-Medical Insurance “Warning Lines”, NewCo Model, BeiGene 25Q3 Results

Equity Capital Markets

<ul>
<li>The new payload story/ADC-engineering platforms need to be verified by big licensing-out deals. If verification is successful, MNCs will pay high price.However, if verification fails, BlissBio's pipeline would be “ignored”.</li>
<li>BlissBio entered into a wind-down agreement with Eisai for BB-1701.In our view, MNC's interest in BB-1701 is decreasing.The possibility of reaching big BD deal on BB-1712/BB-1705 is also not high.</li>
<li>The investment logic of biotech has changed and high valuation is driven by big licensing-out deals. From this perspective, we think valuation of BlissBio should be lower than peers.</li>
</ul>


The new payload story/ADC-engineering platforms need to be verified by big licensing-out deals. If verification is successful, MNCs will pay high price.However, if verification fails, BlissBio's pipeline would be “ignored”.
BlissBio entered into a wind-down agreement with Eisai for BB-1701.In our view, MNC's interest in BB-1701 is decreasing.The possibility of reaching big BD deal on BB-1712/BB-1705 is also not high.
The investment logic of biotech has changed and high valuation is driven by big licensing-out deals. From this perspective, we think valuation of BlissBio should be lower than peers.


Pre-IPO BlissBio - The Pipeline Has Not yet Been Verified as No Deal Has Been Reached with MNCs

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seres-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29951:1" rel="noopener">Seres Group (601127 CH)</a>, a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing.</li>
<li>Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.</li>
<li>In our previous note we had looked at its past performance. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing.
Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
In our previous note we had looked at its past performance. In this note, we talk about the recent updates and likely A/H premium.


Seres Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

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)

Jiangsu Hengrui Pharma IPO Lockup - US$850m Cornerstone Release

Jiangsu Hengrui Pharmaceuticals (1276 HK), a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing in May 2025. The...

Sumeet Singh

BeOne (6160 HK): Shares Are Breaking Into New Highs. Should You Buy?

BeiGene (6160 HK) reported strong 3Q25 earnings driven by Brukinsa sales. With guidance revised upwards its market leader position and pipeline...

Tina Banerjee

China Healthcare Weekly (Nov.9)-Medical Insurance “Warning Lines”, NewCo Model, BeiGene 25Q3 Results

Cost control measure of medical insurance fund to be tightened.Domestic drug company won't benefit from NewCo model.Despite BeiGene's strong Q3...

Xinyao (Criss) Wang

Pre-IPO BlissBio - The Pipeline Has Not yet Been Verified as No Deal Has Been Reached with MNCs

BlissBio's success hinges on verifying pipeline through big licensing-out deal, with the risk of being "ignored" if verification fails. Valuation...

Xinyao (Criss) Wang

Seres Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing. In this note, we talk about the recent...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jiangsu Hengrui Pharma IPO Lockup - US$850m Cornerstone Release

Jiangsu Hengrui Pharmaceuticals (1276 HK), a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing in May 2025. The...

Sumeet Singh

BeOne (6160 HK): Shares Are Breaking Into New Highs. Should You Buy?

​BeiGene (6160 HK) reported strong 3Q25 earnings driven by Brukinsa sales. With guidance revised upwards its market leader position and pipeline...

Tina Banerjee

China Healthcare Weekly (Nov.9)-Medical Insurance “Warning Lines”, NewCo Model, BeiGene 25Q3 Results

Cost control measure of ​medical insurance fund to be tightened.Domestic drug company won't benefit from NewCo model.Despite BeiGene's strong Q3...

Xinyao (Criss) Wang

Pre-IPO BlissBio - The Pipeline Has Not yet Been Verified as No Deal Has Been Reached with MNCs

​BlissBio's success hinges on verifying pipeline through big licensing-out deal, with the risk of being "ignored" if verification fails. Valuation...

Xinyao (Criss) Wang

Seres Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing. In this note, we talk about the recent...

Sumeet Singh

BeiGene (6160 HK) reported strong 3Q25 earnings driven by Brukinsa sales. With guidance revised upwards its market leader position and pipeline...

Cost control measure of medical insurance fund to be tightened.Domestic drug company won't benefit from NewCo model.Despite BeiGene's strong Q3...

BlissBio's success hinges on verifying pipeline through big licensing-out deal, with the risk of being "ignored" if verification fails. Valuation...