Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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

CStone Pharmaceuticals / Equity Capital Markets

<p>CStone Pharma is raising up to USD 400 million via a listing on the Hong Kong Stock Exchange. In this insight, we will discuss the following topics:</p>
<ul>
<li>The company's background</li>
<li>Details of pipeline drug candidates</li>
<li>Potential market size for the key products</li>
<li>Shareholders and investors</li>
<li>Summary of our likes and concerns</li>
<li>Questions for management meetings</li>
</ul>
<p>We will leave the discussion of valuation for our next insight.</p>
<hr>
<div>
<h2>Our coverage on healthcare and biotech listing</h2>
<ul>
<li><a href="https://www.smartkarma.com/insights/viva-biotech-ipo-when-cro-becomes-early-stage-biotech-investor" target="_blank">Viva Biotech (维亚生物) IPO: When CRO Becomes Early Stage Biotech Investor</a></li>
<li><a href="https://www.smartkarma.com/insights/hansoh-pharma-ipo-takeaways-from-recent-4-7-city-centralized-tender-results" target="_blank">Hansoh Pharma (翰森制药) IPO: Takeaways from Recent 4+7 City Centralized Tender Results</a></li>
</ul>
</div>
<ul>
<li><a href="https://www.smartkarma.com/insights/hansoh-pharma-ipo-a-leading-generic-player-with-regulatory-overhang-part-1" target="_blank">Hansoh Pharma (翰森制药) IPO: A Leading Generic Player with Regulatory Overhang (Part 1)</a></li>
<li><a href="https://www.smartkarma.com/insights/wuxi-apptec-ipo-this-a-h-listing-will-be-different" target="_blank">WuXi Apptec (药明康德) IPO: This A+H Listing Will Be Different</a></li>
</ul>
<ul>
<li><a href="https://www.smartkarma.com/insights/frontage-holding-ipo-more-disclosure-needed-to-understand-moat-and-growth-prospect" target="_blank">Frontage Holding (方达控股) IPO: More Disclosure Needed to Understand Moat and Growth Prospect</a></li>
<li><a href="https://www.smartkarma.com/insights/ascentage-pharma-ipo-too-early-for-an-ipo" target="_blank">Ascentage Pharma (亚盛医药) IPO: Too Early for an IPO</a></li>
<li><a href="https://www.smartkarma.com/insights/junshi-bioscience-ipo-thoughts-on-valuation-part-2" target="_blank">Junshi Bioscience (君实医药) IPO: Thoughts on Valuation (Part 2)</a></li>
<li><a href="https://www.smartkarma.com/insights/junshi-bioscience-ipo-early-in-application-but-behind-in-key-indications-part-1" target="_blank">Junshi Bioscience (君实医药) IPO: Early in Application but Behind in Key Indications (Part 1)</a></li>
<li><a href="https://www.smartkarma.com/insights/cansino-biologics-ipo-promising-pre-clinical-results-but-vaccine-scandal-weighs-part-1" target="_blank">CanSino Biologics (康希诺) IPO: Promising Pre-Clinical Results but Vaccine Scandal Weighs (Part 1)</a></li>
</ul>
<ul>
<li><a href="https://www.smartkarma.com/insights/aobiome-therapeutics-ipo-hope-for-natural-therapeutic-treatment" target="_blank">AOBiome Therapeutics IPO: Hope for Natural Therapeutic Treatment</a></li>
<li><a href="https://www.smartkarma.com/insights/stealth-biotherapeutics-ipo-cure-the-symptoms-but-not-the-cause-part-1" target="_blank">Stealth Biotherapeutics IPO: Cure the Symptoms but Not the Cause (Part 1)</a></li>
<li><a href="https://www.smartkarma.com/insights/innovent-biologics-ipo-pricing-the-pd-1-and-biosimilars-competition-part-2" target="_blank">Innovent Biologics (信达生物) IPO: Pricing the PD-1 and Biosimilars Competition (Part 2)</a></li>
<li><a href="https://www.smartkarma.com/insights/innovent-biologics-ipo-a-major-pd-1-mab-competitor-might-have-just-emerged-part-1" target="_blank">Innovent Biologics (信达生物) IPO: A Major PD-1 MAb Competitor Might Have Just Emerged (Part 1)</a></li>
<li><a href="https://www.smartkarma.com/insights/micurx-pharma-ipo-betting-on-single-drug-in-the-not-so-attractive-antibiotic-segment" target="_blank">MicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment</a></li>
<li><a href="https://www.smartkarma.com/insights/hua-medicine-ipo-thoughts-on-valuation" target="_blank">Hua Medicine (华领医药) IPO: Thoughts on Valuation</a></li>
<li><a href="https://www.smartkarma.com/insights/hua-medicine-ipo-reviving-roche-s-failed-attempt" target="_blank">Hua Medicine (华领医药) IPO: Reviving Roche’s Failed Attempt?</a></li>
<li><a href="https://www.smartkarma.com/insights/beigene-ipo-dual-listing-with-upside-capped-in-the-near-term" target="_blank">BeiGene (百济神州) IPO: Dual-Listing with Upside Capped in the Near Term</a></li>
<li><a href="https://www.smartkarma.com/insights/ascletis-pharma-ipo-valuation-not-justified-by-ganovo-and-ravidasvir-npv-part-3" target="_blank">Ascletis Pharma (歌礼制药) IPO: Valuation Not Justified by Ganovo and Ravidasvir NPV (Part 3)</a></li>
<li><a href="https://www.smartkarma.com/insights/ascletis-pharma-ipo-three-valuation-risk-factors-part-2" target="_blank">Ascletis Pharma (歌礼制药) IPO: Three Valuation Risk Factors (Part 2)</a></li>
<li><a href="https://www.smartkarma.com/insights/ascletis-pharma-ipo-emerging-player-in-the-crowded-hcv-drug-market" target="_blank">Ascletis Pharma (歌礼制药) IPO: Emerging Player in the Crowded HCV Drug Market</a></li>
<li><a href="https://www.smartkarma.com/insights/china-isotope-radiation-ipo-oligopoly-visible-growth-and-high-barrier-to-entry" target="_blank">China Isotope &amp; Radiation IPO: Oligopoly, Visible Growth and High Barrier to Entry</a></li>
<li><a href="https://www.smartkarma.com/insights/zai-lab-ipo-thoughts-on-valuation-risks-and-upsides-part-2" target="_blank">Zai Lab IPO: Thoughts on Valuation, Risks and Upsides (Part 2)</a></li>
<li><a href="https://www.smartkarma.com/insights/zai-lab-ipo-experienced-team-promising-in-licensing-drug-pipeline-part-1" target="_blank">Zai Lab IPO: Experienced Team, Promising In-Licensing Drug Pipeline (Part 1)</a></li>
</ul>

CStone Pharma is raising up to USD 400 million via a listing on the Hong Kong Stock Exchange. In this insight, we will discuss the following topics:

The company's background
Details of pipeline drug candidates
Potential market size for the key products
Shareholders and investors
Summary of our likes and concerns
Questions for management meetings

We will leave the discussion of valuation for our next insight.


Our coverage on healthcare and biotech listing

Viva Biotech (维亚生物) IPO: When CRO Becomes Early Stage Biotech Investor
Hansoh Pharma (翰森制药) IPO: Takeaways from Recent 4+7 City Centralized Tender Results



Hansoh Pharma (翰森制药) IPO: A Leading Generic Player with Regulatory Overhang (Part 1)
WuXi Apptec (药明康德) IPO: This A+H Listing Will Be Different


Frontage Holding (方达控股) IPO: More Disclosure Needed to Understand Moat and Growth Prospect
Ascentage Pharma (亚盛医药) IPO: Too Early for an IPO
Junshi Bioscience (君实医药) IPO: Thoughts on Valuation (Part 2)
Junshi Bioscience (君实医药) IPO: Early in Application but Behind in Key Indications (Part 1)
CanSino Biologics (康希诺) IPO: Promising Pre-Clinical Results but Vaccine Scandal Weighs (Part 1)


AOBiome Therapeutics IPO: Hope for Natural Therapeutic Treatment
Stealth Biotherapeutics IPO: Cure the Symptoms but Not the Cause (Part 1)
Innovent Biologics (信达生物) IPO: Pricing the PD-1 and Biosimilars Competition (Part 2)
Innovent Biologics (信达生物) IPO: A Major PD-1 MAb Competitor Might Have Just Emerged (Part 1)
MicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment
Hua Medicine (华领医药) IPO: Thoughts on Valuation
Hua Medicine (华领医药) IPO: Reviving Roche’s Failed Attempt?
BeiGene (百济神州) IPO: Dual-Listing with Upside Capped in the Near Term
Ascletis Pharma (歌礼制药) IPO: Valuation Not Justified by Ganovo and Ravidasvir NPV (Part 3)
Ascletis Pharma (歌礼制药) IPO: Three Valuation Risk Factors (Part 2)
Ascletis Pharma (歌礼制药) IPO: Emerging Player in the Crowded HCV Drug Market
China Isotope &amp; Radiation IPO: Oligopoly, Visible Growth and High Barrier to Entry
Zai Lab IPO: Thoughts on Valuation, Risks and Upsides (Part 2)
Zai Lab IPO: Experienced Team, Promising In-Licensing Drug Pipeline (Part 1)


CStone Pharma (基石药业) IPO: Strong Assembly and Backing (Part 1)

Hong Kong

CStone Pharmaceuticals operates as a biotechnology company. The Company develops immuno-oncology and molecularly targeted drugs to address unmet medical needs for cancer patients. CStone Pharmaceuticals serves customers worldwide.

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CStone Pharmaceuticals (2616 HK)

CStone Pharma (基石药业) IPO: Strong Assembly and Backing (Part 1)

CStone Pharma is raising up to USD 400 million via a listing on the Hong Kong Stock Exchange. In this insight, we will discuss the following...

Ke Yan, CFA, FRM

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