APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

Sichuan Kelun-Biotech Biopharm / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-kelun-biotech-biopharm" target="_blank" data-smartkarma-citation="entities:40071:1" rel="noopener">Sichuan Kelun-Biotech Biopharm (6990 HK)</a> is looking to raise up to US$200m from a primary placement. The offering is priced at HK$ 330.2-341, a 5-8% discount to last close.</li>
<li>The company plans to use the proceeds for research and development, clinical trials of its core products and as working capital.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Sichuan Kelun-Biotech Biopharm (6990 HK) is looking to raise up to US$200m from a primary placement. The offering is priced at HK$ 330.2-341, a 5-8% discount to last close.
The company plans to use the proceeds for research and development, clinical trials of its core products and as working capital.
In this note, we will talk about the placement and run the deal through our ECM framework.


Kelun-Biotech Placement - Recent Run-Up Makes Its Tricky

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Sichuan Biokin Pharmaceutical / Equity Capital Markets

<ul>
<li>CR Sanjiu plans to transfer 49.8967% equity of Sanjiu (Anguo) and pay more attention to the quality of external M&amp;As. China Resources+Tasly+KPC will be the core drivers of future performance.</li>
<li>Akeso’s first global phase 3 readout for ivonescimab was disappointing, which cast shadow on the final FDA approval. We shared our views on the outlook and valuation ahead.</li>
<li>The failure of HER3-DXd cast shadow over the outlook of HER3. We think Biokin is overvalued. Its valuation should be lower than Akeso and Kelun Bio.</li>
</ul>


CR Sanjiu plans to transfer 49.8967% equity of Sanjiu (Anguo) and pay more attention to the quality of external M&amp;As. China Resources+Tasly+KPC will be the core drivers of future performance.
Akeso’s first global phase 3 readout for ivonescimab was disappointing, which cast shadow on the final FDA approval. We shared our views on the outlook and valuation ahead.
The failure of HER3-DXd cast shadow over the outlook of HER3. We think Biokin is overvalued. Its valuation should be lower than Akeso and Kelun Bio.


China Healthcare Weekly (Jun.1)-Akeso/Summit's Disappointing Ph3 Readout,Valuation Outlook of Biokin

<ul>
<li>The 11th batch of national VBP rules is expected to include optimizations aimed at balancing bidding prices with drug quality</li>
<li>The US$6 billion deal between Pfizer and 3SBio has energized the innovative drug industry. While 3SBio's valuation may continue to rise, Akeso's valuation could face downward revisions.</li>
<li>RemeGen has shown positive momentum, with its valuation reflecting RC18’s successful out-licensing already. Its recent HK$796 million placement indicates a clear intent to raise funds at a premium.</li>
</ul>


The 11th batch of national VBP rules is expected to include optimizations aimed at balancing bidding prices with drug quality
The US$6 billion deal between Pfizer and 3SBio has energized the innovative drug industry. While 3SBio's valuation may continue to rise, Akeso's valuation could face downward revisions.
RemeGen has shown positive momentum, with its valuation reflecting RC18’s successful out-licensing already. Its recent HK$796 million placement indicates a clear intent to raise funds at a premium.


China Healthcare Weekly (May 25) - Pfizer-3SBio's Record-Breaking Deal, RemeGen's HK$796Mn Placing

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 25th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in BYD, Meituan, Jd, Kingsoft, China Mobile, CNOOC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 25th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in BYD, Meituan, Jd, Kingsoft, China Mobile, CNOOC.


HK Short Interest Weekly: BYD, Meituan, Jd, Kingsoft, China Mobile, CNOOC

Xuanzhu Biopharmaceutical / Equity Capital Markets

<ul>
<li>The main purpose for Sihuan to acquire Combio is to form a strong innovative drug business Xuanzhu and then make large capital gains from the subsequent spin-off and listing.</li>
<li>All the three Core Products need to face fierce competition, and their clinical data do not show obvious advantages to competing products, making them hard to stand out.</li>
<li>Based on the announcement on Nov.12, 2024, valuation of Xuanzhu was RMB8.5 billion. However, due to the lack of competitive pipelines and weak commercialization prospects, we think Xuanzhu is overvalued.</li>
</ul>


The main purpose for Sihuan to acquire Combio is to form a strong innovative drug business Xuanzhu and then make large capital gains from the subsequent spin-off and listing.
All the three Core Products need to face fierce competition, and their clinical data do not show obvious advantages to competing products, making them hard to stand out.
Based on the announcement on Nov.12, 2024, valuation of Xuanzhu was RMB8.5 billion. However, due to the lack of competitive pipelines and weak commercialization prospects, we think Xuanzhu is overvalued.


Pre-IPO Xuanzhu Biopharmaceutical- Outdated Pipelines Are Difficult to Bring Good Investment Returns

China

Akeso Inc. operates operatesa s a biotech company. The compnay develops treatments and therapies for various types of diseases. Akeso serves cutomers worldwide

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Akeso Biopharma Inc (9926 HK)

Kelun-Biotech Placement - Recent Run-Up Makes Its Tricky

Kelun-Biotech Biopharmaceutical Co (Kelun) is looking to raise up to US$200m from a primary placement. In this note, we will talk about the...

Akshat Shah

China Healthcare Weekly (Jun.1)-Akeso/Summit's Disappointing Ph3 Readout,Valuation Outlook of Biokin

CR Sanjiu plans to transfer 49.8967% equity of Sanjiu (Anguo).Summit/Akeso's disappointing phase 3 readout raises doubts on FDA approval for...

Xinyao (Criss) Wang

China Healthcare Weekly (May 25) - Pfizer-3SBio's Record-Breaking Deal, RemeGen's HK$796Mn Placing

Upcoming VBP rule optimization aim to balance bidding price and drug quality. Pfizer-3SBio deal sets a new record in China deal. RemeGen's Placing...

Xinyao (Criss) Wang

HK Short Interest Weekly: BYD, Meituan, Jd, Kingsoft, China Mobile, CNOOC

We analyzed the latest HK SFC report for aggregate short position as of Apr 25th and highlight short interest changes in BYD, Meituan, Jd,...

Ke Yan, CFA, FRM

Pre-IPO Xuanzhu Biopharmaceutical- Outdated Pipelines Are Difficult to Bring Good Investment Returns

Sihuan's acquisition of Combio aims to create a strong innovative drug business Xuanzhu, but concerns arise over its outdated pipeline,...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kelun-Biotech Placement - Recent Run-Up Makes Its Tricky

Kelun-Biotech Biopharmaceutical Co (Kelun) is looking to raise up to US$200m from a primary placement. In this note, we will talk about the...

Akshat Shah

China Healthcare Weekly (Jun.1)-Akeso/Summit's Disappointing Ph3 Readout,Valuation Outlook of Biokin

​CR Sanjiu plans to transfer 49.8967% equity of Sanjiu (Anguo).Summit/Akeso's disappointing phase 3 readout raises doubts on FDA approval for...

Xinyao (Criss) Wang

China Healthcare Weekly (May 25) - Pfizer-3SBio's Record-Breaking Deal, RemeGen's HK$796Mn Placing

​Upcoming VBP rule optimization aim to balance bidding price and drug quality. Pfizer-3SBio deal sets a new record in China deal. RemeGen's Placing...

Xinyao (Criss) Wang

HK Short Interest Weekly: BYD, Meituan, Jd, Kingsoft, China Mobile, CNOOC

We analyzed the latest HK SFC report for aggregate short position as of Apr 25th and highlight short interest changes in BYD, Meituan, Jd,...

Ke Yan, CFA, FRM

Pre-IPO Xuanzhu Biopharmaceutical- Outdated Pipelines Are Difficult to Bring Good Investment Returns

​Sihuan's acquisition of Combio aims to create a strong innovative drug business Xuanzhu, but concerns arise over its outdated pipeline,...

Xinyao (Criss) Wang

CR Sanjiu plans to transfer 49.8967% equity of Sanjiu (Anguo).Summit/Akeso's disappointing phase 3 readout raises doubts on FDA approval for...

Upcoming VBP rule optimization aim to balance bidding price and drug quality. Pfizer-3SBio deal sets a new record in China deal. RemeGen's Placing...

Sihuan's acquisition of Combio aims to create a strong innovative drug business Xuanzhu, but concerns arise over its outdated pipeline,...