Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Akeso Biopharma Inc / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a> announced the placement of 23.6M shares for subscription at HK$149.54 per share.</li>
<li>The company intends to use most of the placement proceeds for R&amp;D of innovative pipeline, platform, building of infrastructure and facilities, and commercialization of existing approved products.  </li>
<li>Expanded indications of cadonilimab and ivonescimab, the successive positive data readouts, approvals, and continuous commercialization expansion efforts into global markets augur well.</li>
</ul>



Akeso Biopharma Inc (9926 HK) announced the placement of 23.6M shares for subscription at HK$149.54 per share.
The company intends to use most of the placement proceeds for R&amp;D of innovative pipeline, platform, building of infrastructure and facilities, and commercialization of existing approved products.  
Expanded indications of cadonilimab and ivonescimab, the successive positive data readouts, approvals, and continuous commercialization expansion efforts into global markets augur well.


Akeso Inc (9926 HK): Pipeline Prospects Shine on Positive Trial Results; Placement Looks Attractive

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>OS benefit has been observed in HARMONi-A study, which however is just a small part of the PD-1/VEGF commercial landscape. The main battlefield is still the head-to-head trial against Keytruda.</li>
<li>We think the current high valuation of Akeso has begun to price in the successful HARMONi-2 results to some extent, which however is not a done deal.</li>
<li>Investors may need to be cautious about this placement, especially when the founders of Akeso actually chose to reduce their positions. Market cooling down may not be far off.</li>
</ul>


OS benefit has been observed in HARMONi-A study, which however is just a small part of the PD-1/VEGF commercial landscape. The main battlefield is still the head-to-head trial against Keytruda.
We think the current high valuation of Akeso has begun to price in the successful HARMONi-2 results to some extent, which however is not a done deal.
Investors may need to be cautious about this placement, especially when the founders of Akeso actually chose to reduce their positions. Market cooling down may not be far off.


Akeso Biopharma (9926 HK) Placement - We Are Now at a Critical Point

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a> is looking to raise around US$460m from a mix of primary placement and selldown by its founders.</li>
<li>Past deals in the name have been mixed, but the shares have been doing well and the deal size remains small.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Akeso Biopharma Inc (9926 HK) is looking to raise around US$460m from a mix of primary placement and selldown by its founders.
Past deals in the name have been mixed, but the shares have been doing well and the deal size remains small.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Akeso Inc Placement - Another Opportunistic Raise, Mixed past Deal but Is Relatively Small

Equity Bottom-Up

<ul>
<li>The HKD hit its upper limit of 7.75/USD. Capital inflows are expected post–Labor Day, likely boosting Hong Kong stock prices.</li>
<li>Mindray faces headwinds. A turnaround may come in 25Q3–Q4, but the market seeks a new growth story. A 20–25x TTM P/E reflects fair value, not undervaluation.</li>
<li>Akeso’s high valuation leans on HARMONi-3 and HARMONi 7 over HARMONi-2. Final OS data raises concerns, as MRCT is challenging and the safety margin is lower than expected.</li>
</ul>


The HKD hit its upper limit of 7.75/USD. Capital inflows are expected post–Labor Day, likely boosting Hong Kong stock prices.
Mindray faces headwinds. A turnaround may come in 25Q3–Q4, but the market seeks a new growth story. A 20–25x TTM P/E reflects fair value, not undervaluation.
Akeso’s high valuation leans on HARMONi-3 and HARMONi 7 over HARMONi-2. Final OS data raises concerns, as MRCT is challenging and the safety margin is lower than expected.


China Healthcare Weekly (May.4)-HK Stock Is About to Soar, Mindray's Trouble,Views on Akeso's Plunge

The United Laboratories International Holdings Limited / Equity Capital Markets

The United Laboratories International Holdings Limited

<ul>
<li>WuXi AppTec’s 25H1 Profit Alert indicates the whole year performance may beat expectations. However, “valuation discount” reflects geopolitical risks. The intensive share repurchases is insignificant compared with previous share reductions.</li>
<li>Sino Biopharm will pay US$500.9 million to acquire LaNova. Based on pipeline/licensing cooperation, this is a deal with very high cost performance. However, valuation contribution may remain to be seen.</li>
<li>United Lab plans to raise HK$2.17 billion in net proceeds from Placement. Valuation logic will shift from a traditional bulk medicine company to innovative drug company. 15x P/E is expected.</li>
</ul>


WuXi AppTec’s 25H1 Profit Alert indicates the whole year performance may beat expectations. However, “valuation discount” reflects geopolitical risks. The intensive share repurchases is insignificant compared with previous share reductions.
Sino Biopharm will pay US$500.9 million to acquire LaNova. Based on pipeline/licensing cooperation, this is a deal with very high cost performance. However, valuation contribution may remain to be seen.
United Lab plans to raise HK$2.17 billion in net proceeds from Placement. Valuation logic will shift from a traditional bulk medicine company to innovative drug company. 15x P/E is expected.


China Healthcare Weekly(July20)-WuXi AppTec 25H1, Sino Biopharm Acquire LaNova, United Lab Placement

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)

Akeso Inc (9926 HK): Pipeline Prospects Shine on Positive Trial Results; Placement Looks Attractive

Akeso is placing of 23.6M shares for subscription at HK$149.54 per share to raise HK$3.5B. The company manly intends to use placement proceeds for...

Tina Banerjee

Akeso Biopharma (9926 HK) Placement - We Are Now at a Critical Point

Akeso's potential success in HARMONi-2 study may be already factored into high valuation. Investors need to be cautious about this placement,...

Xinyao (Criss) Wang

Akeso Inc Placement - Another Opportunistic Raise, Mixed past Deal but Is Relatively Small

Akeso Biopharma Inc (9926 HK) is looking to raise around US$460m from a mix of primary placement and selldown by its founders. In this note, we...

Sumeet Singh

China Healthcare Weekly (May.4)-HK Stock Is About to Soar, Mindray's Trouble,Views on Akeso's Plunge

HKD exchange rate at upper limit, capital influx expected post Labor Day. Mindray facing challenges, with turning point in 2026. Akeso's high...

Xinyao (Criss) Wang

China Healthcare Weekly(July20)-WuXi AppTec 25H1, Sino Biopharm Acquire LaNova, United Lab Placement

WuXi AppTec’s 25H1 Profit Alert indicates 2025 result may beat expectation. Sino Biopharm's acquisition of LaNova show high cost...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Akeso Inc (9926 HK): Pipeline Prospects Shine on Positive Trial Results; Placement Looks Attractive

Akeso is placing of 23.6M shares for subscription at HK$149.54 per share to raise HK$3.5B. The company manly intends to use placement proceeds for...

Tina Banerjee

Akeso Biopharma (9926 HK) Placement - We Are Now at a Critical Point

​Akeso's potential success in HARMONi-2 study may be already factored into high valuation. Investors need to be cautious about this placement,...

Xinyao (Criss) Wang

Akeso Inc Placement - Another Opportunistic Raise, Mixed past Deal but Is Relatively Small

Akeso Biopharma Inc (9926 HK) is looking to raise around US$460m from a mix of primary placement and selldown by its founders. In this note, we...

Sumeet Singh

China Healthcare Weekly (May.4)-HK Stock Is About to Soar, Mindray's Trouble,Views on Akeso's Plunge

​HKD exchange rate at upper limit, capital influx expected post Labor Day. Mindray facing challenges, with turning point in 2026. Akeso's high...

Xinyao (Criss) Wang

China Healthcare Weekly(July20)-WuXi AppTec 25H1, Sino Biopharm Acquire LaNova, United Lab Placement

WuXi AppTec’s 25H1 Profit Alert indicates 2025 result may beat expectation. Sino Biopharm's acquisition of LaNova show high cost...

Xinyao (Criss) Wang

Akeso's potential success in HARMONi-2 study may be already factored into high valuation. Investors need to be cautious about this placement,...

HKD exchange rate at upper limit, capital influx expected post Labor Day. Mindray facing challenges, with turning point in 2026. Akeso's high...