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

Keymed Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keymed-biosciences-inc" target="_blank" data-smartkarma-citation="entities:33011:1" rel="noopener">Keymed Biosciences (2162 HK)</a>, along with its controlling shareholder, is looking to raise around US$112m to fund its R&amp;D requirements.</li>
<li>Keymed Biosciences, a China-based biotech company which focuses on therapeutic areas of autoimmune and oncology</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Keymed Biosciences (2162 HK), along with its controlling shareholder, is looking to raise around US$112m to fund its R&amp;D requirements.
Keymed Biosciences, a China-based biotech company which focuses on therapeutic areas of autoimmune and oncology
In this note, we will talk about the placement and run the deal through our ECM framework.


Keymed Bioscience Placement - Track Record Isn’t Great but Recent Performance Has Been Better

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> presented encouraging data readouts from three lung cancer trials for its innovative drug benmelstobart at the 2025 American Society of Clinical Oncology Annual Meeting last week.</li>
<li>Although China’s PD-1 space is already overcrowded, superior clinical efficacy of benmelstobart as depicted by head-on-head trial with key approved drugs (Keytruda, Tevimra) enhance conviction on its market uptake potential.</li>
<li>The company expects to have more than 30 marketed innovative products by 2027, with revenue from innovative products accounting for over 55% of total revenue.</li>
</ul>



Sino Biopharmaceutical (1177 HK) presented encouraging data readouts from three lung cancer trials for its innovative drug benmelstobart at the 2025 American Society of Clinical Oncology Annual Meeting last week.
Although China’s PD-1 space is already overcrowded, superior clinical efficacy of benmelstobart as depicted by head-on-head trial with key approved drugs (Keytruda, Tevimra) enhance conviction on its market uptake potential.
The company expects to have more than 30 marketed innovative products by 2027, with revenue from innovative products accounting for over 55% of total revenue.


Sino Biopharmaceutical (1177 HK): Trial Result To Pave Label Expansion in Larger Patient Population

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Sichuan Kelun-Biotech Biopharmaceutical / Equity Capital Markets

Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)

<ul>
<li>Kelun Bio announced US$250 million placement, making it the largest follow-on offering in the biopharma industry in HK market over the past 12 months, but HK$331.8/share Placing Price is expensive.</li>
<li>SKB264 has demonstrated the ability to compete head-to-head with the world's best therapies in TNBC and NSCLC. It is reasonable for Kelun Bio’s valuation to be higher than Akeso.</li>
<li>We recommend to buy when market value falls in the range of US$2.5-5.25 billion.If SKB264 fails to deliver good clinical data in future critical clinical trials, valuation would face pullback.</li>
</ul>


Kelun Bio announced US$250 million placement, making it the largest follow-on offering in the biopharma industry in HK market over the past 12 months, but HK$331.8/share Placing Price is expensive.
SKB264 has demonstrated the ability to compete head-to-head with the world's best therapies in TNBC and NSCLC. It is reasonable for Kelun Bio’s valuation to be higher than Akeso.
We recommend to buy when market value falls in the range of US$2.5-5.25 billion.If SKB264 fails to deliver good clinical data in future critical clinical trials, valuation would face pullback.


Sichuan Kelun-Biotech Biopharm (6990.HK) Placement - Thoughts The Pipeline and Valuation Outlook

Newtrend Technology / Equity Capital Markets

<ul>
<li>Summit's chances of being sold have decreased significantly. Since Summit does not have enough funds to promote multiple large-scale Phase III trials, the outlook of Summit/Akeso will become increasingly passive.</li>
<li>The public statements of Zhao Yan from Bloomage have raised doubts in the market about the prospects of collagen and Giant Biogene. Below, we shared some differentiated views on this.</li>
<li>The IPO pricing of Newtrend is HK$18.9-20.9/share. We think Newtrend is overvalued considering the "price war" and oversupply issue. Reasonable valuation should be lower than <a href="https://www.smartkarma.com/entities/anhui-jinhe-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:4296:1" rel="noopener">Anhui Jinhe Industrial (002597 CH)</a>.</li>
</ul>


Summit's chances of being sold have decreased significantly. Since Summit does not have enough funds to promote multiple large-scale Phase III trials, the outlook of Summit/Akeso will become increasingly passive.
The public statements of Zhao Yan from Bloomage have raised doubts in the market about the prospects of collagen and Giant Biogene. Below, we shared some differentiated views on this.
The IPO pricing of Newtrend is HK$18.9-20.9/share. We think Newtrend is overvalued considering the "price war" and oversupply issue. Reasonable valuation should be lower than Anhui Jinhe Industrial (002597 CH).


China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene's Trouble, Views on Newtrend IPO Pricing

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<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

China

Akeso is a biopharmaceutical company focused on the research, development, manufacturing, and commercialization of innovative antibody drugs. It develops treatments for major diseases such as cancer, autoimmune diseases, inflammation, and metabolic diseases, with key products including cadonilimab, ivonescimab, and penpulimab. The company was founded in 2012 and is headquartered in Zhongshan, Guangdong, China.

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Akeso (9926 HK)

Keymed Bioscience Placement - Track Record Isn’t Great but Recent Performance Has Been Better

Keymed Biosciences (2162 HK), along with its controlling shareholder, is looking to raise around US$112m to fund its R&D requirements.

Sumeet Singh

Sino Biopharmaceutical (1177 HK): Trial Result To Pave Label Expansion in Larger Patient Population

Sino Biopharmaceutical presents promising lung cancer trial data for benmelstobart at ASCO. With superior clinical efficacy, benmelstobart has...

Tina Banerjee

Sichuan Kelun-Biotech Biopharm (6990.HK) Placement - Thoughts The Pipeline and Valuation Outlook

Kelun Bio's HK$331.8/share Placing price is expensive.Valuation should be higher than Akeso.Buy when valuation falls in US$2.5-5.25 billion...

Xinyao (Criss) Wang

China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene's Trouble, Views on Newtrend IPO Pricing

Summit's chances of being sold decrease largely, so the outlook of Summit/Akeso is passive. Doubts raised about Giant Biogene's outlook after Zhao...

Xinyao (Criss) Wang

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Keymed Bioscience Placement - Track Record Isn’t Great but Recent Performance Has Been Better

Keymed Biosciences (2162 HK), along with its controlling shareholder, is looking to raise around US$112m to fund its R&D requirements.

Sumeet Singh

Sino Biopharmaceutical (1177 HK): Trial Result To Pave Label Expansion in Larger Patient Population

​Sino Biopharmaceutical presents promising lung cancer trial data for benmelstobart at ASCO. With superior clinical efficacy, benmelstobart has...

Tina Banerjee

Sichuan Kelun-Biotech Biopharm (6990.HK) Placement - Thoughts The Pipeline and Valuation Outlook

​Kelun Bio's HK$331.8/share Placing price is expensive.Valuation should be higher than Akeso.Buy when valuation falls in US$2.5-5.25 billion...

Xinyao (Criss) Wang

China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene's Trouble, Views on Newtrend IPO Pricing

​Summit's chances of being sold decrease largely, so the outlook of Summit/Akeso is passive. Doubts raised about Giant Biogene's outlook after Zhao...

Xinyao (Criss) Wang

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

Sino Biopharmaceutical presents promising lung cancer trial data for benmelstobart at ASCO. With superior clinical efficacy, benmelstobart has...

Kelun Bio's HK$331.8/share Placing price is expensive.Valuation should be higher than Akeso.Buy when valuation falls in US$2.5-5.25 billion...

Summit's chances of being sold decrease largely, so the outlook of Summit/Akeso is passive. Doubts raised about Giant Biogene's outlook after Zhao...