HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Betta Pharmaceuticals   / Equity Capital Markets

In the past two years, especially in the year 2020, it seems to be a “fashion” for bio-pharmaceutical companies to list on the HKEX. Against this backdrop, <a href="https://www.smartkarma.com/entities/betta-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:25883:1" rel="noopener">Betta Pharmaceuticals (300558 CH)</a> could also not miss this trend. Betta is a leading biopharmaceutical company committed to the R&amp;D of innovative therapies intended to address unmet medical needs including those in lung and other large cancer indications. On February 8th, 2021, the Company submitted to the HKEX the application for IPO.

In the past two years, especially in the year 2020, it seems to be a “fashion” for bio-pharmaceutical companies to list on the HKEX. Against this backdrop, Betta Pharmaceuticals (300558 CH) could also not miss this trend. Betta is a leading biopharmaceutical company committed to the R&amp;D of innovative therapies intended to address unmet medical needs including those in lung and other large cancer indications. On February 8th, 2021, the Company submitted to the HKEX the application for IPO. 

Pre-IPO Betta Pharmaceuticals - Insights on Products and Concerns

Equity Bottom-Up

On February 3rd, 2021, <a href="https://www.smartkarma.com/entities/innocare-pharma-ltd" target="_blank" data-smartkarma-citation="entities:28355:1" rel="noopener">InnoCare Pharma Ltd (9969 HK)</a> announced two subscription agreements with Hillhouse and Vivo Capital. The two investors subscribed 191,613,000 and 18,895,000 new shares respectively, for a total of 210,508,000 new Shares, representing about 16.33% of the existing total issued Shares of the Company as at the date of this announcement and approximately 14.04% of the total issued shares of the Company as enlarged by the allotment and issue of the subscription shares. The subscription price of HK$14.45/share represents an 8.32% premium to the average closing price of the five trading days immediately preceding the date of the subscription agreements (not including 2 February 2021). Source: InnoCare Official WebsiteInnoCare has been invested by two leading funds because in addition to orelabrutinib, which was approved for marketing at the end of last year, the Company has developed a balanced pipeline of over 10 drug candidates for the treatment of malignant tumors and autoimmune diseases. InnoCare’s core value of "Science Drives Innovation" is highly recognized.

On February 3rd, 2021, InnoCare Pharma Ltd (9969 HK) announced two subscription agreements with Hillhouse and Vivo Capital. The two investors subscribed 191,613,000 and 18,895,000 new shares respectively, for a total of 210,508,000 new Shares, representing about 16.33% of the existing total issued Shares of the Company as at the date of this announcement and approximately 14.04% of the total issued shares of the Company as enlarged by the allotment and issue of the subscription shares. The subscription price of HK$14.45/share represents an 8.32% premium to the average closing price of the five trading days immediately preceding the date of the subscription agreements (not including 2 February 2021). Source: InnoCare Official WebsiteInnoCare has been invested by two leading funds because in addition to orelabrutinib, which was approved for marketing at the end of last year, the Company has developed a balanced pipeline of over 10 drug candidates for the treatment of malignant tumors and autoimmune diseases. InnoCare’s core value of "Science Drives Innovation" is highly recognized. 

InnoCare Pharma Ltd (9969.HK) - What Attracts Both Hillhouse and Vivo Capital?

On January 29th, 2021, <a href="https://www.smartkarma.com/entities/luye-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:488:1" rel="noopener">Luye Pharma (2186 HK)</a> announced a subscription agreement with Hillhouse NEV, involving HK$1.25 billion of investment from Hillhouse in exchange for issuing of new shares. The subscription price of the new shares was HK$4.28/share, a premium of approximately 10.03% over the closing price of HK$3.89/share on January 29th. Once the deals are completed, Hillhouse NEV will have a 15.60% stake in Luye, making it the second largest shareholder of the Company. The news had an immediate boost to share prices. Luye's shares opened sharply higher on Monday (February 1st), trading as high as HK$7, up 79.95% from Friday's close of HK$3.89/share. It surged again on Wednesday (February 3rd), up 11.3%, and then started to fall back on Thursday. By the end of February 5th, Luye's share price was HK$6.19. So, could the magic of Hillhouse last long?

On January 29th, 2021, Luye Pharma (2186 HK) announced a subscription agreement with Hillhouse NEV, involving HK$1.25 billion of investment from Hillhouse in exchange for issuing of new shares. The subscription price of the new shares was HK$4.28/share, a premium of approximately 10.03% over the closing price of HK$3.89/share on January 29th. Once the deals are completed, Hillhouse NEV will have a 15.60% stake in Luye, making it the second largest shareholder of the Company. The news had an immediate boost to share prices. Luye's shares opened sharply higher on Monday (February 1st), trading as high as HK$7, up 79.95% from Friday's close of HK$3.89/share. It surged again on Wednesday (February 3rd), up 11.3%, and then started to fall back on Thursday. By the end of February 5th, Luye's share price was HK$6.19. So, could the magic of Hillhouse last long?

Luye Pharma (2186.HK) - Could the Magic of Hillhouse Last Long?

Bio-Thera Solutions Ltd / Equity Capital Markets

In February 2020, <a href="https://www.smartkarma.com/entities/bio-thera-solutions-ltd" target="_blank" data-smartkarma-citation="entities:29127:1" rel="noopener">Bio-Thera Solutions Ltd (688177 CH)</a> completed its listing on the SSE STAR Market. Then in 2020/2H, Bio-Thera planned to list on the Hong Kong Stock Exchange, becoming another biopharmaceutical company with "A+H" listing. Currently the Company’s market value was about RMB13.5 billion. So how about this company? The following provides the insights on its pipeline and related competitive landscape.

In February 2020, Bio-Thera Solutions Ltd (688177 CH) completed its listing on the SSE STAR Market. Then in 2020/2H, Bio-Thera planned to list on the Hong Kong Stock Exchange, becoming another biopharmaceutical company with "A+H" listing. Currently the Company’s market value was about RMB13.5 billion. So how about this company? The following provides the insights on its pipeline and related competitive landscape. 

Pre-IPO Bio-Thera Solutions - Insights on Pipeline and the Competitive Landscape

Jacobio Pharmaceuticals / Equity Capital Markets

Recently, <a href="https://www.smartkarma.com/entities/jacobio-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:29696:1" rel="noopener">Jacobio Pharmaceuticals (1588148D CH)</a> got the approval to list on the main board of the Hong Kong Stock Exchange. Founded in 2015, Jacobio is committed to providing products and solutions to people’s health with a platform and expertise in developing allosteric inhibitors against protein tyrosine phosphatase, KRAS and transcriptional factors. In China, Jacobio is the first to explore the KARS signaling pathway and is also the leading company in this field. Since the establishment more than five years ago, Jacobio has developed rapidly and steadily, and its pipeline is very distinctive. The following provides the insights on its pipeline.

Recently, Jacobio Pharmaceuticals (1588148D CH) got the approval to list on the main board of the Hong Kong Stock Exchange. Founded in 2015, Jacobio is committed to providing products and solutions to people’s health with a platform and expertise in developing allosteric inhibitors against protein tyrosine phosphatase, KRAS and transcriptional factors. In China, Jacobio is the first to explore the KARS signaling pathway and is also the leading company in this field. Since the establishment more than five years ago, Jacobio has developed rapidly and steadily, and its pipeline is very distinctive. The following provides the insights on its pipeline.

Pre-IPO Jacobio Pharmaceuticals - Insights on Pipeline

China

Betta Pharmaceuticals Co., Ltd operates as a pharmaceutical company. The Company researches, manufactures, and sells drugs for the treatment of malignant tumors, diabetes, cardiovascular, cerebrovascular, and other related diseases. Betta Pharmaceuticals markets throughout China.

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Betta Pharmaceuticals (300558 CH)

Pre-IPO Betta Pharmaceuticals - Insights on Products and Concerns

This article analyzed Betta Pharmaceutical in terms of its major products, pipeline, competitive landscape, and also include the concerns on the...

Xinyao (Criss) Wang

InnoCare Pharma Ltd (9969.HK) - What Attracts Both Hillhouse and Vivo Capital?

The article analyzed what InnoCare attracts both Hillhouse and Vivo Capital in terms of its core product orelabrutinib, other products (ICP-192/ICP...

Xinyao (Criss) Wang

Luye Pharma (2186.HK) - Could the Magic of Hillhouse Last Long?

This article analyzed Luye Pharma after the subscription agreement with Hillhouse in terms of the past performance, insights on recent changes, and...

Xinyao (Criss) Wang

Pre-IPO Bio-Thera Solutions - Insights on Pipeline and the Competitive Landscape

This article summarized the insights on major products of Bio-Thera Solutions in the pipeline and related competitive landscape with other key...

Xinyao (Criss) Wang

Pre-IPO Jacobio Pharmaceuticals - Insights on Pipeline

This article analyzed the compelling and distinctive pipeline of Jacobio Pharmaceuticals in terms of projects. Meanwhile, it also disclose the...

Xinyao (Criss) Wang

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