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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of CSI 100 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Industrial Bank, Satellite Chemical, Zhejiang Nhu, Zhongjin Gold, Wus Printed Circuit (Kunshan), Longi Green, Tcl Zhonghuan, Cambricon Technologies.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Industrial Bank, Satellite Chemical, Zhejiang Nhu, Zhongjin Gold, Wus Printed Circuit (Kunshan), Longi Green, Tcl Zhonghuan, Cambricon Technologies.


CSI 100 Index Earning Revision (Jun): Industrial Bank, Satellite Chemical, Zhejiang Nhu

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Jiangsu Hengrui Medicine / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a>, a leading Chinese pharmaceutical company, has filed its PHIP for an H Share listing to raise US$2 billion.     </li>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (JHR HK)</a> ranked first among Chinese pharma companies in revenue from NME drugs in 2023 and the number of commercialised NME drugs in 2024.</li>
<li>The investment case rests on its product portfolio, strong revenue growth, rising profitability, cash generation, strong balance sheet and undemanding valuation. </li>
</ul>



Jiangsu Hengrui Medicine (600276 CH), a leading Chinese pharmaceutical company, has filed its PHIP for an H Share listing to raise US$2 billion.     

Jiangsu Hengrui Pharmaceuticals (JHR HK) ranked first among Chinese pharma companies in revenue from NME drugs in 2023 and the number of commercialised NME drugs in 2024.
The investment case rests on its product portfolio, strong revenue growth, rising profitability, cash generation, strong balance sheet and undemanding valuation. 


Jiangsu Hengrui Pharma H Share Listing: The Investment Case

VISEN Pharmaceuticals / Equity Capital Markets

<ul>
<li>Visen Pharmaceuticals is looking at raising up to USD 300m to list in Hong Kong.</li>
<li>The company has passed the hearing for the listing and filed a new version of the prospectus.</li>
<li>We look at the difference between previous filing and current filing. Most of the changes are not critical but we think overall it doesn’t look good.</li>
</ul>


Visen Pharmaceuticals is looking at raising up to USD 300m to list in Hong Kong.
The company has passed the hearing for the listing and filed a new version of the prospectus.
We look at the difference between previous filing and current filing. Most of the changes are not critical but we think overall it doesn’t look good.


Visen Pharmaceuticals (维升药业) IPO: PHIP Updates Don't Look Positive

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>All the three candidates lonapegsomatropin, TransCon CNP, palopegteriparatide in the pipeline of VISEN are based on Exclusive License Agreements with Ascendis Pharma. So, there're concerns about VISEN's independent R&amp;D capabilities.</li>
<li>VBP would destroy the price system of growth hormone market in China, and market size would shrink due to price reduction and decreasing demand as fewer babies will be born.</li>
<li>Post investment valuation reached US$1.03 billion. Since leading domestic companies have dominated the market, it’s not easy for VISEN to break through. Valuation of VISEN could be lower than peers.</li>
</ul>


All the three candidates lonapegsomatropin, TransCon CNP, palopegteriparatide in the pipeline of VISEN are based on Exclusive License Agreements with Ascendis Pharma. So, there're concerns about VISEN's independent R&amp;D capabilities.
VBP would destroy the price system of growth hormone market in China, and market size would shrink due to price reduction and decreasing demand as fewer babies will be born.
Post investment valuation reached US$1.03 billion. Since leading domestic companies have dominated the market, it’s not easy for VISEN to break through. Valuation of VISEN could be lower than peers.


Pre-IPO VISEN Pharmaceuticals (PHIP Updates) - Some Points Worth the Attention

<ul>
<li>Visen Pharmaceuticals is looking at raising up to USD 300m to list in Hong Kong.</li>
<li>We look at the company’s core product and highlight two unfavorable trends.</li>
<li>We are not excited about the company’s fundamentals, and are not keen in the deal.</li>
</ul>


Visen Pharmaceuticals is looking at raising up to USD 300m to list in Hong Kong.
We look at the company’s core product and highlight two unfavorable trends.
We are not excited about the company’s fundamentals, and are not keen in the deal.


Visen Pharmaceuticals IPO: Unfavorable Trends

China

Changchun High & New Technology Industry (Group) Inc. is an investment holding company.  Through its subsidiaries, the Company manufactures biopharmaceuticals and Chinese traditional medicines, constructs infrastructure facilities, manufactures electrolytic condensers, and develops and manages real estate.

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Changchun High & New Tech A (000661 CH)

CSI 100 Index Earning Revision (Jun): Industrial Bank, Satellite Chemical, Zhejiang Nhu

We analyzed CSI 100's consensus for Jun 2025 and highlighted changes of EPS in Industrial Bank (601166 CH), Satellite Chemical (002648 CH),...

Ke Yan, CFA, FRM

Visen Pharmaceuticals (维升药业) IPO: PHIP Updates Don't Look Positive

Visen Pharmaceuticals plans to raise up to USD 300m for a Hong Kong listing. We look at changes to prospectus, which don't make the company look...

Ke Yan, CFA, FRM

Pre-IPO VISEN Pharmaceuticals (PHIP Updates) - Some Points Worth the Attention

Concerns arise over VISEN's R&D capabilities, facing challenges in a competitive market with potential price system disruption and limited market...

Xinyao (Criss) Wang

Visen Pharmaceuticals IPO: Unfavorable Trends

Visen Pharmaceuticals plans to raise $300m for a Hong Kong listing, but concerns about their core product and unfavorable trends make us not keen...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CSI 100 Index Earning Revision (Jun): Industrial Bank, Satellite Chemical, Zhejiang Nhu

We analyzed CSI 100's consensus for Jun 2025 and highlighted changes of EPS in Industrial Bank (601166 CH), Satellite Chemical (002648 CH),...

Ke Yan, CFA, FRM

Jiangsu Hengrui Pharma H Share Listing: The Investment Case

Hengrui Pharma has filed its PHIP for an H Share listing to raise US$2 billion. In this note, we discuss the key tenets of the investment case.

Arun George

Visen Pharmaceuticals (维升药业) IPO: PHIP Updates Don't Look Positive

​Visen Pharmaceuticals plans to raise up to USD 300m for a Hong Kong listing. We look at changes to prospectus, which don't make the company look...

Ke Yan, CFA, FRM

Pre-IPO VISEN Pharmaceuticals (PHIP Updates) - Some Points Worth the Attention

​Concerns arise over VISEN's R&D capabilities, facing challenges in a competitive market with potential price system disruption and limited market...

Xinyao (Criss) Wang

Visen Pharmaceuticals IPO: Unfavorable Trends

​Visen Pharmaceuticals plans to raise $300m for a Hong Kong listing, but concerns about their core product and unfavorable trends make us not keen...

Ke Yan, CFA, FRM

Visen Pharmaceuticals plans to raise up to USD 300m for a Hong Kong listing. We look at changes to prospectus, which don't make the company look...

Concerns arise over VISEN's R&D capabilities, facing challenges in a competitive market with potential price system disruption and limited market...

Visen Pharmaceuticals plans to raise $300m for a Hong Kong listing, but concerns about their core product and unfavorable trends make us not keen...