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.

Equity Capital Markets

Cloudbreak Pharma / Equity Capital Markets

<ul>
<li>Cloudbreak re-filed for a Hong Kong listing in December 2024 to raise at least USD 100 million.</li>
<li>In this note, we look at updates to its product lines. The progress of core products is on track while there are significant delays observed for other products.</li>
<li>We have a negative readthrough from the leading competitor of its core product.</li>
</ul>


Cloudbreak re-filed for a Hong Kong listing in December 2024 to raise at least USD 100 million.
In this note, we look at updates to its product lines. The progress of core products is on track while there are significant delays observed for other products.
We have a negative readthrough from the leading competitor of its core product.


Cloudbreak 拨康视云 IPO: Negative Readthrough from Underperforming Market Leader

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, neither of the two listings performed last week, while more are lining up to list across the region.</li>
<li>On the placements front, given the ongoing earnings season there weren't any deals. We did look at lockups and other possible upcoming deals.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, neither of the two listings performed last week, while more are lining up to list across the region.
On the placements front, given the ongoing earnings season there weren't any deals. We did look at lockups and other possible upcoming deals.


ECM Weekly (10th Feb 2025) - Haitian, Guming, LG CNS, Dr Agarwal, Ola, Brainbees, Kaynes, Whirlpool

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Surgery is doctors’ first choice in many cases. Ophthalmic medical devices are also popular. Compared to the market size of ophthalmic surgeries/medical devices, market size of ophthalmic drugs is small.</li>
<li>Although CLOUDBREAK’s pipeline has the potential to become first-in-class/best-in-class therapies to address unmet medical needs, considering fierce competition, the real market opportunities for its drug candidates may be smaller-than-expected</li>
<li>In last funding round before the IPO, CLOUDBREAK was valued at US$469 million.Valuation of CLOUDBREAK should be lower than <a href="https://www.smartkarma.com/entities/ocumension-therapeutics" target="_blank" data-smartkarma-citation="entities:29140:1" rel="noopener">Ocumension Therapeutics</a>. So, premium space for IPO pricing may be limited.</li>
</ul>


Surgery is doctors’ first choice in many cases. Ophthalmic medical devices are also popular. Compared to the market size of ophthalmic surgeries/medical devices, market size of ophthalmic drugs is small.
Although CLOUDBREAK’s pipeline has the potential to become first-in-class/best-in-class therapies to address unmet medical needs, considering fierce competition, the real market opportunities for its drug candidates may be smaller-than-expected
In last funding round before the IPO, CLOUDBREAK was valued at US$469 million.Valuation of CLOUDBREAK should be lower than Ocumension Therapeutics. So, premium space for IPO pricing may be limited.


Pre-IPO Cloudbreak Pharma - The Business, the Concerns and the Outlook

<ul>
<li>Cloudbreak Pharma, a China-based clinical-stage biotechnology company, plans to raise up to US$200m via a Hong Kong listing.</li>
<li>In this note, we examine the company's core products, namely CBT-001 and CBT-009, for pterygium and juvenile myopia respectively.</li>
<li>We are seeing a lack of convincing sustainable innovation from the company. Pre-IPO investors and management are mediocre.</li>
</ul>


Cloudbreak Pharma, a China-based clinical-stage biotechnology company, plans to raise up to US$200m via a Hong Kong listing.
In this note, we examine the company's core products, namely CBT-001 and CBT-009, for pterygium and juvenile myopia respectively.
We are seeing a lack of convincing sustainable innovation from the company. Pre-IPO investors and management are mediocre.


Cloudbreak Pharma (拨康视云) Pre-IPO: Old Drug, New Formulation

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Cloudbreak Pharma (CBP HK)

Cloudbreak 拨康视云 IPO: Negative Readthrough from Underperforming Market Leader

Cloudbreak re-files for Hong Kong listing to raise $100M, core product progress on track but delays in other products, negative readthrough from...

Ke Yan, CFA, FRM

ECM Weekly (10th Feb 2025) - Haitian, Guming, LG CNS, Dr Agarwal, Ola, Brainbees, Kaynes, Whirlpool

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Pre-IPO Cloudbreak Pharma - The Business, the Concerns and the Outlook

CLOUDBREAK is a promising niche player to address unmet medical needs, but market size of ophthalmic drugs is small with fierce competition....

Xinyao (Criss) Wang

Cloudbreak Pharma (拨康视云) Pre-IPO: Old Drug, New Formulation

Cloudbreak is a China based clinical stage biotech with a focus on opthalmology drugs. The company is seeking a HK listing and we examine its core...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Cloudbreak 拨康视云 IPO: Negative Readthrough from Underperforming Market Leader

​Cloudbreak re-files for Hong Kong listing to raise $100M, core product progress on track but delays in other products, negative readthrough from...

Ke Yan, CFA, FRM

ECM Weekly (10th Feb 2025) - Haitian, Guming, LG CNS, Dr Agarwal, Ola, Brainbees, Kaynes, Whirlpool

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Pre-IPO Cloudbreak Pharma - The Business, the Concerns and the Outlook

CLOUDBREAK is a promising niche player to address unmet medical needs, but market size of ophthalmic drugs is small with fierce competition....

Xinyao (Criss) Wang

Cloudbreak Pharma (拨康视云) Pre-IPO: Old Drug, New Formulation

Cloudbreak is a China based clinical stage biotech with a focus on opthalmology drugs. The company is seeking a HK listing and we examine its core...

Ke Yan, CFA, FRM

Cloudbreak re-files for Hong Kong listing to raise $100M, core product progress on track but delays in other products, negative readthrough from...