HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Cloudbreak Pharma / Equity Capital Markets

<ul>
<li>Since diagnosis/treatment rate of pterygium is low, it’s uncertain how many patients will be willing to pay high price for CBT-001. CBT-009 may lose first-mover advantage in front of Ryjunea.</li>
<li>Due to pressure on cash flow, the development progress of CBT-006 and CBT-004 could be slower-than-expected. CBT-004’s sales may be squeezed due to the off-label use of anti VEGF drugs. </li>
<li>Valuation could be lower than peers considering that CLOUDBREAK has out-licensed commercialization rights of core product and has to face fierce competition and uncertain market demand after the product launch.</li>
</ul>


Since diagnosis/treatment rate of pterygium is low, it’s uncertain how many patients will be willing to pay high price for CBT-001. CBT-009 may lose first-mover advantage in front of Ryjunea.
Due to pressure on cash flow, the development progress of CBT-006 and CBT-004 could be slower-than-expected. CBT-004’s sales may be squeezed due to the off-label use of anti VEGF drugs. 
Valuation could be lower than peers considering that CLOUDBREAK has out-licensed commercialization rights of core product and has to face fierce competition and uncertain market demand after the product launch.


Pre-IPO Cloudbreak Pharma (PHIP Updates) - Some Points Worth the Attention

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.

<ul>
<li>Cloudbreak re-filed for a Hong Kong listing to raise at least USD 100 million.</li>
<li>In this note, we look at updates to the prospectus. We noted delays in its products and downward revisions of prospects.</li>
<li>We checked peer performance and have a negative readthrough for the company.</li>
</ul>


Cloudbreak re-filed for a Hong Kong listing to raise at least USD 100 million.
In this note, we look at updates to the prospectus. We noted delays in its products and downward revisions of prospects.
We checked peer performance and have a negative readthrough for the company.


Cloudbreak (拨康视云) Pre-IPO: PHIP Updates

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, in a busy listing week, the results from listing were mixed.</li>
<li>On the placements front, there were a number of large deals across the region.</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, in a busy listing week, the results from listing were mixed.
On the placements front, there were a number of large deals across the region.


ECM Weekly (30 June 2025) - FWD, Anjoy, IFBH, HDB Financials, Virgin, Xero, Shinhan, Innovent

<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

<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

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Cloudbreak Pharma (CBP HK)

Pre-IPO Cloudbreak Pharma (PHIP Updates) - Some Points Worth the Attention

Low diagnosis/treatment rate for pterygium may impact willingness to pay for CBT-001. Commercialization outlook is highly uncertain due to...

Xinyao (Criss) Wang

Cloudbreak (拨康视云) Pre-IPO: PHIP Updates

Cloudbreak re-files for Hong Kong listing, facing delays and downward revisions in prospects with negative peer performance readthrough.

Ke Yan, CFA, FRM

ECM Weekly (30 June 2025) - FWD, Anjoy, IFBH, HDB Financials, Virgin, Xero, Shinhan, Innovent

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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Cloudbreak Pharma (PHIP Updates) - Some Points Worth the Attention

​Low diagnosis/treatment rate for pterygium may impact willingness to pay for CBT-001. Commercialization outlook is highly uncertain due to...

Xinyao (Criss) Wang

Cloudbreak (拨康视云) Pre-IPO: PHIP Updates

​Cloudbreak re-files for Hong Kong listing, facing delays and downward revisions in prospects with negative peer performance readthrough.

Ke Yan, CFA, FRM

ECM Weekly (30 June 2025) - FWD, Anjoy, IFBH, HDB Financials, Virgin, Xero, Shinhan, Innovent

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

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

Low diagnosis/treatment rate for pterygium may impact willingness to pay for CBT-001. Commercialization outlook is highly uncertain due to...

Cloudbreak re-files for Hong Kong listing, facing delays and downward revisions in prospects with negative peer performance readthrough.

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