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

Sirius Therapeutics / Equity Capital Markets

<ul>
<li>Sirius Therapeutics, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS, Haitong, and HSBC are the joint sponsors.</li>
<li>In this note, we look at the company’s core products, SRSD107, and the key product SRSD216.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


Sirius Therapeutics, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS, Haitong, and HSBC are the joint sponsors.
In this note, we look at the company’s core products, SRSD107, and the key product SRSD216.
We also look at the company’s pre-IPO investors and management team.


Sirius (靖因) Pre-IPO: Credible SiRNA Products

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.</li>
<li>For now, we continue to expect support to show up at the 4-month uptrend, which generally coincides with the 20-day MA.</li>
<li>Speculative growth themes and metals/mining (GDX, XME) remain leadership, which we expect to continue through year-end and into the early part of 2026</li>
</ul>


We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.
For now, we continue to expect support to show up at the 4-month uptrend, which generally coincides with the 20-day MA.
Speculative growth themes and metals/mining (GDX, XME) remain leadership, which we expect to continue through year-end and into the early part of 2026


S&P 500 and Russell 2000 4+ Month Uptrends Intact; Stick With Growth Themes and Metals/Mining

Research from ACF Equity Research, ACF Equity Research

ACF Equity Research

Research from ACF Equity Research

Accuracy | Clarity | Foresight

ACF was set up to improve the effectiveness of capital markets for smaller and mid-sized companies. The majority of jobs are created by smaller companies not global companies. If we can help improve companies use of capital markets more projects will be completed, more jobs created, more global GDP grown, which in turn helps create more resources for education, leading to equality and opportunity for those who are still oppressed by ignorance and poverty.

ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate our professional investor readers about your company, with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

We believe in the importance and value of clarity, the careful articulation of technical ideas, concepts and solutions.

Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications.

Thematic (Sector/Industry)

<ul>
<li>We consider the merged platform Kadimastem (KDST.TA) + NLS Pharmaceutics (NLSP:NasdaqCM).</li>
<li>We provide an investment case analysis and a selection of merged metrics prior to any synergies.</li>
<li>The merger creates a cross-platform pre-revenue biotech with lead programs including a proprietary stem-differentiation platform capable of delivering scalable therapies for replacing lost or damaged cells; IsletRx could revolutionize insulin production for Type 1 diabetes (T1D) patients; AstroRx® targets neurodegenerative diseases (NDDs); and a clinical-stage Dual Orexin Receptor Agonist (DOXA) platform targets NDD therapies and metabolic disorders including ALS and sleep-wake disorders.</li>
</ul>


We consider the merged platform Kadimastem (KDST.TA) + NLS Pharmaceutics (NLSP:NasdaqCM).
We provide an investment case analysis and a selection of merged metrics prior to any synergies.
The merger creates a cross-platform pre-revenue biotech with lead programs including a proprietary stem-differentiation platform capable of delivering scalable therapies for replacing lost or damaged cells; IsletRx could revolutionize insulin production for Type 1 diabetes (T1D) patients; AstroRx® targets neurodegenerative diseases (NDDs); and a clinical-stage Dual Orexin Receptor Agonist (DOXA) platform targets NDD therapies and metabolic disorders including ALS and sleep-wake disorders.


KDST + NLSP Combined Core Investment Case 29052025

<ul>
<li>Diabetes mellitus, Type 1 (T1D) and Type 2 (T2D, 85-90% of cases), is a USD ~75bn global therapy market.</li>
<li>Global economic costs of diabetes may exceed USD1 trn today and USD 450bn in the US, suggesting a pressing global health challenge.</li>
<li>Diabetes is a chronic metabolic disorder characterized by high blood sugar levels.</li>
</ul>


Diabetes mellitus, Type 1 (T1D) and Type 2 (T2D, 85-90% of cases), is a USD ~75bn global therapy market.
Global economic costs of diabetes may exceed USD1 trn today and USD 450bn in the US, suggesting a pressing global health challenge.
Diabetes is a chronic metabolic disorder characterized by high blood sugar levels.


ACF Thematic Research Regenerative Medicine Diabetes Treatment & Innovation 13032025

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

CRISPR Therapeutics AG / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/crispr-therapeutics-ag" target="_blank" data-smartkarma-citation="entities:23652:1" rel="noopener">CRISPR Therapeutics AG (CRSP US)</a> completed regulatory submissions for exa-cel in the U.S., EU, and UK, positioning exa-cel to potentially become the first approved CRISPR-based therapy in the world.</li>
<li>According to Evaluate Pharma, if approved, exa-cel’s revenue is expected to be $1B+ in 2028, with expected market share of 20% in sickle cell and 36% in beta thalassemia.</li>
<li>As of March 31, 2023, CRISPR has cash, cash equivalents, and marketable securities of $1,889.5M, which is sufficient to fund its operating expenses for ~3 years.</li>
</ul>



CRISPR Therapeutics AG (CRSP US) completed regulatory submissions for exa-cel in the U.S., EU, and UK, positioning exa-cel to potentially become the first approved CRISPR-based therapy in the world.
According to Evaluate Pharma, if approved, exa-cel’s revenue is expected to be $1B+ in 2028, with expected market share of 20% in sickle cell and 36% in beta thalassemia.
As of March 31, 2023, CRISPR has cash, cash equivalents, and marketable securities of $1,889.5M, which is sufficient to fund its operating expenses for ~3 years.


CRISPR Therapeutics AG (CRSP US): First Genome Editing Based Drug Candidate Seeking FDA Approval

United States

CRISPR Therapeutics AG is a bio-technology company. The Company researches, develops, and manufactures biological transformative gene-based medicines and other related products. CRISPR Therapeutics operates in Switzerland.

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CRISPR Therapeutics AG (CRSP US)

Sirius (靖因) Pre-IPO: Credible SiRNA Products

China's Sirius Therapeutics plans to raise $100 million through a Hong Kong listing. The insight discusses their core products, pre-IPO investors,...

Ke Yan, CFA, FRM

S&P 500 and Russell 2000 4+ Month Uptrends Intact; Stick With Growth Themes and Metals/Mining

S&P 500 and Russell 2000 4+ Month Uptrends Intact; Stick With Growth Themes and Metals/Mining $GDX $XME $ARKG $ARKK $ARKQ $ARKX $ARKW $ARKF $GRAL...

Vermilion Research

KDST + NLSP Combined Core Investment Case 29052025

We consider the merged platform Kadimastem (KDST.TA) + NLS Pharmaceutics (NLSP:NasdaqCM). We provide an investment case analysis and a selection of...

ACF Equity Research

ACF Thematic Research Regenerative Medicine Diabetes Treatment & Innovation 13032025

Global economic costs of diabetes may exceed USD1 trn today and USD 450bn in the US, suggesting a pressing global health challenge.

ACF Equity Research