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

CSPC Innovation Pharmaceutical-A / Equity Capital Markets

<ul>
<li>CSPC Innovation, a subsidiary of HK-listed CSPC, is looking to raise at least USD 100 million via an A+H listing. CITIC and SDICSI are the joint book runners.</li>
<li>In this note, we look at the company’s anchor products, SYS6010 and SYS6002, and assess the selling point around the core products.</li>
<li>We also briefly look at its potential range of pricing for respective business segments.</li>
</ul>


CSPC Innovation, a subsidiary of HK-listed CSPC, is looking to raise at least USD 100 million via an A+H listing. CITIC and SDICSI are the joint book runners.
In this note, we look at the company’s anchor products, SYS6010 and SYS6002, and assess the selling point around the core products.
We also briefly look at its potential range of pricing for respective business segments.


CSPC Innovation (石药创新) A+H Pre-IPO Quick Comment: Me-Toos Overweigh Innovative Candidates

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cspc-innovation-pharmaceutical-a" target="_blank" data-smartkarma-citation="entities:29829:1" rel="noopener">CSPC Innovation Pharmaceutical-A (300765 CH)</a> has applied for H share listing on the Hong Kong Stock Exchange, with CITIC Securities being the sole sponsor to the issue.</li>
<li>The company intends to raise fund for financing biopharmaceuticals R&amp;D, acquisitions of companies or drug assets to expand product portfolio, and commercialization of approved products and late-stage product candidates.</li>
<li>CSPC Innovation shares have been listed in China since 2019. After strong run-up from September 2023 to June 2025 (shares jumped 5x), shares fell 43% over the last six months.</li>
</ul>



CSPC Innovation Pharmaceutical-A (300765 CH) has applied for H share listing on the Hong Kong Stock Exchange, with CITIC Securities being the sole sponsor to the issue.
The company intends to raise fund for financing biopharmaceuticals R&amp;D, acquisitions of companies or drug assets to expand product portfolio, and commercialization of approved products and late-stage product candidates.
CSPC Innovation shares have been listed in China since 2019. After strong run-up from September 2023 to June 2025 (shares jumped 5x), shares fell 43% over the last six months.


CSPC Innovation (300765 CH) A/H Listing: Shifting Focus to Biopharma Augurs Well

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Hunan Mabgeek Biotech / Equity Capital Markets

<ul>
<li>The low diagnosis rate has been one of the main reasons why the sales performance of drugs for autoimmune diseases in China is much lower than that in overseas markets.</li>
<li>Despite slightly better clinical data than dupilumab/stapokibart, MG-K10 may not achieve a significant actual clinical difference in the end. For MG-014, its prospects could be uncertain in China market. </li>
<li>Since Mabgeek has no commercialized product on the market, and the R&amp;D progress is lagging behind competing products, together with fierce competition, valuation of Mabgeek would be lower than peers.</li>
</ul>


The low diagnosis rate has been one of the main reasons why the sales performance of drugs for autoimmune diseases in China is much lower than that in overseas markets.
Despite slightly better clinical data than dupilumab/stapokibart, MG-K10 may not achieve a significant actual clinical difference in the end. For MG-014, its prospects could be uncertain in China market. 
Since Mabgeek has no commercialized product on the market, and the R&amp;D progress is lagging behind competing products, together with fierce competition, valuation of Mabgeek would be lower than peers.


Pre-IPO Hunan Mabgeek Biotech - The Concerns and the Outlook

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Victory Giant Technology -A / Index Rebalance

<ul>
<li>There could be 12 changes at the December rebalance with the Information Technology sector gaining 2 index spots and a smaller number of changes in the other sectors.</li>
<li>We estimate one-way turnover of 2.7% at the rebalance leading to a round-trip trade of CNY 69.8bn (US$9.8bn). There are 8 stocks with over 2x ADV to trade.</li>
<li>The forecast adds have outperformed the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300 Index</a> over the last 5 months while the forecast deletes have underperformed the index.</li>
</ul>


There could be 12 changes at the December rebalance with the Information Technology sector gaining 2 index spots and a smaller number of changes in the other sectors.
We estimate one-way turnover of 2.7% at the rebalance leading to a round-trip trade of CNY 69.8bn (US$9.8bn). There are 8 stocks with over 2x ADV to trade.
The forecast adds have outperformed the CSI 300 Index over the last 5 months while the forecast deletes have underperformed the index.


CSI300 Index Rebalance Preview: 12 Changes a Side as Trade Nears US$10bn

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> aims to raise around US$650m via its H-share placement.</li>
<li>The stock has been on a roll this year and recently announced strong earnings as well. Although it’s now trading at its 52-week highs.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



WuXi AppTec (2359 HK) aims to raise around US$650m via its H-share placement.
The stock has been on a roll this year and recently announced strong earnings as well. Although it’s now trading at its 52-week highs.
In this note, we will talk about the placement and run the deal through our ECM framework.


Wuxi AppTec Placement - Momentum Is Very Strong, Though It Is a Bit Opportunistic

China

CSPC Innovation Pharmaceutical Co.,Ltd. manufactures bulk pharmaceutical chemical products. The Company develops and markets diprophylline, theobromine, pentoxifylline, doxofylline, psychotropic drugs, and other products. CSPC Innovation Pharmaceutical also produces vitamin products, functional foods, and other products.

CSPC Innovation Pharmaceutical-A (300765 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

CSPC Innovation Pharmaceutical-A (300765 CH)

CSPC Innovation (石药创新) A+H Pre-IPO Quick Comment: Me-Toos Overweigh Innovative Candidates

Chinext listed CSPC Innovation plans to raise $100 million through A+H listing. We assessed the product pipeline of its biopharm business in this...

Ke Yan, CFA, FRM

CSPC Innovation (300765 CH) A/H Listing: Shifting Focus to Biopharma Augurs Well

CSPC Innovation has applied for H share listing. The company intends to raise fund for financing biopharmaceuticals R&D, acquisition, and...

Tina Banerjee

Pre-IPO Hunan Mabgeek Biotech - The Concerns and the Outlook

Low diagnosis in China lead to lower sales of autoimmune disease drug compared to overseas markets.MG-K10 may not have superiority, while MG-014's...

Xinyao (Criss) Wang

CSI300 Index Rebalance Preview: 12 Changes a Side as Trade Nears US$10bn

There could be 12 changes in Dec. Estimate one-way turnover is 2.7% resulting in a round-trip trade of US$9.8bn. The adds have outperformed the...

Brian Freitas

Wuxi AppTec Placement - Momentum Is Very Strong, Though It Is a Bit Opportunistic

WuXi AppTec (2359 HK) aims to raise around US$650m via its H-share placement. In this note, we run the deal through our ECM framework and talk...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CSPC Innovation (石药创新) A+H Pre-IPO Quick Comment: Me-Toos Overweigh Innovative Candidates

Chinext listed ​CSPC Innovation plans to raise $100 million through A+H listing. We assessed the product pipeline of its biopharm business in this...

Ke Yan, CFA, FRM

CSPC Innovation (300765 CH) A/H Listing: Shifting Focus to Biopharma Augurs Well

CSPC Innovation has applied for H share listing. The company intends to raise fund for financing biopharmaceuticals R&D, acquisition, and...

Tina Banerjee

Pre-IPO Hunan Mabgeek Biotech - The Concerns and the Outlook

​Low diagnosis in China lead to lower sales of autoimmune disease drug compared to overseas markets.MG-K10 may not have superiority, while MG-014's...

Xinyao (Criss) Wang

CSI300 Index Rebalance Preview: 12 Changes a Side as Trade Nears US$10bn

There could be 12 changes in Dec. Estimate one-way turnover is 2.7% resulting in a round-trip trade of US$9.8bn. The adds have outperformed the...

Brian Freitas

Wuxi AppTec Placement - Momentum Is Very Strong, Though It Is a Bit Opportunistic

WuXi AppTec (2359 HK) aims to raise around US$650m via its H-share placement. In this note, we run the deal through our ECM framework and talk...

Sumeet Singh

Chinext listed CSPC Innovation plans to raise $100 million through A+H listing. We assessed the product pipeline of its biopharm business in this...

Low diagnosis in China lead to lower sales of autoimmune disease drug compared to overseas markets.MG-K10 may not have superiority, while MG-014's...