APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

APAC IPOs & Placements

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

CSPC Innovation Pharmaceutical-A (300765 CH)

<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> CSPC Innovation Pharma aims to raise around US$500m in its H-share listing.</li>
<li>CSPC Innovation Pharmaceutical is engaged in the research, development, manufacturing, and sale of caffeine, functional ingredients, consumer nutritional products, and biopharmaceuticals.</li>
<li>In this note, we talk about the company’s past performances.</li>
</ul>



CSPC Innovation Pharmaceutical-A (300765 CH) CSPC Innovation Pharma aims to raise around US$500m in its H-share listing.
CSPC Innovation Pharmaceutical is engaged in the research, development, manufacturing, and sale of caffeine, functional ingredients, consumer nutritional products, and biopharmaceuticals.
In this note, we talk about the company’s past performances.


Aequitas: CSPC Innovation Pharma A/H Listing - 1H26’s Performance Boosted by Licensing Deal

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Biren Technology / Equity Capital Markets

<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, <a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> is set to launch its US$3bn+ offering this week, while some listings continue to trickle through in Hong Kong. </li>
<li>On the placement front, the HK flows picked up post the holidays and we had a look at a few of the upcoming lockup expiries.</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, Jio Platforms is set to launch its US$3bn+ offering this week, while some listings continue to trickle through in Hong Kong. 
On the placement front, the HK flows picked up post the holidays and we had a look at a few of the upcoming lockup expiries.


Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>CSPC Innovation has fallen into a growth bottleneck. It is confronted with the sluggish growth of traditional pillar businesses, but new innovative drug/vaccine businesses have yet to form effective support.</li>
<li>Valuation performance of CSPC Innovation would be jointly determined by the “defensive nature” of its traditional business and the “aggressive nature” of its innovative drug pipeline.</li>
<li>CSPC Innovation is in a stage of "transition between the old and the new model" during the transformation process. Valuation could be close to <a href="https://www.smartkarma.com/entities/lepu-biopharma-co-ltd" target="_blank" data-smartkarma-citation="entities:33231:1" rel="noopener">Lepu Biopharma</a> but lower than Biokin. </li>
</ul>


CSPC Innovation has fallen into a growth bottleneck. It is confronted with the sluggish growth of traditional pillar businesses, but new innovative drug/vaccine businesses have yet to form effective support.
Valuation performance of CSPC Innovation would be jointly determined by the “defensive nature” of its traditional business and the “aggressive nature” of its innovative drug pipeline.
CSPC Innovation is in a stage of "transition between the old and the new model" during the transformation process. Valuation could be close to Lepu Biopharma but lower than Biokin. 


Pre-IPO CSPC Innovation Pharmaceutical (A/H Listing) - The Outlook Is Not Optimistic

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<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

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.

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CSPC Innovation Pharmaceutical-A (300765 CH)

Aequitas: CSPC Innovation Pharma A/H Listing - 1H26’s Performance Boosted by Licensing Deal

CSPC Innovation Pharmaceutical-A (300765 CH) CSPC Innovation Pharma aims to raise around US$500m in its H-share listing.

Hong Jie Seow

Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

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 CSPC Innovation Pharmaceutical (A/H Listing) - The Outlook Is Not Optimistic

CSPC Innovation faces growth challenge with traditional business slowing down and new ventures needing stronger support. Valuation hinges on...

Xinyao (Criss) Wang

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: CSPC Innovation Pharma A/H Listing - 1H26’s Performance Boosted by Licensing Deal

CSPC Innovation Pharmaceutical-A (300765 CH) CSPC Innovation Pharma aims to raise around US$500m in its H-share listing.

Hong Jie Seow

Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

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 CSPC Innovation Pharmaceutical (A/H Listing) - The Outlook Is Not Optimistic

​CSPC Innovation faces growth challenge with traditional business slowing down and new ventures needing stronger support. Valuation hinges on...

Xinyao (Criss) Wang

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

CSPC Innovation faces growth challenge with traditional business slowing down and new ventures needing stronger support. Valuation hinges on...

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