Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/duality-biotherapeutics-inc" target="_blank" data-smartkarma-citation="entities:43878:1" rel="noopener">Duality Biotherapeutics (9606 HK)</a>' s raised around US$200m in its Hong Kong listing in April 2025. The lockup on its cornerstone and pre-IPO investors is set to expire today.</li>
<li>Duality is a biopharma company focused primarily on the independent discovery and development of antibody-drug conjugate (ADC) assets.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Duality Biotherapeutics (9606 HK)' s raised around US$200m in its Hong Kong listing in April 2025. The lockup on its cornerstone and pre-IPO investors is set to expire today.
Duality is a biopharma company focused primarily on the independent discovery and development of antibody-drug conjugate (ADC) assets.
In this note, we will talk about the lockup dynamics and possible placement.


Duality Bio IPO Lockup - US$2.7bn Lockup Release, with Lots of CCASS Movement

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Duality Biotherapeutics / Equity Bottom-Up

<ul>
<li>Trump said he will place import taxes on 100% of pharmaceutical drugs, which will begin on Oct.1. Below, we shared our views on this new policy.</li>
<li>Some companies continue to repurchase/increase their holdings despite the industry's significant rise this year, indicating that major shareholders truly have confidence in the outlook. We specifically listed these companies.</li>
<li>The fluctuations in Duality’s stock price are obviously driven by capital after being included in HK Stock Connect. we suggest that investors pay attention to risks as Duality faces correction.</li>
</ul>


Trump said he will place import taxes on 100% of pharmaceutical drugs, which will begin on Oct.1. Below, we shared our views on this new policy.
Some companies continue to repurchase/increase their holdings despite the industry's significant rise this year, indicating that major shareholders truly have confidence in the outlook. We specifically listed these companies.
The fluctuations in Duality’s stock price are obviously driven by capital after being included in HK Stock Connect. we suggest that investors pay attention to risks as Duality faces correction.


China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Differentiated ADC product pipeline. DualityBio has a robust pipeline of in-house discovered antibody-drug conjugate (ADC) candidates which is a testament to the Company's prowess in ADC innovation.</li><li>DB-1303/BNT323 (HER2 ADC)’s first indication (HER2-expressing EC) is projected to file FDA accelerated approval as early as 2025 as per the management.</li><li>DB1311/BNT324 (B7-H3 ADC) is under development both as monotherapy and in combination with immunotherapy for SCLC, CRPC, among others. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Differentiated ADC product pipeline. DualityBio has a robust pipeline of in-house discovered antibody-drug conjugate (ADC) candidates which is a testament to the Company's prowess in ADC innovation.DB-1303/BNT323 (HER2 ADC)’s first indication (HER2-expressing EC) is projected to file FDA accelerated approval as early as 2025 as per the management.DB1311/BNT324 (B7-H3 ADC) is under development both as monotherapy and in combination with immunotherapy for SCLC, CRPC, among others. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DualityBio (9606 HK) - Emerging as a Global Leader in ADC Innovation...

Duality Biotherapeutics / Equity Capital Markets

<ul>
<li>Duality Biotherapeutics raised HKD 1,512m (USD 194m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, April 14th.</li>
<li>In our previous note, we looked at the company's business lines of ADC products and analyzed its valuation.</li>
<li>In this note, we provide an update for the IPO before trading debut.</li>
</ul>


Duality Biotherapeutics raised HKD 1,512m (USD 194m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, April 14th.
In our previous note, we looked at the company's business lines of ADC products and analyzed its valuation.
In this note, we provide an update for the IPO before trading debut.


Duality Biotherapeutics (映恩生物) Trading Update

Hong Kong

Duality Biotherapeutics, Inc. develops antibody drug conjugate products. The Company produces duality immune toxin antibody conjugates, duality innovative bispecific antibody conjugates, modulating antibody conjugates, duality unique payload antibody conjugates, and others. Duality Biotherapeutics markets its products throughout Japan.

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Duality Biotherapeutics (9606 HK)

Duality Bio IPO Lockup - US$2.7bn Lockup Release, with Lots of CCASS Movement

Duality Biotherapeutics (9606 HK)' s raised around US$200m in its Hong Kong listing in April 2025. The lockup on its cornerstone and pre-IPO...

Sumeet Singh

China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Trump’s 100% pharma tariff starting Oct. 1. Major shareholders of some companies increased their holdings at high prices. Fluctuations in Duality’s...

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

DualityBio (9606 HK) - Emerging as a Global Leader in ADC Innovation...

Differentiated ADC product pipeline. DualityBio has a robust pipeline of in-house discovered antibody-drug conjugate (ADC) candidates which is a...

CMB International

Duality Biotherapeutics (映恩生物) Trading Update

Duality Biotherapeutics raises $194m in global offering will list on Hong Kong Stock Exchange on April 14th. We provide an update before its...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Duality Bio IPO Lockup - US$2.7bn Lockup Release, with Lots of CCASS Movement

Duality Biotherapeutics (9606 HK)' s raised around US$200m in its Hong Kong listing in April 2025. The lockup on its cornerstone and pre-IPO...

Sumeet Singh

China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Trump’s 100% pharma tariff starting Oct. 1. Major shareholders of some companies increased their holdings at high prices. Fluctuations in Duality’s...

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

DualityBio (9606 HK) - Emerging as a Global Leader in ADC Innovation...

Differentiated ADC product pipeline. DualityBio has a robust pipeline of in-house discovered antibody-drug conjugate (ADC) candidates which is a...

CMB International

Duality Biotherapeutics (映恩生物) Trading Update

​Duality Biotherapeutics raises $194m in global offering will list on Hong Kong Stock Exchange on April 14th. We provide an update before its...

Ke Yan, CFA, FRM

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

Duality Biotherapeutics raises $194m in global offering will list on Hong Kong Stock Exchange on April 14th. We provide an update before its...