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.

Equity Capital Markets

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>The SEHK recently issued an update in response to its consultation paper in December 2025, with new mechanisms proposed for the IPO in the future.</li>
<li>In this note, we summarize the conclusion by HKEx and the rules to be implemented.</li>
<li>We are of the view that overall, the changes will benefit ECM investors with greater certainty in allocations.</li>
</ul>


The SEHK recently issued an update in response to its consultation paper in December 2025, with new mechanisms proposed for the IPO in the future.
In this note, we summarize the conclusion by HKEx and the rules to be implemented.
We are of the view that overall, the changes will benefit ECM investors with greater certainty in allocations.


HKEx Consultation Paper (Conclusion) - What Matters for ECM Investors

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

United Laboratories / Equity Capital Markets

<ul>
<li>WuXi AppTec’s 25H1 Profit Alert indicates the whole year performance may beat expectations. However, “valuation discount” reflects geopolitical risks. The intensive share repurchases is insignificant compared with previous share reductions.</li>
<li>Sino Biopharm will pay US$500.9 million to acquire LaNova. Based on pipeline/licensing cooperation, this is a deal with very high cost performance. However, valuation contribution may remain to be seen.</li>
<li>United Lab plans to raise HK$2.17 billion in net proceeds from Placement. Valuation logic will shift from a traditional bulk medicine company to innovative drug company. 15x P/E is expected.</li>
</ul>


WuXi AppTec’s 25H1 Profit Alert indicates the whole year performance may beat expectations. However, “valuation discount” reflects geopolitical risks. The intensive share repurchases is insignificant compared with previous share reductions.
Sino Biopharm will pay US$500.9 million to acquire LaNova. Based on pipeline/licensing cooperation, this is a deal with very high cost performance. However, valuation contribution may remain to be seen.
United Lab plans to raise HK$2.17 billion in net proceeds from Placement. Valuation logic will shift from a traditional bulk medicine company to innovative drug company. 15x P/E is expected.


China Healthcare Weekly(July20)-WuXi AppTec 25H1, Sino Biopharm Acquire LaNova, United Lab Placement

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Duality Biotherapeutics / Equity Bottom-Up

<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> is accelerating its core product candidates toward commercialization. Although superior clinical profile enhances approval prospects, competition holds key for market adoption.</li>
<li>Duality has multiple upcoming catalysts in 2026 to drive long-term growth. These are mostly various trial readouts and regulatory submissions. No approval is expected this year.</li>
<li>The company ended 2025 with sufficient cash balance of RMB3.3B, thanks to HKEX listing and business development deals. Duality Bio has announced $40M (~RMB270M) share buyback.</li>
</ul>



Duality Biotherapeutics (9606 HK) is accelerating its core product candidates toward commercialization. Although superior clinical profile enhances approval prospects, competition holds key for market adoption.
Duality has multiple upcoming catalysts in 2026 to drive long-term growth. These are mostly various trial readouts and regulatory submissions. No approval is expected this year.
The company ended 2025 with sufficient cash balance of RMB3.3B, thanks to HKEX listing and business development deals. Duality Bio has announced $40M (~RMB270M) share buyback.


Duality Biotherapeutics (9606 HK): Core Product Pipeline Is Progressing; Share Buyback Announced

Thematic (Sector/Industry)

<ul>
<li>CSPC Pharmaceutical’s SYS6010 met primary endpoint in Phase 3 study as a monotherapy for NSCLC. Akeso’s ivonescimab demonstrates significant overall survival in Phase 3 trial for advanced biliary tract cancer.</li>
<li>Takeda Pharma secured FDA approval for Mimrylo (rusfertide) for the treatment of erythrocytosis in adults with polycythemia vera. Astellas Pharma initiates global Phase 3 study evaluating ASP2138 for gastric cancers.</li>
<li>Hanmi Pharm outlicenses obesity drug candidate HM1732 to Genentech for a total deal value of $2.3B. SK Biopharmaceuticals entered an agreement to in-license opakalim, an investigational antiseizure medication, from Biohaven.</li>
</ul>


CSPC Pharmaceutical’s SYS6010 met primary endpoint in Phase 3 study as a monotherapy for NSCLC. Akeso’s ivonescimab demonstrates significant overall survival in Phase 3 trial for advanced biliary tract cancer.
Takeda Pharma secured FDA approval for Mimrylo (rusfertide) for the treatment of erythrocytosis in adults with polycythemia vera. Astellas Pharma initiates global Phase 3 study evaluating ASP2138 for gastric cancers.
Hanmi Pharm outlicenses obesity drug candidate HM1732 to Genentech for a total deal value of $2.3B. SK Biopharmaceuticals entered an agreement to in-license opakalim, an investigational antiseizure medication, from Biohaven.


APAC Healthcare Weekly (August 30)– CSPC Pharma, Akeso, Takeda, Astellas, Hanmi Pharm, SK Biopharma

Event-Driven

<ul>
<li>Hang Seng Indexes announced the latest Hang Seng Family / HSCI review results after market close on Feb 13</li>
<li>We reviewed the Sep 2025 HK Connect round to guide positioning for the upcoming adjustment.</li>
<li>We highlight the most actionable patterns from the Sep 2025 episode.</li>
</ul>


Hang Seng Indexes announced the latest Hang Seng Family / HSCI review results after market close on Feb 13
We reviewed the Sep 2025 HK Connect round to guide positioning for the upcoming adjustment.
We highlight the most actionable patterns from the Sep 2025 episode.


HSCI / HK Connect Inclusion (Mar 2026): Lessons from a Sep 2025 Retrospective Event Study

China

Duality Biotherapeutics is a clinical-stage biopharmaceutical company dedicated to the discovery and development of next-generation antibody-drug conjugates (ADCs) to treat cancer and autoimmune diseases. The company develops a pipeline of ADC candidates, including DB-1303/BNT323 (HER2 ADC), DB-1311/BNT324 (B7-H3 ADC), DB-1310 (HER3 ADC), and DB-1305/BNT325 (TROP2 ADC), for various cancers. Duality Biotherapeutics is headquartered in Shanghai, China, and was founded in 2019.

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Duality Biotherapeutics (9606 HK)

HKEx Consultation Paper (Conclusion) - What Matters for ECM Investors

SEHK updates IPO rules with new rules proposed. We looked at the rules to be implemented and concluded that it will benefit ECM investors in general.

Ke Yan, CFA, FRM

China Healthcare Weekly(July20)-WuXi AppTec 25H1, Sino Biopharm Acquire LaNova, United Lab Placement

WuXi AppTec’s 25H1 Profit Alert indicates 2025 result may beat expectation. Sino Biopharm's acquisition of LaNova show high cost...

Xinyao (Criss) Wang

APAC Healthcare Weekly (August 30)– CSPC Pharma, Akeso, Takeda, Astellas, Hanmi Pharm, SK Biopharma

CSPC and Akeso announced positive results from their respective Phase 3 trials for cancer drug candidates. Takeda got FDA approval for blood cancer...

Tina Banerjee

HSCI / HK Connect Inclusion (Mar 2026): Lessons from a Sep 2025 Retrospective Event Study

A retrospective study of the Sep 2025 HK Connect event reveals where the alpha sat, when mean reversion kicks in, and how Connect inflows and...

Ke Yan, CFA, FRM

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HKEx Consultation Paper (Conclusion) - What Matters for ECM Investors

​SEHK updates IPO rules with new rules proposed. We looked at the rules to be implemented and concluded that it will benefit ECM investors in general.

Ke Yan, CFA, FRM

China Healthcare Weekly(July20)-WuXi AppTec 25H1, Sino Biopharm Acquire LaNova, United Lab Placement

WuXi AppTec’s 25H1 Profit Alert indicates 2025 result may beat expectation. Sino Biopharm's acquisition of LaNova show high cost...

Xinyao (Criss) Wang