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

Duality Biotherapeutics / Equity Capital Markets

<ul>
<li>Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$250m via a Hong Kong listing.</li>
<li>We looked at the latest prospectus and noted it toned down the language and strengthened its team.</li>
<li>We also compare the clinical readings of its core products with benchmark products.</li>
</ul>


Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$250m via a Hong Kong listing.
We looked at the latest prospectus and noted it toned down the language and strengthened its team.
We also compare the clinical readings of its core products with benchmark products.


Duality Biotherapeutics (映恩生物) Pre-IPO: A Closer Look at Its Core Products

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Since DB-1303 has no advantage in clinical data in front of competing products, the commercialization outlook is gloomy. The priority for DB-1311 is to verify the druggability of this target.</li>
<li>Considering that the current capital market has become more and more rational toward innovative drug/biotech companies, the absence of commercialized products of Duality will obviously affect valuation expectations.</li>
<li>The post-money valuation after Series B+ financing is about US$270 million (or about RMB2 billion), which is not expensive, and there is a chance to obtain valuation premium after IPO. </li>
</ul>


Since DB-1303 has no advantage in clinical data in front of competing products, the commercialization outlook is gloomy. The priority for DB-1311 is to verify the druggability of this target.
Considering that the current capital market has become more and more rational toward innovative drug/biotech companies, the absence of commercialized products of Duality will obviously affect valuation expectations.
The post-money valuation after Series B+ financing is about US$270 million (or about RMB2 billion), which is not expensive, and there is a chance to obtain valuation premium after IPO. 


Pre-IPO Duality Biotherapeutics (PHIP Updates) - Some Points Worth the Attention

<ul>
<li>Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$300m via a Hong Kong listing.</li>
<li>The company has passed the hearing for the listing and filed a new version of the prospectus.</li>
<li>We look at the difference between previous filing and current filing.</li>
</ul>


Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$300m via a Hong Kong listing.
The company has passed the hearing for the listing and filed a new version of the prospectus.
We look at the difference between previous filing and current filing.


Duality Biotherapeutics (映恩生物) Pre-IPO: PHIP Updates Show Slight Improvements

<ul>
<li>Founder Zhu Zhongyuan is a key figure in biotech landscape.So, when Duality first started its entrepreneurial financing, the process was smooth and the starting point of Duality was not low.</li>
<li>The R&amp;D progress of Duality’s pipelines is slower than competing candidates, so they would be in a passive position after market launch. So, Duality’s valuation would be lower than Kelun Bio.</li>
<li>Duality’s pipeline still has “good stories” to tell. There’s a chance its valuation could be higher than RemeGen, whose business model/investment logic have been falsified due to weak sales data.</li>
</ul>


Founder Zhu Zhongyuan is a key figure in biotech landscape.So, when Duality first started its entrepreneurial financing, the process was smooth and the starting point of Duality was not low.
The R&amp;D progress of Duality’s pipelines is slower than competing candidates, so they would be in a passive position after market launch. So, Duality’s valuation would be lower than Kelun Bio.
Duality’s pipeline still has “good stories” to tell. There’s a chance its valuation could be higher than RemeGen, whose business model/investment logic have been falsified due to weak sales data.


Pre-IPO Duality Biotherapeutics - Has the Potential to Surpass RemeGen

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<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

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.

Price Gauge
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Duality Biotherapeutics (9606 HK)

Duality Biotherapeutics (映恩生物) Pre-IPO: A Closer Look at Its Core Products

China's Duality Biotherapeutics aims to raise $250m through a Hong Kong listing, with a revised prospectus. In this insight, we took a closer look...

Ke Yan, CFA, FRM

Pre-IPO Duality Biotherapeutics (PHIP Updates) - Some Points Worth the Attention

DB-1303 face challenges in commercialization.The priority for DB-1311 is to verify the druggability. Duality’s pre-IPO valuation isn't...

Xinyao (Criss) Wang

Duality Biotherapeutics (映恩生物) Pre-IPO: PHIP Updates Show Slight Improvements

China's Duality Biotherapeutics aims to raise $300m through a Hong Kong listing. We looked at the changes between previous filing and the PHIP...

Ke Yan, CFA, FRM

Pre-IPO Duality Biotherapeutics - Has the Potential to Surpass RemeGen

Founder Zhu Zhongyuan's role in biotech landscape helped Duality secure a high starting point, but slower R&D progress is a concern.Potential for...

Xinyao (Criss) Wang

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Duality Biotherapeutics (映恩生物) Pre-IPO: A Closer Look at Its Core Products

​China's Duality Biotherapeutics aims to raise $250m through a Hong Kong listing, with a revised prospectus. In this insight, we took a closer look...

Ke Yan, CFA, FRM

Pre-IPO Duality Biotherapeutics (PHIP Updates) - Some Points Worth the Attention

​DB-1303 face challenges in commercialization.The priority for DB-1311 is to verify the druggability. Duality’s pre-IPO valuation isn't...

Xinyao (Criss) Wang

Duality Biotherapeutics (映恩生物) Pre-IPO: PHIP Updates Show Slight Improvements

​China's Duality Biotherapeutics aims to raise $300m through a Hong Kong listing. We looked at the changes between previous filing and the PHIP...

Ke Yan, CFA, FRM

Pre-IPO Duality Biotherapeutics - Has the Potential to Surpass RemeGen

​Founder Zhu Zhongyuan's role in biotech landscape helped Duality secure a high starting point, but slower R&D progress is a concern.Potential for...

Xinyao (Criss) Wang

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's Duality Biotherapeutics aims to raise $250m through a Hong Kong listing, with a revised prospectus. In this insight, we took a closer look...

DB-1303 face challenges in commercialization.The priority for DB-1311 is to verify the druggability. Duality’s pre-IPO valuation isn't...

China's Duality Biotherapeutics aims to raise $300m through a Hong Kong listing. We looked at the changes between previous filing and the PHIP...

Founder Zhu Zhongyuan's role in biotech landscape helped Duality secure a high starting point, but slower R&D progress is a concern.Potential for...

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.