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

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

<ul>
<li>Duality, a China-based clinical-stage biotechnology company, launched its IPO to raise up to US$200m via a Hong Kong listing.</li>
<li>We look at the deal dynamics and latest developments in the biotech sector.</li>
<li>The deal initially presented upside for investors but there’s a portion of its valuation now at risk due to the latest development.</li>
</ul>


Duality, a China-based clinical-stage biotechnology company, launched its IPO to raise up to US$200m via a Hong Kong listing.
We look at the deal dynamics and latest developments in the biotech sector.
The deal initially presented upside for investors but there’s a portion of its valuation now at risk due to the latest development.


Duality Biotherapeutics (映恩生物) IPO: Valuation Upside at Risk

<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 look at the company's valuation based on its core products, namely DB-1303, DB-1311, and DB-1305.</li>
<li>We highlight key differences between our valuation and the broker valuation guidance.</li>
</ul>


Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$250m via a Hong Kong listing.
We look at the company's valuation based on its core products, namely DB-1303, DB-1311, and DB-1305.
We highlight key differences between our valuation and the broker valuation guidance.


Duality Biotherapeutics (映恩生物) Pre-IPO: Valuation and the Trap

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

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

Duality Biotherapeutics (映恩生物) IPO: Valuation Upside at Risk

We analyzed the dynamics of Duality Biotherapeutics' USD 200m Hong-Kong listing, and highlight how recent events put out valuation upside at risk.

Ke Yan, CFA, FRM

Duality Biotherapeutics (映恩生物) Pre-IPO: Valuation and the Trap

China's Duality Biotherapeutics aims to raise $250m in Hong Kong IPO. We provide our valuation on its core products DB-1303, DB-1311, and DB-1305...

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

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

Duality Biotherapeutics (映恩生物) IPO: Valuation Upside at Risk

We analyzed the dynamics of Duality Biotherapeutics' USD 200m Hong-Kong listing, and highlight how recent events put out valuation upside at risk.

Ke Yan, CFA, FRM

Duality Biotherapeutics (映恩生物) Pre-IPO: Valuation and the Trap

​China's Duality Biotherapeutics aims to raise $250m in Hong Kong IPO. We provide our valuation on its core products DB-1303, DB-1311, and DB-1305...

Ke Yan, CFA, FRM

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

China's Duality Biotherapeutics aims to raise $250m in Hong Kong IPO. We provide our valuation on its core products DB-1303, DB-1311, and DB-1305...