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

<ul>
<li>Eccogene is seeking to raise at least USD 100m via a Hong Kong listing. Joint sponsors are Jefferies, BOA, CICC.</li>
<li>While our previous note covers the fundamentals of the company, in this note we look at the updates from the latest application proof.</li>
<li>We think the deal is still worth following but June 2026 will be a binary event as the key data will be released.</li>
</ul>


Eccogene is seeking to raise at least USD 100m via a Hong Kong listing. Joint sponsors are Jefferies, BOA, CICC.
While our previous note covers the fundamentals of the company, in this note we look at the updates from the latest application proof.
We think the deal is still worth following but June 2026 will be a binary event as the key data will be released.


Eccogene (诚益生物) Pre-IPO: Prospectus and Competitive Landscape Updates

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The greatest differentiating advantage of ECC5004 lies in oral administration, but clinical progress has fallen short of expectations or the final efficacy data may not significantly surpass the existing therapies.</li>
<li>The competition in GLP-1 market has become extremely fierce. Product progress of Eccogene is relatively lagging behind, and its differentiated advantages need more solid clinical data to support them.</li>
<li>Eccogene’s valuation largely depends on the differentiated narrative of its oral small molecule pipeline. Valuation of Eccogene could be lower than peers such as Innovent/<a href="https://www.smartkarma.com/entities/guangzhou-innogen-pharmaceutical-group-co-ltd" target="_blank" data-smartkarma-citation="entities:44142:1" rel="noopener">Innogen, </a>who already have marketed GLP-1s.</li>
</ul>


The greatest differentiating advantage of ECC5004 lies in oral administration, but clinical progress has fallen short of expectations or the final efficacy data may not significantly surpass the existing therapies.
The competition in GLP-1 market has become extremely fierce. Product progress of Eccogene is relatively lagging behind, and its differentiated advantages need more solid clinical data to support them.
Eccogene’s valuation largely depends on the differentiated narrative of its oral small molecule pipeline. Valuation of Eccogene could be lower than peers such as Innovent/Innogen, who already have marketed GLP-1s.


Pre-IPO Eccogene - About the Pipeline and the Concerns Behind

<ul>
<li>Eccogene, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. Jefferies, BoA, and CICC are the joint sponsors.</li>
<li>In this note, we look at the company’s core products, ECC4703, and key products ECC5004 and ECC0509.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


Eccogene, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. Jefferies, BoA, and CICC are the joint sponsors.
In this note, we look at the company’s core products, ECC4703, and key products ECC5004 and ECC0509.
We also look at the company’s pre-IPO investors and management team.


Eccogene (诚益生物) Pre-IPO: Decent Innovation and Differentiation

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.

Tekscend Photomask / 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, India saw a host of listing, while HK is gearing up a busy year end.</li>
<li>On the placements front, we had a look at some of the IPO lockups. There weren't any large placements this week.</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, India saw a host of listing, while HK is gearing up a busy year end.
On the placements front, we had a look at some of the IPO lockups. There weren't any large placements this week.


ECM Weekly (20 October 2025)- Sany, Seres, JST, Fibocom, Tekscend, FineToday, LG India, DIY, Duality

Hong Kong

Eccogene is a clinical stage biopharmaceutical company developing best-in-class small molecule therapeutics for cardiometabolic and inflammatory conditions. Since its founding, the Company has been dedicated to discovering safer and more effective oral therapies that can be used alone or synergistically with a GLP-1 receptor agonist to treat conditions beyond weight management.

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Eccogene (ECCO12 HK)

Eccogene (诚益生物) Pre-IPO: Prospectus and Competitive Landscape Updates

Eccogene is seeking to raise at least USD 100m via a Hong Kong listing. In this note, we look at updates in its pipeline and the change of...

Ke Yan, CFA, FRM

Pre-IPO Eccogene - About the Pipeline and the Concerns Behind

ECC5004's oral administration advantage may not be enough to surpass existing therapies, as competition in the GLP-1 market intensifies.Eccogene's...

Xinyao (Criss) Wang

Eccogene (诚益生物) Pre-IPO: Decent Innovation and Differentiation

China's Eccogene aims to raise $100 million through Hong Kong listing. We see decent innovation and differentiation in its assets.

Ke Yan, CFA, FRM

ECM Weekly (20 October 2025)- Sany, Seres, JST, Fibocom, Tekscend, FineToday, LG India, DIY, Duality

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Eccogene (诚益生物) Pre-IPO: Prospectus and Competitive Landscape Updates

Eccogene is seeking to raise at least USD 100m via a Hong Kong listing. In this note, we look at updates in its pipeline and the change of...

Ke Yan, CFA, FRM

Pre-IPO Eccogene - About the Pipeline and the Concerns Behind

​ECC5004's oral administration advantage may not be enough to surpass existing therapies, as competition in the GLP-1 market intensifies.Eccogene's...

Xinyao (Criss) Wang

Eccogene (诚益生物) Pre-IPO: Decent Innovation and Differentiation

​China's Eccogene aims to raise $100 million through Hong Kong listing. We see decent innovation and differentiation in its assets.

Ke Yan, CFA, FRM

ECM Weekly (20 October 2025)- Sany, Seres, JST, Fibocom, Tekscend, FineToday, LG India, DIY, Duality

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

ECC5004's oral administration advantage may not be enough to surpass existing therapies, as competition in the GLP-1 market intensifies.Eccogene's...

China's Eccogene aims to raise $100 million through Hong Kong listing. We see decent innovation and differentiation in its assets.