HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Everest Medicines / Equity Capital Markets

<ul>
<li>The drug list of 11th national VBP varieties has been released. Innovative drugs will not be included in VBP. Results of this VBP is expected to be implemented by 2025.</li>
<li>The performance improvement of CRO may not be reflected until 25Q3 or 25Q4 at the earliest, but the market may reflect this expectation in advance. Tigermed’s turning point is coming.</li>
<li>Everest Medicines’ Placing Price is expensive.The reduction of holdings by major shareholder CBC and Founder Fu Wei indicates that the Company has been overvalued. Valuation should be lower than BeiGene.</li>
</ul>


The drug list of 11th national VBP varieties has been released. Innovative drugs will not be included in VBP. Results of this VBP is expected to be implemented by 2025.
The performance improvement of CRO may not be reflected until 25Q3 or 25Q4 at the earliest, but the market may reflect this expectation in advance. Tigermed’s turning point is coming.
Everest Medicines’ Placing Price is expensive.The reduction of holdings by major shareholder CBC and Founder Fu Wei indicates that the Company has been overvalued. Valuation should be lower than BeiGene.


China Healthcare Weekly (Jul.27)-The Turning Point of Tigermed and CRO, Everest Medicines’ Placement

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/everest-medicines-ltd" target="_blank" data-smartkarma-citation="entities:29224:1" rel="noopener">Everest Medicines (1952 HK)</a> aims to raise around US$200m via a top-up placement.</li>
<li>This will be the third placement this year for the stock, the previous two deals didn’t do well. Although the stock has bounced back a lot since.</li>
<li>In this note, we comment on the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Everest Medicines (1952 HK) aims to raise around US$200m via a top-up placement.
This will be the third placement this year for the stock, the previous two deals didn’t do well. Although the stock has bounced back a lot since.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.


Everest Medicine Placement - Third Deal in the Year, Previous Ones Didn’t Do Well

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/everest-medicines-ltd" target="_blank" data-smartkarma-citation="entities:29224:1" rel="noopener">Everest Medicines (1952 HK)</a> aims to raise around US$150m in a secondary sell-down of shares conducted by CBC Group.</li>
<li>This comes on the heels of a similar secondary sell down in Jan 2025, whereby CBC sold ~US$100m worth of stock, priced at a 10% discount. </li>
<li>In this note, we comment on the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Everest Medicines (1952 HK) aims to raise around US$150m in a secondary sell-down of shares conducted by CBC Group.
This comes on the heels of a similar secondary sell down in Jan 2025, whereby CBC sold ~US$100m worth of stock, priced at a 10% discount. 
In this note, we comment on the deal dynamics and run the deal through our ECM framework.


Everest Medicine Placement: Another Sell-Down by CBC, Some Caution Warranted

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a>'s stock price has soared over the last couple of months, and the higher market cap should result in global index inclusion in August.</li>
<li>
<a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> has gone from middle/bottom of the pack to best performer among its peer group over the last two months.</li>
<li>There will be a lot of positioning in the stock, but we see a similar trend across stocks in the industry.</li>
</ul>



3SBio Inc (1530 HK)'s stock price has soared over the last couple of months, and the higher market cap should result in global index inclusion in August.

3SBio Inc (1530 HK) has gone from middle/bottom of the pack to best performer among its peer group over the last two months.
There will be a lot of positioning in the stock, but we see a similar trend across stocks in the industry.


3SBio (1530 HK): Global Index Inclusion as Stock Soars

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

China

Everest Medicines Limited operates as a late clinical-stage biopharmaceutical company. The Company engages in licensing, clinical development, and commercialization of therapies for oncology, immunology, cardio-renal disease, and infectious disease. Everest Medicines markets its products in China and other emerging Asia Pacific markets.

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Everest Medicines (1952 HK)

China Healthcare Weekly (Jul.27)-The Turning Point of Tigermed and CRO, Everest Medicines’ Placement

11th national VBP starts.Tigermed's fundamental turning point may occur this year due to investment income pickup.Everest Medicines' Placing Price...

Xinyao (Criss) Wang

Everest Medicine Placement - Third Deal in the Year, Previous Ones Didn’t Do Well

Everest Medicines (1952 HK) aims to raise around US$200m via a top-up placement. In this note, we run the deal through our framework and talk about...

Sumeet Singh

Everest Medicine Placement: Another Sell-Down by CBC, Some Caution Warranted

Everest Medicine aims to raise around US$150m in a secondary sell-down of shares conducted by CBC Group. In this note, we comment on the deal...

Nicholas Tan

3SBio (1530 HK): Global Index Inclusion as Stock Soars

3SBio could be added to a global index in August. There is large positioning in the stock, but industry momentum could lead to further upside in...

Brian Freitas

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

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