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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> aims to raise around US$650m via its H-share placement.</li>
<li>The stock has been on a roll this year and recently announced strong earnings as well. Although it’s now trading at its 52-week highs.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



WuXi AppTec (2359 HK) aims to raise around US$650m via its H-share placement.
The stock has been on a roll this year and recently announced strong earnings as well. Although it’s now trading at its 52-week highs.
In this note, we will talk about the placement and run the deal through our ECM framework.


Wuxi AppTec Placement - Momentum Is Very Strong, Though It Is a Bit Opportunistic

<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, we had a look at a number of deals that are in the pipeline.</li>
<li>On the placements front, it was a relatively quiet week with a few primary raisings.</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, we had a look at a number of deals that are in the pipeline.
On the placements front, it was a relatively quiet week with a few primary raisings.


ECM Weekly (28 July 2025) - MMC, Pine Lags, Prestige, Veritas, Daehan, Kasumigaseki, NSDL, GNI

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

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

<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

Global Healthcare Analyst

Tina Banerjee

Ascentage Pharma / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ascentage-pharma-group-inter" target="_blank" data-smartkarma-citation="entities:27824:1" rel="noopener">Ascentage Pharma Group Corp (6855 HK)</a> announced the placement of 22M shares for subscription at HK$68.6 per share, representing 8% discount to last trading price before announcement.</li>
<li>The company intends to use the net proceeds for commercialization efforts, global clinical development to advance the core pipeline candidates and for infrastructure and working capital to strengthen global operations.</li>
<li>The launch of lisaftoclax in China followed by eventual approval olverembatinib in US would be the near-term triggers for the company.</li>
</ul>



Ascentage Pharma Group Corp (6855 HK) announced the placement of 22M shares for subscription at HK$68.6 per share, representing 8% discount to last trading price before announcement.
The company intends to use the net proceeds for commercialization efforts, global clinical development to advance the core pipeline candidates and for infrastructure and working capital to strengthen global operations.
The launch of lisaftoclax in China followed by eventual approval olverembatinib in US would be the near-term triggers for the company.


Ascentage Pharma (6855 HK): Placement Priced Reasonably; Pipeline Leads to Niche Market Opportunity

China

Everest Medicines is a biopharmaceutical company focused on discovering, developing, manufacturing, and commercializing innovative pharmaceutical products and vaccines. The company has a product pipeline across renal, anti-infective, autoimmune, critical care, cardiovascular, and ophthalmic diseases, including products like Nefecon (TarpeyoTM) and Eravacycline (Xerava). Everest Medicines was founded in 2017 and is headquartered in Shanghai, China.

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Everest Medicines (1952 HK)

Wuxi AppTec Placement - Momentum Is Very Strong, Though It Is a Bit Opportunistic

WuXi AppTec (2359 HK) aims to raise around US$650m via its H-share placement. In this note, we run the deal through our ECM framework and talk...

Sumeet Singh

ECM Weekly (28 July 2025) - MMC, Pine Lags, Prestige, Veritas, Daehan, Kasumigaseki, NSDL, GNI

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

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

Ascentage Pharma (6855 HK): Placement Priced Reasonably; Pipeline Leads to Niche Market Opportunity

Ascentage Pharma is placing 22M shares at HK$68.6/share, 8% discount to last trading price. Proceeds will fund commercialization efforts and...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Wuxi AppTec Placement - Momentum Is Very Strong, Though It Is a Bit Opportunistic

WuXi AppTec (2359 HK) aims to raise around US$650m via its H-share placement. In this note, we run the deal through our ECM framework and talk...

Sumeet Singh

ECM Weekly (28 July 2025) - MMC, Pine Lags, Prestige, Veritas, Daehan, Kasumigaseki, NSDL, GNI

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

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

Ascentage Pharma (6855 HK): Placement Priced Reasonably; Pipeline Leads to Niche Market Opportunity

​Ascentage Pharma is placing 22M shares at HK$68.6/share, 8% discount to last trading price. Proceeds will fund commercialization efforts and...

Tina Banerjee

Ascentage Pharma is placing 22M shares at HK$68.6/share, 8% discount to last trading price. Proceeds will fund commercialization efforts and...