HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

GenFleet Therapeutics / Equity Capital Markets

<ul>
<li>GenFleet’s R&amp;D strategy is to layout around the RAS signaling pathway to construct a "RAS therapy matrix" covering multiple RAS mutation types.However, there’re barriers to the development of RAS-targeted therapies.</li>
<li>The factors that suppress valuation include intense competition and potential patent risks. GenFleet’s independent commercialization capability has not been verified. So, a valuation of RMB3-4 billion is a reasonable range.</li>
<li>Considering the sustained popularity of innovative drug IPOs in the Hong Kong stock market, post-IPO valuation of GenFleet depends more on market sentiment, not fundamentals.  </li>
</ul>


GenFleet’s R&amp;D strategy is to layout around the RAS signaling pathway to construct a "RAS therapy matrix" covering multiple RAS mutation types.However, there’re barriers to the development of RAS-targeted therapies.
The factors that suppress valuation include intense competition and potential patent risks. GenFleet’s independent commercialization capability has not been verified. So, a valuation of RMB3-4 billion is a reasonable range.
Considering the sustained popularity of innovative drug IPOs in the Hong Kong stock market, post-IPO valuation of GenFleet depends more on market sentiment, not fundamentals.  


Pre-IPO GenFleet Therapeutics (PHIP Updates) - Some Points Worth the Attention

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.

<ul>
<li>Genfleet raised HKD 1819m (USD 233m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, September 18th.</li>
<li>In our previous note, we looked at the company's operation, management track records and discussed the IPO valuation.</li>
<li>In this note, we provide an update for the IPO before trading debut.</li>
</ul>


Genfleet raised HKD 1819m (USD 233m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, September 18th.
In our previous note, we looked at the company's operation, management track records and discussed the IPO valuation.
In this note, we provide an update for the IPO before trading debut.


Genfleet (劲方医药) IPO: Trading Update

<ul>
<li>Genfleet, a China-based clinical stage biotech company, launched its IPO to raise at least USD 204 million via a Hong Kong listing.</li>
<li>In our previous note, we have examined the company’s core product and key product and our thoughts on valuation.</li>
<li>In this note, we look at the deal term. We think the valuation provides margin of safety while sentiment is positive.</li>
</ul>


Genfleet, a China-based clinical stage biotech company, launched its IPO to raise at least USD 204 million via a Hong Kong listing.
In our previous note, we have examined the company’s core product and key product and our thoughts on valuation.
In this note, we look at the deal term. We think the valuation provides margin of safety while sentiment is positive.


Genfleet (劲方医药) IPO: Margin of Safety

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Genfleet Therapeutics has filed for IPO to raise up to HK$1.6B. The company plans to sell 77.6M shares at HK$20.39 per share.</li>
<li>Genfleet Therapeutics is a biopharmaceutical company focused on developing novel treatment options in the fields of oncology with its core products focused on niche RAS inhibitor segment.</li>
<li>Genfleet is rightly placed to rapidly advance their innovative product pipeline to later stages of development and commercialize. Pipeline envisages sustainable long term growth prospect.</li>
</ul>


Genfleet Therapeutics has filed for IPO to raise up to HK$1.6B. The company plans to sell 77.6M shares at HK$20.39 per share.
Genfleet Therapeutics is a biopharmaceutical company focused on developing novel treatment options in the fields of oncology with its core products focused on niche RAS inhibitor segment.
Genfleet is rightly placed to rapidly advance their innovative product pipeline to later stages of development and commercialize. Pipeline envisages sustainable long term growth prospect.


Genfleet Therapeutics IPO: Finely Placed at the Moment; RAS Inhibitors Hold Key to Future Growth

<ul>
<li>Genfleet, a China-based clinical-stage biotech, is looking to raise USD 250 million via a Hong Kong listing. The sole book runner is CITIC.</li>
<li>In our previous insight, we looked at the company’s core products and its management team, as well as investor backing.</li>
<li>In this note, we will provide an rNPV-based valuation for the company.</li>
</ul>


Genfleet, a China-based clinical-stage biotech, is looking to raise USD 250 million via a Hong Kong listing. The sole book runner is CITIC.
In our previous insight, we looked at the company’s core products and its management team, as well as investor backing.
In this note, we will provide an rNPV-based valuation for the company.


Genfleet (劲方医药) Pre-IPO: Thoughts on Valuation

Hong Kong

GenFleet Therapeutics is a clinical-stage biotechnology company focusing on first-in-class therapies in oncology and immunology.

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GenFleet Therapeutics (GENFL12 HK)

Pre-IPO GenFleet Therapeutics (PHIP Updates) - Some Points Worth the Attention

GenFleet's IPO debut is eye-catching.Besides continuous enthusiasm for Biotech IPO, the endorsement of famous cornerstone investors brings great...

Xinyao (Criss) Wang

Genfleet (劲方医药) IPO: Trading Update

Genfleet raises $233m in global offering and is set to list on HKSE on Sept 18. We provides an update prior to its trading debut.

Ke Yan, CFA, FRM

Genfleet (劲方医药) IPO: Margin of Safety

China-based biotech company Genfleet launches IPO in Hong Kong to raise $204 million, with positive sentiment and a margin of safety in valuation.

Ke Yan, CFA, FRM

Genfleet Therapeutics IPO: Finely Placed at the Moment; RAS Inhibitors Hold Key to Future Growth

Genfleet Therapeutics has filed for HK IPO to raise up to HK$1.6B. The company plans to sell 77.6M shares at HK$20.39 per share. The IPO will close...

Tina Banerjee

Genfleet (劲方医药) Pre-IPO: Thoughts on Valuation

China's Genfleet seeks to raise $250 million through Hong Kong listing with CITIC as book runner. In this note we provide a rNPV based SOTP...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO GenFleet Therapeutics (PHIP Updates) - Some Points Worth the Attention

GenFleet's IPO debut is eye-catching.Besides continuous enthusiasm for Biotech IPO, the endorsement of famous cornerstone investors brings great...

Xinyao (Criss) Wang

Genfleet (劲方医药) IPO: Trading Update

​Genfleet raises $233m in global offering and is set to list on HKSE on Sept 18. We provides an update prior to its trading debut.

Ke Yan, CFA, FRM

Genfleet (劲方医药) IPO: Margin of Safety

​China-based biotech company Genfleet launches IPO in Hong Kong to raise $204 million, with positive sentiment and a margin of safety in valuation.

Ke Yan, CFA, FRM

Genfleet Therapeutics IPO: Finely Placed at the Moment; RAS Inhibitors Hold Key to Future Growth

Genfleet Therapeutics has filed for HK IPO to raise up to HK$1.6B. The company plans to sell 77.6M shares at HK$20.39 per share. The IPO will close...

Tina Banerjee

Genfleet (劲方医药) Pre-IPO: Thoughts on Valuation

​China's Genfleet seeks to raise $250 million through Hong Kong listing with CITIC as book runner. In this note we provide a rNPV based SOTP...

Ke Yan, CFA, FRM

Genfleet raises $233m in global offering and is set to list on HKSE on Sept 18. We provides an update prior to its trading debut.

China-based biotech company Genfleet launches IPO in Hong Kong to raise $204 million, with positive sentiment and a margin of safety in valuation.

China's Genfleet seeks to raise $250 million through Hong Kong listing with CITIC as book runner. In this note we provide a rNPV based SOTP...