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.

Equity Capital Markets

GenFleet Therapeutics / Equity Capital Markets

<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

<ul>
<li>GenFleet, a China-based near-commercial stage biotech company, is looking to raise around USD 250 million via a Hong Kong listing. CITIC Securities is the sole sponsor.</li>
<li>In this note, we look at the company’s core products, GFH925 and GFH375.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


GenFleet, a China-based near-commercial stage biotech company, is looking to raise around USD 250 million via a Hong Kong listing. CITIC Securities is the sole sponsor.
In this note, we look at the company’s core products, GFH925 and GFH375.
We also look at the company’s pre-IPO investors and management team.


GenFleet Therapeutics (劲方医药) Pre-IPO: Leadership in KRAS G12D Target

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The whole KRAS field just crossed the threshold of druggablility but hasn’t met previous expectations. KRAS monotherapy on NSCLC/CRC is not good. It also progresses slowly when combined with PD-1.</li>
<li>If GFH925 cannot at least demonstrate the same level of strong efficacy as other existing targeted inhibitors/combination therapies and also with favorable safety profile, there’s little chance in afterwards commercialization</li>
<li>Pre-IPO valuation has already reached RMB3.1 billion. In our view, valuation of GenFleet could be similar to that of Jacobio if the sales performance of GFH925 fails to meet expectations.</li>
</ul>


The whole KRAS field just crossed the threshold of druggablility but hasn’t met previous expectations. KRAS monotherapy on NSCLC/CRC is not good. It also progresses slowly when combined with PD-1.
If GFH925 cannot at least demonstrate the same level of strong efficacy as other existing targeted inhibitors/combination therapies and also with favorable safety profile, there’s little chance in afterwards commercialization
Pre-IPO valuation has already reached RMB3.1 billion. In our view, valuation of GenFleet could be similar to that of Jacobio if the sales performance of GFH925 fails to meet expectations.


Pre-IPO GenFleet Therapeutics - The Pipeline Outlook Is Full of Challenges

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Daiichi Sankyo’s indication expansion application for Enhertu has been accepted for review by FDA for certain types of breast cancers. Santen’s new drug application has been accepted in China.  </li>
<li>Hanmi Pharm entered into a global licensing agreement with Gilead Sciences granting Gilead the exclusive rights to develop and commercialize encequidar. Boryung is acquiring Sanofi’s cytotoxic anti-cancer drug Taxotere.</li>
<li>IHH Healthcare received SEBI approval for mandatory open offer for 26% stake in Fortis Healthcare. Lupin has launched Liraglutide prefilled pen, bioequivalent to Victoza, in the U.S.</li>
</ul>


Daiichi Sankyo’s indication expansion application for Enhertu has been accepted for review by FDA for certain types of breast cancers. Santen’s new drug application has been accepted in China.  
Hanmi Pharm entered into a global licensing agreement with Gilead Sciences granting Gilead the exclusive rights to develop and commercialize encequidar. Boryung is acquiring Sanofi’s cytotoxic anti-cancer drug Taxotere.
IHH Healthcare received SEBI approval for mandatory open offer for 26% stake in Fortis Healthcare. Lupin has launched Liraglutide prefilled pen, bioequivalent to Victoza, in the U.S.


APAC Healthcare Weekly (October 5) – Daiichi Sankyo, Santen, Hanmi Pharm, Boryung, IHH Health, Lupin

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<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,  a few US$1bn+ IPOs are said to be looking to launch later this month, across regions.</li>
<li>On the placements front, deals continue to flow through as the market remains receptive. </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,  a few US$1bn+ IPOs are said to be looking to launch later this month, across regions.
On the placements front, deals continue to flow through as the market remains receptive. 


ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery

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)

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 Therapeutics (劲方医药) Pre-IPO: Leadership in KRAS G12D Target

China's GenFleet seeks to raise $250m through Hong Kong listing, with CITIC Securities as sole sponsor. We look at its core products, management...

Ke Yan, CFA, FRM

Pre-IPO GenFleet Therapeutics - The Pipeline Outlook Is Full of Challenges

KRAS field hits druggability milestone but struggles with efficacy in NSCLC/CRC.GFH925 must show strong efficacy/safety for commercial...

Xinyao (Criss) Wang

APAC Healthcare Weekly (October 5) – Daiichi Sankyo, Santen, Hanmi Pharm, Boryung, IHH Health, Lupin

Daiichi Sankyo’s label expansion application for Enhertu has been accepted by FDA. Hanmi Pharm entered into global licensing agreement with Gilead...

Tina Banerjee

ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery

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

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52-week Range

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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 Therapeutics (劲方医药) Pre-IPO: Leadership in KRAS G12D Target

​China's GenFleet seeks to raise $250m through Hong Kong listing, with CITIC Securities as sole sponsor. We look at its core products, management...

Ke Yan, CFA, FRM

Pre-IPO GenFleet Therapeutics - The Pipeline Outlook Is Full of Challenges

​KRAS field hits druggability milestone but struggles with efficacy in NSCLC/CRC.GFH925 must show strong efficacy/safety for commercial...

Xinyao (Criss) Wang

APAC Healthcare Weekly (October 5) – Daiichi Sankyo, Santen, Hanmi Pharm, Boryung, IHH Health, Lupin

Daiichi Sankyo’s label expansion application for Enhertu has been accepted by FDA. Hanmi Pharm entered into global licensing agreement with Gilead...

Tina Banerjee

ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery

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'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...

China's GenFleet seeks to raise $250m through Hong Kong listing, with CITIC Securities as sole sponsor. We look at its core products, management...

KRAS field hits druggability milestone but struggles with efficacy in NSCLC/CRC.GFH925 must show strong efficacy/safety for commercial...