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>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

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.

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>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 number of company's appear to be lining up to launch their IPOs in the coming month.</li>
<li>On the placements front, there were a number of large deals across the region.</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 number of company's appear to be lining up to launch their IPOs in the coming month.
On the placements front, there were a number of large deals across the region.


ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, Chery

<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

China

Genfleet Therapeutics is a biopharmaceutical company focused on developing innovative treatments for oncology, including various solid tumors, and autoimmune and inflammatory diseases. The company's pipeline includes products like GFH925 (fulzerasib) for advanced non-small cell lung cancer and GFH375, a KRAS G12C inhibitor. Genfleet Therapeutics was incorporated in 2017 and is headquartered in Shanghai, China.

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Genfleet Therapeutics (2595 HK)

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

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

ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, 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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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

ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, 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

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

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...