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

Legend Biotech Corp / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech Corp (LEGN US)</a> a non-wholly owned subsidiary of Hong Kong-listed <a href="https://www.smartkarma.com/entities/genscript-biotech-corp" target="_blank" data-smartkarma-citation="entities:21041:1" rel="noopener">Genscript Biotech (1548 HK)</a>, is looking US$300m in its follow-on offering.</li>
<li>The company was only listed in June 2020. It has traded well since IPO, about 111% up from its IPO price as of Tuesday’s close price. </li>
<li>But its offering was untimely, coinciding with the US blacklist that was just announced today.</li>
</ul>



Legend Biotech Corp (LEGN US) a non-wholly owned subsidiary of Hong Kong-listed Genscript Biotech (1548 HK), is looking US$300m in its follow-on offering.
The company was only listed in June 2020. It has traded well since IPO, about 111% up from its IPO price as of Tuesday’s close price. 
But its offering was untimely, coinciding with the US blacklist that was just announced today.


Legend Biotech (传奇生物) Follow-On Offering - Untimely Raise

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>The state has issued clear policies to support gene therapy and related products. Therefore, investors are advised to pay close attention to related companies.</li>
<li>It may not be that easy to forget last Monday's plunge in the healthcare sector in HKEX, which means one thing.</li>
<li>With the introduction of intensive policies, TCM injections will be subject to more and more restrictions.</li>
</ul>


The state has issued clear policies to support gene therapy and related products. Therefore, investors are advised to pay close attention to related companies.
It may not be that easy to forget last Monday's plunge in the healthcare sector in HKEX, which means one thing.
With the introduction of intensive policies, TCM injections will be subject to more and more restrictions.


China Healthcare Weekly (Dec.10) - Last Monday's Plunge, New Policy of Gene Therapy, TCM Injections

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Bottom-Up

Biotech company <a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech Corp (LEGN US)</a> , a subsidiary of <a href="https://www.smartkarma.com/entities/genscript-biotech-corp" target="_blank" data-smartkarma-citation="entities:21041:1" rel="noopener">Genscript Biotech (1548 HK)</a> , started Phase 1 clinical trial in the United States for its product candidate LB1901 for the treatment of relapsed T-Cell Lymphoma, the subtype of non-Hodgkin’s lymphoma. In our insight we will focus on the business of Genscript Biotech and forecast sales of LB1901 in the United States, Europe and Greater China.

Biotech company Legend Biotech Corp (LEGN US) , a subsidiary of Genscript Biotech (1548 HK) , started Phase 1 clinical trial in the United States for its product candidate LB1901 for the treatment of relapsed T-Cell Lymphoma, the subtype of non-Hodgkin’s lymphoma. In our insight we will focus on the business of Genscript Biotech and forecast sales of LB1901 in the United States, Europe and Greater China. 

Global #1 Gene Synthesis Provider, But The Stock Is Fairly Valued

Industry viewpoints:
<ul>
<li>This year, the underlying logic of China's economy is being restructured.</li>
<li>Whether drugs or medical devices, once they are included in the scope of centralized procurement, there could be only two strategies.</li>
<li>There are still many uncertainties in regulation approval and commercialization of AI medical imaging products in China.</li>
</ul>
Company news:
News about the updated progress on new drugs, new cooperation agreement and M&amp;A deal of <a href="https://www.smartkarma.com/entities/alphamab-oncology" target="_blank" data-smartkarma-citation="entities:28213:1" rel="noopener">Alphamab Co Ltd (9966 HK), </a><a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a>, <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH) </a>and <a href="https://www.smartkarma.com/entities/wenzhou-kangning-hospital" target="_blank" data-smartkarma-citation="entities:1100:1" rel="noopener">Wenzhou Kangning Hospital (2120 HK)</a>.
Market review:
Last week, stock price for healthcare sector in A share increased 0.61%, while CSI 300 increased 1.21% over the same period of time.
Risk disclosure:
Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:

This year, the underlying logic of China's economy is being restructured.
Whether drugs or medical devices, once they are included in the scope of centralized procurement, there could be only two strategies.
There are still many uncertainties in regulation approval and commercialization of AI medical imaging products in China.

Company news:
News about the updated progress on new drugs, new cooperation agreement and M&amp;A deal of Alphamab Co Ltd (9966 HK), Akeso Biopharma Inc (9926 HK), Innovent Biologics Inc (1801 HK), Jiangsu Hengrui Medicine (600276 CH) and Wenzhou Kangning Hospital (2120 HK).
Market review:
Last week, stock price for healthcare sector in A share increased 0.61%, while CSI 300 increased 1.21% over the same period of time.
Risk disclosure:
Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

The big data and AI solutions provider for healthcare sector in China, <a href="https://www.smartkarma.com/entities/yidu-tech-inc" target="_blank" data-smartkarma-citation="entities:29245:1" rel="noopener">Yidu Tech Inc (2158 HK)</a>  has set the terms for its IPO. The company was ranked no. 1 in terms of revenue among all healthcare big data solution providers in China in 2019.China is the world’s second largest healthcare market, and the country has been increasingly informatizing the healthcare system in order to improve the efficiency as well as close the huge healthcare resource gap to meet emerging demands for high quality holistic health management.The company plans to issue 156.5m shares at an indicative IPO price range of HK$23.5-26.5 per share, and at the midpoint of the IPO price range of HK$24.90 per share, Yidu Tech will raise gross proceeds of US$503m (HK$3.9bn).In our previous insights on the company’s IPO, we examined the company’s business model, segments, revenues and profitability. In this insight, we examine the company’s valuation.

The big data and AI solutions provider for healthcare sector in China, Yidu Tech Inc (2158 HK)  has set the terms for its IPO. The company was ranked no. 1 in terms of revenue among all healthcare big data solution providers in China in 2019.China is the world’s second largest healthcare market, and the country has been increasingly informatizing the healthcare system in order to improve the efficiency as well as close the huge healthcare resource gap to meet emerging demands for high quality holistic health management.The company plans to issue 156.5m shares at an indicative IPO price range of HK$23.5-26.5 per share, and at the midpoint of the IPO price range of HK$24.90 per share, Yidu Tech will raise gross proceeds of US$503m (HK$3.9bn).In our previous insights on the company’s IPO, we examined the company’s business model, segments, revenues and profitability. In this insight, we examine the company’s valuation.

Yidu Tech IPO Valuation: Attractive at the Low-End but Superior Growth Profile Justifies the Premium

Hong Kong

Genscript Biotech Corp is biotech service company. The Company provides life science services and products and pre-clinical drug development services.

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Genscript Biotech (1548 HK)

Legend Biotech (传奇生物) Follow-On Offering - Untimely Raise

Legend Biotech Corp (LEGN US) a non-wholly owned subsidiary of Hong Kong-listed Genscript Biotech (1548 HK), is looking US$300m in its follow-on...

Sumeet Singh

China Healthcare Weekly (Dec.10) - Last Monday's Plunge, New Policy of Gene Therapy, TCM Injections

The article mainly analyzed last Monday's plunge in the healthcare sector in HKEX & its potential impact, new policies to support gene therapy and...

Xinyao (Criss) Wang

Global #1 Gene Synthesis Provider, But The Stock Is Fairly Valued

Valuation of Genscript Biotech (1548 HK) reached ~$9 billion in Hong Kong. We do believe the stock has ~11% limited upside potential with free cash...

Andrei Zakharov

China Healthcare Weekly (Aug.27)

This article analyzed the logic of China's healthcare sector while its economy is being restructured, two strategies to deal with centralized...

Xinyao (Criss) Wang

Yidu Tech IPO Valuation: Attractive at the Low-End but Superior Growth Profile Justifies the Premium

The big data and AI solutions provider for healthcare sector in China, Yidu Tech has set the terms for its IPO and in this insight, we examine Yidu...

Shifara Samsudeen, FCMA, CGMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)