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.

Event-Driven

<ul>
<li>Giant Biogene raised around US$70m in its Hong Kong IPO, after having downsized the deal and priced it at the low-end. Its six-month lockup will expire soon.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


Giant Biogene raised around US$70m in its Hong Kong IPO, after having downsized the deal and priced it at the low-end. Its six-month lockup will expire soon.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Giant Biogene IPO Lock-Up - US$1.7bn Lockup Release Will Increase Free Float by 14x

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Giant Biogene Holding   / Equity Bottom-Up

<ul>
<li>Giant Biogene has been added to Hong Kong Stock Connect.There’s also positive sentiment driven by the consumption recovery after China reopens. But the Company is overvalued if compared with peers.</li>
<li>The subsequent product pipeline progress is relatively slow, with a gap of nearly two years in the middle. So, Giant Biogene's stock price performance may be relatively weak after 2024.</li>
<li>Due to various restrictions, the actual market space of collagen in the future may not be as large as expected. This is a point investors need to be aware of.</li>
</ul>


Giant Biogene has been added to Hong Kong Stock Connect.There’s also positive sentiment driven by the consumption recovery after China reopens. But the Company is overvalued if compared with peers.
The subsequent product pipeline progress is relatively slow, with a gap of nearly two years in the middle. So, Giant Biogene's stock price performance may be relatively weak after 2024.
Due to various restrictions, the actual market space of collagen in the future may not be as large as expected. This is a point investors need to be aware of.


Giant Biogene Holding (2367.HK) - The Situation May Not Be as Rosy as It Looks

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, 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.

Equity Capital Markets

Giant Biogene Holding   / Equity Capital Markets

<ul>
<li>Giant Biogene has priced its IPO at HK$24.30 per share, at the lower end of the company’s indicative IPO price range of HK$24.3-27.7 per share and raised HK$495.8m (US$63.2m).</li>
<li>The HK offering was oversubscribed by only 2.08 times while the international offering was subscribed by 4.22 times.</li>
<li>Though Biogene’s IPO was priced attractively, we think lower demand for the company’s shares led to pricing at the bottom of the IPO price range.</li>
</ul>


Giant Biogene has priced its IPO at HK$24.30 per share, at the lower end of the company’s indicative IPO price range of HK$24.3-27.7 per share and raised HK$495.8m (US$63.2m).
The HK offering was oversubscribed by only 2.08 times while the international offering was subscribed by 4.22 times.
Though Biogene’s IPO was priced attractively, we think lower demand for the company’s shares led to pricing at the bottom of the IPO price range.


Giant Biogene: Thoughts on First Day Trading

<ul>
<li>Giant Biogene (GB) raised around US$70m by pricing its  HK IPO at the low-end.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>We had looked at various aspects of the deal in our previous note. In this note, we will talk about the demand for the deal and other trading dynamics.</li>
</ul>


Giant Biogene (GB) raised around US$70m by pricing its  HK IPO at the low-end.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
We had looked at various aspects of the deal in our previous note. In this note, we will talk about the demand for the deal and other trading dynamics.


Giant Biogene IPO Trading - Demand Was Relatively Better but Still Weak

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, Blibli managed to upsize its IPO, while a few companies will launch their Indian IPOs in the coming week.</li>
<li>There were no notable placements this week, which wasn't surprising after Monday's market turmoil.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Blibli managed to upsize its IPO, while a few companies will launch their Indian IPOs in the coming week.
There were no notable placements this week, which wasn't surprising after Monday's market turmoil.


ECM Weekly (30th Oct 2022) - Giant Biogene, Sunshine, I-Tail, Global Health, Lygend, Fusion, Blibli

China

Giant Biogene Holding Co., Ltd researches, develops, manufactures, and distributes, and markets skin treatment products. The Company produces recombinant collagen and rare ginsenosides skin treatment products, functional foods, and other products. Giant Biogene Holding conducts businesses in China.

52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

Giant Biogene Holding (2367 HK)

Giant Biogene IPO Lock-Up - US$1.7bn Lockup Release Will Increase Free Float by 14x

Giant Biogene raised around US$70m in its Hong Kong IPO, after having downsized the deal and priced it at the low-end. Its six-month lockup will...

Sumeet Singh