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 Bottom-Up

<ul>
<li>Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.</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 company’s past performance and future prospects.</li>
</ul>


Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we will talk about the company’s past performance and future prospects.


2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene (2367 HK)</a> 's  stock is down 40% from its mid-May high triggered by public spat with rival <a href="https://www.smartkarma.com/entities/bloomage-biotechnology-corp-lt" target="_blank" data-smartkarma-citation="entities:30390:1" rel="noopener">Bloomage Biotechnology</a> over collagen content labelling in its skincare line.</li>
<li>Biogene’s use of recombinant collagen is rapidly emerging as the new gold standard in anti-aging skincare, giving it a clear edge over traditional ingredient players like Bloomage.</li>
<li>Giant Biogene now trades at a steep discount to peers in the functional beauty space; current valuations offer meaningful downside protection, and strong upside potential as sentiment stabilizes.</li>
</ul>



Giant Biogene (2367 HK) 's  stock is down 40% from its mid-May high triggered by public spat with rival Bloomage Biotechnology over collagen content labelling in its skincare line.
Biogene’s use of recombinant collagen is rapidly emerging as the new gold standard in anti-aging skincare, giving it a clear edge over traditional ingredient players like Bloomage.
Giant Biogene now trades at a steep discount to peers in the functional beauty space; current valuations offer meaningful downside protection, and strong upside potential as sentiment stabilizes.


Giant Biogene (2367 HK): Beaten Down Beauty. Valuation Upside After 40% Downslide

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene (2367 HK)</a> aims to raise up to US$205m via a top-up placement.</li>
<li>We have followed the company since listing and its recent performance has been great. Although it doesn’t seem to need the cash.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>



Giant Biogene (2367 HK) aims to raise up to US$205m via a top-up placement.
We have followed the company since listing and its recent performance has been great. Although it doesn’t seem to need the cash.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Giant Biogene Placement - Has Been Doing Well but Doesn’t Need the Cash

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Guangdong Marubi Biotechnology / Equity Capital Markets

Guangdong Marubi Biotechnology (603983 CH)

<ul>
<li>Marubi's business has formed a clear "dual-brand-driven" structure. Its business model features "brand operation + omni-channel sales". However, strong growth on revenue side contrasts with the pressure on profit side.</li>
<li>Marubi's profitability/expense control are inferior to Giant Biogene. The maturity/stability of brand matrix are not as good as those of PROYA. Marubi also lacks strong IP premium like Mao Geping.</li>
<li>Compliance risks behind performance data have directly shaken the credibility of growth. Intensified industry competition and high traffic costs further squeezed the profit space. Valuation would be lower than peers</li>
</ul>


Marubi's business has formed a clear "dual-brand-driven" structure. Its business model features "brand operation + omni-channel sales". However, strong growth on revenue side contrasts with the pressure on profit side.
Marubi's profitability/expense control are inferior to Giant Biogene. The maturity/stability of brand matrix are not as good as those of PROYA. Marubi also lacks strong IP premium like Mao Geping.
Compliance risks behind performance data have directly shaken the credibility of growth. Intensified industry competition and high traffic costs further squeezed the profit space. Valuation would be lower than peers


Pre-IPO Guangdong Marubi Biotechnology (A/H Listing) - The Pain Points and the Outlook

Thematic (Sector/Industry)

Industry viewpoints:<ul>
<li>The intensive procurement of high-value orthopedic consumables officially kicked off.</li>
<li>Recently, the National Health Commission issued related document about the long-term prescription management.</li>
<li>In the past three years, the domestic patch-type medical skin repair dressing market has grown rapidly, with a CAGR exceeding 40%.</li>
</ul>Company news:News about the updated progress of new drugs and sites inspections from <a href="https://www.smartkarma.com/entities/antengene-corp-ltd" target="_blank" data-smartkarma-citation="entities:29705:1" rel="noopener">Antengene (6996 HK)</a>, <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a>, <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene Ltd (6160 HK)</a> and <a href="https://www.smartkarma.com/entities/everest-medicines-ltd" target="_blank" data-smartkarma-citation="entities:29224:1" rel="noopener">Everest Medicines (1952 HK).</a>Market review:Last week, stock price for healthcare sector in A share decreased 0.89%, while CSI 300 decreased 2.45% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
The intensive procurement of high-value orthopedic consumables officially kicked off.
Recently, the National Health Commission issued related document about the long-term prescription management.
In the past three years, the domestic patch-type medical skin repair dressing market has grown rapidly, with a CAGR exceeding 40%.
Company news:News about the updated progress of new drugs and sites inspections from Antengene (6996 HK), Wuxi Biologics (2269 HK), BeiGene Ltd (6160 HK) and Everest Medicines (1952 HK).Market review:Last week, stock price for healthcare sector in A share decreased 0.89%, while CSI 300 decreased 2.45% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

China

Guangdong Marubi Biotechnology Co., Ltd. manufactures cosmetics products. The Company produces water creams, clean creams, masks, eye creams, and other products. Guangdong Marubi Biotechnology markets its products throughout China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Guangdong Marubi Biotechnology (603983 CH)

2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.

Sumeet Singh

Giant Biogene (2367 HK): Beaten Down Beauty. Valuation Upside After 40% Downslide

Powered by strong tailwinds - ingredient innovation and Guochao appeal, Biogene's functional beauty is well placed for growth. Recent sentiment-led...

Devi Subhakesan

Giant Biogene Placement - Has Been Doing Well but Doesn’t Need the Cash

Giant Biogene (2367 HK) aims to raise up to US$205m via a top-up placement. In this note, we talk about the deal dynamics and run the deal through...

Sumeet Singh

Pre-IPO Guangdong Marubi Biotechnology (A/H Listing) - The Pain Points and the Outlook

Marubi's dual-brand-driven structure with brand operation+omni-channel sales face profit pressure due to inferior cost control.Compliance risk...

Xinyao (Criss) Wang

China Healthcare Weekly (Apr.9)

The article analyzed intensive procurement of high-value orthopedic consumables,new policy about long-term prescription management,the patch-type...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.

Sumeet Singh

Giant Biogene (2367 HK): Beaten Down Beauty. Valuation Upside After 40% Downslide

Powered by strong tailwinds - ingredient innovation and Guochao appeal, Biogene's functional beauty is well placed for growth. Recent sentiment-led...

Devi Subhakesan

Giant Biogene Placement - Has Been Doing Well but Doesn’t Need the Cash

Giant Biogene (2367 HK) aims to raise up to US$205m via a top-up placement. In this note, we talk about the deal dynamics and run the deal through...

Sumeet Singh

Pre-IPO Guangdong Marubi Biotechnology (A/H Listing) - The Pain Points and the Outlook

​Marubi's dual-brand-driven structure with brand operation+omni-channel sales face profit pressure due to inferior cost control.Compliance risk...

Xinyao (Criss) Wang

China Healthcare Weekly (Apr.9)

The article analyzed intensive procurement of high-value orthopedic consumables,new policy about long-term prescription management,the patch-type...

Xinyao (Criss) Wang

Marubi's dual-brand-driven structure with brand operation+omni-channel sales face profit pressure due to inferior cost control.Compliance risk...