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

Simcere Pharmaceutical / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical Group (2096 HK)</a> is looking to raise around US$200m via a top-up placement.</li>
<li>This is the first primary raising by the company since its listing. There have been a few secondary deals, with mixed results.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Simcere Pharmaceutical Group (2096 HK) is looking to raise around US$200m via a top-up placement.
This is the first primary raising by the company since its listing. There have been a few secondary deals, with mixed results.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Simcere Pharma Placement - First Primary Raising, past Deals Have Been Mixed

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ascletis-pharma-inc" target="_blank" data-smartkarma-citation="entities:27265:1" rel="noopener">Ascletis Pharma Inc (1672 HK)</a> announced the placement of 52.4M shares for subscription at HK$16.45 per share.</li>
<li>The company intends to use 90% of proceeds for further R&amp;D of its drug candidates with respect to both subcutaneously injected peptides and oral peptides, into clinical trials for obesity.</li>
<li>The company will take time to cash in fully from the commercialization efforts in near future, given the limited opportunity it has in terms of the drug pipeline basket.</li>
</ul>



Ascletis Pharma Inc (1672 HK) announced the placement of 52.4M shares for subscription at HK$16.45 per share.
The company intends to use 90% of proceeds for further R&amp;D of its drug candidates with respect to both subcutaneously injected peptides and oral peptides, into clinical trials for obesity.
The company will take time to cash in fully from the commercialization efforts in near future, given the limited opportunity it has in terms of the drug pipeline basket.


Ascletis Pharma (1672 HK): Placement Bleak; Commercialization To Take Time; Lack Formidable Pipeline

<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 companies are lining up to start 2H listing season, which is likely to be one of the busiest over the past few years.</li>
<li>On the placements front as well, given ongoing earnings annoucement there were only one large placement last week.</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 companies are lining up to start 2H listing season, which is likely to be one of the busiest over the past few years.
On the placements front as well, given ongoing earnings annoucement there were only one large placement last week.


ECM Weekly (18 August 2025)- Eve Energy, CNGR, Will Semi, 52 Toys, JSW, Bluestone, Tuas, Hexaware

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Guangzhou Innogen Pharmaceutical / Equity Capital Markets

Guangzhou Innogen Pharmaceutical (2591 HK)

<ul>
<li>Compared to competitors, the competitive advantage of Efsubaglutide Alfa is not obvious.The weight loss effect of single target mechanism could be weaker than that of competing dual and triple agonists</li>
<li>Before Innogen filed for listing, some pre-IPO investors chose to transfer the Company's equity they held at a discount, indicating that these investors lack confidence in the Company's prospects.</li>
<li>Under the double pressure of a single pipeline and lagging commercialization, pre-IPO valuation of RMB4.65bn is more like a dangerous bubble game.We shared our views on valuation and post-IPO performance.</li>
</ul>


Compared to competitors, the competitive advantage of Efsubaglutide Alfa is not obvious.The weight loss effect of single target mechanism could be weaker than that of competing dual and triple agonists
Before Innogen filed for listing, some pre-IPO investors chose to transfer the Company's equity they held at a discount, indicating that these investors lack confidence in the Company's prospects.
Under the double pressure of a single pipeline and lagging commercialization, pre-IPO valuation of RMB4.65bn is more like a dangerous bubble game.We shared our views on valuation and post-IPO performance.


Pre-IPO Guangzhou Innogen Pharmaceutical Group (PHIP Updates) - Some Points Worth the Attention

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.

<ul>
<li>Innogen raised HKD 683m (USD 88m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, August 14th.</li>
<li>In our previous note, we looked at the company's operation, management track records and discussed the IPO valuation.</li>
<li>In this note, we provide an update for the IPO before trading debut.</li>
</ul>


Innogen raised HKD 683m (USD 88m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, August 14th.
In our previous note, we looked at the company's operation, management track records and discussed the IPO valuation.
In this note, we provide an update for the IPO before trading debut.


Innogen (银诺医药) IPO Trading Update

China

Guangzhou Innogen Pharmaceutical Group Co Ltd is a China-based company primarily engaged in the research, development, and commercialization of pharmaceutical products. The company focuses on innovative therapies for diabetes and other metabolic diseases, with its core product being Efsubaglutide Alfa (Diabegone) for type 2 diabetes. It was founded in 2014 and is headquartered in Shanghai, China.

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

Guangzhou Innogen Pharmaceutical (2591 HK)

Simcere Pharma Placement - First Primary Raising, past Deals Have Been Mixed

Simcere Pharmaceutical Group (2096 HK) is looking to raise around US$200m via a top-up placement. In this note, we talk about the deal dynamics.

Sumeet Singh

Ascletis Pharma (1672 HK): Placement Bleak; Commercialization To Take Time; Lack Formidable Pipeline

Ascletis Pharma is placing 52.4M shares at HK$16.45 per share, with 90% of proceeds going towards further R&D for obesity drug candidates into...

Tina Banerjee

ECM Weekly (18 August 2025)- Eve Energy, CNGR, Will Semi, 52 Toys, JSW, Bluestone, Tuas, Hexaware

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

Pre-IPO Guangzhou Innogen Pharmaceutical Group (PHIP Updates) - Some Points Worth the Attention

Innogen's crazy IPO debut is due to the resonance of retail investors' enthusiasm/institutional arbitrage/bubble in biotech sector.Reasonable...

Xinyao (Criss) Wang

Innogen (银诺医药) IPO Trading Update

Innogen raises HKD 683m in global offering, set to list on Hong Kong Stock Exchange on August 15th. We provide an update of the deal dynamics...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Simcere Pharma Placement - First Primary Raising, past Deals Have Been Mixed

Simcere Pharmaceutical Group (2096 HK) is looking to raise around US$200m via a top-up placement. In this note, we talk about the deal dynamics.

Sumeet Singh

Ascletis Pharma (1672 HK): Placement Bleak; Commercialization To Take Time; Lack Formidable Pipeline

​Ascletis Pharma is placing 52.4M shares at HK$16.45 per share, with 90% of proceeds going towards further R&D for obesity drug candidates into...

Tina Banerjee

ECM Weekly (18 August 2025)- Eve Energy, CNGR, Will Semi, 52 Toys, JSW, Bluestone, Tuas, Hexaware

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

Pre-IPO Guangzhou Innogen Pharmaceutical Group (PHIP Updates) - Some Points Worth the Attention

Innogen's crazy IPO debut is due to the resonance of retail investors' enthusiasm/institutional arbitrage/bubble in biotech sector.Reasonable...

Xinyao (Criss) Wang

Innogen (银诺医药) IPO Trading Update

​Innogen raises HKD 683m in global offering, set to list on Hong Kong Stock Exchange on August 15th. We provide an update of the deal dynamics...

Ke Yan, CFA, FRM

Ascletis Pharma is placing 52.4M shares at HK$16.45 per share, with 90% of proceeds going towards further R&D for obesity drug candidates into...

Innogen raises HKD 683m in global offering, set to list on Hong Kong Stock Exchange on August 15th. We provide an update of the deal dynamics...