HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Guangzhou Innogen Pharmaceutical Group / Equity Capital Markets

<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 IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

<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

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Guangzhou Innogen Pharmaceutical Group launched its Hongkong IPO aiming to raise up to HK$683M. The company plans to sell 36.6M shares at HK$18.68 per share.</li>
<li>Innogen discovers, develops, and commercializes innovative therapies for diabetes and other metabolic diseases. Their portfolio currently comprises of one core product, Efsubaglutide Alfa, for treatment of type 2 diabetes.</li>
<li>The GLP-1 drug market is slowly tending towards an overheated zone with upcoming Ozempic’s patent expiry in 2026.</li>
</ul>


Guangzhou Innogen Pharmaceutical Group launched its Hongkong IPO aiming to raise up to HK$683M. The company plans to sell 36.6M shares at HK$18.68 per share.
Innogen discovers, develops, and commercializes innovative therapies for diabetes and other metabolic diseases. Their portfolio currently comprises of one core product, Efsubaglutide Alfa, for treatment of type 2 diabetes.
The GLP-1 drug market is slowly tending towards an overheated zone with upcoming Ozempic’s patent expiry in 2026.


Innogen IPO: Competition Mars Outlook, Long Way To Go, Listing Gain Only Incentive For Now

<ul>
<li>Innogen, a China-based near-commercial stage biotech company, launched its IPO to raise at least USD 88 million via a Hong Kong listing.</li>
<li>In our previous note, we have examined the company’s core product, namely efsubaglutide alfa,  updates in various filings, and our thoughts on valuation.</li>
<li>In this note, we look at the deal term. We think the valuation is demanding and lacks institutional interest.</li>
</ul>


Innogen, a China-based near-commercial stage biotech company, launched its IPO to raise at least USD 88 million via a Hong Kong listing.
In our previous note, we have examined the company’s core product, namely efsubaglutide alfa,  updates in various filings, and our thoughts on valuation.
In this note, we look at the deal term. We think the valuation is demanding and lacks institutional interest.


Innogen (银诺医药) IPO: Fairly Valued at Best and Lack of Institutional Interests

<ul>
<li>Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.</li>
<li>In our previous note, we have examined the company’s core product namely efsubaglutide alfa, and updates in various filings.</li>
<li>In this note, we will provide a valuation for the company’s core product.</li>
</ul>


Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.
In our previous note, we have examined the company’s core product namely efsubaglutide alfa, and updates in various filings.
In this note, we will provide a valuation for the company’s core product.


Innogen (银诺医药) Pre-IPO: Thoughts on Valuation

China

Guangzhou Innogen Pharmaceutical Group Co., Ltd. develops medical products. The Company produces innovative drugs for metabolic diseases. Guangzhou Innogen Pharmaceutical Group also provides medical equipment.

Guangzhou Innogen Pharmaceutical Group (2591 HK)

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Guangzhou Innogen Pharmaceutical Group (2591 HK)

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

Innogen IPO: Competition Mars Outlook, Long Way To Go, Listing Gain Only Incentive For Now

Guangzhou Innogen Pharmaceutical launched HK IPO aiming to raise HK$683M. The company plans to sell 36.6M shares at HK$18.68 per share. IPO...

Tina Banerjee

Innogen (银诺医药) IPO: Fairly Valued at Best and Lack of Institutional Interests

China biotech company Innogen launches IPO in Hong Kong to raise at least $88 million, with a demanding valuation and lack of institutional...

Ke Yan, CFA, FRM

Innogen (银诺医药) Pre-IPO: Thoughts on Valuation

China-based biotech company Innogen seeks to raise $100 million through Hong Kong listing. In this note, we provide our risk-adjusted SOTP...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Innogen IPO: Competition Mars Outlook, Long Way To Go, Listing Gain Only Incentive For Now

Guangzhou Innogen Pharmaceutical launched HK IPO aiming to raise HK$683M. The company plans to sell 36.6M shares at HK$18.68 per share. IPO...

Tina Banerjee

Innogen (银诺医药) IPO: Fairly Valued at Best and Lack of Institutional Interests

​China biotech company Innogen launches IPO in Hong Kong to raise at least $88 million, with a demanding valuation and lack of institutional...

Ke Yan, CFA, FRM

Innogen (银诺医药) Pre-IPO: Thoughts on Valuation

​China-based biotech company Innogen seeks to raise $100 million through Hong Kong listing. In this note, we provide our risk-adjusted SOTP...

Ke Yan, CFA, FRM

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...

China biotech company Innogen launches IPO in Hong Kong to raise at least $88 million, with a demanding valuation and lack of institutional...

China-based biotech company Innogen seeks to raise $100 million through Hong Kong listing. In this note, we provide our risk-adjusted SOTP...