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.

Equity Capital Markets

Guangzhou Innogen Pharmaceutical Group / Equity Capital Markets

<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 this note, we look at changes to the company’s PHIP prospectus.</li>
<li>While there is no major update to the asset lists, we do see that the market forecasts provided in the prospectus scaled down significantly.</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 this note, we look at changes to the company’s PHIP prospectus.
While there is no major update to the asset lists, we do see that the market forecasts provided in the prospectus scaled down significantly.


Innogen (银诺医药) Pre-IPO Update: Cuts in Market Forecasts

<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 this note, we look at changes to the company’s refiled application proof.</li>
<li>We also did a comparison between the company’s product and PegBio’s PB-119. PegBio was listed on HKEx in May. We also check its products’ online listing.</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 this note, we look at changes to the company’s refiled application proof.
We also did a comparison between the company’s product and PegBio’s PB-119. PegBio was listed on HKEx in May. We also check its products’ online listing.


Innogen (银诺医药) Pre-IPO Update: New Data Points

<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 this note, we look at the company’s product pipeline, its pre-IPO investors, and management.</li>
<li>Our initial view is that the stock will rely heavily on its sales ramp. Yet we are not seeing signs that the company is at full throttle post-NMPA approval.</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 this note, we look at the company’s product pipeline, its pre-IPO investors, and management.
Our initial view is that the stock will rely heavily on its sales ramp. Yet we are not seeing signs that the company is at full throttle post-NMPA approval.


Innogen (银诺医药) Pre-IPO First Take: Good News Is Also Bad News

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Innogen’s business, financial condition, operation results and prospects for the next couple of years are substantially dependent on the successful approval and commercialization of Efsubaglutide Alfa, indicating single product risk. </li>
<li>Due to slower R&amp;D progress and fierce competition brought by first movers and generic drugs, commercialization prospects of Efsubaglutide Alfa is highly uncertain, leading to potential lower-than-expected sales performance.</li>
<li>After Series B+ financing, the post-investment valuation of Innogen is already RMB4.65 billion. However, share price of peers has not done well, which makes us cautious about Innogen's IPO prospects.</li>
</ul>


Innogen’s business, financial condition, operation results and prospects for the next couple of years are substantially dependent on the successful approval and commercialization of Efsubaglutide Alfa, indicating single product risk. 
Due to slower R&amp;D progress and fierce competition brought by first movers and generic drugs, commercialization prospects of Efsubaglutide Alfa is highly uncertain, leading to potential lower-than-expected sales performance.
After Series B+ financing, the post-investment valuation of Innogen is already RMB4.65 billion. However, share price of peers has not done well, which makes us cautious about Innogen's IPO prospects.


Pre-IPO Guangzhou Innogen Pharmaceutical Group- The Good Story of GLP-1 May Not Bring High Valuation

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The December rebalance of the Hang Seng family of indices will use today's closing prices to cap the index constituent weights.</li>
<li>The net round-trip trade across all stocks across the five indices is estimated at HK$50bn (US$6.4bn). There is size to trade in a lot of stocks.</li>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi (1810 HK)</a> is the biggest buy due to HSIII Index inclusion and capping, while <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a> is the biggest capping sell.</li>
</ul>


The December rebalance of the Hang Seng family of indices will use today's closing prices to cap the index constituent weights.
The net round-trip trade across all stocks across the five indices is estimated at HK$50bn (US$6.4bn). There is size to trade in a lot of stocks.

Xiaomi (1810 HK) is the biggest buy due to HSIII Index inclusion and capping, while Alibaba (9988 HK) is the biggest capping sell.


HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$6.4bn of Flows Post Capping (Dec 2025)

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)

Innogen (银诺医药) Pre-IPO Update: Cuts in Market Forecasts

China biotech company Innogen plans to raise $100 million in Hong Kong listing with CITIC Securities and CICC as joint sponsors, with scaled down...

Ke Yan, CFA, FRM

Innogen (银诺医药) Pre-IPO Update: New Data Points

China-based biotech company Innogen seeks to raise $100 million through Hong Kong listing. We look at updates from the company's latest prospectus...

Ke Yan, CFA, FRM

Innogen (银诺医药) Pre-IPO First Take: Good News Is Also Bad News

Innogen, the leading Chinese company in the GLP-1 space, seeks to raise $100 million through Hong Kong listing, with focus on product pipeline and...

Ke Yan, CFA, FRM

Pre-IPO Guangzhou Innogen Pharmaceutical Group- The Good Story of GLP-1 May Not Bring High Valuation

Innogen's future success hinges on approval of Efsubaglutide Alfa, but uncertainty in commercialization and competition will impact sales...

Xinyao (Criss) Wang

HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$6.4bn of Flows Post Capping (Dec 2025)

The Dec rebalance of the HSI, HSCEI, HSTECH, HSIII, HSHKBIO indices will use today's closing prices for capping. The round-trip trade across the...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Innogen (银诺医药) Pre-IPO Update: Cuts in Market Forecasts

​China biotech company Innogen plans to raise $100 million in Hong Kong listing with CITIC Securities and CICC as joint sponsors, with scaled down...

Ke Yan, CFA, FRM

Innogen (银诺医药) Pre-IPO Update: New Data Points

​China-based biotech company Innogen seeks to raise $100 million through Hong Kong listing. We look at updates from the company's latest prospectus...

Ke Yan, CFA, FRM

Innogen (银诺医药) Pre-IPO First Take: Good News Is Also Bad News

Innogen, the leading Chinese company in the GLP-1 space, seeks to raise $100 million through Hong Kong listing, with focus on product pipeline and...

Ke Yan, CFA, FRM

Pre-IPO Guangzhou Innogen Pharmaceutical Group- The Good Story of GLP-1 May Not Bring High Valuation

​Innogen's future success hinges on approval of Efsubaglutide Alfa, but uncertainty in commercialization and competition will impact sales...

Xinyao (Criss) Wang

HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$6.4bn of Flows Post Capping (Dec 2025)

The Dec rebalance of the HSI, HSCEI, HSTECH, HSIII, HSHKBIO indices will use today's closing prices for capping. The round-trip trade across the...

Brian Freitas

China biotech company Innogen plans to raise $100 million in Hong Kong listing with CITIC Securities and CICC as joint sponsors, with scaled down...

China-based biotech company Innogen seeks to raise $100 million through Hong Kong listing. We look at updates from the company's latest prospectus...

Innogen's future success hinges on approval of Efsubaglutide Alfa, but uncertainty in commercialization and competition will impact sales...