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

Xuanzhu Biopharmaceutical / Equity Capital Markets

<ul>
<li>Xuanzhu raised HKD 781m (USD 100m) from its global offering and will list on the Hong Kong Stock Exchange on Wednesday, October 15, 2025.</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>


Xuanzhu raised HKD 781m (USD 100m) from its global offering and will list on the Hong Kong Stock Exchange on Wednesday, October 15, 2025.
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.


Xuanzhu Biopharm  (轩竹生物科技) IPO: Trading Updates

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/duality-biotherapeutics-inc" target="_blank" data-smartkarma-citation="entities:43878:1" rel="noopener">Duality Biotherapeutics (9606 HK)</a>' s raised around US$200m in its Hong Kong listing in April 2025. The lockup on its cornerstone and pre-IPO investors is set to expire today.</li>
<li>Duality is a biopharma company focused primarily on the independent discovery and development of antibody-drug conjugate (ADC) assets.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Duality Biotherapeutics (9606 HK)' s raised around US$200m in its Hong Kong listing in April 2025. The lockup on its cornerstone and pre-IPO investors is set to expire today.
Duality is a biopharma company focused primarily on the independent discovery and development of antibody-drug conjugate (ADC) assets.
In this note, we will talk about the lockup dynamics and possible placement.


Duality Bio IPO Lockup - US$2.7bn Lockup Release, with Lots of CCASS Movement

Microport Scientific / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/otsuka-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:12292:1" rel="noopener">Otsuka Holdings (4578 JP)</a> aims to raise around US$150m via selling its remaining shares in <a href="https://www.smartkarma.com/entities/microport-scientific-corp" target="_blank" data-smartkarma-citation="entities:4487:1" rel="noopener">Microport Scientific (853 HK)</a>.</li>
<li>Otsuka had sold the majority of its stake earlier this year.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Otsuka Holdings (4578 JP) aims to raise around US$150m via selling its remaining shares in Microport Scientific (853 HK).
Otsuka had sold the majority of its stake earlier this year.
In this note, we will talk about the placement and run the deal through our ECM framework.


Microport Scientific Placement - Should Be Well-Flagged, Will Lift Overhang

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

GenFleet Therapeutics / Equity Capital Markets

<ul>
<li>GenFleet’s R&amp;D strategy is to layout around the RAS signaling pathway to construct a "RAS therapy matrix" covering multiple RAS mutation types.However, there’re barriers to the development of RAS-targeted therapies.</li>
<li>The factors that suppress valuation include intense competition and potential patent risks. GenFleet’s independent commercialization capability has not been verified. So, a valuation of RMB3-4 billion is a reasonable range.</li>
<li>Considering the sustained popularity of innovative drug IPOs in the Hong Kong stock market, post-IPO valuation of GenFleet depends more on market sentiment, not fundamentals.  </li>
</ul>


GenFleet’s R&amp;D strategy is to layout around the RAS signaling pathway to construct a "RAS therapy matrix" covering multiple RAS mutation types.However, there’re barriers to the development of RAS-targeted therapies.
The factors that suppress valuation include intense competition and potential patent risks. GenFleet’s independent commercialization capability has not been verified. So, a valuation of RMB3-4 billion is a reasonable range.
Considering the sustained popularity of innovative drug IPOs in the Hong Kong stock market, post-IPO valuation of GenFleet depends more on market sentiment, not fundamentals.  


Pre-IPO GenFleet Therapeutics (PHIP Updates) - Some Points Worth the Attention

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>CSPC Pharmaceutical’s NDA for Anbenitamab injection has been accepted in China. Phase 2 trial of Lead candidate of TransThera Sciences, Tinengotinib in combination with Fulvestrant for breast cancer got approval.</li>
<li>Samsung Biologics signed CMO contract worth $1.3B with a U.S.-based pharmaceutical company. Daiichi Sankyo reported positive clinical trial result for ifinatamab deruxtecan in SCLC.</li>
<li>Sun Pharmaceutical’s Halol facility is under import alert, resulting in the refusal of shipments from the facility into the U.S. Biocon inaugurates its first U.S. manufacturing facility in New Jersey.</li>
</ul>


CSPC Pharmaceutical’s NDA for Anbenitamab injection has been accepted in China. Phase 2 trial of Lead candidate of TransThera Sciences, Tinengotinib in combination with Fulvestrant for breast cancer got approval.
Samsung Biologics signed CMO contract worth $1.3B with a U.S.-based pharmaceutical company. Daiichi Sankyo reported positive clinical trial result for ifinatamab deruxtecan in SCLC.
Sun Pharmaceutical’s Halol facility is under import alert, resulting in the refusal of shipments from the facility into the U.S. Biocon inaugurates its first U.S. manufacturing facility in New Jersey.


APAC Healthcare Weekly (September 14)–CSPC Pharm, TransThera, Samsung Bio, Daiichi Sankyo, Sun Pharm

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)

Xuanzhu Biopharm (轩竹生物科技) IPO: Trading Updates

Xuanzhu raises $100m in global offering, set to list on HK Stock Exchange on Oct 15th. We provide updated IPO details before trading debut.

Ke Yan, CFA, FRM

Duality Bio IPO Lockup - US$2.7bn Lockup Release, with Lots of CCASS Movement

Duality Biotherapeutics (9606 HK)' s raised around US$200m in its Hong Kong listing in April 2025. The lockup on its cornerstone and pre-IPO...

Sumeet Singh

Microport Scientific Placement - Should Be Well-Flagged, Will Lift Overhang

Otsuka Holdings (4578 JP) aims to raise around US$150m via selling its remaining shares in Microport Scientific (853 HK). In this note, we run the...

Sumeet Singh

Pre-IPO GenFleet Therapeutics (PHIP Updates) - Some Points Worth the Attention

GenFleet's IPO debut is eye-catching.Besides continuous enthusiasm for Biotech IPO, the endorsement of famous cornerstone investors brings great...

Xinyao (Criss) Wang

APAC Healthcare Weekly (September 14)–CSPC Pharm, TransThera, Samsung Bio, Daiichi Sankyo, Sun Pharm

CSPC Pharma’s NDA for Anbenitamab injection has been accepted in China. TransThera got trial approval for lead candidate. Samsung Bio signed $1.3B...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Xuanzhu Biopharm (轩竹生物科技) IPO: Trading Updates

​Xuanzhu raises $100m in global offering, set to list on HK Stock Exchange on Oct 15th. We provide updated IPO details before trading debut.

Ke Yan, CFA, FRM

Duality Bio IPO Lockup - US$2.7bn Lockup Release, with Lots of CCASS Movement

Duality Biotherapeutics (9606 HK)' s raised around US$200m in its Hong Kong listing in April 2025. The lockup on its cornerstone and pre-IPO...

Sumeet Singh

Microport Scientific Placement - Should Be Well-Flagged, Will Lift Overhang

Otsuka Holdings (4578 JP) aims to raise around US$150m via selling its remaining shares in Microport Scientific (853 HK). In this note, we run the...

Sumeet Singh

Pre-IPO GenFleet Therapeutics (PHIP Updates) - Some Points Worth the Attention

GenFleet's IPO debut is eye-catching.Besides continuous enthusiasm for Biotech IPO, the endorsement of famous cornerstone investors brings great...

Xinyao (Criss) Wang

APAC Healthcare Weekly (September 14)–CSPC Pharm, TransThera, Samsung Bio, Daiichi Sankyo, Sun Pharm

CSPC Pharma’s NDA for Anbenitamab injection has been accepted in China. TransThera got trial approval for lead candidate. Samsung Bio signed $1.3B...

Tina Banerjee

Xuanzhu raises $100m in global offering, set to list on HK Stock Exchange on Oct 15th. We provide updated IPO details before trading debut.