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

OmniVision Integrated Circuits Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/omnivision-integrated-circuits-group-inc-b6de6e64-b8c9-436c-b9de-81d6ac71fb6e" target="_blank" data-smartkarma-citation="entities:46222:1" rel="noopener">OmniVision Integrated Circuits Group (501 HK)</a> (OVIC, 603501 CH), a semiconductor company, raised around US$600m in its H-share listing.</li>
<li>OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost &amp; Sullivan.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



OmniVision Integrated Circuits Group (501 HK) (OVIC, 603501 CH), a semiconductor company, raised around US$600m in its H-share listing.
OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost &amp; Sullivan.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.


Aequitas: OmniVision Integrated Circuits Group A/H Trading -Weak Retail and Mediocre Insti Demand

Global Healthcare Analyst

Tina Banerjee

Hansoh Pharmaceutical Group  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group-co" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical Group (3692 HK)</a> is placing 108M shares at the price of HK$36.30 per share. 65% of the proceeds will be used for the R&amp;D of new innovative drugs.</li>
<li>Hansoh’s late-stage pipeline seems to be interesting, as its key focus areas being oncology and metabolic diseases, which are among the fast-growing therapeutic areas, with huge addressable patient population.</li>
<li>Hansoh has announced better-than-expected 1H25 result, with both revenue and net profit beating consensus. Innovative drugs revenue increased 22% YoY to RMB6B, contributing 82.7% of total revenue.</li>
</ul>



Hansoh Pharmaceutical Group (3692 HK) is placing 108M shares at the price of HK$36.30 per share. 65% of the proceeds will be used for the R&amp;D of new innovative drugs.
Hansoh’s late-stage pipeline seems to be interesting, as its key focus areas being oncology and metabolic diseases, which are among the fast-growing therapeutic areas, with huge addressable patient population.
Hansoh has announced better-than-expected 1H25 result, with both revenue and net profit beating consensus. Innovative drugs revenue increased 22% YoY to RMB6B, contributing 82.7% of total revenue.


Hansoh Pharmaceutical (3692 HK): Placing Shares to Fund R&D Amid Stellar 1H Performance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group-co" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical Group (3692 HK)</a> aims to raise around US$500m via a primary placement.</li>
<li>The stock has done exceptionally well this year but is now trading at near its all-time highs and it doesn’t really need the cash.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Hansoh Pharmaceutical Group (3692 HK) aims to raise around US$500m via a primary placement.
The stock has done exceptionally well this year but is now trading at near its all-time highs and it doesn’t really need the cash.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Hansoh Pharma Placement - Somewhat Expected but Still Opportunistic

Equity Bottom-Up

Hansoh Pharmaceutical Group  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group-co" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical Group (3692 HK)</a> granted an exclusive worldwide license to develop, manufacture, and commercialize HS-20094, an investigational dual GLP-1/GIP receptor agonist.</li>
<li>Globally, the only approved dual GLP-1/GIP receptor agonist is Eli Lilly’s Zepbound, which garnered revenue of $4.9B in 2024, with a potential of peak global sales of $27.2B by 2030.</li>
<li>Hansoh’s mainstay drug Ameile was approved for an additional indication of treatment of adult patients with stage II to IIIB NSCLC whose tumors have EGFR mutations.</li>
</ul>



Hansoh Pharmaceutical Group (3692 HK) granted an exclusive worldwide license to develop, manufacture, and commercialize HS-20094, an investigational dual GLP-1/GIP receptor agonist.
Globally, the only approved dual GLP-1/GIP receptor agonist is Eli Lilly’s Zepbound, which garnered revenue of $4.9B in 2024, with a potential of peak global sales of $27.2B by 2030.
Hansoh’s mainstay drug Ameile was approved for an additional indication of treatment of adult patients with stage II to IIIB NSCLC whose tumors have EGFR mutations.


Hansoh Pharmaceutical (3692 HK): Outlicensing and Indication Expansion Of Core Drug Augur Well

Thematic (Sector/Industry)

<ul>
<li>Jiangsu Hengrui received approval for its innovative drug Retlirafusp alfa Injection in China. Hansoh’s innovative drug Ameile got fifth indication expansion approval in China for NSCLC.</li>
<li>InSilico Medicine entered multi-year R&amp;D collaboration valued at $888M with Servier. Takeda Pharmaceutical filed NDA to the FDA seeking approval of rusfertide for the treatment of polycythemia vera.</li>
<li>Hanmi Pharmaceutical will distribute and sell Teva’s migraine preventive treatment Ajovy in Korea. Dr. Reddy’s Laboratories has launched Hevaxin vaccine for the prevention of Hepatitis E virus infection in India.</li>
</ul>


Jiangsu Hengrui received approval for its innovative drug Retlirafusp alfa Injection in China. Hansoh’s innovative drug Ameile got fifth indication expansion approval in China for NSCLC.
InSilico Medicine entered multi-year R&amp;D collaboration valued at $888M with Servier. Takeda Pharmaceutical filed NDA to the FDA seeking approval of rusfertide for the treatment of polycythemia vera.
Hanmi Pharmaceutical will distribute and sell Teva’s migraine preventive treatment Ajovy in Korea. Dr. Reddy’s Laboratories has launched Hevaxin vaccine for the prevention of Hepatitis E virus infection in India.


APAC Healthcare Weekly (January 11) – Hengrui, Hansoh, InSilico Medicine, Takeda, Hanmi Pharm

China

Hansoh Pharmaceutical Group Company Limited operates as a pharmaceutical company. The Company manufactures and sells anti-infectives, anti-neoplastic agents, diabetes drugs, and other products. Hansoh Pharmaceutical Group markets its products throughout China.

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Hansoh Pharmaceutical Group (3692 HK)

Aequitas: OmniVision Integrated Circuits Group A/H Trading -Weak Retail and Mediocre Insti Demand

OmniVision Integrated Circuits Group (501 HK) (OVIC, 603501 CH), a semiconductor company, raised around US$600m in its H-share listing. In this...

Sumeet Singh

Hansoh Pharmaceutical (3692 HK): Placing Shares to Fund R&D Amid Stellar 1H Performance

Hansoh Pharma is raising ~$500M for R&D of new drugs, with a focus on oncology and metabolic diseases. During 1H25, innovative drugs revenue...

Tina Banerjee

Hansoh Pharma Placement - Somewhat Expected but Still Opportunistic

Hansoh Pharmaceutical Group (3692 HK) aims to raise around US$500m via a primary placement. In this note, we talk about the deal dynamics.

Sumeet Singh

Hansoh Pharmaceutical (3692 HK): Outlicensing and Indication Expansion Of Core Drug Augur Well

Hansoh Pharma grants license for dual GLP-1/GIP receptor agonist to Regeneron, aiming to tap global weight loss market. Flagship drug Ameile also...

Tina Banerjee

APAC Healthcare Weekly (January 11) – Hengrui, Hansoh, InSilico Medicine, Takeda, Hanmi Pharm

Hegrui got nod for new drug and Hansoh’s Ameile secured additional indication in China. InSilico entered $888M R&D collaboration. Takeda filed for...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: OmniVision Integrated Circuits Group A/H Trading -Weak Retail and Mediocre Insti Demand

OmniVision Integrated Circuits Group (501 HK) (OVIC, 603501 CH), a semiconductor company, raised around US$600m in its H-share listing. In this...

Sumeet Singh

Hansoh Pharmaceutical (3692 HK): Placing Shares to Fund R&D Amid Stellar 1H Performance

​Hansoh Pharma is raising ~$500M for R&D of new drugs, with a focus on oncology and metabolic diseases. During 1H25, innovative drugs revenue...

Tina Banerjee

Hansoh Pharma Placement - Somewhat Expected but Still Opportunistic

Hansoh Pharmaceutical Group (3692 HK) aims to raise around US$500m via a primary placement. In this note, we talk about the deal dynamics.

Sumeet Singh

Hansoh Pharmaceutical (3692 HK): Outlicensing and Indication Expansion Of Core Drug Augur Well

​Hansoh Pharma grants license for dual GLP-1/GIP receptor agonist to Regeneron, aiming to tap global weight loss market. Flagship drug Ameile also...

Tina Banerjee

APAC Healthcare Weekly (January 11) – Hengrui, Hansoh, InSilico Medicine, Takeda, Hanmi Pharm

Hegrui got nod for new drug and Hansoh’s Ameile secured additional indication in China. InSilico entered $888M R&D collaboration. Takeda filed for...

Tina Banerjee

Hansoh Pharma is raising ~$500M for R&D of new drugs, with a focus on oncology and metabolic diseases. During 1H25, innovative drugs revenue...

Hansoh Pharma grants license for dual GLP-1/GIP receptor agonist to Regeneron, aiming to tap global weight loss market. Flagship drug Ameile also...