Asia Pac ECM and Index Rebal, DZT 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.

Equity Capital Markets

HBM Holdings Limited / Equity Capital Markets

HBM is a China-based biopharmaceutical company. The company plans to raise at least USD 500m to list in Hong Kong.The company has an interesting heavy chain antibody platform but only one clinical-stage product from the platform, HBM4003, is still in the early stage of development and the readings from clinical trials are not yet available to make discussion of the efficacy and safety. Two of the company's late-stage products are in-licensed from South Korea-based HanAll Pharmaceuticals. For batoclimab/HBM9161, we are of the view that the indication is small though it is an innovative product for unmet demand. For tanfanercept/HBM9036, we are of the view that it has a good clinical benefit over existing therapies for dry eye disease and the indication has a big population but the ramp-up of sales will be slow if it is not priced competitive enough.In terms of founder profile, we are not impressed though it is backed by reputable investors in the pre-IPO rounds.

HBM is a China-based biopharmaceutical company. The company plans to raise at least USD 500m to list in Hong Kong.The company has an interesting heavy chain antibody platform but only one clinical-stage product from the platform, HBM4003, is still in the early stage of development and the readings from clinical trials are not yet available to make discussion of the efficacy and safety. Two of the company's late-stage products are in-licensed from South Korea-based HanAll Pharmaceuticals. For batoclimab/HBM9161, we are of the view that the indication is small though it is an innovative product for unmet demand. For tanfanercept/HBM9036, we are of the view that it has a good clinical benefit over existing therapies for dry eye disease and the indication has a big population but the ramp-up of sales will be slow if it is not priced competitive enough.In terms of founder profile, we are not impressed though it is backed by reputable investors in the pre-IPO rounds.

HBM (和珀医药) Pre-IPO: Innovative Heavy Chain Platform to Be Tested

China

Engages in research and development of therapeutics in the fields of immuno-oncology and immunology diseases

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HBM Holdings Limited (2142 HK)

HBM (和珀医药) Pre-IPO: Innovative Heavy Chain Platform to Be Tested

HBM Holdings is a China-based biopharmaceutical company. The company plans to raise at least USD 500m to list in Hong Kong.

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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