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.

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Thematic (Sector/Industry)

<ul>
<li>Seeing as though it is Chinese New Year week, I thought it might be appropriate to conduct a brief analysis of US-listed China plays.</li>
<li>According to a recent US-China Economic and Security Review Commission report, 265 Chinese companies were listed on the NYSE, Nasdaq and NYSE American exchanges in January 2024 worth US$848bn. </li>
<li>That's down from 252 companies worth US$1.03tn a year ago, a 17.5% decline. 91% of the total market capitalization of Chinese firms listed on U.S. exchanges use VIEs.</li>
</ul>


Seeing as though it is Chinese New Year week, I thought it might be appropriate to conduct a brief analysis of US-listed China plays.
According to a recent US-China Economic and Security Review Commission report, 265 Chinese companies were listed on the NYSE, Nasdaq and NYSE American exchanges in January 2024 worth US$848bn. 
That's down from 252 companies worth US$1.03tn a year ago, a 17.5% decline. 91% of the total market capitalization of Chinese firms listed on U.S. exchanges use VIEs.


Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ablbio-inc" target="_blank" data-smartkarma-citation="entities:35621:1" rel="noopener">ABLBio (298380 KS)</a> has secured equity investment of KRW22B (~$15M) from Eli Lilly. The issue price of KRW125,900 per share represents ~22% discount to last undisturbed closing price.</li>
<li>ABL Bio plans to use the proceeds to advance its core technologies, including bispecific antibody platform, Grabody and bispecific ADCs. ABL Bio has rich pipeline, with eight ongoing clinical projects.</li>
<li>From a long-term perspective, relationship with Lilly opens a broad range of collaborative opportunities to develop innovative therapies. We may see similar deals with other major global pharma companies.</li>
</ul>



ABLBio (298380 KS) has secured equity investment of KRW22B (~$15M) from Eli Lilly. The issue price of KRW125,900 per share represents ~22% discount to last undisturbed closing price.
ABL Bio plans to use the proceeds to advance its core technologies, including bispecific antibody platform, Grabody and bispecific ADCs. ABL Bio has rich pipeline, with eight ongoing clinical projects.
From a long-term perspective, relationship with Lilly opens a broad range of collaborative opportunities to develop innovative therapies. We may see similar deals with other major global pharma companies.


ABLBio (298380 KS): Funding From Lilly To Strengthen Drug Development Capabilities

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Equity Capital Markets

NovaBridge Biosciences / Equity Capital Markets

<ul>
<li>NovaBridge Therapeutics, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. GS and CITIC are the joint sponsors.</li>
<li>In this note, we look at the company’s history and its core product, givastomig.</li>
<li>We are of the view that there is no fundamental improvement in the company, since it changed its name and restructured its China business.</li>
</ul>


NovaBridge Therapeutics, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. GS and CITIC are the joint sponsors.
In this note, we look at the company’s history and its core product, givastomig.
We are of the view that there is no fundamental improvement in the company, since it changed its name and restructured its China business.


NovaBridge (新桥生物) Pre-IPO Quick Take: A Renewed I-MAB?

<ul>
<li>Eli Lilly announced positive topline results from Phase 3 trial, evaluating orforglipron, discovered by Chugai. Hisamitsu Pharmaceutical initiated Phase 3 trial of HP-6050, a transdermal formulation for sedation in Japan.</li>
<li>WuXi XDC completed GMP release of its new drug product facility in China. CSPC Pharmaceutical’s application for marketing approval of Semaglutide Injection has been accepted by the NMPA of China.</li>
<li>Junshi Biosciences’s indication expansion application for toripalimab for treatment of urothelial carcinoma has been accepted in China. Hanmi Pharma advances HM17321, a first-in-class obesity therapy, into global Phase 1 trials.</li>
</ul>


Eli Lilly announced positive topline results from Phase 3 trial, evaluating orforglipron, discovered by Chugai. Hisamitsu Pharmaceutical initiated Phase 3 trial of HP-6050, a transdermal formulation for sedation in Japan.
WuXi XDC completed GMP release of its new drug product facility in China. CSPC Pharmaceutical’s application for marketing approval of Semaglutide Injection has been accepted by the NMPA of China.
Junshi Biosciences’s indication expansion application for toripalimab for treatment of urothelial carcinoma has been accepted in China. Hanmi Pharma advances HM17321, a first-in-class obesity therapy, into global Phase 1 trials.


APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

China

I-Mab operates as a clinical stage biopharmaceutical company. The Company focuses on the discovery, development, and commercialization of novel biologics to treat diseases with significant unmet medical needs, particularly cancers and autoimmune disorders. I-Mab conducts business in China.

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I-Mab (IMAB US)

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Musings On US-Listed China Plays

Investors in Chinese companies may be willing to support activities that are contrary to US national interests, including technology used for...

David Blennerhassett

ABLBio (298380 KS): Funding From Lilly To Strengthen Drug Development Capabilities

ABLBio secured equity investment of KRW22B from Eli Lilly. ABL Bio plans to use the proceeds to advance its core technologies, including bispecific...

Tina Banerjee

NovaBridge (新桥生物) Pre-IPO Quick Take: A Renewed I-MAB?

NovaBridge seeks to raise $100 million through a HK listing with GS and CITIC as joint sponsors, but concerns remain about the company's lack of...

Ke Yan, CFA, FRM

APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

Obesity treatment related development dominated the week, with Chugai’s drug candidate meeting Phase 3 trial goals, CSPC is a step ahead for...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Musings On US-Listed China Plays

Investors in Chinese companies may be willing to support activities that are contrary to US national interests, including technology used for...

David Blennerhassett

ABLBio (298380 KS): Funding From Lilly To Strengthen Drug Development Capabilities

ABLBio secured equity investment of KRW22B from Eli Lilly. ABL Bio plans to use the proceeds to advance its core technologies, including bispecific...

Tina Banerjee

NovaBridge (新桥生物) Pre-IPO Quick Take: A Renewed I-MAB?

​NovaBridge seeks to raise $100 million through a HK listing with GS and CITIC as joint sponsors, but concerns remain about the company's lack of...

Ke Yan, CFA, FRM

APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

Obesity treatment related development dominated the week, with Chugai’s drug candidate meeting Phase 3 trial goals, CSPC is a step ahead for...

Tina Banerjee

NovaBridge seeks to raise $100 million through a HK listing with GS and CITIC as joint sponsors, but concerns remain about the company's lack of...