Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton 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

Immvira Bioscience / Equity Capital Markets

<ul>
<li>ImmVira, a China-based clinical-stage biotech company, is seeking a Hong Kong Chapter 18A listing. Citigroup and CICC are the joint sponsors.</li>
<li>In our previous note, we looked at the company's core product MVR-T3011, including its mechanism and clinical data, as well as its management and investor backing.</li>
<li>In this note, we look at developments in the company's assets and the competitive setting.</li>
</ul>


ImmVira, a China-based clinical-stage biotech company, is seeking a Hong Kong Chapter 18A listing. Citigroup and CICC are the joint sponsors.
In our previous note, we looked at the company's core product MVR-T3011, including its mechanism and clinical data, as well as its management and investor backing.
In this note, we look at developments in the company's assets and the competitive setting.


ImmVira (亦诺微) Pre-IPO: Prospectus Update Suggests Stronger Bladder Data but a Higher Competitive Bar

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The virus carrier process is complex.Cost of MVR-T3011 large-scale production is higher than antibody drugs.The awareness of oncolytic virus among doctors is insufficient. Market competition in engineered exosome is fierce.</li>
<li>As a clinical stage company, commercialization of its products is likely to seek business partners through a license-out model. So, how much sales/profit belongs to Immvira remains to be seen.</li>
<li>We think a neutral scenario is that valuation could be about US$10-1.2 billion. However, if the clinical data falls short of expectations, the valuation may be halved to US$500 million.</li>
</ul>


The virus carrier process is complex.Cost of MVR-T3011 large-scale production is higher than antibody drugs.The awareness of oncolytic virus among doctors is insufficient. Market competition in engineered exosome is fierce.
As a clinical stage company, commercialization of its products is likely to seek business partners through a license-out model. So, how much sales/profit belongs to Immvira remains to be seen.
We think a neutral scenario is that valuation could be about US$10-1.2 billion. However, if the clinical data falls short of expectations, the valuation may be halved to US$500 million.


Pre-IPO Immvira Bioscience - The Pipeline, the Concerns and the Valuation

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.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, we had a look at a number of deals that are in the pipeline.</li>
<li>On the placements front, it was a relatively quiet week with a few primary raisings.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, we had a look at a number of deals that are in the pipeline.
On the placements front, it was a relatively quiet week with a few primary raisings.


ECM Weekly (28 July 2025) - MMC, Pine Lags, Prestige, Veritas, Daehan, Kasumigaseki, NSDL, GNI

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.

<ul>
<li>ImmVira, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The joint book runners are CITI and CICC.</li>
<li>In this insight, we look at the company’s core product, MVR-T3011, including its mechanism and clinical data.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


ImmVira, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The joint book runners are CITI and CICC.
In this insight, we look at the company’s core product, MVR-T3011, including its mechanism and clinical data.
We also look at the company’s pre-IPO investors and management team.


ImmVira (亦诺微) Pre-IPO: Niche Product, but the Indication Is Limited

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Immvira Bioscience (IBS HK)

ImmVira (亦诺微) Pre-IPO: Prospectus Update Suggests Stronger Bladder Data but a Higher Competitive Bar

ImmVira has filed an updated HKEX Chapter 18A application proof. Its value depends on MVR-T3011 in BCG-unresponsive bladder cancer, where approved...

Ke Yan, CFA, FRM

Pre-IPO Immvira Bioscience - The Pipeline, the Concerns and the Valuation

ImmVira faces challenges in commercializing pipelines due to high production costs and market competition, with valuation potentially ranging from...

Xinyao (Criss) Wang

ECM Weekly (28 July 2025) - MMC, Pine Lags, Prestige, Veritas, Daehan, Kasumigaseki, NSDL, GNI

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

ImmVira (亦诺微) Pre-IPO: Niche Product, but the Indication Is Limited

China-based biotech ImmVira seeks to raise $100 million through a Hong Kong listing with CITI and CICC as joint book runners. We look at its core...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ImmVira (亦诺微) Pre-IPO: Prospectus Update Suggests Stronger Bladder Data but a Higher Competitive Bar

ImmVira has filed an updated HKEX Chapter 18A application proof. Its value depends on MVR-T3011 in BCG-unresponsive bladder cancer, where approved...

Ke Yan, CFA, FRM

Pre-IPO Immvira Bioscience - The Pipeline, the Concerns and the Valuation

​ImmVira faces challenges in commercializing pipelines due to high production costs and market competition, with valuation potentially ranging from...

Xinyao (Criss) Wang

ECM Weekly (28 July 2025) - MMC, Pine Lags, Prestige, Veritas, Daehan, Kasumigaseki, NSDL, GNI

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

ImmVira (亦诺微) Pre-IPO: Niche Product, but the Indication Is Limited

​China-based biotech ImmVira seeks to raise $100 million through a Hong Kong listing with CITI and CICC as joint book runners. We look at its core...

Ke Yan, CFA, FRM

ImmVira faces challenges in commercializing pipelines due to high production costs and market competition, with valuation potentially ranging from...

China-based biotech ImmVira seeks to raise $100 million through a Hong Kong listing with CITI and CICC as joint book runners. We look at its core...