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

Guangzhou Innogen Pharmaceutical Group / Equity Capital Markets

<ul>
<li>Innogen, a China-based near-commercial stage biotech company, launched its IPO to raise at least USD 88 million via a Hong Kong listing.</li>
<li>In our previous note, we have examined the company’s core product, namely efsubaglutide alfa,  updates in various filings, and our thoughts on valuation.</li>
<li>In this note, we look at the deal term. We think the valuation is demanding and lacks institutional interest.</li>
</ul>


Innogen, a China-based near-commercial stage biotech company, launched its IPO to raise at least USD 88 million via a Hong Kong listing.
In our previous note, we have examined the company’s core product, namely efsubaglutide alfa,  updates in various filings, and our thoughts on valuation.
In this note, we look at the deal term. We think the valuation is demanding and lacks institutional interest.


Innogen (银诺医药) IPO: Fairly Valued at Best and Lack of Institutional Interests

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>July’s $17.28 bn inflow through Southbound was almost triple of that of the May low ($5.85bn). The flows are now on track to recovering to the March-April peak of $20-22bn.</li>
<li>Investors continue buying dividend plays (CCB), sharp decliners (Meituan), policy beneficiaries (SMIC). Kuaishou and Alibaba were bought after being sold recently. Biotechnology (Innovent, Akeso) and insurance (ChinaLife) are new favorites.</li>
<li>Expensive consumers and consumer proxies (Pop Mart, Tencent, Xiaomi) continue to be sold. Last three months selling in Xiaomi and Tencent have almost wiped out their cumulative 12 month's buying.</li>
</ul>


July’s $17.28 bn inflow through Southbound was almost triple of that of the May low ($5.85bn). The flows are now on track to recovering to the March-April peak of $20-22bn.
Investors continue buying dividend plays (CCB), sharp decliners (Meituan), policy beneficiaries (SMIC). Kuaishou and Alibaba were bought after being sold recently. Biotechnology (Innovent, Akeso) and insurance (ChinaLife) are new favorites.
Expensive consumers and consumer proxies (Pop Mart, Tencent, Xiaomi) continue to be sold. Last three months selling in Xiaomi and Tencent have almost wiped out their cumulative 12 month's buying.


Asian Equity: Southbound Monthly- July Boom; New Darlings: Insurance, Biotech; Pricey Consumers Sold

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published in the past two weeks on Smartkarma</li>
<li>In this cut, we review the rally in Chinese healthcare in 2025, track some updates in financial markets infrastructure companies, and see how Korean equities have done since end-May</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published in the past two weeks on Smartkarma
In this cut, we review the rally in Chinese healthcare in 2025, track some updates in financial markets infrastructure companies, and see how Korean equities have done since end-May
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: China Healthcare Rally, Financial Market Infra Moves & Korea’s Equity Upswing

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>A key point of the press conference held by the NHSA is that the selection in centralized procurement of medical devices will no longer be based on the lowest price.</li>
<li>Investors have high hopes for the licensing cooperation of IBI363. Our guess is a 50:50 licensing deal with MNC is expected, so as to maximize the value/potential of the drug.</li>
<li>Considering Li Ge's rich experience in capital operation, WuXi AppTec’s Placement implies its H-share is already at high level.Investors can consider taking profits, as share price adjustment may be coming.</li>
</ul>


A key point of the press conference held by the NHSA is that the selection in centralized procurement of medical devices will no longer be based on the lowest price.
Investors have high hopes for the licensing cooperation of IBI363. Our guess is a 50:50 licensing deal with MNC is expected, so as to maximize the value/potential of the drug.
Considering Li Ge's rich experience in capital operation, WuXi AppTec’s Placement implies its H-share is already at high level.Investors can consider taking profits, as share price adjustment may be coming.


China Healthcare Weekly (Aug.3)-Medical Device Valuation Repair,Deal on IBI363,WuXi AppTec Placement

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 (up from 5700-5785) and $119-$121.</li>
<li>$128, $125-$126, and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 (up from 5700-5785) and $119-$121.
$128, $125-$126, and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.


Continue Adding Exposure to China; Short-Term Supports to for This ACWI-US Pullback

China

Innovent Biologics, Inc. operates as a biopharmaceutical company. The Company develops, manufactures, and distributes monoclonal antibody drug candidates for the treatment of oncology, ophthalmology, autoimmune, cardiovascular, and other diseases. Innovent Biologics serves customers in China.

Price Gauge
52-week Range	0.00 - 0.00
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Innovent Biologics Inc (1801 HK)

Innogen (银诺医药) IPO: Fairly Valued at Best and Lack of Institutional Interests

China biotech company Innogen launches IPO in Hong Kong to raise at least $88 million, with a demanding valuation and lack of institutional...

Ke Yan, CFA, FRM

Asian Equity: Southbound Monthly- July Boom; New Darlings: Insurance, Biotech; Pricey Consumers Sold

July Southbound flow nearly tripled from May's low, on track to reach Mar-Apr peak. Investors like dividend plays, policy beneficiaries & recently...

Manishi Raychaudhuri

Curator's Cut: China Healthcare Rally, Financial Market Infra Moves & Korea’s Equity Upswing

This Curator's Cut issue shows what's contributed to the Chinese healthcare sector's performance YTD, looks at some exchanges and depositories,...

Pranav Rao

China Healthcare Weekly (Aug.3)-Medical Device Valuation Repair,Deal on IBI363,WuXi AppTec Placement

NHSA shifts focus from lowest price to quality in medical device VBP, indicating valuation repair.IBI363 license deal with MNC is expected. WuXi...

Xinyao (Criss) Wang

Continue Adding Exposure to China; Short-Term Supports to for This ACWI-US Pullback

Continue Adding Exposure to China; $ACWI Short-Term Supports for this pullback: $128, $125-$126, and $123-$123.50. Pullbacks = buy opportunities,...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Innogen (银诺医药) IPO: Fairly Valued at Best and Lack of Institutional Interests

​China biotech company Innogen launches IPO in Hong Kong to raise at least $88 million, with a demanding valuation and lack of institutional...

Ke Yan, CFA, FRM

Asian Equity: Southbound Monthly- July Boom; New Darlings: Insurance, Biotech; Pricey Consumers Sold

July ​Southbound flow nearly tripled from May's low, on track to reach Mar-Apr peak. Investors like dividend plays, policy beneficiaries & recently...

Manishi Raychaudhuri

Curator's Cut: China Healthcare Rally, Financial Market Infra Moves & Korea’s Equity Upswing

This ​Curator's Cut issue shows what's contributed to the Chinese healthcare sector's performance YTD, looks at some exchanges and depositories,...

Pranav Rao

China Healthcare Weekly (Aug.3)-Medical Device Valuation Repair,Deal on IBI363,WuXi AppTec Placement

​NHSA shifts focus from lowest price to quality in medical device VBP, indicating valuation repair.IBI363 license deal with MNC is expected. WuXi...

Xinyao (Criss) Wang

Continue Adding Exposure to China; Short-Term Supports to for This ACWI-US Pullback

Continue Adding Exposure to China; $ACWI Short-Term Supports for this pullback: $128, $125-$126, and $123-$123.50. Pullbacks = buy opportunities,...

Vermilion Research

China biotech company Innogen launches IPO in Hong Kong to raise at least $88 million, with a demanding valuation and lack of institutional...

July Southbound flow nearly tripled from May's low, on track to reach Mar-Apr peak. Investors like dividend plays, policy beneficiaries & recently...

This Curator's Cut issue shows what's contributed to the Chinese healthcare sector's performance YTD, looks at some exchanges and depositories,...

NHSA shifts focus from lowest price to quality in medical device VBP, indicating valuation repair.IBI363 license deal with MNC is expected. WuXi...