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

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

<ul>
<li>InventisBio, a China-based biotech, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC is the sole sponsor.</li>
<li>In this note, we look at the company's two late-stage core products, taragarestrant and D-2570.</li>
<li>We also look at the company's pre-IPO investors and management team.</li>
</ul>


InventisBio, a China-based biotech, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC is the sole sponsor.
In this note, we look at the company's two late-stage core products, taragarestrant and D-2570.
We also look at the company's pre-IPO investors and management team.


InventisBio (益方生物) A+H: Moderate Innovation in Crowded Spaces

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>InventisBio’s core advantages lie in its differentiated R&amp;D strategy (“Fast-Follow”, focusing on oral administration to enhance patient compliance), proven cooperation model, and a pipeline that combines depth and commercialization progress.</li>
<li>Whether D-2570 can maintain outstanding data in Phase III clinical trials and successfully realize "BIC" potential in psoriasis and UC markets is the key driving force for its valuation performance.</li>
<li>InventisBio’s valuation has higher upside potential than <a href="https://www.smartkarma.com/entities/shanghai-allist-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44181:1" rel="noopener">Allist</a> and Betta. Since D-2570 target pathway is relatively more mature, the potential return "elasticity" of InventisBio may be higher than that of Zelgen.</li>
</ul>


InventisBio’s core advantages lie in its differentiated R&amp;D strategy (“Fast-Follow”, focusing on oral administration to enhance patient compliance), proven cooperation model, and a pipeline that combines depth and commercialization progress.
Whether D-2570 can maintain outstanding data in Phase III clinical trials and successfully realize "BIC" potential in psoriasis and UC markets is the key driving force for its valuation performance.
InventisBio’s valuation has higher upside potential than Allist and Betta. Since D-2570 target pathway is relatively more mature, the potential return "elasticity" of InventisBio may be higher than that of Zelgen.


Pre-IPO InventisBio (A/H Listing) - The Success of Key Products Will Lead to a Surge in 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, a number of deals were launched at the end of the week.</li>
<li>On the placement front, there was a flurry of deals across the region, along with news of a possible large cross-shareholding unwind in <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP).</a>
</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, a number of deals were launched at the end of the week.
On the placement front, there was a flurry of deals across the region, along with news of a possible large cross-shareholding unwind in Toyota Motor (7203 JP).



Aequitas ECM Weekly (2 March 2026)- Toyota Motors, Nintendo, IBIDEN, Estun, PayPay, CleanMax

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InventisBio (IVB HK)

InventisBio (益方生物) A+H: Moderate Innovation in Crowded Spaces

China-based biotech InventisBio seeks to raise $100 million through Hong Kong listing with CITIC as sole sponsor. We look at its drug pipelines,...

Ke Yan, CFA, FRM

Pre-IPO InventisBio (A/H Listing) - The Success of Key Products Will Lead to a Surge in Valuation

InventisBio's differentiated R&D strategy/promising pipeline will lead to higher valuation upside compared to peers. D-2570 is the key driving...

Xinyao (Criss) Wang

Aequitas ECM Weekly (2 March 2026)- Toyota Motors, Nintendo, IBIDEN, Estun, PayPay, CleanMax

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

InventisBio (益方生物) A+H: Moderate Innovation in Crowded Spaces

​China-based biotech InventisBio seeks to raise $100 million through Hong Kong listing with CITIC as sole sponsor. We look at its drug pipelines,...

Ke Yan, CFA, FRM

Pre-IPO InventisBio (A/H Listing) - The Success of Key Products Will Lead to a Surge in Valuation

​InventisBio's differentiated R&D strategy/promising pipeline will lead to higher valuation upside compared to peers. D-2570 is the key driving...

Xinyao (Criss) Wang

Aequitas ECM Weekly (2 March 2026)- Toyota Motors, Nintendo, IBIDEN, Estun, PayPay, CleanMax

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

China-based biotech InventisBio seeks to raise $100 million through Hong Kong listing with CITIC as sole sponsor. We look at its drug pipelines,...

InventisBio's differentiated R&D strategy/promising pipeline will lead to higher valuation upside compared to peers. D-2570 is the key driving...