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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of HSCEI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on BIDU, China Life, JD.COM, BEIGENE, MEITUAN, Sinopec, China Life, Beigene, Meituan, Jd, Bidu, Sinopec.</li>
</ul>


We analysed the earning revision of component stocks of HSCEI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on BIDU, China Life, JD.COM, BEIGENE, MEITUAN, Sinopec, China Life, Beigene, Meituan, Jd, Bidu, Sinopec.


HSCEI Index Earning Revision (Aug): BIDU, China Life, JD.COM, BEIGENE, MEITUAN, Sinopec, China Life

<ul>
<li>We analysed the earning revision of component stocks of HSI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on AIA, HSBC, MEITUAN, JD.COM, BIDU, SINO BIOPHARM, XINYI SOLAR, HSBC, Meituan, Jd, AIA, Bidu, Sino Biopharm, Xinyi Solar.</li>
</ul>


We analysed the earning revision of component stocks of HSI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on AIA, HSBC, MEITUAN, JD.COM, BIDU, SINO BIOPHARM, XINYI SOLAR, HSBC, Meituan, Jd, AIA, Bidu, Sino Biopharm, Xinyi Solar.


HSI Index Earning Revision (Aug): AIA, HSBC, MEITUAN, JD.COM, BIDU, SINO BIOPHARM

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Akeso Biopharma Inc / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a> is looking to raise around US$460m from a mix of primary placement and selldown by its founders.</li>
<li>Past deals in the name have been mixed, but the shares have been doing well and the deal size remains small.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Akeso Biopharma Inc (9926 HK) is looking to raise around US$460m from a mix of primary placement and selldown by its founders.
Past deals in the name have been mixed, but the shares have been doing well and the deal size remains small.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Akeso Inc Placement - Another Opportunistic Raise, Mixed past Deal but Is Relatively Small

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Ascletis Pharma Inc / Equity Capital Markets

<ul>
<li>The 25H1 results of JD Health beat expectations. Due to the strong financial position/positive growth outlook, reasonable valuation of JD Health is P/S of 3 to 4x.</li>
<li>Ascletis announced Share Placing.If ASC30's Phase IIa data remain excellent, potential BD/licensing deal would drive valuation to HK$25bn. However, if clinical data is disappointing, valuation may fall below HK$12 billion.</li>
<li>Reasonable valuation of Hansoh is about RMB108-111 billion. So, the Placing Price of HK$36.30 per Placing Share is expensive. We think the valuation of Hansoh should be lower than BeiGene.</li>
</ul>


The 25H1 results of JD Health beat expectations. Due to the strong financial position/positive growth outlook, reasonable valuation of JD Health is P/S of 3 to 4x.
Ascletis announced Share Placing.If ASC30's Phase IIa data remain excellent, potential BD/licensing deal would drive valuation to HK$25bn. However, if clinical data is disappointing, valuation may fall below HK$12 billion.
Reasonable valuation of Hansoh is about RMB108-111 billion. So, the Placing Price of HK$36.30 per Placing Share is expensive. We think the valuation of Hansoh should be lower than BeiGene.


China Healthcare Weekly (Aug.24)-JD Health 25H1 Results, Hansoh Placement, Ascletis Pharma Placement

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 15th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Xiaomi, Kuaishou, Wuxi Biologics, Alibaba, BYD Electronic, Anta, China Mobile, China Life, Zai Lab.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 15th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Xiaomi, Kuaishou, Wuxi Biologics, Alibaba, BYD Electronic, Anta, China Mobile, China Life, Zai Lab.


HK Connect Flows Weekly (Aug 15th): Xiaomi, Kuaishou, Wuxi Biologics, Alibaba, BYD Electronic, Anta

China

JD Health International Inc. operates drug stores. The Company retails Chinese and Western medicines, nutrition products, health care products, and other products. JD Health International markets its products throughout China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

JD Health International (6618 HK)

HSCEI Index Earning Revision (Aug): BIDU, China Life, JD.COM, BEIGENE, MEITUAN, Sinopec, China Life

We analyzed HSCEI's consensus for Aug 2025 and highlighted changes of EPS in BIDU, China Life, JD.COM, BEIGENE, MEITUAN, Sinopec, China Life,...

Ke Yan, CFA, FRM

HSI Index Earning Revision (Aug): AIA, HSBC, MEITUAN, JD.COM, BIDU, SINO BIOPHARM

We analyzed HSI's consensus for Aug 2025 and highlighted changes of EPS in AIA (1299 HK), HSBC (5 HK), MEITUAN (3690 HK), JD.COM (9618 HK), BIDU...

Ke Yan, CFA, FRM

Akeso Inc Placement - Another Opportunistic Raise, Mixed past Deal but Is Relatively Small

Akeso Biopharma Inc (9926 HK) is looking to raise around US$460m from a mix of primary placement and selldown by its founders. In this note, we...

Sumeet Singh

China Healthcare Weekly (Aug.24)-JD Health 25H1 Results, Hansoh Placement, Ascletis Pharma Placement

JD Health 25H1 strong financial position and positive growth outlook support 3-4x P/S.Ascletis' potential valuation hinges on ASC30's clinical...

Xinyao (Criss) Wang

HK Connect Flows Weekly (Aug 15th): Xiaomi, Kuaishou, Wuxi Biologics, Alibaba, BYD Electronic, Anta

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, Kuaishou, Wuxi Biologics, Alibaba, BYD...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSCEI Index Earning Revision (Aug): BIDU, China Life, JD.COM, BEIGENE, MEITUAN, Sinopec, China Life

We analyzed HSCEI's consensus for Aug 2025 and highlighted changes of EPS in BIDU, China Life, JD.COM, BEIGENE, MEITUAN, Sinopec, China Life,...

Ke Yan, CFA, FRM

HSI Index Earning Revision (Aug): AIA, HSBC, MEITUAN, JD.COM, BIDU, SINO BIOPHARM

We analyzed HSI's consensus for Aug 2025 and highlighted changes of EPS in AIA (1299 HK), HSBC (5 HK), MEITUAN (3690 HK), JD.COM (9618 HK), BIDU...

Ke Yan, CFA, FRM

Akeso Inc Placement - Another Opportunistic Raise, Mixed past Deal but Is Relatively Small

Akeso Biopharma Inc (9926 HK) is looking to raise around US$460m from a mix of primary placement and selldown by its founders. In this note, we...

Sumeet Singh

China Healthcare Weekly (Aug.24)-JD Health 25H1 Results, Hansoh Placement, Ascletis Pharma Placement

​JD Health 25H1 strong financial position and positive growth outlook support 3-4x P/S.Ascletis' potential valuation hinges on ASC30's clinical...

Xinyao (Criss) Wang

HK Connect Flows Weekly (Aug 15th): Xiaomi, Kuaishou, Wuxi Biologics, Alibaba, BYD Electronic, Anta

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, Kuaishou, Wuxi Biologics, Alibaba, BYD...

Ke Yan, CFA, FRM

JD Health 25H1 strong financial position and positive growth outlook support 3-4x P/S.Ascletis' potential valuation hinges on ASC30's clinical...