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>
<a href="https://www.smartkarma.com/entities/duality-biotherapeutics-inc" target="_blank" data-smartkarma-citation="entities:43878:1" rel="noopener">Duality Biotherapeutics (9606 HK)</a>' s raised around US$200m in its Hong Kong listing in April 2025. The lockup on its cornerstone and pre-IPO investors is set to expire today.</li>
<li>Duality is a biopharma company focused primarily on the independent discovery and development of antibody-drug conjugate (ADC) assets.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Duality Biotherapeutics (9606 HK)' s raised around US$200m in its Hong Kong listing in April 2025. The lockup on its cornerstone and pre-IPO investors is set to expire today.
Duality is a biopharma company focused primarily on the independent discovery and development of antibody-drug conjugate (ADC) assets.
In this note, we will talk about the lockup dynamics and possible placement.


Duality Bio IPO Lockup - US$2.7bn Lockup Release, with Lots of CCASS Movement

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Fujian Haixi Pharmaceuticals / Equity Capital Markets

<ul>
<li>Fujian Haixi Pharmaceuticals has filed for HK IPO to raise up to HK$994M. The company plans to sell 11.5M H shares at HK$ 86.40 per share.</li>
<li>The company intends to use IPO proceeds for R&amp;D to advance the clinical pipeline, mainly innovative drug candidates, and enhancing commercialization capabilities and expanding market presence.</li>
<li>Haixi Pharma has 15 NMPA-approved generic drugs, out of which 13 products have been commercialized.  Five generic drug candidates are expected to be approved for marketing by 2025 or 2026.</li>
</ul>


Fujian Haixi Pharmaceuticals has filed for HK IPO to raise up to HK$994M. The company plans to sell 11.5M H shares at HK$ 86.40 per share.
The company intends to use IPO proceeds for R&amp;D to advance the clinical pipeline, mainly innovative drug candidates, and enhancing commercialization capabilities and expanding market presence.
Haixi Pharma has 15 NMPA-approved generic drugs, out of which 13 products have been commercialized.  Five generic drug candidates are expected to be approved for marketing by 2025 or 2026.


Fujian Haixi Pharmaceuticals IPO: Expanding Portfolio Augurs Well for Sustainable Growth

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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.2% as of Oct 10th.</li>
<li>The average A-H premium changed by 1.9ppt week-on-week, led by real estate, financials, consumer discretionary and offset by utilities, information technology, communication services.</li>
<li>We highlight weekly changes in A-H premium for Cosco Shipping Development, Innocare Pharma, Shanghai Electric, SMIC, CIMC, Gf Securities.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.2% as of Oct 10th.
The average A-H premium changed by 1.9ppt week-on-week, led by real estate, financials, consumer discretionary and offset by utilities, information technology, communication services.
We highlight weekly changes in A-H premium for Cosco Shipping Development, Innocare Pharma, Shanghai Electric, SMIC, CIMC, Gf Securities.


A-H Premium Weekly (Oct 10th): Cosco Shipping Development, Innocare Pharma, Shanghai Electric, SMIC

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Jiangsu Hengrui Medicine / Equity Bottom-Up

<ul>
<li>The 11th national VBP has optimized the selection of price difference control "anchor points", which is an important signal, implying that future VBP will follow the general direction of “anti-involution”.</li>
<li>As long as there’s no significant difference in pipeline data, buyers are more concerned about the speed of R&amp;D progress and may not necessarily dwell on potential advantages and disadvantages.</li>
<li>Hengrui's innovative drug revenue was slightly lower-than-expected. The Company's 2025 employee stock ownership plan has lowered the compound growth target for innovative drugs from 30% to 25%.</li>
</ul>


The 11th national VBP has optimized the selection of price difference control "anchor points", which is an important signal, implying that future VBP will follow the general direction of “anti-involution”.
As long as there’s no significant difference in pipeline data, buyers are more concerned about the speed of R&amp;D progress and may not necessarily dwell on potential advantages and disadvantages.
Hengrui's innovative drug revenue was slightly lower-than-expected. The Company's 2025 employee stock ownership plan has lowered the compound growth target for innovative drugs from 30% to 25%.


China Healthcare Weekly (Oct.12) - 11th National VBP, Future BD Trend, Hengrui Is Facing Headwinds

Ganzhou Hemay Pharmaceutical / Equity Capital Markets

<ul>
<li>Mufemilast will face fierce competition and price reduction due to NRDL negotiation for related indications. For autoimmune disease drugs, overseas market space and ceiling are much higher than in China.</li>
<li>Hemay022’s market space is narrower than pan HER2 inhibitors and HER2 ADC. There is still uncertainty in efficacy/safety profile. Hemay022 will face challenges in terms of commercialization after market launch.</li>
<li>The current valuation logic for innovative drugs in China has changed. Without decent licensing cooperation, Hemay's valuation will be discounted. Valuation of Hemay should be lower than peers.</li>
</ul>


Mufemilast will face fierce competition and price reduction due to NRDL negotiation for related indications. For autoimmune disease drugs, overseas market space and ceiling are much higher than in China.
Hemay022’s market space is narrower than pan HER2 inhibitors and HER2 ADC. There is still uncertainty in efficacy/safety profile. Hemay022 will face challenges in terms of commercialization after market launch.
The current valuation logic for innovative drugs in China has changed. Without decent licensing cooperation, Hemay's valuation will be discounted. Valuation of Hemay should be lower than peers.


Pre-IPO Ganzhou Hemay Pharmaceutical - The Concerns on the Pipelines

China

Jiangsu Hengrui Pharmaceuticals is a global biopharmaceutical company engaged in the research, development, manufacturing, and commercialization of innovative and high-quality drugs. The company focuses on therapeutic areas including oncology, metabolic and cardiovascular diseases, immunological and respiratory diseases, and neuroscience. It was founded in 1970 and is headquartered in Lianyungang, Jiangsu, China.

Jiangsu Hengrui Pharmaceuticals (1276 HK)

Price Gauge
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Jiangsu Hengrui Pharmaceuticals (1276 HK)

Duality Bio IPO Lockup - US$2.7bn Lockup Release, with Lots of CCASS Movement

Duality Biotherapeutics (9606 HK)' s raised around US$200m in its Hong Kong listing in April 2025. The lockup on its cornerstone and pre-IPO...

Sumeet Singh

Fujian Haixi Pharmaceuticals IPO: Expanding Portfolio Augurs Well for Sustainable Growth

Haixi Pharmaceuticals is offering 11.5M H shares at HK$86.40 per share for its HK IPO to raise up to HK$994M. IPO proceeds will fund R&D of...

Tina Banerjee

A-H Premium Weekly (Oct 10th): Cosco Shipping Development, Innocare Pharma, Shanghai Electric, SMIC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Cosco Shipping Development, Innocare Pharma, Shanghai...

Ke Yan, CFA, FRM

China Healthcare Weekly (Oct.12) - 11th National VBP, Future BD Trend, Hengrui Is Facing Headwinds

The 11th national VBP signals a shift towards "anti-involution". We shared views on licensing cooperation trend. Due to declining innovative drug...

Xinyao (Criss) Wang

Pre-IPO Ganzhou Hemay Pharmaceutical - The Concerns on the Pipelines

Mufemilast, Hemay022 face challenges in commercialization due to uncertainties in R&D, fierce competition. As valuation logic for innovative drugs...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Duality Bio IPO Lockup - US$2.7bn Lockup Release, with Lots of CCASS Movement

Duality Biotherapeutics (9606 HK)' s raised around US$200m in its Hong Kong listing in April 2025. The lockup on its cornerstone and pre-IPO...

Sumeet Singh

Fujian Haixi Pharmaceuticals IPO: Expanding Portfolio Augurs Well for Sustainable Growth

Haixi Pharmaceuticals is offering 11.5M H shares at HK$86.40 per share for its HK IPO to raise up to HK$994M. IPO proceeds will fund R&D of...

Tina Banerjee

A-H Premium Weekly (Oct 10th): Cosco Shipping Development, Innocare Pharma, Shanghai Electric, SMIC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Cosco Shipping Development, Innocare Pharma, Shanghai...

Ke Yan, CFA, FRM

China Healthcare Weekly (Oct.12) - 11th National VBP, Future BD Trend, Hengrui Is Facing Headwinds

​The 11th national VBP signals a shift towards "anti-involution". We shared views on licensing cooperation trend. Due to declining innovative drug...

Xinyao (Criss) Wang

Pre-IPO Ganzhou Hemay Pharmaceutical - The Concerns on the Pipelines

​Mufemilast, Hemay022 face challenges in commercialization due to uncertainties in R&D, fierce competition. As valuation logic for innovative drugs...

Xinyao (Criss) Wang

The 11th national VBP signals a shift towards "anti-involution". We shared views on licensing cooperation trend. Due to declining innovative drug...

Mufemilast, Hemay022 face challenges in commercialization due to uncertainties in R&D, fierce competition. As valuation logic for innovative drugs...