HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>We don't think A166 makes much sense on the commercialization level when faced with DS-8201. Unsatisfactory sales of Trodelvy also makes us start worrying about SKB264 after its market launch.</li>
<li>MNCs are scrambling to in-license ADC products, which actually reflected their "general anxiety", leading to a "sentiment-driven valuation premium". Would the final outcome of ADC be the same as PD-1?</li>
<li>We’re "confused" about the valuation of Kelun-Biotech if look deeper. The valuation in last round of financing before IPO wasn't cheap, which makes us cautious considering the outlook and sentiment.</li>
</ul>


We don't think A166 makes much sense on the commercialization level when faced with DS-8201. Unsatisfactory sales of Trodelvy also makes us start worrying about SKB264 after its market launch.
MNCs are scrambling to in-license ADC products, which actually reflected their "general anxiety", leading to a "sentiment-driven valuation premium". Would the final outcome of ADC be the same as PD-1?
We’re "confused" about the valuation of Kelun-Biotech if look deeper. The valuation in last round of financing before IPO wasn't cheap, which makes us cautious considering the outlook and sentiment.


Pre-IPO Kelun Biotech (PHIP Updates) - Some Points Worth the Attention

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.

<ul>
<li>Kelun-Biotech raised HKD 1,259m (USD 161m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, July 10th.</li>
<li>In our previous note, we looked at the company's business lines of ADC products. We were of the view that the IPO is fairly priced, at best.</li>
<li>In this note, we provide an update for the IPO before trading debut.</li>
</ul>


Kelun-Biotech raised HKD 1,259m (USD 161m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, July 10th.
In our previous note, we looked at the company's business lines of ADC products. We were of the view that the IPO is fairly priced, at best.
In this note, we provide an update for the IPO before trading debut.


Kelun-Biotech (科伦博泰) IPO Trading: Lukewarm Demand but Peers Have Done Well Recently

<ul>
<li>Kelun-Biotech is a China-based integrated innovative biopharmaceutical company. The company launched a deal to  raise up to US$200m via a Hong Kong listing.</li>
<li>In our previous note, we looked at the company's product lines and provided a brief overview on the company's valuation.</li>
<li>In this note, we provide an update for the book building. We provide our quick thoughts on the valuation and deal dynamics.</li>
</ul>


Kelun-Biotech is a China-based integrated innovative biopharmaceutical company. The company launched a deal to  raise up to US$200m via a Hong Kong listing.
In our previous note, we looked at the company's product lines and provided a brief overview on the company's valuation.
In this note, we provide an update for the book building. We provide our quick thoughts on the valuation and deal dynamics.


Kelun-Biotech (科伦博泰) IPO: Fairly Valued at Best

<ul>
<li>Kelun-Biotech, a China-based integrated innovative biopharmaceutical company, plans to raise up to US$400m via a Hong Kong listing.</li>
<li>In our previous note, we examined the company's two core products, namely SKB264, a TROP2-ADC, and A166, a HER2-ADC.</li>
<li>In this note, we will provide a valuation for the company's key products.</li>
</ul>


Kelun-Biotech, a China-based integrated innovative biopharmaceutical company, plans to raise up to US$400m via a Hong Kong listing.
In our previous note, we examined the company's two core products, namely SKB264, a TROP2-ADC, and A166, a HER2-ADC.
In this note, we will provide a valuation for the company's key products.


Kelun-Biotech (科伦博泰) Pre-IPO: Thoughts on Valuation

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

WuXi XDC Cayman  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (1877628D HK)</a> raised US$470m in its Hong Kong IPO.</li>
<li>WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In our previous notes, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.</li>
</ul>



WuXi XDC Cayman (1877628D HK) raised US$470m in its Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In our previous notes, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.


WuXi XDC Cayman IPO Trading - Strong Subscription Rates Heading into Listing

China

Kelun Biotech operates biotechnology businesses. The Company develops and provides biological drugs, chemical raw materials, chemical preparations, and other products. Kelun Biotech also operates import and export businesses.

Kelun Biotech (1885133D CH)

Pre-IPO Kelun Biotech (PHIP Updates) - Some Points Worth the Attention

Currently, Kelun-Biotech's market value has already been higher than that of Keymed. Considering Keymed has complete R&D team within the company,...

Xinyao (Criss) Wang

Kelun-Biotech (科伦博泰) IPO Trading: Lukewarm Demand but Peers Have Done Well Recently

Kelun Biotech will start trading on July 11th. We provide an update of the IPO before its debut. We think the deal attracted lukewarm demand but...

Ke Yan, CFA, FRM

Kelun-Biotech (科伦博泰) IPO: Fairly Valued at Best

Kelun-biotech, a China-based biopharmaceutical company, launched a deal to raise up to US$200m via a Hong Kong listing. We provide quick thoughts...

Ke Yan, CFA, FRM

Kelun-Biotech (科伦博泰) Pre-IPO: Thoughts on Valuation

Kelun Biotech is raising up to US$400m to list in Hong Kong. In this note we provide valuation for its core products, SKB264 and A166.

Ke Yan, CFA, FRM

WuXi XDC Cayman IPO Trading - Strong Subscription Rates Heading into Listing

WuXi XDC Cayman (1877628D HK) raised US$470m in its Hong Kong IPO. In our previous notes, we looked at the company’s past performance and...

Clarence Chu