HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>The benefits of assisted reproduction being covered by medical insurance are limited. Its main role is still to delay not fundamentally reverse the decline of China's birth rate.</li>
<li>If the valuation collapse occurs collectively in one field, it basically reflects that Miss Market does not hold much hope for this field in the future, such as cell therapy. </li>
<li>We mainly analyzed some key points of the companies that investors may be interested in, such as <a href="https://www.smartkarma.com/entities/iray-technology-company-limited" target="_blank" data-smartkarma-citation="entities:35716:1" rel="noopener">iRay Technology (688301 CH)</a> and <a href="https://www.smartkarma.com/entities/shanghai-medicilon-inc" target="_blank" data-smartkarma-citation="entities:30368:1" rel="noopener">Shanghai Medicilon Inc (688202 CH)</a>.</li>
</ul>


The benefits of assisted reproduction being covered by medical insurance are limited. Its main role is still to delay not fundamentally reverse the decline of China's birth rate.
If the valuation collapse occurs collectively in one field, it basically reflects that Miss Market does not hold much hope for this field in the future, such as cell therapy. 
We mainly analyzed some key points of the companies that investors may be interested in, such as iRay Technology (688301 CH) and Shanghai Medicilon Inc (688202 CH).


China Healthcare Weekly (Feb.10) - Assisted Reproduction into NRDL, Cell Therapy, Medicilon, IRay,

<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> and Summit Therapeutics entered into a collaborative and licensing agreement for AK112, which has set a new record for China's innovative drug license-out cooperation. </li>
<li>While the market remained positive about the transaction, there are also doubts. We deep dive the potential logic of the deal. </li>
<li>We recommended investors not to neglect “the nature of the deal” and “the real motivation” behind. It’s also important to see whether the subsequent operations can make some achievements overseas.</li>
</ul>



Akeso Biopharma Inc (9926 HK) and Summit Therapeutics entered into a collaborative and licensing agreement for AK112, which has set a new record for China's innovative drug license-out cooperation. 
While the market remained positive about the transaction, there are also doubts. We deep dive the potential logic of the deal. 
We recommended investors not to neglect “the nature of the deal” and “the real motivation” behind. It’s also important to see whether the subsequent operations can make some achievements overseas.


Akeso Biopharma (9926.HK) - Behind the Deal with Summit: A Snake Swallows an Elephant?

<ul>
<li>Genscript’s four business segments are the horizontal and vertical extension based on gene synthesis technology. There is also synergy between Genscript and its subsidiaries, which can promote each other's development.</li>
<li>If only from the business level, GenScript is a worthy target for investment. It has the exponential growth potential in valuation and could reach a new high in the future.</li>
<li>However, our biggest worry lies in the “black swans events” . We don't know what “new surprises” GenScript will bring us in the future. </li>
</ul>


Genscript’s four business segments are the horizontal and vertical extension based on gene synthesis technology. There is also synergy between Genscript and its subsidiaries, which can promote each other's development.
If only from the business level, GenScript is a worthy target for investment. It has the exponential growth potential in valuation and could reach a new high in the future.
However, our biggest worry lies in the “black swans events” . We don't know what “new surprises” GenScript will bring us in the future. 


Genscript Biotech (1548.HK) 22H1 - The Outlook and the Risks Behind

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.

Equity Capital Markets

Country Garden Holdings / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>There were no major IPO launches during the week. Soosan will list early next week.</li>
<li>There were a number of placements/blocks across the region, including GDR launches for Swiss listing.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
There were no major IPO launches during the week. Soosan will list early next week.
There were a number of placements/blocks across the region, including GDR launches for Swiss listing.


ECM Weekly (31st Jul 2022) - Soosan, WCP, GDRs, Yancoal, Country Garden, Legend Biotech, MEP, PSMC

Legend Biotech Corp / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech Corp (LEGN US)</a>, a non-wholly owned subsidiary of Hong Kong-listed <a href="https://www.smartkarma.com/entities/genscript-biotech-corp" target="_blank" data-smartkarma-citation="entities:21041:1" rel="noopener">Genscript Biotech (1548 HK)</a>, is planning to raise up to US$250m in its follow-on offering.</li>
<li>The company last raised cash in Dec 2021 in a similar sized deal, which ended up doing very well after a sharp share price correction.</li>
<li>In this note, we will talk about the deal dynamics and  run the deal through our ECM framework.</li>
</ul>



Legend Biotech Corp (LEGN US), a non-wholly owned subsidiary of Hong Kong-listed Genscript Biotech (1548 HK), is planning to raise up to US$250m in its follow-on offering.
The company last raised cash in Dec 2021 in a similar sized deal, which ended up doing very well after a sharp share price correction.
In this note, we will talk about the deal dynamics and  run the deal through our ECM framework.


Legend Biotech Follow-On - A Little Opportunistic. Last Deal Did Well, After a Large Correction

China

Legend Biotech Corporation operates as a biopharmaceutical company. The Company engages in discovery and development of novel cell therapies for oncology and other indications. Legend Biotech serves customers in the State of New Jersey.

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Legend Biotech Corp (LEGN US)

China Healthcare Weekly (Feb.10) - Assisted Reproduction into NRDL, Cell Therapy, Medicilon, IRay,

Medical insurance coverage of assisted reproduction has limited positive effects;Mr Market may not hold much hope for cell therapy after valuation...

Xinyao (Criss) Wang

Akeso Biopharma (9926.HK) - Behind the Deal with Summit: A Snake Swallows an Elephant?

The deal between Akeso and Summit set a new record of China license-out. We deep dive the logic of the deal. Investors are advised not to neglect...

Xinyao (Criss) Wang

Genscript Biotech (1548.HK) 22H1 - The Outlook and the Risks Behind

If seen from the business level, GenScript has investment value,with high growth potential in valuation. The biggest worry is "black swan event"....

Xinyao (Criss) Wang

ECM Weekly (31st Jul 2022) - Soosan, WCP, GDRs, Yancoal, Country Garden, Legend Biotech, MEP, PSMC

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Legend Biotech Follow-On - A Little Opportunistic. Last Deal Did Well, After a Large Correction

Legend Biotech Corp (LEGN US), a non-wholly owned subsidiary of Hong Kong-listed Genscript Biotech (1548 HK), is planning to raise up to US$250m in...

Sumeet Singh

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