APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/linmon-media" target="_blank" data-smartkarma-citation="entities:34550:1" rel="noopener">Linmon Media (LM HK)</a> is looking to raise about US$300m in its upcoming Hong Kong IPO.</li>
<li>Linmon Media (LM) is a content production firm that operates the full value chain of investment, production, distribution, promotion and derivatives licensing of drama series.</li>
<li>In this note, we take a look at LM’s business, financials, and share our thoughts on the IPO.</li>
</ul>



Linmon Media (LM HK) is looking to raise about US$300m in its upcoming Hong Kong IPO.
Linmon Media (LM) is a content production firm that operates the full value chain of investment, production, distribution, promotion and derivatives licensing of drama series.
In this note, we take a look at LM’s business, financials, and share our thoughts on the IPO.


Linmon Media (柠萌影业) Pre-IPO - Consistently Putting up a Good Show

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.

<ul>
<li>Lepu Biopharma is a biotech spin-off of A-share listed Lepu Medical. The company launched book building to raise up to USD 120m via a Hong Kong listing.</li>
<li>In our previous note, we look at the company's core products, including HX008, LP002, MRG003 and MRG002. The products have their own differentiating factors to tackle the intense competition.</li>
<li>In this note, we provide an update for the book building. We will run the deal through our ECM framework and provide an update on the deal.</li>
</ul>


Lepu Biopharma is a biotech spin-off of A-share listed Lepu Medical. The company launched book building to raise up to USD 120m via a Hong Kong listing.
In our previous note, we look at the company's core products, including HX008, LP002, MRG003 and MRG002. The products have their own differentiating factors to tackle the intense competition.
In this note, we provide an update for the book building. We will run the deal through our ECM framework and provide an update on the deal.


Lepu Biopharma (乐普生物科技) IPO: Sentiment Cooled Down

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>Lepu Biopharma (LBP HK) is a biopharmaceutical company focusing on oncology therapeutics. The company has filed for an IPO to list on the Hong Kong Stock Exchange.</li>
<li>Lepu has the leading ADC candidate pipeline in China, in terms of number of clinical-stage ADC drug candidates. In our previous insight, we discussed the company’s business, products and outlook.</li>
<li>In this follow-up insight, we have highlighted and discussed some of the key new data points from the company’s Post Hearing Information Pack (PHIP).</li>
</ul>


Lepu Biopharma (LBP HK) is a biopharmaceutical company focusing on oncology therapeutics. The company has filed for an IPO to list on the Hong Kong Stock Exchange.
Lepu has the leading ADC candidate pipeline in China, in terms of number of clinical-stage ADC drug candidates. In our previous insight, we discussed the company’s business, products and outlook.
In this follow-up insight, we have highlighted and discussed some of the key new data points from the company’s Post Hearing Information Pack (PHIP).


<ul>
<li>
<a href="https://www.smartkarma.com/entities/lepu-biopharma-co-ltd" target="_blank" data-smartkarma-citation="entities:33231:1" rel="noopener">Lepu Biopharma (LBP HK)</a> is a biopharmaceutical company focusing on oncology therapeutics. The company has filed for an IPO to list in the Hong Kong Stock Exchange.</li>
<li>The company has the leading ADC drug candidate pipeline in China, in terms of the number of clinical-stage ADC drug candidates.</li>
<li>However, Lepu Biopharma is yet to generate any revenues with no monetisation timeline mentioned, despite the company’s strong product portfolio.</li>
</ul>



Lepu Biopharma (LBP HK) is a biopharmaceutical company focusing on oncology therapeutics. The company has filed for an IPO to list in the Hong Kong Stock Exchange.
The company has the leading ADC drug candidate pipeline in China, in terms of the number of clinical-stage ADC drug candidates.
However, Lepu Biopharma is yet to generate any revenues with no monetisation timeline mentioned, despite the company’s strong product portfolio.


Lepu Biopharma IPO: No Monetisation Timeline in Sight

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>We analyzed both the strength and the concerns about the core and key candidates in the pipeline.</li>
<li>We also analyzed the concerns about the valuation growth potential due to the strategy that <a href="https://www.smartkarma.com/entities/keymed-biosciences-inc" target="_blank" data-smartkarma-citation="entities:33011:1" rel="noopener">Keymed Biosciences Inc (2162 HK)</a> chose.</li>
<li>For trading strategy, opportunities occur when the share price goes down,and then take profits when it goes up, but it is not recommended to hold it for a long time.</li>
</ul>


We analyzed both the strength and the concerns about the core and key candidates in the pipeline.
We also analyzed the concerns about the valuation growth potential due to the strategy that Keymed Biosciences Inc (2162 HK) chose.
For trading strategy, opportunities occur when the share price goes down,and then take profits when it goes up, but it is not recommended to hold it for a long time.


Keymed Biosciences (2162.HK) - The Pipeline, the Concerns on Valuation Growth & The Trading Strategy

China

Lepu Biopharma Co. Ltd. is an innovation-driven biopharmaceutical company focused on discovering, developing, and commercializing drug candidates in anti-tumor targeted therapy and oncology immunotherapy. The company's pipeline includes ADCs, immunotherapies, and oncolytic virus drugs, with commercial products like Puyouheng and Meiyouheng. It was founded in 2018 and is headquartered in Shanghai, China.

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Lepu Biopharma (2157 HK)

Linmon Media (柠萌影业) Pre-IPO - Consistently Putting up a Good Show

Linmon Media (LM HK) is looking to raise about US$300m in its upcoming Hong Kong IPO. In this note, we take a look at LM’s business, financials,...

Clarence Chu

Lepu Biopharma (乐普生物科技) IPO: Sentiment Cooled Down

Downsized deal amid cooled sentiment for Chapter 18A, we think the valuation of Lepu Biopharm is not attractive for investors.

Ke Yan, CFA, FRM

Lepu Biopharma IPO: PHIP Updates

Lepu Biopharma (LBP HK) is a biopharmaceutical company focusing on oncology therapeutics. In this follow-up insight, we have highlighted new data...

Shifara Samsudeen, FCMA, CGMA

Lepu Biopharma IPO: No Monetisation Timeline in Sight

Lepu has a strong product portfolio with most of its products displaying a strong competitive advantage. However, the company is yet to generate...

Shifara Samsudeen, FCMA, CGMA

Keymed Biosciences (2162.HK) - The Pipeline, the Concerns on Valuation Growth & The Trading Strategy

This article mainly analyzed Keymed in terms of the business, the core and key candidates in the pipeline, the concerns about valuation growth...

Xinyao (Criss) Wang

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