HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Lupeng Pharmaceutical / Equity Capital Markets

<ul>
<li>The product that best represents Lupeng's breakthrough proposition from numerous pipelines would undoubtedly be LP-168, whose unique development path has the opportunity to gain market attention. </li>
<li>How much market LP-168 is able to seize from existing players is highly uncertain. Since LP-108/LP-118 are in early clinical stage, there's a possibility of R&amp;D failure in the future.</li>
<li>Post-Money valuation after Series B Financing was US$311.25mn. Since Lupeng has no commercialized products on the market, its valuation would be lower than peers such as BeiGene, Innocare and Ascentage.</li>
</ul>


The product that best represents Lupeng's breakthrough proposition from numerous pipelines would undoubtedly be LP-168, whose unique development path has the opportunity to gain market attention. 
How much market LP-168 is able to seize from existing players is highly uncertain. Since LP-108/LP-118 are in early clinical stage, there's a possibility of R&amp;D failure in the future.
Post-Money valuation after Series B Financing was US$311.25mn. Since Lupeng has no commercialized products on the market, its valuation would be lower than peers such as BeiGene, Innocare and Ascentage.


Pre-IPO Lupeng Pharmaceutical - Unique Pipeline May Not Guarantee the Commercialization Outlook

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>Lupeng Pharmaceutical, a China-based biotech, is looking to raise at least USD100m via a Hong Kong listing. CICC is the sole sponsor.</li>
<li>In this note, we look at the company's one late-stage core product, LP-168.</li>
<li>We also look at the company's pre-IPO investors and management team.</li>
</ul>


Lupeng Pharmaceutical, a China-based biotech, is looking to raise at least USD100m via a Hong Kong listing. CICC is the sole sponsor.
In this note, we look at the company's one late-stage core product, LP-168.
We also look at the company's pre-IPO investors and management team.


Lupeng Pharmaceutical (麓鹏制药) Pre-IPO: Competitive BTK Product

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.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, most of the listings this week didn't do much.</li>
<li>On the placement front, given the market volatility, there weren't any large deals. We did look at some of the upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, most of the listings this week didn't do much.
On the placement front, given the market volatility, there weren't any large deals. We did look at some of the upcoming lockup expiries.


Aequitas ECM Weekly (16 March 2026)- Past A/H Trends, Delton, Raajmarg, Ringpai, FS.com, Everdisplay

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Lupeng Pharmaceutical (LP HK)

Pre-IPO Lupeng Pharmaceutical - Unique Pipeline May Not Guarantee the Commercialization Outlook

Lupeng's LP-168 shows promise but faces uncertainty in market competition. LP-108 and LP-118 are in early clinical stage with high R&D failure...

Xinyao (Criss) Wang

Lupeng Pharmaceutical (麓鹏制药) Pre-IPO: Competitive BTK Product

Lupeng Pharmaceutical seeks to raise over USD100m through a Hong Kong listing with CICC as the sole sponsor. We look at their core product LP-168,...

Ke Yan, CFA, FRM

Aequitas ECM Weekly (16 March 2026)- Past A/H Trends, Delton, Raajmarg, Ringpai, FS.com, Everdisplay

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Lupeng Pharmaceutical - Unique Pipeline May Not Guarantee the Commercialization Outlook

​Lupeng's LP-168 shows promise but faces uncertainty in market competition. LP-108 and LP-118 are in early clinical stage with high R&D failure...

Xinyao (Criss) Wang

Lupeng Pharmaceutical (麓鹏制药) Pre-IPO: Competitive BTK Product

Lupeng Pharmaceutical seeks to raise over USD100m through a Hong Kong listing with CICC as the sole sponsor. We look at their core product LP-168,...

Ke Yan, CFA, FRM

Aequitas ECM Weekly (16 March 2026)- Past A/H Trends, Delton, Raajmarg, Ringpai, FS.com, Everdisplay

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Lupeng's LP-168 shows promise but faces uncertainty in market competition. LP-108 and LP-118 are in early clinical stage with high R&D failure...