HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Even if the first indication of LBL-024 is approved, it wouldn't bring significant performance growth due to small market size for EP-NEC. Commercialization prospects of LBL-007 are also not optimistic.</li>
<li>Leads Biolabs’ CD3 pipelines would have higher hope to be successful. However, early-stage investors transferred their equity at a discount before IPO, which may reflect their concerns about the prospects.</li>
<li>Comfortable valuation is RMB3-4bn, which provides investors with a greater margin of safety.Especially in the context of current bull market of innovative drugs, biotech valuation has been full of bubble </li>
</ul>


Even if the first indication of LBL-024 is approved, it wouldn't bring significant performance growth due to small market size for EP-NEC. Commercialization prospects of LBL-007 are also not optimistic.
Leads Biolabs’ CD3 pipelines would have higher hope to be successful. However, early-stage investors transferred their equity at a discount before IPO, which may reflect their concerns about the prospects.
Comfortable valuation is RMB3-4bn, which provides investors with a greater margin of safety.Especially in the context of current bull market of innovative drugs, biotech valuation has been full of bubble 


Pre-IPO Nanjing Leads Biolabs (PHIP Updates) - Thoughts on the Valuation and the 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>Leads Biolabs raised HKD 1290m (USD 166m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, July 24th.</li>
<li>In our previous note, we looked at the company's operation, management track records and discussed the IPO valuation.</li>
<li>In this note, we provide an update for the IPO before trading debut.</li>
</ul>


Leads Biolabs raised HKD 1290m (USD 166m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, July 24th.
In our previous note, we looked at the company's operation, management track records and discussed the IPO valuation.
In this note, we provide an update for the IPO before trading debut.


Leads Biolabs (维立志生物) Trading Update

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.

Everest Medicines / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/everest-medicines-ltd" target="_blank" data-smartkarma-citation="entities:29224:1" rel="noopener">Everest Medicines (1952 HK)</a> aims to raise around US$200m via a top-up placement.</li>
<li>This will be the third placement this year for the stock, the previous two deals didn’t do well. Although the stock has bounced back a lot since.</li>
<li>In this note, we comment on the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Everest Medicines (1952 HK) aims to raise around US$200m via a top-up placement.
This will be the third placement this year for the stock, the previous two deals didn’t do well. Although the stock has bounced back a lot since.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.


Everest Medicine Placement - Third Deal in the Year, Previous Ones Didn’t Do 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, filings and listings have cooled off going into the general summer lull.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN)</a> pulled the trigger on its long touted QIP.</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, filings and listings have cooled off going into the general summer lull.
On the placements front, State Bank Of India (SBIN IN) pulled the trigger on its long touted QIP.


ECM Weekly (21 July 2025) - Muyuan, Unisplendour, NTT, Kasumigaseki, Anthem, Leads, SBI, Ascentage

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Nanjing Leads Biolabs has launched HK$1.1B IPO to fund its ongoing and planned clinical development and regulatory affairs of pipeline assets. The company has fetched cornerstone investment of ~HK$ 542M.</li>
<li>Lead product candidate, LBL-024 is being evaluated for extra-pulmonary neuroendocrine carcinoma. Leads Biolabs expects to file the first BLA for LBL-024 by 3Q26 and anticipate obtaining conditional approval by 2Q27.</li>
<li>Positive investor sentiment toward Chinese biotech companies and near-term catalyst being Phase 3 data readout for LBL-024 in early 2026 are the main reasons to subscribe.</li>
</ul>


Nanjing Leads Biolabs has launched HK$1.1B IPO to fund its ongoing and planned clinical development and regulatory affairs of pipeline assets. The company has fetched cornerstone investment of ~HK$ 542M.
Lead product candidate, LBL-024 is being evaluated for extra-pulmonary neuroendocrine carcinoma. Leads Biolabs expects to file the first BLA for LBL-024 by 3Q26 and anticipate obtaining conditional approval by 2Q27.
Positive investor sentiment toward Chinese biotech companies and near-term catalyst being Phase 3 data readout for LBL-024 in early 2026 are the main reasons to subscribe.


Nanjing Leads Biolabs IPO: Lead Asset Targets Niche Market; Path to Success Still Long

China

Leads Biolabs is a clinical-stage biotechnology company dedicated to the discovery, development, and commercialization of innovative therapies for oncology, autoimmune, and other severe diseases, focusing on unmet medical needs. The company leverages proprietary technology platforms to advance a pipeline of drug candidates, including bispecific antibodies and fusion proteins. Founded in 2012, Leads Biolabs is headquartered in Nanjing, China.

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Leads Biolabs (9887 HK)

Pre-IPO Nanjing Leads Biolabs (PHIP Updates) - Thoughts on the Valuation and the Outlook

Leads Biolabs’ IPO debut benefit from the current bull market sentiment for innovative drugs in HK market.But the reduction of holdings by early...

Xinyao (Criss) Wang

Leads Biolabs (维立志生物) Trading Update

Leads Biolabs raises $166m in global offering, set to list on Hong Kong Stock Exchange on July 26th with updated IPO details.

Ke Yan, CFA, FRM

Everest Medicine Placement - Third Deal in the Year, Previous Ones Didn’t Do Well

Everest Medicines (1952 HK) aims to raise around US$200m via a top-up placement. In this note, we run the deal through our framework and talk about...

Sumeet Singh

ECM Weekly (21 July 2025) - Muyuan, Unisplendour, NTT, Kasumigaseki, Anthem, Leads, SBI, Ascentage

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

Nanjing Leads Biolabs IPO: Lead Asset Targets Niche Market; Path to Success Still Long

Nanjing Leads Biolabs launches HK$1.1B IPO to fund its ongoing and planned clinical development and regulatory affairs of pipeline assets. The...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Nanjing Leads Biolabs (PHIP Updates) - Thoughts on the Valuation and the Outlook

Leads Biolabs’ IPO debut benefit from the current bull market sentiment for innovative drugs in HK market.But the reduction of holdings by early...

Xinyao (Criss) Wang

Leads Biolabs (维立志生物) Trading Update

​Leads Biolabs raises $166m in global offering, set to list on Hong Kong Stock Exchange on July 26th with updated IPO details.

Ke Yan, CFA, FRM

Everest Medicine Placement - Third Deal in the Year, Previous Ones Didn’t Do Well

Everest Medicines (1952 HK) aims to raise around US$200m via a top-up placement. In this note, we run the deal through our framework and talk about...

Sumeet Singh

ECM Weekly (21 July 2025) - Muyuan, Unisplendour, NTT, Kasumigaseki, Anthem, Leads, SBI, Ascentage

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

Nanjing Leads Biolabs IPO: Lead Asset Targets Niche Market; Path to Success Still Long

Nanjing Leads Biolabs launches HK$1.1B IPO to fund its ongoing and planned clinical development and regulatory affairs of pipeline assets. The...

Tina Banerjee

Leads Biolabs raises $166m in global offering, set to list on Hong Kong Stock Exchange on July 26th with updated IPO details.