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.

Equity Capital Markets

<ul>
<li>Leads Biolabs, a China-based clinical-stage biotechnology company, launched its IPO to raise up to US$144m via a Hong Kong listing.</li>
<li>We look at the deal dynamics and compare the listing with the Duality listing.</li>
<li>The deal values the companies fairly but we see strong sentiment towards quality biotech names.</li>
</ul>


Leads Biolabs, a China-based clinical-stage biotechnology company, launched its IPO to raise up to US$144m via a Hong Kong listing.
We look at the deal dynamics and compare the listing with the Duality listing.
The deal values the companies fairly but we see strong sentiment towards quality biotech names.


Leads Biolabs (维立志生物) IPO: A Duality Repeat?

<ul>
<li>Leads Biolabs, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The joint book runners are MS and CITIC.</li>
<li>In our previous insight, we looked at the company’s core products and its management team, as well as investor backing, as well as PHIP updates.</li>
<li>In this note we will provide an rNPV-based valuation for the company.</li>
</ul>


Leads Biolabs, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The joint book runners are MS and CITIC.
In our previous insight, we looked at the company’s core products and its management team, as well as investor backing, as well as PHIP updates.
In this note we will provide an rNPV-based valuation for the company.


Leads Biolabs (维立志生物) Pre-IPO: Valuation

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, in a busy listing week, the results from listing were mixed.</li>
<li>On the placements front, there were a number of large deals across the region.</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, in a busy listing week, the results from listing were mixed.
On the placements front, there were a number of large deals across the region.


ECM Weekly (30 June 2025) - FWD, Anjoy, IFBH, HDB Financials, Virgin, Xero, Shinhan, Innovent

<ul>
<li>Leads Biolabs, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The joint book runners are MS and CITIC.</li>
<li>In our previous insight, we looked at the company’s core products and its management team, as well as investor backing.</li>
<li>In this insight, we look at the updates of the prospectus spanning six months’ time. We have also read through from the competing products’ disclosures.</li>
</ul>


Leads Biolabs, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The joint book runners are MS and CITIC.
In our previous insight, we looked at the company’s core products and its management team, as well as investor backing.
In this insight, we look at the updates of the prospectus spanning six months’ time. We have also read through from the competing products’ disclosures.


Leads Biolabs (维立志生物) Pre-IPO: PHIP Updates and Negative Read Through

<ul>
<li>Leads Biolabs, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The joint book runners are MS and CITIC.</li>
<li>In this insight, we look at the company’s two products with the most advanced stage of clinical trial, LBL-024 and LBL-007.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


Leads Biolabs, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The joint book runners are MS and CITIC.
In this insight, we look at the company’s two products with the most advanced stage of clinical trial, LBL-024 and LBL-007.
We also look at the company’s pre-IPO investors and management team.


Leads Biolabs (维立志生物) Pre-IPO: Long Time to Commercialization

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)

Leads Biolabs (维立志生物) IPO: A Duality Repeat?

China's biotech company Leads Biolabs launches IPO in Hong Kong to raise up to US$144m. We are seeing strong sentiment towards quality biotech...

Ke Yan, CFA, FRM

Leads Biolabs (维立志生物) Pre-IPO: Valuation

China's Leads Biolabs seeks to raise $100 million through a Hong Kong listing with MS and CITIC as joint book runners. In this note, we provide...

Ke Yan, CFA, FRM

ECM Weekly (30 June 2025) - FWD, Anjoy, IFBH, HDB Financials, Virgin, Xero, Shinhan, Innovent

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

Leads Biolabs (维立志生物) Pre-IPO: PHIP Updates and Negative Read Through

China's Leads Biolabs plans to raise $100 million through a Hong Kong listing. We look at updates on the prospectus and news flows of competing...

Ke Yan, CFA, FRM

Leads Biolabs (维立志生物) Pre-IPO: Long Time to Commercialization

China's Leads Biolabs plans to raise $100 million through a Hong Kong listing. We looked their products in pivotal dna Phase II trial LBL-024 and...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Leads Biolabs (维立志生物) IPO: A Duality Repeat?

​China's biotech company Leads Biolabs launches IPO in Hong Kong to raise up to US$144m. We are seeing strong sentiment towards quality biotech...

Ke Yan, CFA, FRM

Leads Biolabs (维立志生物) Pre-IPO: Valuation

​China's Leads Biolabs seeks to raise $100 million through a Hong Kong listing with MS and CITIC as joint book runners. In this note, we provide...

Ke Yan, CFA, FRM

ECM Weekly (30 June 2025) - FWD, Anjoy, IFBH, HDB Financials, Virgin, Xero, Shinhan, Innovent

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

Leads Biolabs (维立志生物) Pre-IPO: PHIP Updates and Negative Read Through

​China's Leads Biolabs plans to raise $100 million through a Hong Kong listing. We look at updates on the prospectus and news flows of competing...

Ke Yan, CFA, FRM

Leads Biolabs (维立志生物) Pre-IPO: Long Time to Commercialization

​China's Leads Biolabs plans to raise $100 million through a Hong Kong listing. We looked their products in pivotal dna Phase II trial LBL-024 and...

Ke Yan, CFA, FRM

China's biotech company Leads Biolabs launches IPO in Hong Kong to raise up to US$144m. We are seeing strong sentiment towards quality biotech...

China's Leads Biolabs seeks to raise $100 million through a Hong Kong listing with MS and CITIC as joint book runners. In this note, we provide...

China's Leads Biolabs plans to raise $100 million through a Hong Kong listing. We look at updates on the prospectus and news flows of competing...

China's Leads Biolabs plans to raise $100 million through a Hong Kong listing. We looked their products in pivotal dna Phase II trial LBL-024 and...