Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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

Nanjing Leads Biolabs / Equity Capital Markets

<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

<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

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>After PD-1/L1, we haven’t seen the next successful/reliable immune checkpoint emerges due to issues on efficacy/safety profile. So, for 4-1BB/LAG3, we’re worried about the druggability or future commercialization after approval.</li>
<li>In Leads Biolabs' pipeline, we think the future highlight may still lie in CD3, since the mechanism by which TCR/CD3 is used to activate T cells is well validated.</li>
<li>After Series C+ Financing, the post investment valuation has exceeded RMB3 billion.If the pipeline development progresses smoothly, Leads Biolabs’ valuation would surpass peers in the future due to better outlook.</li>
</ul>


After PD-1/L1, we haven’t seen the next successful/reliable immune checkpoint emerges due to issues on efficacy/safety profile. So, for 4-1BB/LAG3, we’re worried about the druggability or future commercialization after approval.
In Leads Biolabs' pipeline, we think the future highlight may still lie in CD3, since the mechanism by which TCR/CD3 is used to activate T cells is well validated.
After Series C+ Financing, the post investment valuation has exceeded RMB3 billion.If the pipeline development progresses smoothly, Leads Biolabs’ valuation would surpass peers in the future due to better outlook.


Pre-IPO Nanjing Leads Biolabs - The Future Prospects of the Pipeline Are Worth Looking Forward To

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<ul>
<li>The SEHK recently issued an update in response to its consultation paper in December 2025, with new mechanisms proposed for the IPO in the future.</li>
<li>In this note, we summarize the conclusion by HKEx and the rules to be implemented.</li>
<li>We are of the view that overall, the changes will benefit ECM investors with greater certainty in allocations.</li>
</ul>


The SEHK recently issued an update in response to its consultation paper in December 2025, with new mechanisms proposed for the IPO in the future.
In this note, we summarize the conclusion by HKEx and the rules to be implemented.
We are of the view that overall, the changes will benefit ECM investors with greater certainty in allocations.


HKEx Consultation Paper (Conclusion) - What Matters for ECM Investors

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Nanjing Leads Biolabs (NLB HK)

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

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

Pre-IPO Nanjing Leads Biolabs - The Future Prospects of the Pipeline Are Worth Looking Forward To

Despite challenges with immune checkpoint therapies, Leads Biolabs sees potential in CD3 for future success. If R&D progresses smoothly, valuation...

Xinyao (Criss) Wang

HKEx Consultation Paper (Conclusion) - What Matters for ECM Investors

SEHK updates IPO rules with new rules proposed. We looked at the rules to be implemented and concluded that it will benefit ECM investors in general.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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

Pre-IPO Nanjing Leads Biolabs - The Future Prospects of the Pipeline Are Worth Looking Forward To

​Despite challenges with immune checkpoint therapies, Leads Biolabs sees potential in CD3 for future success. If R&D progresses smoothly, valuation...

Xinyao (Criss) Wang

HKEx Consultation Paper (Conclusion) - What Matters for ECM Investors

​SEHK updates IPO rules with new rules proposed. We looked at the rules to be implemented and concluded that it will benefit ECM investors in general.

Ke Yan, CFA, FRM

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...

Despite challenges with immune checkpoint therapies, Leads Biolabs sees potential in CD3 for future success. If R&D progresses smoothly, valuation...

SEHK updates IPO rules with new rules proposed. We looked at the rules to be implemented and concluded that it will benefit ECM investors in general.