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>PegBio, a China-based biotech company, plans to raise up to USD 150 million via a Hong Kong listing.</li>
<li>In our previous note, we examined the company’s core product namely PB-119.</li>
<li>In this note, we will provide a valuation for the company’s key products.</li>
</ul>


PegBio, a China-based biotech company, plans to raise up to USD 150 million via a Hong Kong listing.
In our previous note, we examined the company’s core product namely PB-119.
In this note, we will provide a valuation for the company’s key products.


PegBio (派格生物) IPO: Thoughts on 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, neither of the two listings performed last week, while more are lining up to list across the region.</li>
<li>On the placements front, given the ongoing earnings season there weren't any deals. We did look at lockups and other possible upcoming deals.</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, neither of the two listings performed last week, while more are lining up to list across the region.
On the placements front, given the ongoing earnings season there weren't any deals. We did look at lockups and other possible upcoming deals.


ECM Weekly (10th Feb 2025) - Haitian, Guming, LG CNS, Dr Agarwal, Ola, Brainbees, Kaynes, Whirlpool

<ul>
<li>PegBio is looking to raise at least USD 100m via its Hong Kong IPO.</li>
<li>In this note, we looked at the company’s fundamentals, particularly its core product PB-117.</li>
<li>We think the story might look simple as a straightforward GLP-1 challenger but there are quite a number of concerns as we dig into the company’s story.</li>
</ul>


PegBio is looking to raise at least USD 100m via its Hong Kong IPO.
In this note, we looked at the company’s fundamentals, particularly its core product PB-117.
We think the story might look simple as a straightforward GLP-1 challenger but there are quite a number of concerns as we dig into the company’s story.


PegBio 派格生物 IPO: A (Supposedly) Straightforward GLP-1 Challenger Story

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The market's expectations for GLP-1 have changed, and the sales growth of GLP-1 may enter a turning point, which would cast a shadow over the prospects of PegBio's GLP-1 pipelines.</li>
<li>PB-119 would be the first commercialized product for PegBio. However, this market is highly crowded. It’s highly uncertain whether PB-119 can stand out from fierce market competition after its launch.</li>
<li>The post investment valuation has reached RMB4 billion, which is already expensive in our view. Due to poor valuation performance of peers, we are not optimistic about PegBio after IPO.</li>
</ul>


The market's expectations for GLP-1 have changed, and the sales growth of GLP-1 may enter a turning point, which would cast a shadow over the prospects of PegBio's GLP-1 pipelines.
PB-119 would be the first commercialized product for PegBio. However, this market is highly crowded. It’s highly uncertain whether PB-119 can stand out from fierce market competition after its launch.
The post investment valuation has reached RMB4 billion, which is already expensive in our view. Due to poor valuation performance of peers, we are not optimistic about PegBio after IPO.


Pre-IPO PegBio Co., Ltd. (PHIP Updates) - Some Points Worth the Attention

<ul>
<li>PB-119 (T2DM) has the fastest R&amp;D progress, but this is a highly competitive market.China's diabetes drug market is dominated by traditional drugs. It’s not easy for PegBio to break through. </li>
<li>Since the future competitive landscape of GLP-1s (obesity) would present a very different situation.If PB-119 fails to have better weight loss effect, it would be eliminated due to fierce competition.</li>
<li>PegBio’s IPO on SSE STAR Market was rejected. We’re not optimistic about its future commercialization performance. Together with cash-flow issues, we doubt whether PegBio would bring expected returns to investors.</li>
</ul>


PB-119 (T2DM) has the fastest R&amp;D progress, but this is a highly competitive market.China's diabetes drug market is dominated by traditional drugs. It’s not easy for PegBio to break through. 
Since the future competitive landscape of GLP-1s (obesity) would present a very different situation.If PB-119 fails to have better weight loss effect, it would be eliminated due to fierce competition.
PegBio’s IPO on SSE STAR Market was rejected. We’re not optimistic about its future commercialization performance. Together with cash-flow issues, we doubt whether PegBio would bring expected returns to investors.


Pre-IPO PegBio Co., Ltd. - This GLP-1 Biotech Has Gloomy Outlook

China

PegBio Co., Ltd. is a biotechnology company focused on the discovery and development of innovative therapies for chronic diseases, particularly metabolic disorders. The company develops differentiated therapeutics for conditions such as type 2 diabetes mellitus, obesity, metabolic dysfunction-associated steatohepatitis (MASH), opioid-induced constipation (OIC), and congenital hyperinsulinemia. PegBio was founded in 2008 and is headquartered in Hangzhou, Zhejiang Province, China.

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PegBio (2565 HK)

PegBio (派格生物) IPO: Thoughts on Valuation

China's PegBio seeks to raise $150 million through Hong Kong listing. In this note, we provide an valuation framework for its key product PB-119.

Ke Yan, CFA, FRM

ECM Weekly (10th Feb 2025) - Haitian, Guming, LG CNS, Dr Agarwal, Ola, Brainbees, Kaynes, Whirlpool

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

PegBio 派格生物 IPO: A (Supposedly) Straightforward GLP-1 Challenger Story

PegBio plans to raise $100m in Hong Kong IPO, with focus on core product PB-117 as a GLP-1 challenger, but concerns arise upon closer examination...

Ke Yan, CFA, FRM

Pre-IPO PegBio Co., Ltd. (PHIP Updates) - Some Points Worth the Attention

Market expectations for PegBio's GLP-1 pipelines are changing, casting doubt on valuation. PB-119 faces tough competition in a crowded market. We...

Xinyao (Criss) Wang

Pre-IPO PegBio Co., Ltd. - This GLP-1 Biotech Has Gloomy Outlook

We doubt whether PegBio can make profits or bring expected returns to investors based on the pipeline situation/competitive landscape. The market...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PegBio (派格生物) IPO: Thoughts on Valuation

​China's PegBio seeks to raise $150 million through Hong Kong listing. In this note, we provide an valuation framework for its key product PB-119.

Ke Yan, CFA, FRM

ECM Weekly (10th Feb 2025) - Haitian, Guming, LG CNS, Dr Agarwal, Ola, Brainbees, Kaynes, Whirlpool

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

PegBio 派格生物 IPO: A (Supposedly) Straightforward GLP-1 Challenger Story

​PegBio plans to raise $100m in Hong Kong IPO, with focus on core product PB-117 as a GLP-1 challenger, but concerns arise upon closer examination...

Ke Yan, CFA, FRM

Pre-IPO PegBio Co., Ltd. (PHIP Updates) - Some Points Worth the Attention

​Market expectations for PegBio's GLP-1 pipelines are changing, casting doubt on valuation. PB-119 faces tough competition in a crowded market. We...

Xinyao (Criss) Wang

Pre-IPO PegBio Co., Ltd. - This GLP-1 Biotech Has Gloomy Outlook

We doubt whether PegBio can make profits or bring expected returns to investors based on the pipeline situation/competitive landscape. The market...

Xinyao (Criss) Wang

China's PegBio seeks to raise $150 million through Hong Kong listing. In this note, we provide an valuation framework for its key product PB-119.

PegBio plans to raise $100m in Hong Kong IPO, with focus on core product PB-117 as a GLP-1 challenger, but concerns arise upon closer examination...

Market expectations for PegBio's GLP-1 pipelines are changing, casting doubt on valuation. PB-119 faces tough competition in a crowded market. We...