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

<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

Guangzhou Innogen Pharmaceutical Group / Equity Capital Markets

<ul>
<li>Innogen, a China-based near-commercial stage biotech company, launched its IPO to raise at least USD 88 million via a Hong Kong listing.</li>
<li>In our previous note, we have examined the company’s core product, namely efsubaglutide alfa,  updates in various filings, and our thoughts on valuation.</li>
<li>In this note, we look at the deal term. We think the valuation is demanding and lacks institutional interest.</li>
</ul>


Innogen, a China-based near-commercial stage biotech company, launched its IPO to raise at least USD 88 million via a Hong Kong listing.
In our previous note, we have examined the company’s core product, namely efsubaglutide alfa,  updates in various filings, and our thoughts on valuation.
In this note, we look at the deal term. We think the valuation is demanding and lacks institutional interest.


Innogen (银诺医药) IPO: Fairly Valued at Best and Lack of Institutional Interests

<ul>
<li>Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.</li>
<li>In this note, we look at changes to the company’s PHIP prospectus.</li>
<li>While there is no major update to the asset lists, we do see that the market forecasts provided in the prospectus scaled down significantly.</li>
</ul>


Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.
In this note, we look at changes to the company’s PHIP prospectus.
While there is no major update to the asset lists, we do see that the market forecasts provided in the prospectus scaled down significantly.


Innogen (银诺医药) Pre-IPO Update: Cuts in Market Forecasts

<ul>
<li>Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.</li>
<li>In this note, we look at changes to the company’s refiled application proof.</li>
<li>We also did a comparison between the company’s product and PegBio’s PB-119. PegBio was listed on HKEx in May. We also check its products’ online listing.</li>
</ul>


Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.
In this note, we look at changes to the company’s refiled application proof.
We also did a comparison between the company’s product and PegBio’s PB-119. PegBio was listed on HKEx in May. We also check its products’ online listing.


Innogen (银诺医药) Pre-IPO Update: New Data Points

China

PegBio Co., Ltd. conducts biotechnology businesses. The Company develops innovative treatments for chronic diseases and metabolic diseases. PegBio provides its services throughout Japan.

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PegBio (2565 HK)

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

Innogen (银诺医药) IPO: Fairly Valued at Best and Lack of Institutional Interests

China biotech company Innogen launches IPO in Hong Kong to raise at least $88 million, with a demanding valuation and lack of institutional...

Ke Yan, CFA, FRM

Innogen (银诺医药) Pre-IPO Update: Cuts in Market Forecasts

China biotech company Innogen plans to raise $100 million in Hong Kong listing with CITIC Securities and CICC as joint sponsors, with scaled down...

Ke Yan, CFA, FRM

Innogen (银诺医药) Pre-IPO Update: New Data Points

China-based biotech company Innogen seeks to raise $100 million through Hong Kong listing. We look at updates from the company's latest prospectus...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Innogen (银诺医药) IPO: Fairly Valued at Best and Lack of Institutional Interests

​China biotech company Innogen launches IPO in Hong Kong to raise at least $88 million, with a demanding valuation and lack of institutional...

Ke Yan, CFA, FRM

Innogen (银诺医药) Pre-IPO Update: Cuts in Market Forecasts

​China biotech company Innogen plans to raise $100 million in Hong Kong listing with CITIC Securities and CICC as joint sponsors, with scaled down...

Ke Yan, CFA, FRM

Innogen (银诺医药) Pre-IPO Update: New Data Points

​China-based biotech company Innogen seeks to raise $100 million through Hong Kong listing. We look at updates from the company's latest prospectus...

Ke Yan, CFA, FRM

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...

China biotech company Innogen launches IPO in Hong Kong to raise at least $88 million, with a demanding valuation and lack of institutional...

China biotech company Innogen plans to raise $100 million in Hong Kong listing with CITIC Securities and CICC as joint sponsors, with scaled down...

China-based biotech company Innogen seeks to raise $100 million through Hong Kong listing. We look at updates from the company's latest prospectus...