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.

Equity Capital Markets

Ascentage Pharma / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ascentage-pharma-group-inter" target="_blank" data-smartkarma-citation="entities:27824:1" rel="noopener">Ascentage Pharma Group Corp (6855 HK)</a> (AP) aims to raise around US$196m via  top-up placement.</li>
<li>The company has undertaken a number of deals in the past, with none of the deals having done well. Although stock momentum has been strong this year.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Ascentage Pharma Group Corp (6855 HK) (AP) aims to raise around US$196m via  top-up placement.
The company has undertaken a number of deals in the past, with none of the deals having done well. Although stock momentum has been strong this year.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Ascentage Pharma Top-Up Placement - Past Deals Didn't Done Well, Stock up a Lot but Sector Is Strong

Innovent Biologics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a> aims to raise around US$500m for R&amp;D and marketing.</li>
<li>The company has undertaken a number of deals in the past, with the overall results being mixed but recent deals have done well.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Innovent Biologics Inc (1801 HK) aims to raise around US$500m for R&amp;D and marketing.
The company has undertaken a number of deals in the past, with the overall results being mixed but recent deals have done well.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Innovent Biologics Placement - Second for the Month, Stock Has Doubled but Momentum Is Strong

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> has initiated global Phase 3 clinical trial of GBP410, a 21-valent pneumococcal conjugate vaccine (PCV21) candidate, with topline result expected in 2027.</li>
<li>IDT Biologika recorded revenue of KRW118B in 1Q25, up from KRW111B in 4Q24. Considering 1Q25 momentum, IDT seems to be on track to meet 2025 guidance of KRW410B.</li>
<li>1Q25 base business revenue increased 62% YoY to KRW36B. Operating loss of the base business narrowed to KRW26B from a loss of KRW28B in year-ago quarter.</li>
</ul>



SK Bioscience (302440 KS) has initiated global Phase 3 clinical trial of GBP410, a 21-valent pneumococcal conjugate vaccine (PCV21) candidate, with topline result expected in 2027.
IDT Biologika recorded revenue of KRW118B in 1Q25, up from KRW111B in 4Q24. Considering 1Q25 momentum, IDT seems to be on track to meet 2025 guidance of KRW410B.
1Q25 base business revenue increased 62% YoY to KRW36B. Operating loss of the base business narrowed to KRW26B from a loss of KRW28B in year-ago quarter.


SK Bioscience (302440 KS): Dual Engines Led Growth Strategy Is on Track; Solid 1Q25 Performance

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The 11th batch of national VBP rules is expected to include optimizations aimed at balancing bidding prices with drug quality</li>
<li>The US$6 billion deal between Pfizer and 3SBio has energized the innovative drug industry. While 3SBio's valuation may continue to rise, Akeso's valuation could face downward revisions.</li>
<li>RemeGen has shown positive momentum, with its valuation reflecting RC18’s successful out-licensing already. Its recent HK$796 million placement indicates a clear intent to raise funds at a premium.</li>
</ul>


The 11th batch of national VBP rules is expected to include optimizations aimed at balancing bidding prices with drug quality
The US$6 billion deal between Pfizer and 3SBio has energized the innovative drug industry. While 3SBio's valuation may continue to rise, Akeso's valuation could face downward revisions.
RemeGen has shown positive momentum, with its valuation reflecting RC18’s successful out-licensing already. Its recent HK$796 million placement indicates a clear intent to raise funds at a premium.


China Healthcare Weekly (May 25) - Pfizer-3SBio's Record-Breaking Deal, RemeGen's HK$796Mn Placing

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Pfizer recently reported its first-quarter 2025 financial results, providing an overall positive snapshot of its performance within a challenging market environment.</li><li>Revenue was reported at $13.7 billion, marking a 6% operational decline largely driven by lower Paxlovid sales, partly reflecting a one-time Paxlovid revenue credit from the prior year.</li><li>Despite this, some of its core products such as the Vyndaqel family, Nurtec, and Padcev demonstrated strong growth, reinforcing the company’s focus on prioritizing key growth drivers.</li></ul>

Pfizer recently reported its first-quarter 2025 financial results, providing an overall positive snapshot of its performance within a challenging market environment.Revenue was reported at $13.7 billion, marking a 6% operational decline largely driven by lower Paxlovid sales, partly reflecting a one-time Paxlovid revenue credit from the prior year.Despite this, some of its core products such as the Vyndaqel family, Nurtec, and Padcev demonstrated strong growth, reinforcing the company’s focus on prioritizing key growth drivers.

Pfizer’s $15 Billion War Chest: What Will They Buy After the Danuglipron Failure?

United States

Pfizer Inc. operates as a pharmaceutical company. The Company offers medicines, vaccines, medical devices, and consumer healthcare products for oncology, inflammation, cardiovascular, and other therapeutic areas. Pfizer serves customers worldwide.

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Pfizer (PFE UN)

Ascentage Pharma Top-Up Placement - Past Deals Didn't Done Well, Stock up a Lot but Sector Is Strong

Ascentage Pharma Group Corp (6855 HK) (AP) aims to raise around US$196m via top-up placement. In this note, we talk about the deal dynamics.

Sumeet Singh

Innovent Biologics Placement - Second for the Month, Stock Has Doubled but Momentum Is Strong

Innovent Biologics Inc (1801 HK) aims to raise around US$500m for R&D and marketing. In this note, we talk about the deal dynamics.

Sumeet Singh

SK Bioscience (302440 KS): Dual Engines Led Growth Strategy Is on Track; Solid 1Q25 Performance

SK Bioscience initiates global Phase 3 trial of PCV21 vaccine. IDT Biologika shows revenue growth in 1Q25, on track to meet 2025 guidance. 1Q25...

Tina Banerjee

China Healthcare Weekly (May 25) - Pfizer-3SBio's Record-Breaking Deal, RemeGen's HK$796Mn Placing

Upcoming VBP rule optimization aim to balance bidding price and drug quality. Pfizer-3SBio deal sets a new record in China deal. RemeGen's Placing...

Xinyao (Criss) Wang

Pfizer’s $15 Billion War Chest: What Will They Buy After the Danuglipron Failure?

Pfizer recently reported its first-quarter 2025 financial results, providing an overall positive snapshot of its performance within a challenging...

Baptista Research

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Ascentage Pharma Top-Up Placement - Past Deals Didn't Done Well, Stock up a Lot but Sector Is Strong

Ascentage Pharma Group Corp (6855 HK) (AP) aims to raise around US$196m via top-up placement. In this note, we talk about the deal dynamics.

Sumeet Singh

Innovent Biologics Placement - Second for the Month, Stock Has Doubled but Momentum Is Strong

Innovent Biologics Inc (1801 HK) aims to raise around US$500m for R&D and marketing. In this note, we talk about the deal dynamics.

Sumeet Singh

SK Bioscience (302440 KS): Dual Engines Led Growth Strategy Is on Track; Solid 1Q25 Performance

​SK Bioscience initiates global Phase 3 trial of PCV21 vaccine. IDT Biologika shows revenue growth in 1Q25, on track to meet 2025 guidance. 1Q25...

Tina Banerjee

China Healthcare Weekly (May 25) - Pfizer-3SBio's Record-Breaking Deal, RemeGen's HK$796Mn Placing

​Upcoming VBP rule optimization aim to balance bidding price and drug quality. Pfizer-3SBio deal sets a new record in China deal. RemeGen's Placing...

Xinyao (Criss) Wang

Pfizer’s $15 Billion War Chest: What Will They Buy After the Danuglipron Failure?

Pfizer recently reported its first-quarter 2025 financial results, providing an overall positive snapshot of its performance within a challenging...

Baptista Research

SK Bioscience initiates global Phase 3 trial of PCV21 vaccine. IDT Biologika shows revenue growth in 1Q25, on track to meet 2025 guidance. 1Q25...

Upcoming VBP rule optimization aim to balance bidding price and drug quality. Pfizer-3SBio deal sets a new record in China deal. RemeGen's Placing...