APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> is looking to raise around US$400m from a primary placement.</li>
<li>The deal is a small one, representing 2.9 days of the stock’s three month ADV, and 3.9% of total shares outstanding.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



3SBio Inc (1530 HK) is looking to raise around US$400m from a primary placement.
The deal is a small one, representing 2.9 days of the stock’s three month ADV, and 3.9% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.


3SBio Placement: Partnership with Pfizer Going Well; Digestible Deal

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Pharma-Play <strong><a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a></strong> has announced the spin-off and listing of 87.16%-held <a href="https://www.smartkarma.com/entities/mandi" target="_blank" data-smartkarma-citation="entities:46033" rel="noopener">Mandi (MANDI HK)</a>  on the HKEx. </li>
<li>3SBio will distribute its stake in-specie. There will be a concurrent global offering, the details of which are still to be fleshed out. </li>
<li>
<a href="https://www.smartkarma.com/entities/mandi" target="_blank" data-smartkarma-citation="entities:46033" rel="noopener">Mandi (MANDI HK)</a>, a " hair loss and weight management treatments" solutions provider, accounted for 17% of 3SBio's revs in the 1H25, and 12.5% of profit.</li>
</ul>


Pharma-Play 3SBio Inc (1530 HK) has announced the spin-off and listing of 87.16%-held Mandi (MANDI HK)  on the HKEx. 
3SBio will distribute its stake in-specie. There will be a concurrent global offering, the details of which are still to be fleshed out. 

Mandi (MANDI HK), a " hair loss and weight management treatments" solutions provider, accounted for 17% of 3SBio's revs in the 1H25, and 12.5% of profit.


3SBio (1530 HK)'s Spin-Off and Listing of Mandi Inc.

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> witnessed a revenue decline of 1% in 1H25. Company’s core product Tpiao’s sales decreased 4% to RMB 2.4B (54% of total) impacted by lower volume.  </li>
<li>Phase III clinical trial of SSS06 (anemia in chronic renal failure), 608 (psoriasis), and 613 (acute gouty arthritis) is complete. NDAs for the same are under review by NMPA.</li>
<li>3SBio shares are trading at forward P/E of 11.5x, lower than peers. We feel that there is still upside potential left in the stock.</li>
</ul>



3SBio Inc (1530 HK) witnessed a revenue decline of 1% in 1H25. Company’s core product Tpiao’s sales decreased 4% to RMB 2.4B (54% of total) impacted by lower volume.  
Phase III clinical trial of SSS06 (anemia in chronic renal failure), 608 (psoriasis), and 613 (acute gouty arthritis) is complete. NDAs for the same are under review by NMPA.
3SBio shares are trading at forward P/E of 11.5x, lower than peers. We feel that there is still upside potential left in the stock.


3SBio Inc (1530 HK): NDA Approvals Awaited Amid Sales Decline; Upfront Payment To Boost 2H25

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Lucky Core Industries Limited / Equity Bottom-Up

<ul><li>Lucky Core Industries (LCI) held it's corporate briefing today to discuss FY25 financial result and future outlook.</li><li>LCI's operating performance improved due to Pfizer portfolio integration and better margins in Pharmaceuticals. Notably, Pharmaceutical business recorded 32-35% margins which helped in bringing the average margins of the company to 38%. However, Soda Ash, Chemicals & Agri Sciences, and Animal Health faced demand challenges.</li><li>Regarding the pharmaceutical business, management communicated that 65% of the current portfolio is non-essential and 35% essential. The Pfizer portfolio acquired is mostly non-essential, barring one small product.</li></ul>

Lucky Core Industries (LCI) held it's corporate briefing today to discuss FY25 financial result and future outlook.LCI's operating performance improved due to Pfizer portfolio integration and better margins in Pharmaceuticals. Notably, Pharmaceutical business recorded 32-35% margins which helped in bringing the average margins of the company to 38%. However, Soda Ash, Chemicals & Agri Sciences, and Animal Health faced demand challenges.Regarding the pharmaceutical business, management communicated that 65% of the current portfolio is non-essential and 35% essential. The Pfizer portfolio acquired is mostly non-essential, barring one small product.

Lucky Core Industries (LCI): FY25 Corporate Briefing Key Takeaways

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> aims to raise around US$650m via its H-share placement.</li>
<li>The stock has been on a roll this year and recently announced strong earnings as well. Although it’s now trading at its 52-week highs.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



WuXi AppTec (2359 HK) aims to raise around US$650m via its H-share placement.
The stock has been on a roll this year and recently announced strong earnings as well. Although it’s now trading at its 52-week highs.
In this note, we will talk about the placement and run the deal through our ECM framework.


Wuxi AppTec Placement - Momentum Is Very Strong, Though It Is a Bit Opportunistic

United States

Pfizer Inc. is a research-based, global pharmaceutical company that discovers, develops, manufactures, and markets medicines for humans and animals.  The Company's products include prescription pharmaceuticals, non-prescription self-medications, and animal health products such as anti-infective medicines and vaccines.

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Pfizer Inc (PFE US)

3SBio Placement: Partnership with Pfizer Going Well; Digestible Deal

3SBio Inc is planning to raise $400m through a primary placement, a small deal representing 2.9 days of stock's ADV and 3.9% of total shares...

Nicholas Tan

3SBio (1530 HK)'s Spin-Off and Listing of Mandi Inc.

Often, the sum of the parts is larger than the whole. This may still hold here. Yet, given the size of Mandi, vs. 3SBio, higher market multiples...

David Blennerhassett

3SBio Inc (1530 HK): NDA Approvals Awaited Amid Sales Decline; Upfront Payment To Boost 2H25

3SBio saw 1% revenue decline in 1H25, with core product Tpiao sales dropping 4%. Phase III trials for three new drugs are complete and are under...

Tina Banerjee

Lucky Core Industries (LCI): FY25 Corporate Briefing Key Takeaways

Lucky Core Industries (LCI) held it's corporate briefing today to discuss FY25 financial result and future outlook. LCI's operating performance...

Topline Securities

Wuxi AppTec Placement - Momentum Is Very Strong, Though It Is a Bit Opportunistic

WuXi AppTec (2359 HK) aims to raise around US$650m via its H-share placement. In this note, we run the deal through our ECM framework and talk...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

3SBio Placement: Partnership with Pfizer Going Well; Digestible Deal

​3SBio Inc is planning to raise $400m through a primary placement, a small deal representing 2.9 days of stock's ADV and 3.9% of total shares...

Nicholas Tan

3SBio (1530 HK)'s Spin-Off and Listing of Mandi Inc.

Often, the sum of the parts is larger than the whole. This may still hold here. Yet, given the size of Mandi, vs. 3SBio, higher market multiples...

David Blennerhassett

3SBio Inc (1530 HK): NDA Approvals Awaited Amid Sales Decline; Upfront Payment To Boost 2H25

​3SBio saw 1% revenue decline in 1H25, with core product Tpiao sales dropping 4%. Phase III trials for three new drugs are complete and are under...

Tina Banerjee

Lucky Core Industries (LCI): FY25 Corporate Briefing Key Takeaways

Lucky Core Industries (LCI) held it's corporate briefing today to discuss FY25 financial result and future outlook. LCI's operating performance...

Topline Securities

Wuxi AppTec Placement - Momentum Is Very Strong, Though It Is a Bit Opportunistic

WuXi AppTec (2359 HK) aims to raise around US$650m via its H-share placement. In this note, we run the deal through our ECM framework and talk...

Sumeet Singh

3SBio Inc is planning to raise $400m through a primary placement, a small deal representing 2.9 days of stock's ADV and 3.9% of total shares...

3SBio saw 1% revenue decline in 1H25, with core product Tpiao sales dropping 4%. Phase III trials for three new drugs are complete and are under...