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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 78.0% as of Jun 6th.</li>
<li>The average A-H premium changed by -0.8ppt week-on-week, led by consumer staples, industrials, utilities and offset by real estate, information technology, energy.</li>
<li>We highlight weekly changes in A-H premium for Jl Mag Rare-Earth, Jiangsu Expressway, Sichuan Expressway, CICC.</li>
</ul>


We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 78.0% as of Jun 6th.
The average A-H premium changed by -0.8ppt week-on-week, led by consumer staples, industrials, utilities and offset by real estate, information technology, energy.
We highlight weekly changes in A-H premium for Jl Mag Rare-Earth, Jiangsu Expressway, Sichuan Expressway, CICC.


A-H Premium Weekly (Jun 6th): Jiangsu Expressway, Sichuan Expressway, CICC

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Equity Capital Markets

Sichuan Kelun-Biotech Biopharm / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-kelun-biotech-biopharm" target="_blank" data-smartkarma-citation="entities:40071:1" rel="noopener">Sichuan Kelun-Biotech Biopharm (6990 HK)</a> is looking to raise up to US$200m from a primary placement. The offering is priced at HK$ 330.2-341, a 5-8% discount to last close.</li>
<li>The company plans to use the proceeds for research and development, clinical trials of its core products and as working capital.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Sichuan Kelun-Biotech Biopharm (6990 HK) is looking to raise up to US$200m from a primary placement. The offering is priced at HK$ 330.2-341, a 5-8% discount to last close.
The company plans to use the proceeds for research and development, clinical trials of its core products and as working capital.
In this note, we will talk about the placement and run the deal through our ECM framework.


Kelun-Biotech Placement - Recent Run-Up Makes Its Tricky

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Jiangsu Hengrui Medicine / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a> received conditional marketing approval for its self-developed Class 1 innovative drug, Trastuzumab Rezetecan for Injection (SHR-A1811).</li>
<li>In 1Q25, Jiangsu Hengrui reported revenue growth of 20% YoY to RMB 7.2B. Innovative drugs and Licensing should help keep this momentum in near future.</li>
<li>The near-term trigger for the stock would be a further marketing approval from the US FDA.</li>
</ul>



Jiangsu Hengrui Medicine (600276 CH) received conditional marketing approval for its self-developed Class 1 innovative drug, Trastuzumab Rezetecan for Injection (SHR-A1811).
In 1Q25, Jiangsu Hengrui reported revenue growth of 20% YoY to RMB 7.2B. Innovative drugs and Licensing should help keep this momentum in near future.
The near-term trigger for the stock would be a further marketing approval from the US FDA.


Jiangsu Hengrui Medicine (600276 CH): ADC Drug Approval Presents Long-Term Opportunity

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Sichuan Biokin Pharmaceutical / Equity Capital Markets

<ul>
<li>CR Sanjiu plans to transfer 49.8967% equity of Sanjiu (Anguo) and pay more attention to the quality of external M&amp;As. China Resources+Tasly+KPC will be the core drivers of future performance.</li>
<li>Akeso’s first global phase 3 readout for ivonescimab was disappointing, which cast shadow on the final FDA approval. We shared our views on the outlook and valuation ahead.</li>
<li>The failure of HER3-DXd cast shadow over the outlook of HER3. We think Biokin is overvalued. Its valuation should be lower than Akeso and Kelun Bio.</li>
</ul>


CR Sanjiu plans to transfer 49.8967% equity of Sanjiu (Anguo) and pay more attention to the quality of external M&amp;As. China Resources+Tasly+KPC will be the core drivers of future performance.
Akeso’s first global phase 3 readout for ivonescimab was disappointing, which cast shadow on the final FDA approval. We shared our views on the outlook and valuation ahead.
The failure of HER3-DXd cast shadow over the outlook of HER3. We think Biokin is overvalued. Its valuation should be lower than Akeso and Kelun Bio.


China Healthcare Weekly (Jun.1)-Akeso/Summit's Disappointing Ph3 Readout,Valuation Outlook of Biokin

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 30th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Meituan, Horizon Robotics, CCB, China Mobile, CNOOC, Tencent, Alibaba, Xiaomi, BYD, AIA.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 30th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, Horizon Robotics, CCB, China Mobile, CNOOC, Tencent, Alibaba, Xiaomi, BYD, AIA.


HK Connect Flows Weekly (May 30th): Meituan, Horizon Robotics, CCB, China Mobile, CNOOC, Tencent

China

RemeGen Co., Ltd. operates biotechnology businesses. The Company develops therapeutic antibody drugs such as antibody drug conjugates (ADC), antibody fusion proteins, monoclonal antibodies and double antibodies. RemeGen provides solutions autoimmune diseases, tumor diseases, and ophthalmic diseases.

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Remegen (9995 HK)

A-H Premium Weekly (Jun 6th): Jiangsu Expressway, Sichuan Expressway, CICC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Jl Mag Rare-Earth, Jiangsu Expressway, Sichuan Expressway,...

Ke Yan, CFA, FRM

Kelun-Biotech Placement - Recent Run-Up Makes Its Tricky

Kelun-Biotech Biopharmaceutical Co (Kelun) is looking to raise up to US$200m from a primary placement. In this note, we will talk about the...

Akshat Shah

Jiangsu Hengrui Medicine (600276 CH): ADC Drug Approval Presents Long-Term Opportunity

Jiangsu Hengrui receives conditional approval for Trastuzumab Rezetecan for NSCLC. In 1Q25, the company reported sales growth of 20%. Innovative...

Tina Banerjee

China Healthcare Weekly (Jun.1)-Akeso/Summit's Disappointing Ph3 Readout,Valuation Outlook of Biokin

CR Sanjiu plans to transfer 49.8967% equity of Sanjiu (Anguo).Summit/Akeso's disappointing phase 3 readout raises doubts on FDA approval for...

Xinyao (Criss) Wang

HK Connect Flows Weekly (May 30th): Meituan, Horizon Robotics, CCB, China Mobile, CNOOC, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, Horizon Robotics, CCB, China Mobile, CNOOC,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Jun 6th): Jiangsu Expressway, Sichuan Expressway, CICC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Jl Mag Rare-Earth, Jiangsu Expressway, Sichuan Expressway,...

Ke Yan, CFA, FRM

Kelun-Biotech Placement - Recent Run-Up Makes Its Tricky

Kelun-Biotech Biopharmaceutical Co (Kelun) is looking to raise up to US$200m from a primary placement. In this note, we will talk about the...

Akshat Shah

Jiangsu Hengrui Medicine (600276 CH): ADC Drug Approval Presents Long-Term Opportunity

​Jiangsu Hengrui receives conditional approval for Trastuzumab Rezetecan for NSCLC. In 1Q25, the company reported sales growth of 20%. Innovative...

Tina Banerjee

China Healthcare Weekly (Jun.1)-Akeso/Summit's Disappointing Ph3 Readout,Valuation Outlook of Biokin

​CR Sanjiu plans to transfer 49.8967% equity of Sanjiu (Anguo).Summit/Akeso's disappointing phase 3 readout raises doubts on FDA approval for...

Xinyao (Criss) Wang

HK Connect Flows Weekly (May 30th): Meituan, Horizon Robotics, CCB, China Mobile, CNOOC, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, Horizon Robotics, CCB, China Mobile, CNOOC,...

Ke Yan, CFA, FRM

Jiangsu Hengrui receives conditional approval for Trastuzumab Rezetecan for NSCLC. In 1Q25, the company reported sales growth of 20%. Innovative...

CR Sanjiu plans to transfer 49.8967% equity of Sanjiu (Anguo).Summit/Akeso's disappointing phase 3 readout raises doubts on FDA approval for...