APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

WuXi XDC Cayman  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (1877628D HK)</a> is looking to raise around US$500m in its upcoming Hong Kong IPO.</li>
<li>WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In this note, we share our updated thoughts on valuation and look at bull/bear scenarios for WXDC’s earnings.</li>
</ul>



WuXi XDC Cayman (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In this note, we share our updated thoughts on valuation and look at bull/bear scenarios for WXDC’s earnings.


WuXi XDC Cayman Pre-IPO - BULL/BEAR Scenario Considerations for Valuations

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman Inc (1877628D HK)</a> is looking to raise around US$500m in its upcoming Hong Kong IPO.</li>
<li>WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In our previous notes we looked at the company’s past performance, peer comparison, and shared our thoughts on valuations. In this note, we discuss WXDC’s PHIP updates.</li>
</ul>



WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In our previous notes we looked at the company’s past performance, peer comparison, and shared our thoughts on valuations. In this note, we discuss WXDC’s PHIP updates.


WuXi XDC Cayman Pre-IPO - PHIP Updates - Margins Remain Depressed Although Growth Still Strong

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman Inc (1877628D HK)</a> is looking to raise around US$500m in its upcoming Hong Kong IPO.</li>
<li>WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In our previous notes we looked at the company’s past performance and peer comparison. In this note, we discuss our thoughts on valuation.</li>
</ul>



WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In our previous notes we looked at the company’s past performance and peer comparison. In this note, we discuss our thoughts on valuation.


WuXi XDC Pre-IPO - Thoughts on Valuation - While TAM Is Uncertain, Sales and PAT Are Set to Double

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman Inc (1877628D HK)</a> is looking to raise around US$500m in its upcoming Hong Kong IPO.</li>
<li>WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In our previous note we looked at the company’s past performance, in this note we will undertake a peer comparison.</li>
</ul>



WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In our previous note we looked at the company’s past performance, in this note we will undertake a peer comparison.


WuXi XDC Cayman Pre-IPO - Peer Comparison - Has Grown Rapidly Although Margins Remain Under Pressure

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Hansoh Pharmaceutical Group  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group-co" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical Group (3692 HK)</a> entered into a license agreement with <a href="https://www.smartkarma.com/entities/glaxosmithkline-plc" target="_blank" data-smartkarma-citation="entities:21960:1" rel="noopener">GlaxoSmithKline PLC (GSK LN)</a> for a B7-H4 targeted antibody-drug conjugate candidate, HS-20089, targeted toward gynecological cancers.  </li>
<li>Hansoh will receive an upfront payment of $85M and be eligible to receive milestone payments of up to $1.485B subject to achievement of relevant milestone events with respect to HS-20089.</li>
<li>Currently, HS-20089 is in phase 1 clinical trial in China. GSK plans to begin phase 1 trial of HS-20089 outside of China in 2024.</li>
</ul>



Hansoh Pharmaceutical Group (3692 HK) entered into a license agreement with GlaxoSmithKline PLC (GSK LN) for a B7-H4 targeted antibody-drug conjugate candidate, HS-20089, targeted toward gynecological cancers.  
Hansoh will receive an upfront payment of $85M and be eligible to receive milestone payments of up to $1.485B subject to achievement of relevant milestone events with respect to HS-20089.
Currently, HS-20089 is in phase 1 clinical trial in China. GSK plans to begin phase 1 trial of HS-20089 outside of China in 2024.


Hansoh Pharmaceutical (3692 HK): New Licensing Deal Boosts Conviction on Innovative Pipeline Prowess

United States

Roche Holding AG develops and manufactures pharmaceutical and diagnostic products. The Company produces prescription drugs in the areas of cardiovascular, infectious, autoimmune, respiratory diseases, dermatology, metabolic disorders, oncology, transplantation, and the central nervous system. Roche Holding serves customers worldwide.

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Roche Holding (ROG SW)

WuXi XDC Cayman Pre-IPO - BULL/BEAR Scenario Considerations for Valuations

WuXi XDC Cayman (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we share our updated thoughts on...

Clarence Chu

WuXi XDC Cayman Pre-IPO - PHIP Updates - Margins Remain Depressed Although Growth Still Strong

WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we discuss WXDC’s PHIP updates.

Clarence Chu

WuXi XDC Pre-IPO - Thoughts on Valuation - While TAM Is Uncertain, Sales and PAT Are Set to Double

WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we discuss our thoughts on...

Clarence Chu

WuXi XDC Cayman Pre-IPO - Peer Comparison - Has Grown Rapidly Although Margins Remain Under Pressure

WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note we will undertake a peer comparison.

Clarence Chu

Hansoh Pharmaceutical (3692 HK): New Licensing Deal Boosts Conviction on Innovative Pipeline Prowess

Hansoh Pharma will receive an upfront payment of $85M and potential milestone payments of up to $1.485B. The licensed drug candidate is currently...

Tina Banerjee

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52-week Range

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WuXi XDC Cayman Pre-IPO - BULL/BEAR Scenario Considerations for Valuations

WuXi XDC Cayman (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we share our updated thoughts on...

Clarence Chu

WuXi XDC Cayman Pre-IPO - PHIP Updates - Margins Remain Depressed Although Growth Still Strong

WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we discuss WXDC’s PHIP updates.

Clarence Chu

WuXi XDC Pre-IPO - Thoughts on Valuation - While TAM Is Uncertain, Sales and PAT Are Set to Double

WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we discuss our thoughts on...

Clarence Chu

WuXi XDC Cayman Pre-IPO - Peer Comparison - Has Grown Rapidly Although Margins Remain Under Pressure

WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note we will undertake a peer comparison.

Clarence Chu

Hansoh Pharmaceutical (3692 HK): New Licensing Deal Boosts Conviction on Innovative Pipeline Prowess

​Hansoh Pharma will receive an upfront payment of $85M and potential milestone payments of up to $1.485B. The licensed drug candidate is currently...

Tina Banerjee

Hansoh Pharma will receive an upfront payment of $85M and potential milestone payments of up to $1.485B. The licensed drug candidate is currently...