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 analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows into Alibaba, Li Auto, China Mobile and outflows from Tencent.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into Alibaba, Li Auto, China Mobile and outflows from Tencent.


Hong Kong Connect Flows (February): $6bn Inflows into Alibaba

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Shanghai Henlius Biotech  / Equity Bottom-Up

<ul>
<li>The NewCo model can be considered as an "intermediate state" for Chinese biotech companies when they hopes to enter overseas markets, rather than a real success in internationalization.</li>
<li>After the announcement of Pfizer-Summit cooperation, share price of Summit plunged. Pfizer is clearly the beneficiary. The possibility of Summit being acquired could be reduced, which make investors unhappy.</li>
<li>Shares of Henlius surged. Thanks to Lin Lijun's dissenting vote, investors have the opportunity to profit at a higher price.Next goal is to be included in Hong Kong Stock Connect.</li>
</ul>


The NewCo model can be considered as an "intermediate state" for Chinese biotech companies when they hopes to enter overseas markets, rather than a real success in internationalization.
After the announcement of Pfizer-Summit cooperation, share price of Summit plunged. Pfizer is clearly the beneficiary. The possibility of Summit being acquired could be reduced, which make investors unhappy.
Shares of Henlius surged. Thanks to Lin Lijun's dissenting vote, investors have the opportunity to profit at a higher price.Next goal is to be included in Hong Kong Stock Connect.


China Healthcare Weekly (Mar.2) - NewCo Model, Pfizer-Summit Deal, Henlius to Enter HK Stock Connect

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Celltrion has received European Commission approval for Avtozma (CT-P47), a biosimilar referencing Actemra. Samsung Biologics and Biocon launched their respective Stelara biosimilars in the U.S.</li>
<li>KKR is acquiring up to 54% of equity in Healthcare Global Enterprises for INR445/share. The transaction is expected to close by 3Q25. The acquisition triggers an open offer from KKR.</li>
<li>Zydus Lifesciences is ready to launch India’s first vaccine against new strain of influenza virus (Southern Hemisphere 2025) in the 2025. Glenmark Pharmaceuticals has launched Epinephrine Injection in the U.S.</li>
</ul>


Celltrion has received European Commission approval for Avtozma (CT-P47), a biosimilar referencing Actemra. Samsung Biologics and Biocon launched their respective Stelara biosimilars in the U.S.
KKR is acquiring up to 54% of equity in Healthcare Global Enterprises for INR445/share. The transaction is expected to close by 3Q25. The acquisition triggers an open offer from KKR.
Zydus Lifesciences is ready to launch India’s first vaccine against new strain of influenza virus (Southern Hemisphere 2025) in the 2025. Glenmark Pharmaceuticals has launched Epinephrine Injection in the U.S.


APAC Healthcare Weekly (Mar 2)- Celltrion, Samsung Biologics, Biocon, Zydus Life, Healthcare Global

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>Xtapli is looking to raise around US$242m via a primary placement, after having raised US$145m in Jan 2025.</li>
<li>QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


Xtapli is looking to raise around US$242m via a primary placement, after having raised US$145m in Jan 2025.
QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.
In this note, we will talk about the placement and run the deal through our ECM framework.


Xtapli Placement - Questionable Timing. An AI Momentum Play, at Best

Jiangsu Hengrui Medicine / Equity Capital Markets

<ul>
<li>Jiangsu Hengrui Medicine (600276 CH) a China-based pharmaceutical company, aims to raise around US$2bn in its H-share listing.</li>
<li>Given its similarity to Hong Kong-listed Hansoh Pharma, we think it is worth a comparison between the two.</li>
<li>Both companies are decent biopharma players and are trading at a premium to other pharmaceutical company peers. Upon comparison, we think Hengrui’s H should be at a premium to Hansoh.</li>
</ul>


Jiangsu Hengrui Medicine (600276 CH) a China-based pharmaceutical company, aims to raise around US$2bn in its H-share listing.
Given its similarity to Hong Kong-listed Hansoh Pharma, we think it is worth a comparison between the two.
Both companies are decent biopharma players and are trading at a premium to other pharmaceutical company peers. Upon comparison, we think Hengrui’s H should be at a premium to Hansoh.


Hengrui (恒瑞医药) A/H Listing: A Worthy Comparison with Hansoh Pharma

China

Shanghai Fosun Pharmaceutical (Group) Co., Ltd. is a pharmaceutical company. Through its subsidiaries, the Company manufactures genetic medicines, Chinese traditional medicines, diagnostic products, and medical instruments, provides technology, marketing, and advertising services, as well as invests in import and export trading.

Shanghai Fosun Pharmaceutical (Group) (600196 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Shanghai Fosun Pharmaceutical (Group) (600196 CH)

Hong Kong Connect Flows (February): $6bn Inflows into Alibaba

We analyzed the Hong Kong Connect Scheme for February and highlighted flows for Alibaba, Li Auto, China Mobile and outflows from Tencent.

Ke Yan, CFA, FRM

China Healthcare Weekly (Mar.2) - NewCo Model, Pfizer-Summit Deal, Henlius to Enter HK Stock Connect

The NewCo model is just an "intermediate state" for Chinese Biotech. After Pfizer-Summit deal, the possibility of Summit being acquired is reduced....

Xinyao (Criss) Wang

APAC Healthcare Weekly (Mar 2)- Celltrion, Samsung Biologics, Biocon, Zydus Life, Healthcare Global

APAC healthcare companies continued to get approvals for new products and initiates clinical trials. The companies continued with acquisitions and...

Tina Banerjee

Xtapli Placement - Questionable Timing. An AI Momentum Play, at Best

Xtapli is looking to raise around US$242m via a primary placement, after having raised US$145m in Jan 2025. In this note, we talk about the deal...

Sumeet Singh

Hengrui (恒瑞医药) A/H Listing: A Worthy Comparison with Hansoh Pharma

China's Jiangsu Hengrui Medicine plans to raise $2bn in H-share listing. We did a worthy comparison between it and Hansoh Pharma.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Connect Flows (February): $6bn Inflows into Alibaba

We analyzed the Hong Kong Connect Scheme for February and highlighted flows for Alibaba, Li Auto, China Mobile and outflows from Tencent.

Ke Yan, CFA, FRM

China Healthcare Weekly (Mar.2) - NewCo Model, Pfizer-Summit Deal, Henlius to Enter HK Stock Connect

The NewCo model is just an "intermediate state" for Chinese Biotech. After Pfizer-Summit deal, the possibility of Summit being acquired is reduced....

Xinyao (Criss) Wang

APAC Healthcare Weekly (Mar 2)- Celltrion, Samsung Biologics, Biocon, Zydus Life, Healthcare Global

APAC healthcare companies continued to get approvals for new products and initiates clinical trials. The companies continued with acquisitions and...

Tina Banerjee

Xtapli Placement - Questionable Timing. An AI Momentum Play, at Best

Xtapli is looking to raise around US$242m via a primary placement, after having raised US$145m in Jan 2025. In this note, we talk about the deal...

Sumeet Singh

Hengrui (恒瑞医药) A/H Listing: A Worthy Comparison with Hansoh Pharma

​China's Jiangsu Hengrui Medicine plans to raise $2bn in H-share listing. We did a worthy comparison between it and Hansoh Pharma.

Ke Yan, CFA, FRM

China's Jiangsu Hengrui Medicine plans to raise $2bn in H-share listing. We did a worthy comparison between it and Hansoh Pharma.