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

Innovent Biologics Inc / 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

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $120-$121 (up from 5500 and $115).</li>
<li>We are upgrading Korea(KOSPI) to overweight; we discussed May 30 several Financials and other stocks to buy. KOSPI has exploded higher since, and is now reversing its 2-year RS downtrend.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $120-$121 (up from 5500 and $115).
We are upgrading Korea(KOSPI) to overweight; we discussed May 30 several Financials and other stocks to buy. KOSPI has exploded higher since, and is now reversing its 2-year RS downtrend.


Upgrading Korea to Overweight; MSCI ACWI and Emerging Market Breakouts

Zhejiang Sanhua Intellignt Controls / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-co-ltd" target="_blank" data-smartkarma-citation="entities:15577:1" rel="noopener">Foshan Haitian Flavouring &amp; Food (603288 CH)</a> and <a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intellignt-controls-co-ltd" target="_blank" data-smartkarma-citation="entities:12940:1" rel="noopener">Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) might launch their IPOs soon</a>.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/wistron-corp" target="_blank" data-smartkarma-citation="entities:2189:1" rel="noopener">Wistron Corp (3231 TT)</a> launched its well flagged GDR, along with a few more deals this week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Foshan Haitian Flavouring &amp; Food (603288 CH) and Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) might launch their IPOs soon.
On the placements front, Wistron Corp (3231 TT) launched its well flagged GDR, along with a few more deals this week.


ECM Weekly (9 June 2025) - Haitian, Sanhua, Virgin Aus, Primo, Kitazato, Wistron, Kelun Bio, Mao Gep

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

Xuanzhu Biopharmaceutical / Equity Capital Markets

<ul>
<li>The main purpose for Sihuan to acquire Combio is to form a strong innovative drug business Xuanzhu and then make large capital gains from the subsequent spin-off and listing.</li>
<li>All the three Core Products need to face fierce competition, and their clinical data do not show obvious advantages to competing products, making them hard to stand out.</li>
<li>Based on the announcement on Nov.12, 2024, valuation of Xuanzhu was RMB8.5 billion. However, due to the lack of competitive pipelines and weak commercialization prospects, we think Xuanzhu is overvalued.</li>
</ul>


The main purpose for Sihuan to acquire Combio is to form a strong innovative drug business Xuanzhu and then make large capital gains from the subsequent spin-off and listing.
All the three Core Products need to face fierce competition, and their clinical data do not show obvious advantages to competing products, making them hard to stand out.
Based on the announcement on Nov.12, 2024, valuation of Xuanzhu was RMB8.5 billion. However, due to the lack of competitive pipelines and weak commercialization prospects, we think Xuanzhu is overvalued.


Pre-IPO Xuanzhu Biopharmaceutical- Outdated Pipelines Are Difficult to Bring Good Investment Returns

China

Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. operates biotechnology businesses. The Company develops and provides biological drugs, chemical raw materials, antibody conjugating drugs, innovative drugs, and other products. Kelun Biotech also operates import and export businesses.

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Sichuan Kelun-Biotech Biopharm (6990 HK)

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

Upgrading Korea to Overweight; MSCI ACWI and Emerging Market Breakouts

MSCI $ACWI and Emerging Market $EEM Breakouts; Upgrading Korea $EWY to Overweight; Downgrading Broad Europe, but staying Overweight Germany,...

Vermilion Research

ECM Weekly (9 June 2025) - Haitian, Sanhua, Virgin Aus, Primo, Kitazato, Wistron, Kelun Bio, Mao Gep

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

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

Pre-IPO Xuanzhu Biopharmaceutical- Outdated Pipelines Are Difficult to Bring Good Investment Returns

Sihuan's acquisition of Combio aims to create a strong innovative drug business Xuanzhu, but concerns arise over its outdated pipeline,...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Upgrading Korea to Overweight; MSCI ACWI and Emerging Market Breakouts

MSCI $ACWI and Emerging Market $EEM Breakouts; Upgrading Korea $EWY to Overweight; Downgrading Broad Europe, but staying Overweight Germany,...

Vermilion Research

ECM Weekly (9 June 2025) - Haitian, Sanhua, Virgin Aus, Primo, Kitazato, Wistron, Kelun Bio, Mao Gep

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

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

Pre-IPO Xuanzhu Biopharmaceutical- Outdated Pipelines Are Difficult to Bring Good Investment Returns

​Sihuan's acquisition of Combio aims to create a strong innovative drug business Xuanzhu, but concerns arise over its outdated pipeline,...

Xinyao (Criss) Wang

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

Sihuan's acquisition of Combio aims to create a strong innovative drug business Xuanzhu, but concerns arise over its outdated pipeline,...