Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Duality Biotherapeutics / Equity Capital Markets

<ul>
<li>Duality Biotherapeutics raised HKD 1,512m (USD 194m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, April 14th.</li>
<li>In our previous note, we looked at the company's business lines of ADC products and analyzed its valuation.</li>
<li>In this note, we provide an update for the IPO before trading debut.</li>
</ul>


Duality Biotherapeutics raised HKD 1,512m (USD 194m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, April 14th.
In our previous note, we looked at the company's business lines of ADC products and analyzed its valuation.
In this note, we provide an update for the IPO before trading debut.


Duality Biotherapeutics (映恩生物) Trading Update

<ul>
<li>Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$250m via a Hong Kong listing.</li>
<li>We look at the company's valuation based on its core products, namely DB-1303, DB-1311, and DB-1305.</li>
<li>We highlight key differences between our valuation and the broker valuation guidance.</li>
</ul>


Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$250m via a Hong Kong listing.
We look at the company's valuation based on its core products, namely DB-1303, DB-1311, and DB-1305.
We highlight key differences between our valuation and the broker valuation guidance.


Duality Biotherapeutics (映恩生物) Pre-IPO: Valuation and the Trap

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.

<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$250m via selling around 3.5% stake in <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (2268 HK).</a>
</li>
<li>WuXi XDC Cayman (WXDC) is a contract research, development, and manufacturing organization (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 will talk about the placement and run the deal through our ECM framework.</li>
</ul>



WuXi AppTec (2359 HK) aims to raise around US$250m via selling around 3.5% stake in WuXi XDC Cayman (2268 HK).

WuXi XDC Cayman (WXDC) is a contract research, development, and manufacturing organization (CRDMO) focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In this note, we will talk about the placement and run the deal through our ECM framework.


Wuxi XDC Placement - Following Biologics Playbook, past Deals Have Been Mixed

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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> has announced 2024 result, with total revenue increasing a whopping 52% YoY to RMB9,422M and net loss narrowing 91% YoY to RMB933M.</li>
<li>On adjusted basis, the company reported maiden net profit of RMB332M compared with loss of RMB515M in 2023. Innovent is expected to become profitable on reported basis this year.</li>
<li>Innovent aims to achieve RMB 20B product revenue in 2027, implying a CAGR of 34% and advance five pipeline assets to the global/multi-regional Phase 3 clinical trial stage by 2030. </li>
</ul>



Innovent Biologics Inc (1801 HK) has announced 2024 result, with total revenue increasing a whopping 52% YoY to RMB9,422M and net loss narrowing 91% YoY to RMB933M.
On adjusted basis, the company reported maiden net profit of RMB332M compared with loss of RMB515M in 2023. Innovent is expected to become profitable on reported basis this year.
Innovent aims to achieve RMB 20B product revenue in 2027, implying a CAGR of 34% and advance five pipeline assets to the global/multi-regional Phase 3 clinical trial stage by 2030. 


Innovent Biologics Inc (1801 HK): 2024 Product Sales Jump 44% and Loss Narrows; Momentum to Continue

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Sichuan Kelun-Biotech Biopharmaceutical / Equity Bottom-Up

Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)

<ul><li>Kelun-Biotech reported strong financial results for 2024, driven by milestone payments from global collaborations and the progression of its innovative pipeline.</li><li>The Company recorded revenue of RMB 1.93bn, achieving 25.5% YoY growth.</li><li>Licensing and collaboration agreements contributed RMB 1.86bn revenue, reflecting strong partnerships, particularly milestone payments from MSD. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Kelun-Biotech reported strong financial results for 2024, driven by milestone payments from global collaborations and the progression of its innovative pipeline.The Company recorded revenue of RMB 1.93bn, achieving 25.5% YoY growth.Licensing and collaboration agreements contributed RMB 1.86bn revenue, reflecting strong partnerships, particularly milestone payments from MSD. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kelun-Biotech (6990 HK) - Advancing Next-Generation ADC Therapeutics

China

Sichuan Kelun-Biotech Biopharmaceutical is a biopharmaceutical company focused on the research, development, manufacturing, and commercialization of innovative biological and small molecule drugs, particularly Antibody-Drug Conjugates (ADCs). It addresses unmet medical needs in oncology, autoimmune disorders, and metabolic diseases, with key products including sacituzumab tirumotecan and trastuzumab botidotin. The company is headquartered in Chengdu, Sichuan, China, and was founded in 2016.

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Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)

Duality Biotherapeutics (映恩生物) Trading Update

Duality Biotherapeutics raises $194m in global offering will list on Hong Kong Stock Exchange on April 14th. We provide an update before its...

Ke Yan, CFA, FRM

Duality Biotherapeutics (映恩生物) Pre-IPO: Valuation and the Trap

China's Duality Biotherapeutics aims to raise $250m in Hong Kong IPO. We provide our valuation on its core products DB-1303, DB-1311, and DB-1305...

Ke Yan, CFA, FRM

Wuxi XDC Placement - Following Biologics Playbook, past Deals Have Been Mixed

WuXi AppTec (2359 HK) aims to raise around US$250m via selling around 3.5% stake in WuXi XDC Cayman (2268 HK). In this note, we talk about the deal...

Sumeet Singh

Innovent Biologics Inc (1801 HK): 2024 Product Sales Jump 44% and Loss Narrows; Momentum to Continue

Innovent Biologics reports impressive 2024 results with revenue up 52% and net loss narrowing by 91%. The company has set an ambitious growth...

Tina Banerjee

Kelun-Biotech (6990 HK) - Advancing Next-Generation ADC Therapeutics

Kelun-Biotech reported strong financial results for 2024, driven by milestone payments from global collaborations and the progression of its...

CMB International

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52-week Range

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Duality Biotherapeutics (映恩生物) Trading Update

​Duality Biotherapeutics raises $194m in global offering will list on Hong Kong Stock Exchange on April 14th. We provide an update before its...

Ke Yan, CFA, FRM

Duality Biotherapeutics (映恩生物) Pre-IPO: Valuation and the Trap

​China's Duality Biotherapeutics aims to raise $250m in Hong Kong IPO. We provide our valuation on its core products DB-1303, DB-1311, and DB-1305...

Ke Yan, CFA, FRM

Wuxi XDC Placement - Following Biologics Playbook, past Deals Have Been Mixed

WuXi AppTec (2359 HK) aims to raise around US$250m via selling around 3.5% stake in WuXi XDC Cayman (2268 HK). In this note, we talk about the deal...

Sumeet Singh

Innovent Biologics Inc (1801 HK): 2024 Product Sales Jump 44% and Loss Narrows; Momentum to Continue

​Innovent Biologics reports impressive 2024 results with revenue up 52% and net loss narrowing by 91%. The company has set an ambitious growth...

Tina Banerjee

Kelun-Biotech (6990 HK) - Advancing Next-Generation ADC Therapeutics

Kelun-Biotech reported strong financial results for 2024, driven by milestone payments from global collaborations and the progression of its...

CMB International

Duality Biotherapeutics raises $194m in global offering will list on Hong Kong Stock Exchange on April 14th. We provide an update before its...

China's Duality Biotherapeutics aims to raise $250m in Hong Kong IPO. We provide our valuation on its core products DB-1303, DB-1311, and DB-1305...

Innovent Biologics reports impressive 2024 results with revenue up 52% and net loss narrowing by 91%. The company has set an ambitious growth...