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.

Equity Capital Markets

Xuanzhu Biopharmaceutical / Equity Capital Markets

<ul>
<li>Xuanzhu Biopharm, the biotech arm of HK-listed Sihuan Pharma, is seeking to raise at least USD 100m via a Hong Kong listing. The sole sponsor is CICC.</li>
<li>In this insight, we look at the company’s core products and key products, including XBP-3571, XZP-3287 and XZP-3621.</li>
<li>While there are some interesting reads from its clinical data, we are of the view that its near-commercial products are still lacking the differentiating factors in respective competitive therapeutic areas.</li>
</ul>


Xuanzhu Biopharm, the biotech arm of HK-listed Sihuan Pharma, is seeking to raise at least USD 100m via a Hong Kong listing. The sole sponsor is CICC.
In this insight, we look at the company’s core products and key products, including XBP-3571, XZP-3287 and XZP-3621.
While there are some interesting reads from its clinical data, we are of the view that its near-commercial products are still lacking the differentiating factors in respective competitive therapeutic areas.


Xuanzhu Biopharm (轩竹生物科技) Pre-IPO: Reality Checks Against Claims

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 23rd.</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 CCB, China Mobile, Meituan, BOC, CMB, Tencent, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 23rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CCB, China Mobile, Meituan, BOC, CMB, Tencent, Xiaomi.


HK Connect Flows Weekly (May 23rd): CCB, China Mobile, Meituan, BOC, CMB, Tencent, Xiaomi

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 9th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), China Hongqiao (1378 HK), Cosco Shipping (1919 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Tencent (700 HK), China Hongqiao (1378 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 9th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), China Hongqiao (1378 HK), Cosco Shipping (1919 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Tencent (700 HK), China Hongqiao (1378 HK).


Hong Kong Buybacks Weekly (May 9th): AIA, China Hongqiao, Cosco Shipping

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<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

<ul>
<li>PegBio is looking to raise at least USD 100m via its Hong Kong IPO.</li>
<li>In this note, we looked at the company’s fundamentals, particularly its core product PB-117.</li>
<li>We think the story might look simple as a straightforward GLP-1 challenger but there are quite a number of concerns as we dig into the company’s story.</li>
</ul>


PegBio is looking to raise at least USD 100m via its Hong Kong IPO.
In this note, we looked at the company’s fundamentals, particularly its core product PB-117.
We think the story might look simple as a straightforward GLP-1 challenger but there are quite a number of concerns as we dig into the company’s story.


PegBio 派格生物 IPO: A (Supposedly) Straightforward GLP-1 Challenger Story

China

Sihuan Pharmaceutical Holdings Group Ltd. researches and develops cardiocerebral vascular drugs in China. The Company drugs address needs in the areas of anti-infective, metabolism, cardiovascular system, oncology and nervous system.

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Sihuan Pharmaceutical Hldgs (460 HK)

Xuanzhu Biopharm (轩竹生物科技) Pre-IPO: Reality Checks Against Claims

Xuanzhu Biopharm aims to raise $100m in Hong Kong IPO with CICC as sole sponsor, but faces challenges with near-commercial products lacking...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (May 23rd): CCB, China Mobile, Meituan, BOC, CMB, Tencent, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CCB, China Mobile, Meituan, BOC, CMB, Tencent, Xiaomi.

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (May 9th): AIA, China Hongqiao, Cosco Shipping

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK),...

Ke Yan, CFA, FRM

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

PegBio 派格生物 IPO: A (Supposedly) Straightforward GLP-1 Challenger Story

PegBio plans to raise $100m in Hong Kong IPO, with focus on core product PB-117 as a GLP-1 challenger, but concerns arise upon closer examination...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Xuanzhu Biopharm (轩竹生物科技) Pre-IPO: Reality Checks Against Claims

​Xuanzhu Biopharm aims to raise $100m in Hong Kong IPO with CICC as sole sponsor, but faces challenges with near-commercial products lacking...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (May 23rd): CCB, China Mobile, Meituan, BOC, CMB, Tencent, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CCB, China Mobile, Meituan, BOC, CMB, Tencent, Xiaomi.

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (May 9th): AIA, China Hongqiao, Cosco Shipping

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK),...

Ke Yan, CFA, FRM

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

PegBio 派格生物 IPO: A (Supposedly) Straightforward GLP-1 Challenger Story

​PegBio plans to raise $100m in Hong Kong IPO, with focus on core product PB-117 as a GLP-1 challenger, but concerns arise upon closer examination...

Ke Yan, CFA, FRM

Xuanzhu Biopharm aims to raise $100m in Hong Kong IPO with CICC as sole sponsor, but faces challenges with near-commercial products lacking...

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

PegBio plans to raise $100m in Hong Kong IPO, with focus on core product PB-117 as a GLP-1 challenger, but concerns arise upon closer examination...