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

Vigonvita Life Sciences / Equity Capital Markets

<ul>
<li>Vigonvita is looking to raise at least US$100 million via a Hong Kong listing. The book runner is CITIC.</li>
<li>The company filed its post-hearing prospectus and dropped VV116, the commercialized COVID-19 anti-viral drug, from its key asset list.</li>
<li>In this note, we look at changes between filings and recent company and market updates.</li>
</ul>


Vigonvita is looking to raise at least US$100 million via a Hong Kong listing. The book runner is CITIC.
The company filed its post-hearing prospectus and dropped VV116, the commercialized COVID-19 anti-viral drug, from its key asset list.
In this note, we look at changes between filings and recent company and market updates.


Vigonvita Life Sciences (旺山旺水) Pre-IPO: Window Dressing

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Vigonvita's product revenue is unlikely to show significant improvement in short term. Whether Vigonvita can avoid the pitfalls that peers have fallen into remains to be tested by the market.</li>
<li>With a large amount of idle production capacity, the rationality and necessity of the IPO fundraising plan still including the construction of a new factory in Qingdao are questionable.</li>
<li>Vigonvita's valuation is mainly based on the commercialization of TPN171/VV116. If sales of TPN171 is poor or clinical trial of VV116 fails, valuation will face the risk of significant decline.</li>
</ul>


Vigonvita's product revenue is unlikely to show significant improvement in short term. Whether Vigonvita can avoid the pitfalls that peers have fallen into remains to be tested by the market.
With a large amount of idle production capacity, the rationality and necessity of the IPO fundraising plan still including the construction of a new factory in Qingdao are questionable.
Vigonvita's valuation is mainly based on the commercialization of TPN171/VV116. If sales of TPN171 is poor or clinical trial of VV116 fails, valuation will face the risk of significant decline.


Pre-IPO Vigonvita Life Sciences (PHIP Updates) - Some Points Worth the Attention

<ul>
<li>Vigonvita is looking to raise at least US$100 million via a Hong Kong listing. The book runner is CITIC.</li>
<li>The company refiled its prospectus and dropped VV116, the commercialized COVID-19 anti-viral drug, from its core asset list.</li>
<li>In this note, we look at changes between filings and also further examine the prospect of LV232 and TPN171.</li>
</ul>


Vigonvita is looking to raise at least US$100 million via a Hong Kong listing. The book runner is CITIC.
The company refiled its prospectus and dropped VV116, the commercialized COVID-19 anti-viral drug, from its core asset list.
In this note, we look at changes between filings and also further examine the prospect of LV232 and TPN171.


Vigonvita Life Sciences (旺山旺水) Pre-IPO: Structural Challenges for Commercialization

<ul>
<li>Due to fierce competition/VBP, generic drug business has little value, whose valuation should be zero. So, the future valuation performance of Vigonvita would be mainly based on innovative drug pipeline.</li>
<li>Since future demand of COVID-19 drug would decrease sharply, it’s recommended to calculate Vigonvita’s valuation by excluding COVID-19 projects. Vigonvita has to rely on other indication/candidates to support valuation outlook.</li>
<li>Post-Money valuation after Series C financing reached RMB4.45 billion.Short-term valuation is about RMB3-6 billion. If LV232 can be successfully developed, there will be greater room for growth in future valuation.</li>
</ul>


Due to fierce competition/VBP, generic drug business has little value, whose valuation should be zero. So, the future valuation performance of Vigonvita would be mainly based on innovative drug pipeline.
Since future demand of COVID-19 drug would decrease sharply, it’s recommended to calculate Vigonvita’s valuation by excluding COVID-19 projects. Vigonvita has to rely on other indication/candidates to support valuation outlook.
Post-Money valuation after Series C financing reached RMB4.45 billion.Short-term valuation is about RMB3-6 billion. If LV232 can be successfully developed, there will be greater room for growth in future valuation.


Pre-IPO Vigonvita Life Sciences - The Challenges Behind the Pipeline and the Outlook

<ul>
<li>Vigonvita is looking to raise at least US$100 million via a Hong Kong listing.</li>
<li>Vigonvita has commercialized COVID-19 anti-viral drug and is expanding the indication to RSV. </li>
<li>The main contributor to the company's develop is not holding a key management role.</li>
</ul>


Vigonvita is looking to raise at least US$100 million via a Hong Kong listing.
Vigonvita has commercialized COVID-19 anti-viral drug and is expanding the indication to RSV. 
The main contributor to the company's develop is not holding a key management role.


Vigonvita Life Sciences (旺山旺水) Pre-IPO Tearsheet

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Vigonvita Life Sciences (VVL HK)

Vigonvita Life Sciences (旺山旺水) Pre-IPO: Window Dressing

Vigonvita aims to raise over US$100 million in Hong Kong listing with CITIC as book runner. In this note we note the company dropped anti-viral...

Ke Yan, CFA, FRM

Pre-IPO Vigonvita Life Sciences (PHIP Updates) - Some Points Worth the Attention

Vigonvita's short-term product revenue outlook is uncertain, with concerns on IPO fundraising rational.If TPN171 sales is poor or clinical trial...

Xinyao (Criss) Wang

Vigonvita Life Sciences (旺山旺水) Pre-IPO: Structural Challenges for Commercialization

Vigonvita seeks to raise $100 million in Hong Kong IPO with CITIC as book runner. We look at changes in the company's assets and progresses. We...

Ke Yan, CFA, FRM

Pre-IPO Vigonvita Life Sciences - The Challenges Behind the Pipeline and the Outlook

Vigonvita's valuation hinges on innovative drug pipeline but excluding COVID-19 project. Series C financing boosts post-money valuation to RMB4.45...

Xinyao (Criss) Wang

Vigonvita Life Sciences (旺山旺水) Pre-IPO Tearsheet

Vigonvita seeks US$100M in Hong Kong IPO for COVID-19 drug expansion. It has commercialized COVID-19 drugs in the past and is looking to expand...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Vigonvita Life Sciences (旺山旺水) Pre-IPO: Window Dressing

​Vigonvita aims to raise over US$100 million in Hong Kong listing with CITIC as book runner. In this note we note the company dropped anti-viral...

Ke Yan, CFA, FRM

Pre-IPO Vigonvita Life Sciences (PHIP Updates) - Some Points Worth the Attention

​Vigonvita's short-term product revenue outlook is uncertain, with concerns on IPO fundraising rational.If TPN171 sales is poor or clinical trial...

Xinyao (Criss) Wang

Vigonvita Life Sciences (旺山旺水) Pre-IPO: Structural Challenges for Commercialization

​Vigonvita seeks to raise $100 million in Hong Kong IPO with CITIC as book runner. We look at changes in the company's assets and progresses. We...

Ke Yan, CFA, FRM

Pre-IPO Vigonvita Life Sciences - The Challenges Behind the Pipeline and the Outlook

Vigonvita's valuation hinges on innovative drug pipeline but excluding COVID-19 project. Series C financing boosts post-money valuation to RMB4.45...

Xinyao (Criss) Wang

Vigonvita Life Sciences (旺山旺水) Pre-IPO Tearsheet

​Vigonvita seeks US$100M in Hong Kong IPO for COVID-19 drug expansion. It has commercialized COVID-19 drugs in the past and is looking to expand...

Ke Yan, CFA, FRM

Vigonvita aims to raise over US$100 million in Hong Kong listing with CITIC as book runner. In this note we note the company dropped anti-viral...

Vigonvita's short-term product revenue outlook is uncertain, with concerns on IPO fundraising rational.If TPN171 sales is poor or clinical trial...

Vigonvita seeks to raise $100 million in Hong Kong IPO with CITIC as book runner. We look at changes in the company's assets and progresses. We...

Vigonvita seeks US$100M in Hong Kong IPO for COVID-19 drug expansion. It has commercialized COVID-19 drugs in the past and is looking to expand...