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

VISEN Pharmaceuticals / Equity Capital Markets

<ul>
<li>Visen Pharmaceuticals is looking at raising up to USD 300m to list in Hong Kong.</li>
<li>The company has passed the hearing for the listing and filed a new version of the prospectus.</li>
<li>We look at the difference between previous filing and current filing. Most of the changes are not critical but we think overall it doesn’t look good.</li>
</ul>


Visen Pharmaceuticals is looking at raising up to USD 300m to list in Hong Kong.
The company has passed the hearing for the listing and filed a new version of the prospectus.
We look at the difference between previous filing and current filing. Most of the changes are not critical but we think overall it doesn’t look good.


Visen Pharmaceuticals (维升药业) IPO: PHIP Updates Don't Look Positive

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>All the three candidates lonapegsomatropin, TransCon CNP, palopegteriparatide in the pipeline of VISEN are based on Exclusive License Agreements with Ascendis Pharma. So, there're concerns about VISEN's independent R&amp;D capabilities.</li>
<li>VBP would destroy the price system of growth hormone market in China, and market size would shrink due to price reduction and decreasing demand as fewer babies will be born.</li>
<li>Post investment valuation reached US$1.03 billion. Since leading domestic companies have dominated the market, it’s not easy for VISEN to break through. Valuation of VISEN could be lower than peers.</li>
</ul>


All the three candidates lonapegsomatropin, TransCon CNP, palopegteriparatide in the pipeline of VISEN are based on Exclusive License Agreements with Ascendis Pharma. So, there're concerns about VISEN's independent R&amp;D capabilities.
VBP would destroy the price system of growth hormone market in China, and market size would shrink due to price reduction and decreasing demand as fewer babies will be born.
Post investment valuation reached US$1.03 billion. Since leading domestic companies have dominated the market, it’s not easy for VISEN to break through. Valuation of VISEN could be lower than peers.


Pre-IPO VISEN Pharmaceuticals (PHIP Updates) - Some Points Worth the Attention

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>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, we had a look at the valuations for <a href="https://www.smartkarma.com/entities/dr-agarwal-s-eye-hospital" target="_blank" data-smartkarma-citation="entities:23713:1" rel="noopener">Dr. Agarwal’s Eye Hospital</a> and <a href="https://www.smartkarma.com/entities/seoul-guarantee-insurance-co" target="_blank" data-smartkarma-citation="entities:40123:1" rel="noopener">Seoul Guarantee Insurance (031210 KS)</a>. </li>
<li>On the placements front, given the holiday shortened week, there were no placements 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, we had a look at the valuations for Dr. Agarwal’s Eye Hospital and Seoul Guarantee Insurance (031210 KS). 
On the placements front, given the holiday shortened week, there were no placements this week.


ECM Weekly (3rd Feb 2025) - Seoul Guarantee, Dr Agarwal's, Ather Energy, Hexaware, Visen Pharma

<ul>
<li>Visen Pharmaceuticals is looking at raising up to USD 300m to list in Hong Kong.</li>
<li>We look at the company’s core product and highlight two unfavorable trends.</li>
<li>We are not excited about the company’s fundamentals, and are not keen in the deal.</li>
</ul>


Visen Pharmaceuticals is looking at raising up to USD 300m to list in Hong Kong.
We look at the company’s core product and highlight two unfavorable trends.
We are not excited about the company’s fundamentals, and are not keen in the deal.


Visen Pharmaceuticals IPO: Unfavorable Trends

<ul>
<li>VISEN’s candidates are potential Best-In-Class or represent novel technologies, but they need to obtain doctors/authorities’ recognition.The competition pattern in growth hormone market would continue to deteriorate with increasing new entrants. </li>
<li>Once the growth hormone market is taken seriously by the regulatory authorities, the industry's growth momentum would be challenged. The actual market space could be greatly reduced as a result.</li>
<li>In front of competitors with strong sales system, commercialization is a big challenge for <a href="https://www.smartkarma.com/entities/visen-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:36555:1" rel="noopener">VISEN. T</a>he Company has yet to prove this.VBP news on rhGH would weigh on market sentiment.</li>
</ul>


VISEN’s candidates are potential Best-In-Class or represent novel technologies, but they need to obtain doctors/authorities’ recognition.The competition pattern in growth hormone market would continue to deteriorate with increasing new entrants. 
Once the growth hormone market is taken seriously by the regulatory authorities, the industry's growth momentum would be challenged. The actual market space could be greatly reduced as a result.
In front of competitors with strong sales system, commercialization is a big challenge for VISEN. The Company has yet to prove this.VBP news on rhGH would weigh on market sentiment.


Pre-IPO VISEN Pharmaceuticals - The Product Pipeline and the Key Risks

China

VISEN Pharmaceuticals is an innovative biopharmaceutical company focused on endocrine diseases. It develops and commercializes therapies for conditions such as pediatric growth hormone deficiency, achondroplasia, and chronic hypoparathyroidism. The company was founded in 2018 and is headquartered in Suzhou, China.

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VISEN Pharmaceuticals (2561 HK)

Visen Pharmaceuticals (维升药业) IPO: PHIP Updates Don't Look Positive

Visen Pharmaceuticals plans to raise up to USD 300m for a Hong Kong listing. We look at changes to prospectus, which don't make the company look...

Ke Yan, CFA, FRM

Pre-IPO VISEN Pharmaceuticals (PHIP Updates) - Some Points Worth the Attention

Concerns arise over VISEN's R&D capabilities, facing challenges in a competitive market with potential price system disruption and limited market...

Xinyao (Criss) Wang

ECM Weekly (3rd Feb 2025) - Seoul Guarantee, Dr Agarwal's, Ather Energy, Hexaware, Visen Pharma

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

Visen Pharmaceuticals IPO: Unfavorable Trends

Visen Pharmaceuticals plans to raise $300m for a Hong Kong listing, but concerns about their core product and unfavorable trends make us not keen...

Ke Yan, CFA, FRM

Pre-IPO VISEN Pharmaceuticals - The Product Pipeline and the Key Risks

VISEN’s pipeline has strength, but fierce competition/VBP/increasingly stringent regulatory environment will bring challenges to...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Visen Pharmaceuticals (维升药业) IPO: PHIP Updates Don't Look Positive

​Visen Pharmaceuticals plans to raise up to USD 300m for a Hong Kong listing. We look at changes to prospectus, which don't make the company look...

Ke Yan, CFA, FRM

Pre-IPO VISEN Pharmaceuticals (PHIP Updates) - Some Points Worth the Attention

​Concerns arise over VISEN's R&D capabilities, facing challenges in a competitive market with potential price system disruption and limited market...

Xinyao (Criss) Wang

ECM Weekly (3rd Feb 2025) - Seoul Guarantee, Dr Agarwal's, Ather Energy, Hexaware, Visen Pharma

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

Visen Pharmaceuticals IPO: Unfavorable Trends

​Visen Pharmaceuticals plans to raise $300m for a Hong Kong listing, but concerns about their core product and unfavorable trends make us not keen...

Ke Yan, CFA, FRM

Pre-IPO VISEN Pharmaceuticals - The Product Pipeline and the Key Risks

VISEN’s pipeline has strength, but fierce competition/VBP/increasingly stringent regulatory environment will bring challenges to...

Xinyao (Criss) Wang

Visen Pharmaceuticals plans to raise up to USD 300m for a Hong Kong listing. We look at changes to prospectus, which don't make the company look...

Concerns arise over VISEN's R&D capabilities, facing challenges in a competitive market with potential price system disruption and limited market...

Visen Pharmaceuticals plans to raise $300m for a Hong Kong listing, but concerns about their core product and unfavorable trends make us not keen...