IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Joinn Laboratories China  Lt / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/joinn-laboratories-h" target="_blank" data-smartkarma-citation="entities:31498:1" rel="noopener">Joinn Laboratories (H) (6127 HK)</a> is a global contract research organisation (CRO). JOINN is the largest CRO in non-clinical drug safety assessment in China with a revenue market share of 15.5% in 2019, according to Frost &amp; Sullivan. </p></div><div>
<p>In <a href="https://www.smartkarma.com/insights/joinn-laboratories-ipo-initiation-on-demand-science" target="_blank" data-smartkarma-citation="insights:47482" rel="noopener">JOINN Laboratories IPO Initiation: On-Demand Science</a>, we stated that JOINN potentially gives investors another avenue to gain exposure to the China CRO industry. On balance, we concluded that JOINN’s fundamentals are attractive as the positives outweigh the negatives. In <a href="https://www.smartkarma.com/insights/joinn-laboratories-ipo-phip-points-to-progress" target="_blank" data-smartkarma-citation="insights:47985" rel="noopener">JOINN Laboratories IPO: PHIP Points to Progress</a>, we noted that the 9M20 results reinforce our belief that JOINN is worth a closer look at and has attractive fundamentals. In <a href="https://www.smartkarma.com/insights/joinn-laboratories-ipo-valuation-first-look" target="_blank" data-smartkarma-citation="insights:48172" rel="noopener">JOINN Laboratories IPO: Valuation First Look</a>, we took a first look at the potential AH discount range for JOINN's H-share listing. </p>
<p>JOINN has launched its Hong Kong IPO at an indicative price range of HK$133-151 per H-share to raise net proceeds of HK$5,909.8 million ($762 million), at the mid-point of the price range. Ten cornerstone investors will subscribe for $268 million of the offer shares (33.8% of the offer shares at the mid-point of the IPO price). The cornerstone investors include OrbiMed Funds, Lake Bleu Capital, China Structural Reform Fund, China Pinnacle Equity Management, Sequoia Capital, Janchor Partners, CRF Investment,  Carmignac Funds, Octagon Capital and Valliance Fund.</p>
<div class="content-highlight"><p>Overall, the combination of a reasonable AH discount and relative valuation suggests the proposed H-share price range is attractive, in our view.</p></div>
</div>

Joinn Laboratories (H) (6127 HK) is a global contract research organisation (CRO). JOINN is the largest CRO in non-clinical drug safety assessment in China with a revenue market share of 15.5% in 2019, according to Frost &amp; Sullivan. 
In JOINN Laboratories IPO Initiation: On-Demand Science, we stated that JOINN potentially gives investors another avenue to gain exposure to the China CRO industry. On balance, we concluded that JOINN’s fundamentals are attractive as the positives outweigh the negatives. In JOINN Laboratories IPO: PHIP Points to Progress, we noted that the 9M20 results reinforce our belief that JOINN is worth a closer look at and has attractive fundamentals. In JOINN Laboratories IPO: Valuation First Look, we took a first look at the potential AH discount range for JOINN's H-share listing. 
JOINN has launched its Hong Kong IPO at an indicative price range of HK$133-151 per H-share to raise net proceeds of HK$5,909.8 million ($762 million), at the mid-point of the price range. Ten cornerstone investors will subscribe for $268 million of the offer shares (33.8% of the offer shares at the mid-point of the IPO price). The cornerstone investors include OrbiMed Funds, Lake Bleu Capital, China Structural Reform Fund, China Pinnacle Equity Management, Sequoia Capital, Janchor Partners, CRF Investment,  Carmignac Funds, Octagon Capital and Valliance Fund.
Overall, the combination of a reasonable AH discount and relative valuation suggests the proposed H-share price range is attractive, in our view.


JOINN Laboratories IPO: Valuation Insights

<p><a href="https://www.smartkarma.com/entities/joinn-laboratories-china-co-a" target="_blank" data-smartkarma-citation="entities:28273:1" rel="noopener">Joinn Laboratories China Co-A (603127 CH)</a> is a global contract research organisation (CRO). JOINN is the largest CRO in non-clinical drug safety assessment in China with a revenue market share of 15.5% in 2019, according to Frost &amp; Sullivan. JOINN is seeking to raise as much as $600 million through a Hong Kong IPO, according to press reports.</p><div>
<p>In <a href="https://www.smartkarma.com/insights/joinn-laboratories-ipo-initiation-on-demand-science" target="_blank" data-smartkarma-citation="insights:47482" rel="noopener">JOINN Laboratories IPO Initiation: On-Demand Science</a>, we stated that JOINN potentially gives investors another avenue to gain exposure to the China CRO industry. On balance, we concluded that JOINN’s fundamentals are attractive as the positives outweigh the negatives. In <a href="https://www.smartkarma.com/insights/joinn-laboratories-ipo-phip-points-to-progress" target="_blank" data-smartkarma-citation="insights:47985" rel="noopener">JOINN Laboratories IPO: PHIP Points to Progress</a>, we noted that the 9M20 results reinforce our belief that JOINN is worth a closer look and has attractive fundamentals. </p>
<div class="content-highlight"><p>As is typical of Chinese-listed issuers floating in Hong Kong, JOINN’s H-shares will be offered on a discount to its A-shares (AH discount). In this note, we take a first look at the potential AH discount range for JOINN's H-share listing. </p></div>
</div>

Joinn Laboratories China Co-A (603127 CH) is a global contract research organisation (CRO). JOINN is the largest CRO in non-clinical drug safety assessment in China with a revenue market share of 15.5% in 2019, according to Frost &amp; Sullivan. JOINN is seeking to raise as much as $600 million through a Hong Kong IPO, according to press reports.
In JOINN Laboratories IPO Initiation: On-Demand Science, we stated that JOINN potentially gives investors another avenue to gain exposure to the China CRO industry. On balance, we concluded that JOINN’s fundamentals are attractive as the positives outweigh the negatives. In JOINN Laboratories IPO: PHIP Points to Progress, we noted that the 9M20 results reinforce our belief that JOINN is worth a closer look and has attractive fundamentals. 
As is typical of Chinese-listed issuers floating in Hong Kong, JOINN’s H-shares will be offered on a discount to its A-shares (AH discount). In this note, we take a first look at the potential AH discount range for JOINN's H-share listing. 


JOINN Laboratories IPO: Valuation First Look

<div><p><a href="https://www.smartkarma.com/entities/joinn-laboratories-china-co-a" target="_blank" data-smartkarma-citation="entities:28273:1" rel="noopener">Joinn Laboratories China Co-A (603127 CH)</a> is a global contract research organisation (CRO). JOINN is the largest CRO in non-clinical drug safety assessment in China with a revenue market share of 15.5% in 2019 and ranked the third among the world’s non-clinical drug safety assessment CRO’s as measured by revenues in 2019, according to Frost &amp; Sullivan. JOINN is seeking to raise as much as $600 million through a Hong Kong IPO, according to press reports.</p></div><div><p>In <a href="https://www.smartkarma.com/insights/joinn-laboratories-ipo-initiation-on-demand-science" target="_blank" data-smartkarma-citation="insights:47482" rel="noopener">JOINN Laboratories IPO Initiation: On-Demand Science</a>, we stated that JOINN potentially gives investors another avenue to gain exposure to the China CRO industry. On balance, we concluded that JOINN’s fundamentals are attractive as the positives outweigh the negatives. </p></div><div><div><div class="content-highlight"><p>In this note, we look at the PHIP which disclose the 9M20 results and recent developments. Overall, we continue to believe that JOINN is worth a closer look and has attractive fundamentals. </p></div></div></div>

Joinn Laboratories China Co-A (603127 CH) is a global contract research organisation (CRO). JOINN is the largest CRO in non-clinical drug safety assessment in China with a revenue market share of 15.5% in 2019 and ranked the third among the world’s non-clinical drug safety assessment CRO’s as measured by revenues in 2019, according to Frost &amp; Sullivan. JOINN is seeking to raise as much as $600 million through a Hong Kong IPO, according to press reports.In JOINN Laboratories IPO Initiation: On-Demand Science, we stated that JOINN potentially gives investors another avenue to gain exposure to the China CRO industry. On balance, we concluded that JOINN’s fundamentals are attractive as the positives outweigh the negatives. In this note, we look at the PHIP which disclose the 9M20 results and recent developments. Overall, we continue to believe that JOINN is worth a closer look and has attractive fundamentals. 

JOINN Laboratories IPO: PHIP Points to Progress

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.

<p>Joinn Lab is a leading China-based CRO company seeking a USD 400-500 m H-share listing in Hong Kong. </p><p>In this note, we will discuss Joinn Lab's business segment. We note that it has a strong presence in the drug safety segment, particularly the IND application for biologic candidates thanks to its long history in the market and high standard of lab facilities and operation. We think the company has strong growth ahead, driven by the Wuzhou breeding facility, Suzhou lab and California lab in the next two years, followed by expansion in Chongqing and Guangzhou in the longer term. </p><p>We are of the view that investors would like to pay a premium for the company's strong leadership in the niche market and high growth ahead, but the premium will be offset by its smaller size of operation compared to other CRO players.</p>

Joinn Lab is a leading China-based CRO company seeking a USD 400-500 m H-share listing in Hong Kong. In this note, we will discuss Joinn Lab's business segment. We note that it has a strong presence in the drug safety segment, particularly the IND application for biologic candidates thanks to its long history in the market and high standard of lab facilities and operation. We think the company has strong growth ahead, driven by the Wuzhou breeding facility, Suzhou lab and California lab in the next two years, followed by expansion in Chongqing and Guangzhou in the longer term. We are of the view that investors would like to pay a premium for the company's strong leadership in the niche market and high growth ahead, but the premium will be offset by its smaller size of operation compared to other CRO players.

Joinn Lab (昭衍新药) A+H: Leader in the Niche Drug Safety CRO Segment

<p><a href="https://www.smartkarma.com/entities/joinn-laboratories-china-co-a" target="_blank" data-smartkarma-citation="entities:28273:1" rel="noopener">Joinn Laboratories China Co-A (603127 CH)</a> is a global contract research organisation (CRO). JOINN is the largest CRO in non-clinical drug safety assessment in China with a revenue market share of 15.5% in 2019 and ranked the third among the world’s non-clinical drug safety assessment CRO’s as measured by revenues in 2019, according to Frost &amp; Sullivan. JOINN which is listed on the Shanghai Stock Exchange is seeking a listing hearing for a H-Share listing to raise up to $600 million, according to press reports.</p><div class="content-highlight"><p>Investor sentiment on the China CRO industry remains strong with the H-shares of <a href="https://www.smartkarma.com/entities/hangzhou-tigermed-consulting-co-ltd-1008d609-73bd-4d76-8315-b29502a448ff" target="_blank" data-smartkarma-citation="entities:29212:1" rel="noopener">Hangzhou Tigermed Consulting (H) (3347 HK)</a>, <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 Co. Ltd. (2359 HK)</a> and <a href="https://www.smartkarma.com/entities/pharmaron-beijing-co-ltd" target="_blank" data-smartkarma-citation="entities:28428:1" rel="noopener">Pharmaron Beijing Co Ltd-H (3759 HK)</a> up 73%, 174% and 297% since the H-share listing, respectively. JOINN potentially gives investors another avenue to gain exposure to the China CRO industry. On balance, we think that JOINN’s fundamentals are attractive as the positives outweigh the negatives. </p></div>

Joinn Laboratories China Co-A (603127 CH) is a global contract research organisation (CRO). JOINN is the largest CRO in non-clinical drug safety assessment in China with a revenue market share of 15.5% in 2019 and ranked the third among the world’s non-clinical drug safety assessment CRO’s as measured by revenues in 2019, according to Frost &amp; Sullivan. JOINN which is listed on the Shanghai Stock Exchange is seeking a listing hearing for a H-Share listing to raise up to $600 million, according to press reports.Investor sentiment on the China CRO industry remains strong with the H-shares of Hangzhou Tigermed Consulting (H) (3347 HK), WuXi AppTec Co. Ltd. (2359 HK) and Pharmaron Beijing Co Ltd-H (3759 HK) up 73%, 174% and 297% since the H-share listing, respectively. JOINN potentially gives investors another avenue to gain exposure to the China CRO industry. On balance, we think that JOINN’s fundamentals are attractive as the positives outweigh the negatives. 

JOINN Laboratories IPO Initiation: On-Demand Science

China

Viva Biotech Holdings operates as a drug discovery platform. The Company provides target protein expression, structure researching, hit screening, drug candidate determination, and other services. Viva Biotech Holdings serves customers worldwide.

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Viva Biotech Holdings (1873 HK)

JOINN Laboratories IPO: Valuation Insights

JOINN has launched its HK IPO at an indicative price range of HK$133-151 per H-share. The combination of a reasonable AH discount and relative...

Arun George

JOINN Laboratories IPO: Valuation First Look

JOINN is seeking to raise as much as $600 million through a HK IPO, according to press reports. In this note, we take a first look at the potential...

Arun George

JOINN Laboratories IPO: PHIP Points to Progress

JOINN is seeking to raise as much as $600 million through an HK IPO. The PHIP which disclose the 9M20 results reinforce our view that JOINN has...

Arun George

Joinn Lab (昭衍新药) A+H: Leader in the Niche Drug Safety CRO Segment

Investors would like to pay a premium for the company's strong leadership in the niche market and high growth ahead, but the premium will be offset...

Ke Yan, CFA, FRM

JOINN Laboratories IPO Initiation: On-Demand Science

JOINN is seeking a listing hearing for a H-Share listing to raise up to $600 million, according to press reports. On balance, we think that JOINN’s...

Arun George

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