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

<ul>
<li>Medtide, a Chinese headquartered CDMO company, is seeking to raise at least USD 100m via a Hong Kong listing. The deal sponsors are MS and CITIC.</li>
<li>In this note, we take a quick look at the company’s fundamentals.</li>
<li>We highlighted its corporate governance risk despite its decent financials as compared to larger players.</li>
</ul>


Medtide, a Chinese headquartered CDMO company, is seeking to raise at least USD 100m via a Hong Kong listing. The deal sponsors are MS and CITIC.
In this note, we take a quick look at the company’s fundamentals.
We highlighted its corporate governance risk despite its decent financials as compared to larger players.


Medtide (泰德医药) Pre-IPO: Mind the CG Risk

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 72.7% as of Jun 13th.</li>
<li>The average A-H premium changed by -5.0ppt week-on-week, led by consumer staples, energy, health care and offset by consumer discretionary, information technology.</li>
<li>We highlight weekly changes in A-H premium for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service, Livzon Pharmaceutical, COSCO Shipping Energy.</li>
</ul>


We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 72.7% as of Jun 13th.
The average A-H premium changed by -5.0ppt week-on-week, led by consumer staples, energy, health care and offset by consumer discretionary, information technology.
We highlight weekly changes in A-H premium for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service, Livzon Pharmaceutical, COSCO Shipping Energy.


A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The GLP-1 market has officially transitioned from a duopoly to a state where Tirzepatide is eating away at Semaglutide's market share, which should be a highly valued advance signal.</li>
<li>WuXi Bio’s Placing price of HK$26.51-26.88/share is expansive if based on 2025 forecast.Obviously, WuXi Bio hopes to leverage the positive market sentiment to complete the placement at high share price</li>
<li>Keymed plans to raise about HK$854million through a top-up placement. However, reasonable valuation for Keymed is RMB5-10 billion. In other words, the Placing Price of HK$45.48 per Share is expensive.</li>
</ul>


The GLP-1 market has officially transitioned from a duopoly to a state where Tirzepatide is eating away at Semaglutide's market share, which should be a highly valued advance signal.
WuXi Bio’s Placing price of HK$26.51-26.88/share is expansive if based on 2025 forecast.Obviously, WuXi Bio hopes to leverage the positive market sentiment to complete the placement at high share price
Keymed plans to raise about HK$854million through a top-up placement. However, reasonable valuation for Keymed is RMB5-10 billion. In other words, the Placing Price of HK$45.48 per Share is expensive.


China Healthcare Weekly (Jun.15) - Outlook of GLP-1 Market, WuXi Bio’s Placement, Keymed's Placement

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Wuxi Biologics Holdings is looking to raise up to US$288m by selling about 2% of <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a>. </li>
<li>This is the company's 17th placement since it listed in June 2017.</li>
<li>In this note, we talk about the updates since then and run the deal through our ECM Framework.</li>
</ul>


Wuxi Biologics Holdings is looking to raise up to US$288m by selling about 2% of Wuxi Biologics (2269 HK). 
This is the company's 17th placement since it listed in June 2017.
In this note, we talk about the updates since then and run the deal through our ECM Framework.


Wuxi Biologics Placement - Smaller Deal than Previous as Last Didn’t Do Well, Overhang Remain

Keymed Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keymed-biosciences-inc" target="_blank" data-smartkarma-citation="entities:33011:1" rel="noopener">Keymed Biosciences (2162 HK)</a>, along with its controlling shareholder, is looking to raise around US$112m to fund its R&amp;D requirements.</li>
<li>Keymed Biosciences, a China-based biotech company which focuses on therapeutic areas of autoimmune and oncology</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Keymed Biosciences (2162 HK), along with its controlling shareholder, is looking to raise around US$112m to fund its R&amp;D requirements.
Keymed Biosciences, a China-based biotech company which focuses on therapeutic areas of autoimmune and oncology
In this note, we will talk about the placement and run the deal through our ECM framework.


Keymed Bioscience Placement - Track Record Isn’t Great but Recent Performance Has Been Better

China

WuXi AppTec Co., Ltd. manufactures medical products. The Company produces biological agents, antibodies, biological diagnostic reagents, and other products. WuXi AppTec also provides biological analysis, technical study, and other services.

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WuXi AppTec (603259 CH)

Medtide (泰德医药) Pre-IPO: Mind the CG Risk

Chinese peptide-focused CDMO Medtide plans to raise $100m in Hong Kong listing with deal sponsors MS and CITIC. We look at the company's...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service,...

Ke Yan, CFA, FRM

China Healthcare Weekly (Jun.15) - Outlook of GLP-1 Market, WuXi Bio’s Placement, Keymed's Placement

GLP-1 market is approaching ceiling. WuXi Bio’s Placing price of HK$26.51-26.88 is expensive based on our forecast. Keymed's reasonable valuation...

Xinyao (Criss) Wang

Wuxi Biologics Placement - Smaller Deal than Previous as Last Didn’t Do Well, Overhang Remain

Wuxi Biologics Holdings is looking to raise up to US$288m by selling about 2% of Wuxi Biologics (2269 HK). This will be the 17th placement in the...

Sumeet Singh

Keymed Bioscience Placement - Track Record Isn’t Great but Recent Performance Has Been Better

Keymed Biosciences (2162 HK), along with its controlling shareholder, is looking to raise around US$112m to fund its R&D requirements.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Medtide (泰德医药) Pre-IPO: Mind the CG Risk

​Chinese peptide-focused CDMO Medtide plans to raise $100m in Hong Kong listing with deal sponsors MS and CITIC. We look at the company's...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service,...

Ke Yan, CFA, FRM

China Healthcare Weekly (Jun.15) - Outlook of GLP-1 Market, WuXi Bio’s Placement, Keymed's Placement

GLP-1 market is approaching ceiling. WuXi Bio’s Placing price of HK$26.51-26.88 is expensive based on our forecast. Keymed's reasonable valuation...

Xinyao (Criss) Wang

Wuxi Biologics Placement - Smaller Deal than Previous as Last Didn’t Do Well, Overhang Remain

Wuxi Biologics Holdings is looking to raise up to US$288m by selling about 2% of Wuxi Biologics (2269 HK). This will be the 17th placement in the...

Sumeet Singh

Keymed Bioscience Placement - Track Record Isn’t Great but Recent Performance Has Been Better

Keymed Biosciences (2162 HK), along with its controlling shareholder, is looking to raise around US$112m to fund its R&D requirements.

Sumeet Singh

Chinese peptide-focused CDMO Medtide plans to raise $100m in Hong Kong listing with deal sponsors MS and CITIC. We look at the company's...