In today’s briefing:
- Leads Biolabs (维立志生物) IPO: A Duality Repeat?
- United Lab Placement – Industry Momentum Strong, Although Stock Has Run-Up Quite a Bit
- Safex Chemicals India Ltd Pre-IPO Tearsheet
- Ascentage Pharma (6855 HK): Placement Priced Reasonably; Pipeline Leads to Niche Market Opportunity
- Nanjing Leads Biolabs IPO: Lead Asset Targets Niche Market; Path to Success Still Long
Leads Biolabs (维立志生物) IPO: A Duality Repeat?
- Leads Biolabs, a China-based clinical-stage biotechnology company, launched its IPO to raise up to US$144m via a Hong Kong listing.
- We look at the deal dynamics and compare the listing with the Duality listing.
- The deal values the companies fairly but we see strong sentiment towards quality biotech names.
United Lab Placement – Industry Momentum Strong, Although Stock Has Run-Up Quite a Bit
- The United Laboratories International Holdings Limited (3933 HK) is looking to raise up to US$262m from a primary placement.
- The company intends to use about 60% of the proceeds to build production capacity and expand its international business, with the rest to be used for R&D purposes.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Safex Chemicals India Ltd Pre-IPO Tearsheet
- Safex Chemicals (India) Limited (1414700D IN) (SCIL) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are Axis, JM Fin, SBI.
- SCIL is a specialty chemicals company in agrochemicals, operating across branded formulation, specialty chemicals, and CDMO segments, serving both farmers and global agrochemical firms.
- According to the Frost & Sullivan Report, SCIL was among the fastest-growing players in the Indian agrochemical industry in terms of revenue growth between FY2023-25.
Ascentage Pharma (6855 HK): Placement Priced Reasonably; Pipeline Leads to Niche Market Opportunity
- Ascentage Pharma Group Corp (6855 HK) announced the placement of 22M shares for subscription at HK$68.6 per share, representing 8% discount to last trading price before announcement.
- The company intends to use the net proceeds for commercialization efforts, global clinical development to advance the core pipeline candidates and for infrastructure and working capital to strengthen global operations.
- The launch of lisaftoclax in China followed by eventual approval olverembatinib in US would be the near-term triggers for the company.
Nanjing Leads Biolabs IPO: Lead Asset Targets Niche Market; Path to Success Still Long
- Nanjing Leads Biolabs has launched HK$1.1B IPO to fund its ongoing and planned clinical development and regulatory affairs of pipeline assets. The company has fetched cornerstone investment of ~HK$ 542M.
- Lead product candidate, LBL-024 is being evaluated for extra-pulmonary neuroendocrine carcinoma. Leads Biolabs expects to file the first BLA for LBL-024 by 3Q26 and anticipate obtaining conditional approval by 2Q27.
- Positive investor sentiment toward Chinese biotech companies and near-term catalyst being Phase 3 data readout for LBL-024 in early 2026 are the main reasons to subscribe.
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