Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

An inquisitive investment analyst with background in both finance and computing. Covering ECM research, biotech, market data analytics.

Asia Pac IPO & Placement Research, China biotech

Clover (三叶草生物) IPO: Valuation with a Margin of Safety

Clover (三叶草生物) Pre-IPO: Thoughts on Valuation

Clover (三叶草生物) Pre-IPO: COVID-19 Wildcard

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

Clover Biopharmaceuticals / Equity Capital Markets

Clover Biopharmaceuticals raised HKD 1,870 million (USD 240m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, November 5th.
In our previous note, we discussed that the company developed a trimer tag platform that makes use of human collagen to trimerize targeted protein with an expected favorable safety profile. The company has completed a Phase 2/3 clinical trial for the COVID-19 vaccine (SCB-2019) which will be the main revenue driver for the company in the next two years as it will supply vaccines through the COVAX program. We also look at its two clinical-stage candidates, namely SCB-313 and SCB-808. The company is interesting and investors should follow the deal. We also provided our forecast for its SCB-2019 and SCB-313. We note that the company's valuation is largely anchored on the sales of its COVID-19 vaccine. Its SCB-313 is also interesting given the prevalence of the targeted indication. 
In this note, we look at the updates since our last note. While the debut performance is likely to be poor, we would like to accumulate the stock at HKD 10.35/share.

Clover Biopharmaceuticals raised HKD 1,870 million (USD 240m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, November 5th.
In our previous note, we discussed that the company developed a trimer tag platform that makes use of human collagen to trimerize targeted protein with an expected favorable safety profile. The company has completed a Phase 2/3 clinical trial for the COVID-19 vaccine (SCB-2019) which will be the main revenue driver for the company in the next two years as it will supply vaccines through the COVAX program. We also look at its two clinical-stage candidates, namely SCB-313 and SCB-808. The company is interesting and investors should follow the deal. We also provided our forecast for its SCB-2019 and SCB-313. We note that the company's valuation is largely anchored on the sales of its COVID-19 vaccine. Its SCB-313 is also interesting given the prevalence of the targeted indication. 
In this note, we look at the updates since our last note. While the debut performance is likely to be poor, we would like to accumulate the stock at HKD 10.35/share.

Clover (三叶草生物) IPO Trading: Level for Accumulation