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HBM Holdings (Harbour Biomed) IPO: Valuation Insights

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HBM Holdings (Harbour Biomed) IPO Initiation: Making Resistance Futile

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Capital Markets

HBM Holdings Limited / Equity Capital Markets

<p>Pre-revenue biotechnology company Harbour Biomed looks to raise US$230 million in an IPO on the HKEX. Because of the short timetable for the offering, the analysis in this Insight will be shorter than normal. We think that the proposed pre-money valuation of US$950 -1,043MM is fair, and the company has rich newsflow and numerous catalysts ahead in 2021/22. We would take the deal.</p>

Pre-revenue biotechnology company Harbour Biomed looks to raise US$230 million in an IPO on the HKEX. Because of the short timetable for the offering, the analysis in this Insight will be shorter than normal. We think that the proposed pre-money valuation of US$950 -1,043MM is fair, and the company has rich newsflow and numerous catalysts ahead in 2021/22. We would take the deal.

Shenyang Xingqi Pharmaceutical (300573 CH)

Harbour Biomed IPO: Positive Thoughts in Brief