APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

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>
<a href="https://www.smartkarma.com/entities/saint-bella" target="_blank" data-smartkarma-citation="entities:43697:1" rel="noopener">Saint Bella (SAINT HK)</a>  is looking to raise up to US$200m in its upcoming Hong Kong IPO.</li>
<li>It operates the second largest and fastest growing postpartum care and recovery service in China, as per Frost &amp; Sullivan. It operates an extensive network of 59 premium postpartum centers.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



Saint Bella (SAINT HK)  is looking to raise up to US$200m in its upcoming Hong Kong IPO.
It operates the second largest and fastest growing postpartum care and recovery service in China, as per Frost &amp; Sullivan. It operates an extensive network of 59 premium postpartum centers.
In this note, we look at the firm's past performance.


Saint Bella Pre-IPO: Rapid Growth but Facing Birth-Rate Headwinds

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Hangzhou Jiuyuan Gene Engineering / Equity Capital Markets

Hangzhou Jiuyuan Gene Engineering Co., Ltd. was founded in 1993. The Company's line of business includes the production of bacterial and virus vaccines, toxoids, and analogous products.

Hangzhou Jiuyuan Gene Engineering (CDAIZZ CH)

<ul>
<li>Based on current performance, Jiuyuan has lost growth momentum, showing signs of stagnant growth. The main reason is VBP. So far, Jiouting, Yinuojia, Jifuwei have been included in VBP.</li>
<li>Guyoudao is facing competitive pressure from both domestic and international competitors and could be finally included in VBP. JY29-2 is the next blockbuster product, but the prospects are not clear.</li>
<li>Jiuyuan’s market value is expected to be higher than Qyuns. Future valuation performance will depend on the progress of JY29-2 and the overall market situation of GLP-1s at that time</li>
</ul>


Based on current performance, Jiuyuan has lost growth momentum, showing signs of stagnant growth. The main reason is VBP. So far, Jiouting, Yinuojia, Jifuwei have been included in VBP.
Guyoudao is facing competitive pressure from both domestic and international competitors and could be finally included in VBP. JY29-2 is the next blockbuster product, but the prospects are not clear.
Jiuyuan’s market value is expected to be higher than Qyuns. Future valuation performance will depend on the progress of JY29-2 and the overall market situation of GLP-1s at that time


Pre-IPO Hangzhou Jiuyuan Gene Engineering (PHIP Updates) - The Future Prospects Are Not Optimistic

Beijing Biostar Pharmaceuticals Co Ltd / Equity Capital Markets

Beijing Biostar Pharmaceuticals Co., Ltd. operates as a biopharmaceutical company. The Company develops and sells microbial fermentation microtubule inhibitor and other products. Beijing Biostar Pharmaceuticals offers services worldwide.

Beijing Biostar Pharmaceuticals Co Ltd (1849136D CH)

<ul>
<li>Biostar’s revenue growth decreased obviously in the first five months in 2024. Under the fierce competition and anti-corruption campaign, the expectation for the commercialization performance of Biostar is not high.</li>
<li>Although Biostar has invested a lot of resources in market exposure, high customer concentration indicates that the Company faces challenges in marketing/customer relationship expansion. Biostar has also encountered overcapacity issues.</li>
<li>After Series E Financing, Biostar’s post-investment valuation was RMB4.49 billion. But we're not optimistic about the outlook of Biostar. This valuation could be difficult to achieve in HK stock market.</li>
</ul>


Biostar’s revenue growth decreased obviously in the first five months in 2024. Under the fierce competition and anti-corruption campaign, the expectation for the commercialization performance of Biostar is not high.
Although Biostar has invested a lot of resources in market exposure, high customer concentration indicates that the Company faces challenges in marketing/customer relationship expansion. Biostar has also encountered overcapacity issues.
After Series E Financing, Biostar’s post-investment valuation was RMB4.49 billion. But we're not optimistic about the outlook of Biostar. This valuation could be difficult to achieve in HK stock market.


Pre-IPO Beijing Biostar Pharmaceuticals (PHIP Updates) - Some Points Worth the Attention

BenQ BM Holding Cayman Corp. / Equity Capital Markets

BenQ BM Holding Cayman Corp., a subsidiary of Qisda Group, listing in Hong Kong.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/benq-bm-holding-cayman-corp" target="_blank" data-smartkarma-citation="entities:41124:1" rel="noopener">BenQ BM Holding Cayman Corp. (BBHC HK)</a> is looking to raise at least $US100m in its upcoming Hong Kong IPO. </li>
<li>It is a leading private for-profit general hospital group in mainland China, operating two general hospitals - Nanjing BenQ Hospital and Suzhou BenQ Hospital.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



BenQ BM Holding Cayman Corp. (BBHC HK) is looking to raise at least $US100m in its upcoming Hong Kong IPO. 
It is a leading private for-profit general hospital group in mainland China, operating two general hospitals - Nanjing BenQ Hospital and Suzhou BenQ Hospital.
In this note, we look at the firm's past performance.


BenQ BM Pre-IPO - Core Operations Are Steady but Has Been Losing Market Share

Akeso Biopharma Inc / Equity Capital Markets

Akeso Inc. operates operatesa s a biotech company. The compnay develops treatments and therapies for various types of diseases. Akeso serves cutomers worldwide

<ul>
<li>HARMONi-2 results are impressive and the overall data is solid and reliable. The NMPA has approved NDA of ebronucimab and sNDA of cadonilimab. Akeso's fundamentals have indeed undergone positive changes.</li>
<li>Akeso's current market capitalization already partially reflects the positive expectation about the future successful FDA approval of AK112. In our view, the Placing Price is not cheap.</li>
<li>When the market value falls back to below RMB45 billion is a more comfortable valuation to buy Akeso, and below RMB35 billion market value provides a golden opportunity. </li>
</ul>


HARMONi-2 results are impressive and the overall data is solid and reliable. The NMPA has approved NDA of ebronucimab and sNDA of cadonilimab. Akeso's fundamentals have indeed undergone positive changes.
Akeso's current market capitalization already partially reflects the positive expectation about the future successful FDA approval of AK112. In our view, the Placing Price is not cheap.
When the market value falls back to below RMB45 billion is a more comfortable valuation to buy Akeso, and below RMB35 billion market value provides a golden opportunity. 


Akeso Biopharma Placement - The Placing Price Is Not Cheap Despite Positive Business Progress

New market cap creation in China healthcare