APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

WuXi XDC Cayman  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman Inc (1877628D HK)</a> is looking to raise at least US$100m in its upcoming Hong Kong IPO.</li>
<li>WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In this note, we will talk about the positive aspects of the deal.


WuXi XDC Cayman Pre-IPO - The Positives - Sales Have Surged Leading to Market Share Gains

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Biocytogen Pharmaceuticals (Beijing) / Equity Bottom-Up

<ul><li>Biocytogen’s FY22 revenue grew 51% YoY to RMB534mn, in line with our estimate.</li><li>The pre-clinical CRO service business realized a 54% YoY revenue growth to RMB406mn in FY22, driven by the strong growth of pre-clinical pharmacology &amp; efficacy evaluation and animal model selling business units (revenue +67% and +57% YoY, respectively).</li><li>The antibody development business was able to maintain a strong YoY revenue growth of 43%, even though there were COVID-19 interruptions and increasing cost of capital in the biotech/biopharma sector in 2022.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Biocytogen’s FY22 revenue grew 51% YoY to RMB534mn, in line with our estimate.The pre-clinical CRO service business realized a 54% YoY revenue growth to RMB406mn in FY22, driven by the strong growth of pre-clinical pharmacology &amp; efficacy evaluation and animal model selling business units (revenue +67% and +57% YoY, respectively).The antibody development business was able to maintain a strong YoY revenue growth of 43%, even though there were COVID-19 interruptions and increasing cost of capital in the biotech/biopharma sector in 2022.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Biocytogen (2315 HK) – Strong revenue growth in FY22

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>The successful transformation of biotech into large pharmaceutical enterprises needs to meet three conditions, but many biotech enterprises could actually meet only the requirements of the first two.</li>
<li>If investors cannot understand the basic logic of marketing in China pharmaceutical industry, they would never understand or “anticipate” the future potential collapse of valuation of some companies. </li>
<li>The barriers formed by DS-8201 deserve investors' attention. For those ADC players that are in the range of head-to-head competition with DS-8201, they should at least “revise the story” .</li>
</ul>


The successful transformation of biotech into large pharmaceutical enterprises needs to meet three conditions, but many biotech enterprises could actually meet only the requirements of the first two.
If investors cannot understand the basic logic of marketing in China pharmaceutical industry, they would never understand or “anticipate” the future potential collapse of valuation of some companies. 
The barriers formed by DS-8201 deserve investors' attention. For those ADC players that are in the range of head-to-head competition with DS-8201, they should at least “revise the story” .


China Healthcare Weekly (Mar.10)- Three Conditions to Be Biopharma, Anticipate the Collapse, DS-8201

<ul><li>We expect the Company’s FY22E revenue to grow +50% YoY to RMB533mn, compared to +40% YoY growth in FY21.</li><li>We forecast the Company’s pre-clinical CRO service business to realize a +50% YoY revenue growth in FY22E, compared to +26% YoY growth in FY21, mainly driven by the increasing demands from overseas partners who were less impacted by COVID-19 restrictions in 2022.</li><li>We forecast the antibody development business to maintain strong revenue growth in 2022, with a YoY growth rate of +51% in FY22E vs a +116% YoY growth in FY21 driven by the continuous announcements of outlicensing and co-development deals. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect the Company’s FY22E revenue to grow +50% YoY to RMB533mn, compared to +40% YoY growth in FY21.We forecast the Company’s pre-clinical CRO service business to realize a +50% YoY revenue growth in FY22E, compared to +26% YoY growth in FY21, mainly driven by the increasing demands from overseas partners who were less impacted by COVID-19 restrictions in 2022.We forecast the antibody development business to maintain strong revenue growth in 2022, with a YoY growth rate of +51% in FY22E vs a +116% YoY growth in FY21 driven by the continuous announcements of outlicensing and co-development deals. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Biocytogen (2315 HK) – 2022 preview: Fruitful BD deals

REPT BATTERO Energy / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rept-battero-energy" target="_blank" data-smartkarma-citation="entities:36626:1" rel="noopener">REPT BATTERO Energy (REPT HK)</a> is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are Morgan Stanley, and Citic Securities.</li>
<li>REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&amp;D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs. </li>
<li>As per F&amp;S, it was amongst the top ten lithium-ion battery manufacturers in China as per installations for new energy application in 2021.</li>
</ul>



REPT BATTERO Energy (REPT HK) is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are Morgan Stanley, and Citic Securities.
REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&amp;D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs. 
As per F&amp;S, it was amongst the top ten lithium-ion battery manufacturers in China as per installations for new energy application in 2021.


China

Biocytogen Pharmaceuticals Beijing Co., Ltd. operates as a biopharmaceutical and revenue generating pre clinical research services company. The Company produces mmunoglobulins, monoclonal antibodies, recombinant humanized antibodies, and others. Biocytogen Pharmaceuticals Beijing provides drug development, therapeutic antibody discovery and development, and other services.

Biocytogen Pharmaceuticals (Beijing) (2315 HK)

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Biocytogen Pharmaceuticals (Beijing) (2315 HK)

Biocytogen (2315 HK) – Strong revenue growth in FY22

Biocytogen’s FY22 revenue grew 51% YoY to RMB534mn, in line with our estimate. The pre-clinical CRO service business realized a 54% YoY revenue...

CMB International

China Healthcare Weekly (Mar.10)- Three Conditions to Be Biopharma, Anticipate the Collapse, DS-8201

Becoming big pharma needs to meet three conditions. If investors can understand the logic of marketing, they may anticipate potential collapse. ADC...

Xinyao (Criss) Wang

Biocytogen (2315 HK) – 2022 preview: Fruitful BD deals

We forecast the Company’s pre-clinical CRO service business to realize a +50% YoY revenue growth in FY22E, compared to +26% YoY growth in FY21

CMB International

REPT BATTERO Energy Pre-IPO Tearsheet

REPT BATTERO Energy (REPT HK) is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are Morgan Stanley, and Citic...

Clarence Chu

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

WuXi XDC Cayman Pre-IPO - The Positives - Sales Have Surged Leading to Market Share Gains

WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. In this note, we will talk about the positive...

Clarence Chu

Biocytogen (2315 HK) – Strong revenue growth in FY22

Biocytogen’s FY22 revenue grew 51% YoY to RMB534mn, in line with our estimate. The pre-clinical CRO service business realized a 54% YoY revenue...

CMB International

China Healthcare Weekly (Mar.10)- Three Conditions to Be Biopharma, Anticipate the Collapse, DS-8201

Becoming big pharma needs to meet three conditions. If investors can understand the logic of marketing, they may anticipate potential collapse. ADC...

Xinyao (Criss) Wang

Biocytogen (2315 HK) – 2022 preview: Fruitful BD deals

We forecast the Company’s pre-clinical CRO service business to realize a +50% YoY revenue growth in FY22E, compared to +26% YoY growth in FY21

CMB International

REPT BATTERO Energy Pre-IPO Tearsheet

REPT BATTERO Energy (REPT HK) is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are Morgan Stanley, and Citic...

Clarence Chu