HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

VISEN Pharmaceuticals / Equity Capital Markets

<ul>
<li>VISEN’s candidates are potential Best-In-Class or represent novel technologies, but they need to obtain doctors/authorities’ recognition.The competition pattern in growth hormone market would continue to deteriorate with increasing new entrants. </li>
<li>Once the growth hormone market is taken seriously by the regulatory authorities, the industry's growth momentum would be challenged. The actual market space could be greatly reduced as a result.</li>
<li>In front of competitors with strong sales system, commercialization is a big challenge for <a href="https://www.smartkarma.com/entities/visen-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:36555:1" rel="noopener">VISEN. T</a>he Company has yet to prove this.VBP news on rhGH would weigh on market sentiment.</li>
</ul>


VISEN’s candidates are potential Best-In-Class or represent novel technologies, but they need to obtain doctors/authorities’ recognition.The competition pattern in growth hormone market would continue to deteriorate with increasing new entrants. 
Once the growth hormone market is taken seriously by the regulatory authorities, the industry's growth momentum would be challenged. The actual market space could be greatly reduced as a result.
In front of competitors with strong sales system, commercialization is a big challenge for VISEN. The Company has yet to prove this.VBP news on rhGH would weigh on market sentiment.


Pre-IPO VISEN Pharmaceuticals - The Product Pipeline and the Key Risks

ImmuneOnco Biopharmaceuticals (Shanghai) / Equity Capital Markets

<ul>
<li>ImmuneOnco’s execution/R&amp;D efficiency is far from satisfactory. After about seven years since the establishment in 2015, there are no candidates entering phase III trials or close to market launch.</li>
<li>The biggest concerns are druggability and safety profile of CD47-targeted candidates. There could be potential R&amp;D failure risks. The pipeline layout around CD47 also makes it hard to diversify risks.</li>
<li>It’s challenging for <a href="https://www.smartkarma.com/entities/immuneonco-biopharmaceuticals-shanghai-inc" target="_blank" data-smartkarma-citation="entities:36080:1" rel="noopener">ImmuneOnco Biopharmaceuticals (Shanghai) (IOB HK)</a> to hit high-quality license-out deals with reputable big pharma, leading to uncertainties on internationalization. We're conservative about the outlook. </li>
</ul>


ImmuneOnco’s execution/R&amp;D efficiency is far from satisfactory. After about seven years since the establishment in 2015, there are no candidates entering phase III trials or close to market launch.
The biggest concerns are druggability and safety profile of CD47-targeted candidates. There could be potential R&amp;D failure risks. The pipeline layout around CD47 also makes it hard to diversify risks.
It’s challenging for ImmuneOnco Biopharmaceuticals (Shanghai) (IOB HK) to hit high-quality license-out deals with reputable big pharma, leading to uncertainties on internationalization. We're conservative about the outlook. 


Pre-IPO ImmuneOnco Biopharmaceuticals (PHIP Updates) - Slow Development Progress and Gloomy Outlook

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

<ul>
<li>ImmuneOnco, a China-based clinical-stage biotechnology company, plans to raise up to US$ 100m via a Hong Kong listing.</li>
<li>In this note, we examine the company's core product, namelyIMM01, a CD47 target fusion protein. We also look at the company's management and pre-IPO investors.</li>
<li>We think its clinical data is not yet convincing and we are not so keen on the company.</li>
</ul>


ImmuneOnco, a China-based clinical-stage biotechnology company, plans to raise up to US$ 100m via a Hong Kong listing.
In this note, we examine the company's core product, namelyIMM01, a CD47 target fusion protein. We also look at the company's management and pre-IPO investors.
We think its clinical data is not yet convincing and we are not so keen on the company.


ImmuneOnco (宜明昂科) Pre-IPO: Clinical Numbers Are yet to Be Convincing

Equity Bottom-Up

<ul>
<li>Many people aren't optimistic about CD47 because there is no sufficient evidence to solve blood toxicity. Although I-MAB’s problem-solving idea has no obvious flaws in logic, risks remain.</li>
<li>CD73 is still at a relatively “shallow level”, which can be understood as a low level of verification. I-MAB has to make a last-ditch effort on CD47.</li>
<li>At such low market cap, Investors could make an "entertaining bet". If CD47 is successful, you can earn several times. If not, then admit the defeat.</li>
</ul>


Many people aren't optimistic about CD47 because there is no sufficient evidence to solve blood toxicity. Although I-MAB’s problem-solving idea has no obvious flaws in logic, risks remain.
CD73 is still at a relatively “shallow level”, which can be understood as a low level of verification. I-MAB has to make a last-ditch effort on CD47.
At such low market cap, Investors could make an "entertaining bet". If CD47 is successful, you can earn several times. If not, then admit the defeat.


I-Mab (IMAB.US) - An "Entertaining Bet": To Be a Dark Horse or to Fail Completely

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas regulators to China ADRs audits.</li>
<li>On 8th Mar 2022, Securities Exchange Commission (SEC) had added five China ADR names to its provisional list of issuers under HFCAA, which set the clock ticking for their delisting.</li>
<li>In this note, we'll talk about the latest developments and its implications.</li>
</ul>


On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas regulators to China ADRs audits.
On 8th Mar 2022, Securities Exchange Commission (SEC) had added five China ADR names to its provisional list of issuers under HFCAA, which set the clock ticking for their delisting.
In this note, we'll talk about the latest developments and its implications.


China ADRs Delisting - Tide Is Turning with CSRC Showing Signs of a Compromise

China

I-Mab operates as a clinical stage biopharmaceutical company. The Company focuses on the discovery, development, and commercialization of novel biologics to treat diseases with significant unmet medical needs, particularly cancers and autoimmune disorders. I-Mab conducts business in China.

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I-Mab (IMAB US)

Pre-IPO VISEN Pharmaceuticals - The Product Pipeline and the Key Risks

VISEN’s pipeline has strength, but fierce competition/VBP/increasingly stringent regulatory environment will bring challenges to...

Xinyao (Criss) Wang

Pre-IPO ImmuneOnco Biopharmaceuticals (PHIP Updates) - Slow Development Progress and Gloomy Outlook

ImmuneOnco's business model is self-development, leading to slow progress. Druggability/safety profile of CD47-targeted molecules are the biggest...

Xinyao (Criss) Wang

ImmuneOnco (宜明昂科) Pre-IPO: Clinical Numbers Are yet to Be Convincing

We look at ImmuneOnco, a biotech company seeking a listing in Hong Kong. The company is focused on CD47 products. Given the clinical data presented...

Ke Yan, CFA, FRM

I-Mab (IMAB.US) - An "Entertaining Bet": To Be a Dark Horse or to Fail Completely

Since CD73 has a low level of verification, the key point for I-MAB to reverse the situation is still CD47, which is I-MAB's last hope.Investors...

Xinyao (Criss) Wang

China ADRs Delisting - Tide Is Turning with CSRC Showing Signs of a Compromise

On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas...

Sumeet Singh

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