Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

<p>We spend a substantial portion of our time thinking about oncology in China: one of the largest unmet needs in healthcare globally. The World Health Organization estimates that there are 4.3 million new cases and 2.9 million deaths annually. Historically, treatment options have been limited compared to the US, EU, and many of China’s neighbors. Fortunately, the government has implemented several reforms in recent years to accelerate development and importation of innovative treatments and to provide reimbursement for them. </p><p>This Insight includes names to consider for two approaches to invest in this opportunity:</p><p>1) Invest in the leading multi-asset oncology companies.</p><p>2) Invest in a basket of companies with narrower oncology offerings.</p>

We spend a substantial portion of our time thinking about oncology in China: one of the largest unmet needs in healthcare globally. The World Health Organization estimates that there are 4.3 million new cases and 2.9 million deaths annually. Historically, treatment options have been limited compared to the US, EU, and many of China’s neighbors. Fortunately, the government has implemented several reforms in recent years to accelerate development and importation of innovative treatments and to provide reimbursement for them. This Insight includes names to consider for two approaches to invest in this opportunity:1) Invest in the leading multi-asset oncology companies.2) Invest in a basket of companies with narrower oncology offerings.

BeiGene: Cancer Treatment in China--The Underestimated Opportunity

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Alibaba Group Holding  / Equity Capital Markets

<p>2020 marked our second full year of operations as an Independent Research Company, and our fifth year covering Equity Capital Markets (ECM). While the year started off on a precarious note for ECM, it ended with very strong momentum. Even as IPOs have hogged the limelight in 2020, we actually ended up covering more than twice the number of placements as IPOs. </p><p>We ended 2020 with an accuracy rate of 72.7% across 88 IPOs that we covered and 70.1% across 174 placements. While our placements hit rate improved, our IPO hit rate took a dip from 2019.</p><p>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific (ex-Korea), including China ADRs.</p>

2020 marked our second full year of operations as an Independent Research Company, and our fifth year covering Equity Capital Markets (ECM). While the year started off on a precarious note for ECM, it ended with very strong momentum. Even as IPOs have hogged the limelight in 2020, we actually ended up covering more than twice the number of placements as IPOs. We ended 2020 with an accuracy rate of 72.7% across 88 IPOs that we covered and 70.1% across 174 placements. While our placements hit rate improved, our IPO hit rate took a dip from 2019.For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific (ex-Korea), including China ADRs.

Aequitas 2020 IPOs and Placements Performance - IPOs in the Limelight but Placements Stole the Show

Alibaba Health Information Tec / Equity Bottom-Up

<p>This Insight summarizes the takeaways from a recent China healthcare industry conference focused on biopharmaceuticals and medical devices, and builds on our Originals Insight <a href="https://www.smartkarma.com/insights/asian-healthcare-coming-of-age" target="_blank" data-smartkarma-citation="insights:45676" rel="noopener">Asian Healthcare - Coming of Age</a>.  Topics addressed include value-based purchasing for drugs and devices; development of commercial health insurance; internet hospitals and online pharmacies; DRGs for hospitals; issues for medical device companies; and amendments to China's patent laws.</p>

This Insight summarizes the takeaways from a recent China healthcare industry conference focused on biopharmaceuticals and medical devices, and builds on our Originals Insight Asian Healthcare - Coming of Age.  Topics addressed include value-based purchasing for drugs and devices; development of commercial health insurance; internet hospitals and online pharmacies; DRGs for hospitals; issues for medical device companies; and amendments to China's patent laws.

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<p style="text-align: justify;">On November 20, another unprofitable biopharmaceutical company, <a href="https://www.smartkarma.com/entities/antengene-corporation-limited" target="_blank" data-smartkarma-citation="entities:29705:1" rel="noopener">Antengene (6996 HK)</a>, will be listed on HKEX at a price of HK$18.08 per share. Currently, Antengene has a total of 12 innovative drugs in its pipeline. Among them, 6 drugs are basically from license-in mode while the rest are mainly self-developed. From the public information, it is still unknown that whether Antengene would use the license-in mode (like <a href="https://www.smartkarma.com/entities/everest-medicines" target="_blank" data-smartkarma-citation="entities:29224:1" rel="noopener">Everest Medicines (1952 HK)</a>) to achieve rapid financing and then develop a competitive pipeline in the future. The following is mainly to analyze the value and potential of the current pipeline, and also provide some thoughts on valuation.</p>

On November 20, another unprofitable biopharmaceutical company, Antengene (6996 HK), will be listed on HKEX at a price of HK$18.08 per share. Currently, Antengene has a total of 12 innovative drugs in its pipeline. Among them, 6 drugs are basically from license-in mode while the rest are mainly self-developed. From the public information, it is still unknown that whether Antengene would use the license-in mode (like Everest Medicines (1952 HK)) to achieve rapid financing and then develop a competitive pipeline in the future. The following is mainly to analyze the value and potential of the current pipeline, and also provide some thoughts on valuation.

Antengene - Insights on Pipeline and Valuation

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<div><p><a href="https://www.smartkarma.com/entities/antengene-corporation-limited" target="_blank" data-smartkarma-citation="entities:29705:1" rel="noopener">Antengene (6996 HK)</a> is a biopharmaceutical company with a focus on discovering, developing and commercialising global first-in-class, only-in-class and/or best-in-class therapies. Antengene has launched a Hong Kong IPO to raise net proceeds of HK$2,467.2 million ($318 million) at the mid-point of the IPO price range of HK$15.80-18.08 per share.</p></div><div><p>Ten cornerstone investors have agreed to invest about $179.4 million in the IPO (53.25% of the offer shares at the mid-point of the IPO price range). Cornerstone investors include Fidelity, GIC, BlackRock, Hillhouse Capital, Boyu Capital, Cormorant Asset Management, Hillhouse Capital, Sequoia Capital, CRF Investment, Laurion Capital and Octagon Capital.</p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/antengene-ipo-initiation-hunting-for-a-cure" target="_blank" data-smartkarma-citation="insights:44855" rel="noopener">Antengene IPO Initiation: Hunting for a Cure</a>, we stated that the prospectus Antengene’s core drug assets are favourable. Overall, a strong cornerstone investor lineup and our valuation analysis suggest that the IPO price range is attractive. </p></div></div></div>

Antengene (6996 HK) is a biopharmaceutical company with a focus on discovering, developing and commercialising global first-in-class, only-in-class and/or best-in-class therapies. Antengene has launched a Hong Kong IPO to raise net proceeds of HK$2,467.2 million ($318 million) at the mid-point of the IPO price range of HK$15.80-18.08 per share.Ten cornerstone investors have agreed to invest about $179.4 million in the IPO (53.25% of the offer shares at the mid-point of the IPO price range). Cornerstone investors include Fidelity, GIC, BlackRock, Hillhouse Capital, Boyu Capital, Cormorant Asset Management, Hillhouse Capital, Sequoia Capital, CRF Investment, Laurion Capital and Octagon Capital.In Antengene IPO Initiation: Hunting for a Cure, we stated that the prospectus Antengene’s core drug assets are favourable. Overall, a strong cornerstone investor lineup and our valuation analysis suggest that the IPO price range is attractive. 

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)

BeiGene: Cancer Treatment in China--The Underestimated Opportunity

We think that cancer is underdiagnosed and undertreated in China. We analyze the data and propose two approaches for investing in this theme.

Kemp Dolliver, CFA

Aequitas 2020 IPOs and Placements Performance - IPOs in the Limelight but Placements Stole the Show

2020 marked our second year of operations as an Independent Research Company, and our fifth year covering ECM. In 2020 we had an accuracy rate of...

Sumeet Singh

China Healthcare: Macro Themes

This Insight summarizes the takeaways from a recent China healthcare industry conference. There is much talk of pressures on the industry, but...

Kemp Dolliver, CFA

Antengene - Insights on Pipeline and Valuation

This article analyzed the value and potential of Antengene's current pipeline, its competitors' products and also include some thoughts on valuation.

Xinyao (Criss) Wang

Antengene IPO: Valuation Insights

Antengene has launched an HK IPO to raise net proceeds of $318 million at the mid-point of the price range. Overall, strong cornerstones and our...

Arun George

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