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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 65.7% as of Dec 19th.</li>
<li>The average A-H premium changed by 2.0ppt week-on-week, led by consumer discretionary, information technology, utilities.</li>
<li>We highlight weekly changes in A-H premium for BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric.</li>
</ul>


We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 65.7% as of Dec 19th.
The average A-H premium changed by 2.0ppt week-on-week, led by consumer discretionary, information technology, utilities.
We highlight weekly changes in A-H premium for BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric.


A-H Premium Weekly (Dec 19th): BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Fosun Pharma is acquiring 53% stake in Green Valley Pharmaceuticals for ~$200M, to bolster CNS portfolio. Hansoh Pharmaceutical entered an exclusive license agreement with Glenmark Pharma for NSCLC drug Ameile.</li>
<li>Daiichi Sankyo received FDA approval for Enhertu as first-line treatment for HER2+ breast cancer. Takeda Pharmaceutical announced positive topline results for two P3 studies of zasocitinib in moderate-to-severe plaque psoriasis.</li>
<li>Hanmi Pharmaceutical filed domestic marketing application for efpeglenatide autoinjector, the first domestically developed GLP-1-based obesity drug. Max Healthcare announced INR10B+ investment for a ~450 bedded hospital in Pune.</li>
</ul>


Fosun Pharma is acquiring 53% stake in Green Valley Pharmaceuticals for ~$200M, to bolster CNS portfolio. Hansoh Pharmaceutical entered an exclusive license agreement with Glenmark Pharma for NSCLC drug Ameile.
Daiichi Sankyo received FDA approval for Enhertu as first-line treatment for HER2+ breast cancer. Takeda Pharmaceutical announced positive topline results for two P3 studies of zasocitinib in moderate-to-severe plaque psoriasis.
Hanmi Pharmaceutical filed domestic marketing application for efpeglenatide autoinjector, the first domestically developed GLP-1-based obesity drug. Max Healthcare announced INR10B+ investment for a ~450 bedded hospital in Pune.


APAC Healthcare Weekly (December 21)–Fosun Pharma, Hansoh, Daiichi Sankyo, Takeda, Hanmi, Max Health

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

<ul><li>InnoCare delivered solid 1Q25 results, with revenue reaching RMB381mn.</li><li>Sales of orelabrutinib rose 89% YoY and 1% QoQ to RMB311mn, primarily supported by sustained uptake in MZL.</li><li>Notably, orelabrutinib remains the only BTK inhibitor approved and included in the NRDL for MZL in China—the second-largest subtype of NHL. </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.

InnoCare delivered solid 1Q25 results, with revenue reaching RMB381mn.Sales of orelabrutinib rose 89% YoY and 1% QoQ to RMB311mn, primarily supported by sustained uptake in MZL.Notably, orelabrutinib remains the only BTK inhibitor approved and included in the NRDL for MZL in China—the second-largest subtype of NHL. 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.

InnoCare Pharma (9969 HK) - Autoimmune pipeline holds potential for global markets

<ul><li>Autoimmune disease pipeline to drive business growth. Orelabrutinib has seen robust sales growth in FY24 with a YoY increase of 49% to RMB1,001mn, surpassing its +45% YoY target.</li><li>This robust performance is driven by the rising penetration and growing market share in CLL, MCL and MZL, where orelabrutinib remains the only approved BTKi for MZL.</li><li>We expect orelabrutinib to continue to deliver robust sales in the oncology market. </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.

Autoimmune disease pipeline to drive business growth. Orelabrutinib has seen robust sales growth in FY24 with a YoY increase of 49% to RMB1,001mn, surpassing its +45% YoY target.This robust performance is driven by the rising penetration and growing market share in CLL, MCL and MZL, where orelabrutinib remains the only approved BTKi for MZL.We expect orelabrutinib to continue to deliver robust sales in the oncology market. 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.

InnoCare Pharma (9969 HK) - Autoimmune Therapies as a Second Growth Engine

<ul>
<li>We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 62.9% as of Nov 28th.</li>
<li>The average A-H premium changed by -0.9ppt week-on-week, led by industrials, energy and offset by real estate, information technology, communication services.</li>
<li>We highlight weekly changes in A-H premium for Guangzhou Automobile, China Everbright Bank, China Southern Airlines, Cig Shanghai.</li>
</ul>


We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 62.9% as of Nov 28th.
The average A-H premium changed by -0.9ppt week-on-week, led by industrials, energy and offset by real estate, information technology, communication services.
We highlight weekly changes in A-H premium for Guangzhou Automobile, China Everbright Bank, China Southern Airlines, Cig Shanghai.


A-H Premium Weekly (Nov 28th): Guangzhou Automobile, China Everbright Bank, China Southern Airlines

China

InnoCare Pharma Limited researches, develops, manufactures, and distributes pharmaceuticals. The Company produces antibiotic drugs, respiratory drugs, cardiovascular drugs, vitamin tablets, health care drugs, and other related products. InnoCare Pharma markets its products throughout China.

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InnoCare Pharma Ltd (9969 HK)

A-H Premium Weekly (Dec 19th): BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric

We analyzed A-H premium changes in the past week and highlight A-H premium changes for BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai...

Ke Yan, CFA, FRM

APAC Healthcare Weekly (December 21)–Fosun Pharma, Hansoh, Daiichi Sankyo, Takeda, Hanmi, Max Health

Fosun Pharma is acquiring 53% stake in Green Valley. Hansoh inked exclusive license agreement with Glenmark Pharma. Daiichi Sankyo’s Enhertu got...

Tina Banerjee

InnoCare Pharma (9969 HK) - Autoimmune pipeline holds potential for global markets

Notably, orelabrutinib remains the only BTK inhibitor approved and included in the NRDL for MZL in China—the second-largest subtype of NHL.

CMB International

InnoCare Pharma (9969 HK) - Autoimmune Therapies as a Second Growth Engine

Autoimmune disease pipeline to drive business growth. Orelabrutinib has seen robust sales growth in FY24 with a YoY increase of 49% to RMB1,001mn,...

CMB International

A-H Premium Weekly (Nov 28th): Guangzhou Automobile, China Everbright Bank, China Southern Airlines

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Guangzhou Automobile, China Everbright Bank, China Southern...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)