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.

Equity Capital Markets

Jiangsu Recbio Technology / Equity Capital Markets

<ul>
<li>RecBio is an innovative vaccine company with a focus on HPV vaccines. The company started book building to raise up to USD 98m via a Hong Kong listing.</li>
<li>In the previous note, we looked at the company's core products, including its HPV portfolio and the COVID-19 vaccine and the valuation.</li>
<li>In this note, we provide an update for the book building. We will run the deal through our ECM framework and provide an update on the deal.</li>
</ul>


RecBio is an innovative vaccine company with a focus on HPV vaccines. The company started book building to raise up to USD 98m via a Hong Kong listing.
In the previous note, we looked at the company's core products, including its HPV portfolio and the COVID-19 vaccine and the valuation.
In this note, we provide an update for the book building. We will run the deal through our ECM framework and provide an update on the deal.


RecBio (江苏瑞科) IPO: Fairly Valued on Optimistic Industry Forecast

<ul>
<li>RecBio is an innovative vaccine company with a focus on HPV vaccines. The company is pre-marketing its USD 100-200 million Hong Kong listing.</li>
<li>In the previous note, we looked at the company's core products, including its HPV portfolio and the COVID-19 vaccine. Though not impressive, it does provide exposure to China HPV market. </li>
<li>In this insight, we provide our thoughts on valuation, including key assumptions.</li>
</ul>


RecBio is an innovative vaccine company with a focus on HPV vaccines. The company is pre-marketing its USD 100-200 million Hong Kong listing.
In the previous note, we looked at the company's core products, including its HPV portfolio and the COVID-19 vaccine. Though not impressive, it does provide exposure to China HPV market. 
In this insight, we provide our thoughts on valuation, including key assumptions.


RecBio (江苏瑞科) Pre-IPO:  Thoughts on Valuation

<ul>
<li>RecBio is an innovative vaccine company with a focus on HPV vaccines. The company is looking to raise up to USD 300 million via a Hong Kong listing.</li>
<li>We look at the company's core products, HPV portfolio and the COVID-19 vaccine. We are not impressed by the HPV product but it does provide exposure to China HPV market.</li>
<li>With limited disclosure, we think the company has not demonstrated its R&amp;D capability. Neither is its management team impressive.</li>
</ul>


RecBio is an innovative vaccine company with a focus on HPV vaccines. The company is looking to raise up to USD 300 million via a Hong Kong listing.
We look at the company's core products, HPV portfolio and the COVID-19 vaccine. We are not impressed by the HPV product but it does provide exposure to China HPV market.
With limited disclosure, we think the company has not demonstrated its R&amp;D capability. Neither is its management team impressive.


RecBio (江苏瑞科) Pre-IPO: A Pure Proxy to HPV Vaccine Market

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<p>In recent years, driven by global public health event such as COVID-19, vaccine R&amp;D and production have gradually attracted wide attention in the market. More and more vaccine companies have begun to develop innovative vaccines with the support of capital, and <a href="https://www.smartkarma.com/entities/jiangsu-recbio-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:33810:1" rel="noopener">Jiangsu Recbio Technology (JRT HK)</a> is one of them. On July 16, 2021, Recbio submitted its prospectus to the HKEX for the application of listing on the main board. This insight mainly analyzed the industry characteristics, the pipeline and related concerns of the Company.</p>

In recent years, driven by global public health event such as COVID-19, vaccine R&amp;D and production have gradually attracted wide attention in the market. More and more vaccine companies have begun to develop innovative vaccines with the support of capital, and Jiangsu Recbio Technology (JRT HK) is one of them. On July 16, 2021, Recbio submitted its prospectus to the HKEX for the application of listing on the main board. This insight mainly analyzed the industry characteristics, the pipeline and related concerns of the Company.

Pre-IPO Jiangsu Recbio Technology - There Are Many Uncertainties

China

Jiangsu Recbio Technology Co., Ltd. develops biotechnology products. The Company produces novel pharmaceuticals, pharmaceutical targets, and other products. Jiangsu Recbio Technology also operates import and export businesses.

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Jiangsu Recbio Technology (2179 HK)

RecBio (江苏瑞科) IPO: Fairly Valued on Optimistic Industry Forecast

We provide an update for the book building of the Jiangsu Recbio IPO. We think the deal is fairly valued on an optimistic industry forecast.

Ke Yan, CFA, FRM

RecBio (江苏瑞科) Pre-IPO: Thoughts on Valuation

Recbio is pre-marketing its USD 100-200m Hong Kong IPO. In this insight, we provide our thoughts on valuation for the company.

Ke Yan, CFA, FRM

RecBio (江苏瑞科) Pre-IPO: A Pure Proxy to HPV Vaccine Market

RecBio is an innovative vaccine player in China offering exposure to the high growth HPV vaccine market in China, though we are not convinced of...

Ke Yan, CFA, FRM

Pre-IPO Jiangsu Recbio Technology - There Are Many Uncertainties

This article mainly analyzed Recbio Technology in terms of the vaccine industry characteristics, core product candidates (HPV vaccines, COVID-19...

Xinyao (Criss) Wang

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