HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>We analyzed both the strength and the concerns about the core and key candidates in the pipeline.</li>
<li>We also analyzed the concerns about the valuation growth potential due to the strategy that <a href="https://www.smartkarma.com/entities/keymed-biosciences-inc" target="_blank" data-smartkarma-citation="entities:33011:1" rel="noopener">Keymed Biosciences Inc (2162 HK)</a> chose.</li>
<li>For trading strategy, opportunities occur when the share price goes down,and then take profits when it goes up, but it is not recommended to hold it for a long time.</li>
</ul>


We analyzed both the strength and the concerns about the core and key candidates in the pipeline.
We also analyzed the concerns about the valuation growth potential due to the strategy that Keymed Biosciences Inc (2162 HK) chose.
For trading strategy, opportunities occur when the share price goes down,and then take profits when it goes up, but it is not recommended to hold it for a long time.


Keymed Biosciences (2162.HK) - The Pipeline, the Concerns on Valuation Growth & The Trading Strategy

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

LG Energy Solution / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.</li>
<li>In Korea, <a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (LGENERGY KS)</a> has finally filed its prospectus for US$10.8bn IPO after some delays earlier this year.</li>
<li>Hong Kong IPO sentiment has been abysmal. It was reported that <a href="https://www.smartkarma.com/entities/sensetime-group" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (1475539D HK)</a> delayed its IPO after the U.S. ban report.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
In Korea, LG Energy Solution (LGENERGY KS) has finally filed its prospectus for US$10.8bn IPO after some delays earlier this year.
Hong Kong IPO sentiment has been abysmal. It was reported that SenseTime Group (1475539D HK) delayed its IPO after the U.S. ban report.


ECM Weekly (12th December 2021) - LG Energy, SenseTime (Delayed), Didi, Kanzhun & Full Truck Lock-Up

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

<ul>
<li>Lepu Biopharma is a biotech spin-off of A-share listed Lepu Medical. The company is looking to raise up to USD 200 million via a Hong Kong listing.</li>
<li>We look at the company's core products, including HX008, LP002, MRG003 and MRG002. The products have their own differentiating factors to tackle the intense competition</li>
<li>We think the company management lack track record in drug development and investors are mostly domestic individuals and funds.</li>
</ul>


Lepu Biopharma is a biotech spin-off of A-share listed Lepu Medical. The company is looking to raise up to USD 200 million via a Hong Kong listing.
We look at the company's core products, including HX008, LP002, MRG003 and MRG002. The products have their own differentiating factors to tackle the intense competition
We think the company management lack track record in drug development and investors are mostly domestic individuals and funds.


Lepu Biopharma (乐普生物科技) Pre-IPO: Differentiation Strategy for Intense Competition

Thematic (Sector/Industry)

Industry viewpoints:<ul>
<li>Drug development and commercialization are two different logics, such as CAR-T therapy.</li>
<li>The domestic vaccine industry has entered a new stage of development, and innovation is one way out.</li>
<li>Currently, there is a big gap between China autoimmune drug market and overseas market.</li>
</ul>Company news:News about the updated progress on new drugs of <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, <a href="https://www.smartkarma.com/entities/i-mab" target="_blank" data-smartkarma-citation="entities:28384:1" rel="noopener">I-Mab (IMAB US) </a>and <a href="https://www.smartkarma.com/entities/lepu-biopharma-co-ltd" target="_blank" data-smartkarma-citation="entities:33231:1" rel="noopener">Lepu Biopharma (LBP HK)</a>.Market review: Last week, stock price for healthcare sector in A share decreased 1.52%, while CSI 300 decreased 1.03% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
Drug development and commercialization are two different logics, such as CAR-T therapy.
The domestic vaccine industry has entered a new stage of development, and innovation is one way out.
Currently, there is a big gap between China autoimmune drug market and overseas market.
Company news:News about the updated progress on new drugs of Innovent Biologics Inc (1801 HK), I-Mab (IMAB US) and Lepu Biopharma (LBP HK).Market review: Last week, stock price for healthcare sector in A share decreased 1.52%, while CSI 300 decreased 1.03% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

China Healthcare Weekly(Oct.29)-Logic of CAR-T,New Stage For Vaccine Industry,Autoimmune Drug Market

The PD-1/L1 market is one of the most competitive drug markets in the world. After <a href="https://www.smartkarma.com/entities/lepu-biopharma-co-ltd" target="_blank" data-smartkarma-citation="entities:33231:1" rel="noopener">Lepu Biopharma (LBP HK)</a>, whose core product is PD-1, officially started its IPO process in HKEX in April this year, another bio-pharmaceutical company, <a href="https://www.smartkarma.com/entities/3d-medicines-inc" target="_blank" data-smartkarma-citation="entities:33790:1" rel="noopener">3D Medicines (3DM HK)</a> (“3DMed”) submitted its prospectus to the HKEX on June, 30, 2021 based on its core product PD-1 as well. 3DMed is committed to the development and commercialization of a new generation of immuno-oncology therapies with differentiated clinical profile in response to the trend of treating cancer as a chronic disease. This insight mainly analyzed its core product and the pipeline.

The PD-1/L1 market is one of the most competitive drug markets in the world. After Lepu Biopharma (LBP HK), whose core product is PD-1, officially started its IPO process in HKEX in April this year, another bio-pharmaceutical company, 3D Medicines (3DM HK) (“3DMed”) submitted its prospectus to the HKEX on June, 30, 2021 based on its core product PD-1 as well. 3DMed is committed to the development and commercialization of a new generation of immuno-oncology therapies with differentiated clinical profile in response to the trend of treating cancer as a chronic disease. This insight mainly analyzed its core product and the pipeline.

Pre-IPO 3D Medicines - Insights on the Core Product, the Pipeline and the Concerns

China

Lepu Biopharma Co Ltd operates as a biopharmaceutical company focusing on oncology therapeutics. The Company serves the unmet medical needs of cancer patients. Lepu Biopharma combines in-house research, development, and strategic collaborations to strengthen in-house manufacturing, and commercialize pipeline products through sales and marketing.

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Lepu Biopharma (2157 HK)

Keymed Biosciences (2162.HK) - The Pipeline, the Concerns on Valuation Growth & The Trading Strategy

This article mainly analyzed Keymed in terms of the business, the core and key candidates in the pipeline, the concerns about valuation growth...

Xinyao (Criss) Wang

ECM Weekly (12th December 2021) - LG Energy, SenseTime (Delayed), Didi, Kanzhun & Full Truck Lock-Up

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Lepu Biopharma (乐普生物科技) Pre-IPO: Differentiation Strategy for Intense Competition

Lepu Biopharma is a biotech subsidiary of A-share listed Lepu Medical seeking a listing in Hong Kong. We look at the company's core products...

Ke Yan, CFA, FRM

China Healthcare Weekly(Oct.29)-Logic of CAR-T,New Stage For Vaccine Industry,Autoimmune Drug Market

The insight analyzed the different logics of drug development and commercialization for CAR-T, a new stage of development for domestic vaccine...

Xinyao (Criss) Wang

Pre-IPO 3D Medicines - Insights on the Core Product, the Pipeline and the Concerns

This insight mainly analyzed 3D Medicines in terms of its core product envafolimab (the competition pattern and prospects), clinical-stage product...

Xinyao (Criss) Wang

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