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

<ul>
<li>PegBio is looking at raising up to USD 100m to list in Hong Kong.</li>
<li>We have previously covered the company’s fundamentals and a brief valuation.</li>
<li>We also took a look at changes to its prospectus. The company filed an updated version. We are taking a close look.</li>
</ul>


PegBio is looking at raising up to USD 100m to list in Hong Kong.
We have previously covered the company’s fundamentals and a brief valuation.
We also took a look at changes to its prospectus. The company filed an updated version. We are taking a close look.


PegBio 派格生物 Pre-IPO: R&D Deceleration

<ul>
<li>PegBio is looking at raising up to USD 100m to list in Hong Kong.</li>
<li>We have previously covered the company’s fundamentals and a brief valuation.</li>
<li>We look at the difference between previous filing and current PHIP filing. We see massive delays which don’t position the company well for the listing.</li>
</ul>


PegBio is looking at raising up to USD 100m to list in Hong Kong.
We have previously covered the company’s fundamentals and a brief valuation.
We look at the difference between previous filing and current PHIP filing. We see massive delays which don’t position the company well for the listing.


PegBio 派格生物 IPO: PHIP Updates Don’t Look Good

<ul>
<li>PegBio, a China-based biotech company, plans to raise up to USD 150 million via a Hong Kong listing.</li>
<li>In our previous note, we examined the company’s core product namely PB-119.</li>
<li>In this note, we will provide a valuation for the company’s key products.</li>
</ul>


PegBio, a China-based biotech company, plans to raise up to USD 150 million via a Hong Kong listing.
In our previous note, we examined the company’s core product namely PB-119.
In this note, we will provide a valuation for the company’s key products.


PegBio (派格生物) IPO: Thoughts on Valuation

<ul>
<li>PegBio is looking to raise at least USD 100m via its Hong Kong IPO.</li>
<li>In this note, we looked at the company’s fundamentals, particularly its core product PB-117.</li>
<li>We think the story might look simple as a straightforward GLP-1 challenger but there are quite a number of concerns as we dig into the company’s story.</li>
</ul>


PegBio is looking to raise at least USD 100m via its Hong Kong IPO.
In this note, we looked at the company’s fundamentals, particularly its core product PB-117.
We think the story might look simple as a straightforward GLP-1 challenger but there are quite a number of concerns as we dig into the company’s story.


PegBio 派格生物 IPO: A (Supposedly) Straightforward GLP-1 Challenger Story

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The market's expectations for GLP-1 have changed, and the sales growth of GLP-1 may enter a turning point, which would cast a shadow over the prospects of PegBio's GLP-1 pipelines.</li>
<li>PB-119 would be the first commercialized product for PegBio. However, this market is highly crowded. It’s highly uncertain whether PB-119 can stand out from fierce market competition after its launch.</li>
<li>The post investment valuation has reached RMB4 billion, which is already expensive in our view. Due to poor valuation performance of peers, we are not optimistic about PegBio after IPO.</li>
</ul>


The market's expectations for GLP-1 have changed, and the sales growth of GLP-1 may enter a turning point, which would cast a shadow over the prospects of PegBio's GLP-1 pipelines.
PB-119 would be the first commercialized product for PegBio. However, this market is highly crowded. It’s highly uncertain whether PB-119 can stand out from fierce market competition after its launch.
The post investment valuation has reached RMB4 billion, which is already expensive in our view. Due to poor valuation performance of peers, we are not optimistic about PegBio after IPO.


Pre-IPO PegBio Co., Ltd. (PHIP Updates) - Some Points Worth the Attention

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PegBio (PEGBIO HK)

PegBio 派格生物 Pre-IPO: R&D Deceleration

PegBio plans to raise up to $100m for a Hong Kong listing. We examined its latest prospectus and noted besides massive delays spotted in last PHIP...

Ke Yan, CFA, FRM

PegBio 派格生物 IPO: PHIP Updates Don’t Look Good

PegBio plans to raise up to $100m for a Hong Kong listing. We compared the filings and noted massive delays and more competitors joining the race.

Ke Yan, CFA, FRM

PegBio (派格生物) IPO: Thoughts on Valuation

China's PegBio seeks to raise $150 million through Hong Kong listing. In this note, we provide an valuation framework for its key product PB-119.

Ke Yan, CFA, FRM

PegBio 派格生物 IPO: A (Supposedly) Straightforward GLP-1 Challenger Story

PegBio plans to raise $100m in Hong Kong IPO, with focus on core product PB-117 as a GLP-1 challenger, but concerns arise upon closer examination...

Ke Yan, CFA, FRM

Pre-IPO PegBio Co., Ltd. (PHIP Updates) - Some Points Worth the Attention

Market expectations for PegBio's GLP-1 pipelines are changing, casting doubt on valuation. PB-119 faces tough competition in a crowded market. We...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PegBio 派格生物 Pre-IPO: R&D Deceleration

​PegBio plans to raise up to $100m for a Hong Kong listing. We examined its latest prospectus and noted besides massive delays spotted in last PHIP...

Ke Yan, CFA, FRM

PegBio 派格生物 IPO: PHIP Updates Don’t Look Good

​PegBio plans to raise up to $100m for a Hong Kong listing. We compared the filings and noted massive delays and more competitors joining the race.

Ke Yan, CFA, FRM

PegBio (派格生物) IPO: Thoughts on Valuation

​China's PegBio seeks to raise $150 million through Hong Kong listing. In this note, we provide an valuation framework for its key product PB-119.

Ke Yan, CFA, FRM

PegBio 派格生物 IPO: A (Supposedly) Straightforward GLP-1 Challenger Story

​PegBio plans to raise $100m in Hong Kong IPO, with focus on core product PB-117 as a GLP-1 challenger, but concerns arise upon closer examination...

Ke Yan, CFA, FRM

Pre-IPO PegBio Co., Ltd. (PHIP Updates) - Some Points Worth the Attention

​Market expectations for PegBio's GLP-1 pipelines are changing, casting doubt on valuation. PB-119 faces tough competition in a crowded market. We...

Xinyao (Criss) Wang

PegBio plans to raise up to $100m for a Hong Kong listing. We examined its latest prospectus and noted besides massive delays spotted in last PHIP...

PegBio plans to raise up to $100m for a Hong Kong listing. We compared the filings and noted massive delays and more competitors joining the race.

China's PegBio seeks to raise $150 million through Hong Kong listing. In this note, we provide an valuation framework for its key product PB-119.

PegBio plans to raise $100m in Hong Kong IPO, with focus on core product PB-117 as a GLP-1 challenger, but concerns arise upon closer examination...

Market expectations for PegBio's GLP-1 pipelines are changing, casting doubt on valuation. PB-119 faces tough competition in a crowded market. We...