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 146 stocks over the last week. The average A-H premium was 129.3% as of Dec 8th.</li>
<li>The average A-H premium changed by 1.8ppt week on week, led by consumer staples, health care, energy and offset by consumer discretionary, utilities.</li>
<li>We highlight weekly changes in A-H premium for CMB, Ping An Insurance, Beigene.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 129.3% as of Dec 8th.
The average A-H premium changed by 1.8ppt week on week, led by consumer staples, health care, energy and offset by consumer discretionary, utilities.
We highlight weekly changes in A-H premium for CMB, Ping An Insurance, Beigene.


A-H Premium Weekly (Dec 8th): CMB, Ping An Insurance, Beigene

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Equity Capital Markets

WuXi XDC Cayman  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (1877628D HK)</a> raised US$470m in its Hong Kong IPO.</li>
<li>WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In our previous notes, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.</li>
</ul>



WuXi XDC Cayman (1877628D HK) raised US$470m in its Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In our previous notes, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.


WuXi XDC Cayman IPO Trading - Strong Subscription Rates Heading into Listing

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>Although RemeGen’s 23Q1-Q3 sales was better-than-expected, the Company is difficult to achieve management's performance guidance for 2023. Since RemeGen’s commercialization logic has “undeniable flaws”, net loss would be further widened.</li>
<li>Cash balance of RemeGen was just RMB600 million by 23Q3, which is not enough to cover its high R&amp;D/SG&amp;A expenses. If RemeGen cannot secure sufficient financing timely, risks are significant.</li>
<li>The current valuation and investors’ expectations for RemeGen largely rely on the potential license-out deal of RC18. However, we remain caution until RC18 has sufficient evidence to win head-to-head trial.</li>
</ul>


Although RemeGen’s 23Q1-Q3 sales was better-than-expected, the Company is difficult to achieve management's performance guidance for 2023. Since RemeGen’s commercialization logic has “undeniable flaws”, net loss would be further widened.
Cash balance of RemeGen was just RMB600 million by 23Q3, which is not enough to cover its high R&amp;D/SG&amp;A expenses. If RemeGen cannot secure sufficient financing timely, risks are significant.
The current valuation and investors’ expectations for RemeGen largely rely on the potential license-out deal of RC18. However, we remain caution until RC18 has sufficient evidence to win head-to-head trial.


Remegen (9995.HK/688331.CH) - The Survival Problem Is Becoming Imminent

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (1877628D HK)</a> is looking to raise US$470m in its Hong Kong IPO.</li>
<li>WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In this note, we will look at the deal dynamics and share our final thoughts on valuation.</li>
</ul>



WuXi XDC Cayman (1877628D HK) is looking to raise US$470m in its Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In this note, we will look at the deal dynamics and share our final thoughts on valuation.


WuXi XDC Cayman IPO - Decent Upside from IPO Range, Bulk of the Deal Taken up by Marquee Investors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (1877628D HK)</a> is looking to raise around US$500m in its upcoming Hong Kong IPO.</li>
<li>WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In this note, we share our updated thoughts on valuation and look at bull/bear scenarios for WXDC’s earnings.</li>
</ul>



WuXi XDC Cayman (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In this note, we share our updated thoughts on valuation and look at bull/bear scenarios for WXDC’s earnings.


WuXi XDC Cayman Pre-IPO - BULL/BEAR Scenario Considerations for Valuations

China

RemeGen Co., Ltd. operates biotechnology businesses. The Company develops therapeutic antibody drugs such as antibody drug conjugates (ADC), antibody fusion proteins, monoclonal antibodies and double antibodies. RemeGen provides solutions autoimmune diseases, tumor diseases, and ophthalmic diseases.

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Remegen (688331 CH)

A-H Premium Weekly (Dec 8th): CMB, Ping An Insurance, Beigene

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CMB, Ping An Insurance and Beigene.

Ke Yan, CFA, FRM

WuXi XDC Cayman IPO Trading - Strong Subscription Rates Heading into Listing

WuXi XDC Cayman (1877628D HK) raised US$470m in its Hong Kong IPO. In our previous notes, we looked at the company’s past performance and...

Clarence Chu

Remegen (9995.HK/688331.CH) - The Survival Problem Is Becoming Imminent

Due to “undeniable flaw” in commercialization logic, RemeGen has to face high cost/low efficiency, leading to increasing net loss.RemeGen is short...

Xinyao (Criss) Wang

WuXi XDC Cayman IPO - Decent Upside from IPO Range, Bulk of the Deal Taken up by Marquee Investors

WuXi XDC Cayman (1877628D HK) is looking to raise US$470m in its Hong Kong IPO. In this note, we will look at the deal dynamics and share our final...

Clarence Chu

WuXi XDC Cayman Pre-IPO - BULL/BEAR Scenario Considerations for Valuations

WuXi XDC Cayman (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we share our updated thoughts on...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)