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

Sichuan Kelun-Biotech Biopharm / Equity Bottom-Up

<ul><li>Kelun-Biotech reported strong financial results for 2024, driven by milestone payments from global collaborations and the progression of its innovative pipeline.</li><li>The Company recorded revenue of RMB 1.93bn, achieving 25.5% YoY growth.</li><li>Licensing and collaboration agreements contributed RMB 1.86bn revenue, reflecting strong partnerships, particularly milestone payments from MSD. </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.

Kelun-Biotech reported strong financial results for 2024, driven by milestone payments from global collaborations and the progression of its innovative pipeline.The Company recorded revenue of RMB 1.93bn, achieving 25.5% YoY growth.Licensing and collaboration agreements contributed RMB 1.86bn revenue, reflecting strong partnerships, particularly milestone payments from MSD. 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.

Kelun-Biotech (6990 HK) - Advancing Next-Generation ADC Therapeutics

<ul><li>SKB378 out-licensing to Windward, a candidate co-developed with Harbour Biomed.</li><li>Kelun-Biotech and Harbour Biomed have successfully outlicensed global rights (excluding China and certain Asian markets) for their codeveloped TSLP mAb SKB378 to Windward, a newly established biotech company.</li><li>The deal is valued at up to US$970 mn plus royalties, including US$45mn in upfront and near-term payments, which will be paid in cash and equity interest in Windward’s parent company. </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.

SKB378 out-licensing to Windward, a candidate co-developed with Harbour Biomed.Kelun-Biotech and Harbour Biomed have successfully outlicensed global rights (excluding China and certain Asian markets) for their codeveloped TSLP mAb SKB378 to Windward, a newly established biotech company.The deal is valued at up to US$970 mn plus royalties, including US$45mn in upfront and near-term payments, which will be paid in cash and equity interest in Windward’s parent company. 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.

Kelun-Biotech (6990 HK) - Long-Acting TSLP MAb Out-Licensed Via NewCo Model

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

WuXi XDC Cayman  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> aims to raise around US$250m via selling around 3.5% stake in <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (2268 HK).</a>
</li>
<li>WuXi XDC Cayman (WXDC) is a contract research, development, and manufacturing organization (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 talk about the placement and run the deal through our ECM framework.</li>
</ul>



WuXi AppTec (2359 HK) aims to raise around US$250m via selling around 3.5% stake in WuXi XDC Cayman (2268 HK).

WuXi XDC Cayman (WXDC) is a contract research, development, and manufacturing organization (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 talk about the placement and run the deal through our ECM framework.


Wuxi XDC Placement - Following Biologics Playbook, past Deals Have Been Mixed

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The imagination space and good stories for <a href="https://www.smartkarma.com/entities/sichuan-kelun-biotech-biopharm" target="_blank" data-smartkarma-citation="entities:40071:1" rel="noopener">Sichuan Kelun-Biotech Biopharm (6990 HK)</a> at this stage mainly come from SKB264. The market has higher expectations for SKB264’s clinical data on NSCLC/TNBC. </li>
<li>The better the clinical results of SKB264 +PD1/L1, the greater the negative impact on AK112’s future expectations/market space in NSCLC. ADC +PD-1 seems more “convincing” than the logic of BsAb.</li>
<li>This July, restricted shares of major shareholders will be lifted, which may lead to big share price fluctuation if they reduce their shareholdings. Investors need not rush to be long.</li>
</ul>


The imagination space and good stories for Sichuan Kelun-Biotech Biopharm (6990 HK) at this stage mainly come from SKB264. The market has higher expectations for SKB264’s clinical data on NSCLC/TNBC. 
The better the clinical results of SKB264 +PD1/L1, the greater the negative impact on AK112’s future expectations/market space in NSCLC. ADC +PD-1 seems more “convincing” than the logic of BsAb.
This July, restricted shares of major shareholders will be lifted, which may lead to big share price fluctuation if they reduce their shareholdings. Investors need not rush to be long.


Sichuan Kelun-Biotech Biopharm (6990.HK) - Current High Valuation Is Not Secure

<ul><li>Kelun-Biotech recorded RMB1.38bn (+32% YoY) revenue in 1H24, including a total of US$90mn (or RMB641mn) milestone payments from MSD regarding multiple collaborated pipelines.</li><li>In 1H24, Kelun-Biotech spent RMB652mn on R&amp;D, +33% YoY, mainly driven by an uptick in clinical trials.</li><li>The company is gearing up for the near-term launch of several key assets in China, including sac-TMT (TROP2 ADC), A166 (HER2 ADC), A167 (PD-L1 mAb) and A140 (cetuximab biosimilar) in 2H24 or 1H25. </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.

Kelun-Biotech recorded RMB1.38bn (+32% YoY) revenue in 1H24, including a total of US$90mn (or RMB641mn) milestone payments from MSD regarding multiple collaborated pipelines.In 1H24, Kelun-Biotech spent RMB652mn on R&amp;D, +33% YoY, mainly driven by an uptick in clinical trials.The company is gearing up for the near-term launch of several key assets in China, including sac-TMT (TROP2 ADC), A166 (HER2 ADC), A167 (PD-L1 mAb) and A140 (cetuximab biosimilar) in 2H24 or 1H25. 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.

Kelun-Biotech (6990 HK) - Innovative Bispecific ADC Product Licensed to MSD

China

Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. operates biotechnology businesses. The Company develops and provides biological drugs, chemical raw materials, antibody conjugating drugs, innovative drugs, and other products. Kelun Biotech also operates import and export businesses.

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Sichuan Kelun-Biotech Biopharm (6990 HK)

Kelun-Biotech (6990 HK) - Advancing Next-Generation ADC Therapeutics

Kelun-Biotech reported strong financial results for 2024, driven by milestone payments from global collaborations and the progression of its...

CMB International

Kelun-Biotech (6990 HK) - Long-Acting TSLP MAb Out-Licensed Via NewCo Model

SKB378 out-licensing to Windward, a candidate co-developed with Harbour Biomed. Kelun-Biotech and Harbour Biomed have successfully outlicensed...

CMB International

Wuxi XDC Placement - Following Biologics Playbook, past Deals Have Been Mixed

WuXi AppTec (2359 HK) aims to raise around US$250m via selling around 3.5% stake in WuXi XDC Cayman (2268 HK). In this note, we talk about the deal...

Sumeet Singh