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

Simcere Pharmaceutical Group / Equity Capital Markets

Simcere Pharma has a long history dating back to 1995 and was previously listed in the US. The company is looking to raise USD 500m via a listing in Hong Kong. In our previous note, we looked at the company's key segments and existing drugs. We are of the view that the majority of the company's existing products were generic drugs in the oncology, CNS and autoimmune segments. Three core products accounted for more than 50% of sales in 2019. The company's earning growth in the past three years is commendable given the competition from other domestic generics. We also looked at the company's innovative product pipeline. We are of the view that a majority of innovative products in the clinical stage of near commercialization are improvement over existing products and there is a lack of innovation. The company is mainly held by the founders' family members with the remaining stakes owned by employee incentive scheme and domestic private equity investors.  In this note, we look at the company's disclosure for impact from COVID-19, compare its financials with peers and provide a preliminary thought on valuation.Our previous note on Simcere Pharmaceuticals<ul><li dir="ltr"><a href="https://www.smartkarma.com/insights/simcere-pre-ipo-long-history-but-products-concentrated" target="_blank" rel="noopener">Simcere (先声制药) Pre-IPO: Long history but products concentrated</a></li></ul>

Simcere Pharma has a long history dating back to 1995 and was previously listed in the US. The company is looking to raise USD 500m via a listing in Hong Kong. In our previous note, we looked at the company's key segments and existing drugs. We are of the view that the majority of the company's existing products were generic drugs in the oncology, CNS and autoimmune segments. Three core products accounted for more than 50% of sales in 2019. The company's earning growth in the past three years is commendable given the competition from other domestic generics. We also looked at the company's innovative product pipeline. We are of the view that a majority of innovative products in the clinical stage of near commercialization are improvement over existing products and there is a lack of innovation. The company is mainly held by the founders' family members with the remaining stakes owned by employee incentive scheme and domestic private equity investors.  In this note, we look at the company's disclosure for impact from COVID-19, compare its financials with peers and provide a preliminary thought on valuation.Our previous note on Simcere PharmaceuticalsSimcere (先声制药) Pre-IPO: Long history but products concentrated

Simcere (先声制药) Pre-IPO: PHIP Updates and Peer Comparison

Simcere Pharma has a long history dating back to 1995 and was previously listed in the US. The company is looking to raise USD 500m via a listing in Hong Kong. In this note, we look at the company's key segments and existing drugs. We are of the view that the majority of the company's existing products were generic drugs in the oncology, CNS and autoimmune segments. Three core products accounted for more than 50% of sales in 2019. We think the company's earning growth in the past three years is commendable given the competition from other domestic generics. We look at the company's innovative product pipeline. We are of the view that a majority of innovative products in the clinical stage of near commercialization is improvement over existing products and there is a lack of innovation. The company is mainly held by the founders' family members with the remaining stakes owned by employee incentive scheme and domestic private equity investors.

Simcere Pharma has a long history dating back to 1995 and was previously listed in the US. The company is looking to raise USD 500m via a listing in Hong Kong. In this note, we look at the company's key segments and existing drugs. We are of the view that the majority of the company's existing products were generic drugs in the oncology, CNS and autoimmune segments. Three core products accounted for more than 50% of sales in 2019. We think the company's earning growth in the past three years is commendable given the competition from other domestic generics. We look at the company's innovative product pipeline. We are of the view that a majority of innovative products in the clinical stage of near commercialization is improvement over existing products and there is a lack of innovation. The company is mainly held by the founders' family members with the remaining stakes owned by employee incentive scheme and domestic private equity investors.

Simcere (先声制药) Pre-IPO: Long History but Products Concentrated

China

Simcere Pharmaceutical Group manufactures and supplies branded generic pharmaceuticals to the China market. The Company's products include antibiotics, anti-cancer medications and anti-stroke medications.

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Simcere Pharmaceutical Group (2096 HK)

Simcere (先声制药) Pre-IPO: PHIP Updates and Peer Comparison

Simcere Pharma has a long history dating back to 1995 and was previously listed in the US. The company is looking to raise USD 500m via a listing...

Ke Yan, CFA, FRM

Simcere (先声制药) Pre-IPO: Long History but Products Concentrated

Simcere Pharma has a long history dating back to 1995 and was previously listed in the US. The company is looking to raise USD 500m via a listing...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)