In today’s briefing:
- Shanghai Junshi Bioscience Placement- Junshi Is Having a Hard Time, with Lower than Expected Returns
- Winia Aid IPO Bookbuilding Results
Shanghai Junshi Bioscience Placement- Junshi Is Having a Hard Time, with Lower than Expected Returns
- Junshi’s fatal flaw is not that it is still suffering loss, or that its founders have no medical background, but that the Company is very short of money.
- Considering the gloomy prospects of etesevimab/VV116, uncertainties in toripalimab and other late-stage candidates, we remain conservative about Junshi’s commercialization outlook. Junshi’s higher valuation than Innovent is not justified.
- Together with unfriendly macro environment, we don’t think heavy investment in R&D/MRCT/commercial development could bring high return as expected.Investors need to be rational about Junshi’s RMB4 billion private placement plan.
Winia Aid IPO Bookbuilding Results
- Winia Aid (377460 KS) announced its IPO book building results. The IPO price has been determined at 16,200 won, which is at the high end of the IPO price range.
- There were 1,225 institutions that were involved in the IPO survey and the demand ratio was 955 to 1. The IPO offering amount is 87 billion won.
- Our base case valuation of Winia Aid is 21,724 won per share, which is 34% higher than the IPO price.
Before it’s here, it’s on Smartkarma
