Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

An inquisitive investment analyst with background in both finance and computing. Covering ECM research, biotech, market data analytics.

Asia Pac IPO & Placement Research, China biotech

ECM Weekly (22 November 2020) - Evergrande Svcs, CR Mixc Svcs, Blue Moon, HBM, Yatsen

Evergrande Services (恒大物业) IPO - Overhang Issues

ECM Weekly (29 November 2020) - JD Health, Evergrande Svcs, CR Svcs, Pop Mart, Nuix and More

Antengene (德琪医药) IPO: Buy the Team

Antengene (德琪医药) Pre-IPO: Thoughts on Valuation

Antengene (德琪医药) Pre-IPO: Proven R&D Track Record by Founder Matters

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

<p>Antengene raised HKD 2,635.9 million (USD 340m) from its global offering and will list on the Hong Kong Stock Exchange on Friday November 20th.</p>
<p>In our previous note, we discussed that its ATG-010 has a small proven indication for r/r MM and r/r DLBCL (both are lymphoma), though it has the potential of indication expansion. We believe the Indication and demand for ATG-008 is bigger than ATG-010 as it is targeting liver cancer and lung cancer. Readings on efficacy also suggest that ATG-008 is promising. Both drug candidates are first-in-class. The company not only has a strong management team but also has strong investor backing, including NMC pharmaceutical company Celgene, and healthcare investors.</p>
<p>The deal has attracted a strong line-up of cornerstone investors but we note that the institutional subscription is not as strong as previous biotech deals. We think the deal is fairly valued but note unique experience of its management team warrants a premium to its fair value. </p>
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<h2>Our previous coverage on Antengene</h2>
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<ul style="list-style-type: disc;">
<li dir="ltr">
<p><a href="https://www.smartkarma.com/insights/antengene-pre-ipo-proven-r-d-track-record-by-founder-matters" target="_blank" rel="noopener">Antengene (德琪医药) Pre-IPO: Proven R&amp;D track record by founder matters</a></p>
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<li dir="ltr"><a href="https://www.smartkarma.com/insights/antengene-pre-ipo-thoughts-on-valuation" target="_blank" rel="noopener">Antengene (德琪医药) Pre-IPO: Thoughts on Valuation</a></li>
<li dir="ltr"><a href="https://www.smartkarma.com/insights/antengene-ipo-buy-the-team" target="_blank" rel="noopener">Antengene (德琪医药) IPO: Buy the Team</a></li>
</ul>
</div>

Antengene raised HKD 2,635.9 million (USD 340m) from its global offering and will list on the Hong Kong Stock Exchange on Friday November 20th.
In our previous note, we discussed that its ATG-010 has a small proven indication for r/r MM and r/r DLBCL (both are lymphoma), though it has the potential of indication expansion. We believe the Indication and demand for ATG-008 is bigger than ATG-010 as it is targeting liver cancer and lung cancer. Readings on efficacy also suggest that ATG-008 is promising. Both drug candidates are first-in-class. The company not only has a strong management team but also has strong investor backing, including NMC pharmaceutical company Celgene, and healthcare investors.
The deal has attracted a strong line-up of cornerstone investors but we note that the institutional subscription is not as strong as previous biotech deals. We think the deal is fairly valued but note unique experience of its management team warrants a premium to its fair value. 


Our previous coverage on Antengene





Antengene (德琪医药) Pre-IPO: Proven R&amp;D track record by founder matters

Antengene (德琪医药) Pre-IPO: Thoughts on Valuation
Antengene (德琪医药) IPO: Buy the Team



Antengene (德琪医药) IPO Trading: Ample Potential for the Management