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

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

Betta Pharmaceuticals   / Equity Capital Markets

Betta Pharma, a leading small molecule-focused biopharmaceutical company, is looking to list its H-share by raising up to USD 800m.  Betta Pharma was famous for its icotinib, a me-too product of EGFR inhibitor gefitinib. Having said that, after approval of icotinib by the CFDA, the company has relied on sales of the single product for nearly 10 years. In the past five years, the company started to expand its portfolio by self-development and in-licensing.  The company has a comprehensive range of small molecule product candidates covering lung cancer. We expect to see strong growth in terms of commercial products, which we think is a key selling point.  However, in terms of R&amp;D capability, we think the company's product is not truly innovative and will only rank it as a tier 2 player.We also note the issue with the company's management that only one of the three key founding scientists is still with the company.

Betta Pharma, a leading small molecule-focused biopharmaceutical company, is looking to list its H-share by raising up to USD 800m.  Betta Pharma was famous for its icotinib, a me-too product of EGFR inhibitor gefitinib. Having said that, after approval of icotinib by the CFDA, the company has relied on sales of the single product for nearly 10 years. In the past five years, the company started to expand its portfolio by self-development and in-licensing.  The company has a comprehensive range of small molecule product candidates covering lung cancer. We expect to see strong growth in terms of commercial products, which we think is a key selling point.  However, in terms of R&amp;D capability, we think the company's product is not truly innovative and will only rank it as a tier 2 player.We also note the issue with the company's management that only one of the three key founding scientists is still with the company.

Betta Pharma (贝达医药) A+H: Tier 2 Player Struggled to Break Out