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

Broncus (堃博医疗) IPO: Long Term Faith Needed

Broncus (堃博医疗) IPO Trading: Chilled for a Reason but Mind the Share Concentration

ECM Weekly (26th September 2021) - Hanyu Med, Abbisko, SenseTime, ANE, Nykaa, Prudential HK

Broncus (堃博医疗) Pre-IPO: Big Potential to Be Tested

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

Broncus Holding is a leading interventional pulmonology company in China and globally. The company has commercialized the whole lung access navigation and treatment technology. The company is looking to raise up to USD 300 m via a Hong Kong listing.In our previous note, we discussed that the company's core product, InterVapor, is a minimally invasive surgery that uses heated water vapor to treat the chronic obstructive pulmonary disease (COPD). In addition to the COPD indication, the company plans to further develop the product for the treatment of lung cancer. Another core product, RF-II uses radio frequency to treat lung cancer. Besides InterVapor and RF-II, the company also has a commercialized lung navigation system which has a leading market share in China. However, we believe the market for the lung navigation system is still in the early stage of development in China and hence the small market size.  We think the company has a strong pre-IPO investor line-up with backing from the founder of VenusMedtech and its management team is experienced. In this note, we will provide our thoughts on pre-money valuation of Broncus.

Broncus Holding is a leading interventional pulmonology company in China and globally. The company has commercialized the whole lung access navigation and treatment technology. The company is looking to raise up to USD 300 m via a Hong Kong listing.In our previous note, we discussed that the company's core product, InterVapor, is a minimally invasive surgery that uses heated water vapor to treat the chronic obstructive pulmonary disease (COPD). In addition to the COPD indication, the company plans to further develop the product for the treatment of lung cancer. Another core product, RF-II uses radio frequency to treat lung cancer. Besides InterVapor and RF-II, the company also has a commercialized lung navigation system which has a leading market share in China. However, we believe the market for the lung navigation system is still in the early stage of development in China and hence the small market size.  We think the company has a strong pre-IPO investor line-up with backing from the founder of VenusMedtech and its management team is experienced. In this note, we will provide our thoughts on pre-money valuation of Broncus.

Broncus (堃博医疗) Pre-IPO: Thoughts on Valuation