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

HBM (和铂医药) IPO: Strong Cornerstone Not a Performance Guarantee

HBM (和珀医药) Pre-IPO: Thoughts on Valuation

HBM (和珀医药) Pre-IPO: Innovative Heavy Chain Platform 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

HBM Holdings Limited / Equity Capital Markets

<p>HBM raised HKD 1,598 million (USD 206m) from its global offering and will list on the Hong Kong Stock Exchange on Thursday, December 10th.</p>
<p>In our previous note, we highlighted that the company has an interesting heavy chain antibody platform but only one clinical-stage product from the platform, HBM4003, is still in the early stage of development and the readings from clinical trials are not yet available to make discussion of the efficacy and safety.  Two of the company's late-stage products are in-licensed from South Korea-based HanAll Pharmaceuticals. For batoclimab/HBM9161, we are of the view that the indication is small though it is an innovative product for unmet demand. For tanfanercept/HBM9036, we are of the view that it has a good clinical benefit over existing therapies for dry eye disease and the indication has a big population but the ramp-up of sales will be slow if it is not priced competitive enough. In terms of founder profile, we are not impressed though it is backed by reputable investors in the pre-IPO rounds.</p>
<p>We think the deal attracted a strong lineup of cornerstone investors but the sentiment is not as strong as previous hot deals which we think is due to its rich valuation. Having said that, the company announced development in vaccines that could help support the share price post listing. </p>
<div>
<div>
<h2>Our previous note on HBM</h2>
</div>
</div>
<div>
<ul style="list-style-type: disc;">
<li dir="ltr">
<p><a href="https://docs.google.com/document/d/1cv0jFeesQc6mDJRFvlngRpNq7i0p5w7rWkQ8bThCgnQ/edit" target="_blank" rel="noopener">HBM (和珀医药) Pre-IPO: Innovative heavy chain platform to be tested</a></p>
</li>
<li dir="ltr"><a href="https://www.smartkarma.com/insights/hbm-pre-ipo-thoughts-on-valuation" target="_blank" rel="noopener">HBM (和珀医药) Pre-IPO: Thoughts on Valuation</a></li>
<li dir="ltr"><a href="https://www.smartkarma.com/insights/hbm-ipo-strong-cornerstone-not-a-performance-guarantee" target="_blank" rel="noopener">HBM (和铂医药) IPO: Strong Cornerstone Not a Performance Guarantee</a></li>
</ul>
</div>

HBM raised HKD 1,598 million (USD 206m) from its global offering and will list on the Hong Kong Stock Exchange on Thursday, December 10th.
In our previous note, we highlighted that the company has an interesting heavy chain antibody platform but only one clinical-stage product from the platform, HBM4003, is still in the early stage of development and the readings from clinical trials are not yet available to make discussion of the efficacy and safety.  Two of the company's late-stage products are in-licensed from South Korea-based HanAll Pharmaceuticals. For batoclimab/HBM9161, we are of the view that the indication is small though it is an innovative product for unmet demand. For tanfanercept/HBM9036, we are of the view that it has a good clinical benefit over existing therapies for dry eye disease and the indication has a big population but the ramp-up of sales will be slow if it is not priced competitive enough. In terms of founder profile, we are not impressed though it is backed by reputable investors in the pre-IPO rounds.
We think the deal attracted a strong lineup of cornerstone investors but the sentiment is not as strong as previous hot deals which we think is due to its rich valuation. Having said that, the company announced development in vaccines that could help support the share price post listing. 


Our previous note on HBM





HBM (和珀医药) Pre-IPO: Innovative heavy chain platform to be tested

HBM (和珀医药) Pre-IPO: Thoughts on Valuation
HBM (和铂医药) IPO: Strong Cornerstone Not a Performance Guarantee



HBM (和铂医药) IPO Trading: The Retail Retreat and the Vaccine News