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

RemeGen (荣昌生物) IPO: Pricing the R&D Leadership

RemeGen (荣昌生物) Pre-IPO: Thoughts on Valuation of RC18 and RC48

RemeGen (荣昌生物) Pre-IPO: Top-Notch R&D Capability and a Strong Team

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>RemeGen raised HKD 3,776 million (USD 487m) from its global offering and will list on the Hong Kong Stock Exchange on Monday November 9th.</p>
<p>In our previous note, we discussed that the company's R&amp;D is the top-notch among Hong Kong-listed biotech companies. It has two near commercialization products, RC18, and RC48. RC18 (BLyS/APRIL target) has an innovative design and has demonstrated superior efficacy for SLE which has big unmet demand. RC48 (HER2 ADC) is the first domestically developed ADC that has entered the clinical trial stage. It also has a differentiated indication targeting HER2 low-expressing patients, compared to competing drug candidates. Thanks to its ADC platform and bispecific platform, the company has interesting and differentiated pipeline products entering clinical trials. The company has a strong management team and backing from reputable investors.</p>
<p>In this note, we will look at the allocation and implications.  We think that the subscription by institutional investors remains strong but retail coverage was relatively weak given the strong cornerstone backing. We think the deal has a limited upside and would take profit when the price approaches our TP.</p>
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<h2>Our previous coverage on RemeGen</h2>
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<p><a href="https://www.smartkarma.com/insights/remegen-pre-ipo-top-notch-r-d-capability-and-a-strong-team" target="_blank" rel="noopener">RemeGen (荣昌生物) Pre-IPO: Top-notch R&amp;D capability and a strong team</a></p>
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<p><a href="https://www.smartkarma.com/insights/remegen-pre-ipo-thoughts-on-valuation-of-rc18-and-rc48" target="_blank" rel="noopener">RemeGen (荣昌生物) Pre-IPO: Thoughts on valuation</a></p>
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<li dir="ltr"><a href="https://www.smartkarma.com/insights/remegen-ipo-pricing-the-r-d-leadership" target="_blank" rel="noopener">RemeGen (荣昌生物) IPO: Pricing the R&amp;D Leadership</a></li>
</ul>
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RemeGen raised HKD 3,776 million (USD 487m) from its global offering and will list on the Hong Kong Stock Exchange on Monday November 9th.
In our previous note, we discussed that the company's R&amp;D is the top-notch among Hong Kong-listed biotech companies. It has two near commercialization products, RC18, and RC48. RC18 (BLyS/APRIL target) has an innovative design and has demonstrated superior efficacy for SLE which has big unmet demand. RC48 (HER2 ADC) is the first domestically developed ADC that has entered the clinical trial stage. It also has a differentiated indication targeting HER2 low-expressing patients, compared to competing drug candidates. Thanks to its ADC platform and bispecific platform, the company has interesting and differentiated pipeline products entering clinical trials. The company has a strong management team and backing from reputable investors.
In this note, we will look at the allocation and implications.  We think that the subscription by institutional investors remains strong but retail coverage was relatively weak given the strong cornerstone backing. We think the deal has a limited upside and would take profit when the price approaches our TP.

Our previous coverage on RemeGen




RemeGen (荣昌生物) Pre-IPO: Top-notch R&amp;D capability and a strong team


RemeGen (荣昌生物) Pre-IPO: Thoughts on valuation

RemeGen (荣昌生物) IPO: Pricing the R&amp;D Leadership



RemeGen (荣昌生物) IPO Trading: First Not so Hot Biotech in the Stretch

Remegen

RemeGen (荣昌生物) IPO Trading: First Not so Hot Biotech in the Stretch