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

Transcenta (创胜) IPO: Fairly Valued Despite Downsizing

Transcenta (创胜) IPO Trading: Share Concentration

Transcenta (创胜) Pre-IPO: Buy the Experienced 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

Transcenta Holding / Equity Capital Markets

Transcenta, formerly Mabspace, is a global clinical stage biopharmaceutical company. It is looking to raise up to USD 200m via a Hong Kong listing.  In our previous note, we looked at two drug candidates, the next generation PD-L1 MSB2311, and the Claudin 18.2 antibody, TS001. MSB2311 features PH-dependent binding property that can result in recycling of the antibody. TS001 improves the binding property and hence increases the addressable market vs the benchmark zolbetuximab. We think the company's products are differentiated though both PD-1/PD-L1, and the Claudin 18.2 class of drugs are intensely contested. The company has a strong management team with relevant experience of R&amp;D. It also has pre-IPO investors with four rounds of capital raising pre-IPO. In this note, we will provide our thoughts on valuation.

Transcenta, formerly Mabspace, is a global clinical stage biopharmaceutical company. It is looking to raise up to USD 200m via a Hong Kong listing.  In our previous note, we looked at two drug candidates, the next generation PD-L1 MSB2311, and the Claudin 18.2 antibody, TS001. MSB2311 features PH-dependent binding property that can result in recycling of the antibody. TS001 improves the binding property and hence increases the addressable market vs the benchmark zolbetuximab. We think the company's products are differentiated though both PD-1/PD-L1, and the Claudin 18.2 class of drugs are intensely contested. The company has a strong management team with relevant experience of R&amp;D. It also has pre-IPO investors with four rounds of capital raising pre-IPO. In this note, we will provide our thoughts on valuation.

Transcenta (创胜) Pre-IPO: Thoughts on Valuation