Report
Sumeet Singh
EUR 96.36 For Business Accounts Only

Asymchem Labs A/H Listing

Asymchem Laboratories (AL) aims to raise up to US$968m in its H-share listing in Hong Kong.

AL is a provider of outsourced pharmaceutical development and manufacturing solutions and services. AL provides process development and manufacturing services for small molecule drugs throughout the preclinical, clinical and commercial stages. According to Frost & Sullivan, it is the fifth largest drug substance contract development manufacturing organization (CDMO) globally, and the largest China-based commercial stage chemical drug CDMO, as measured by 2020 revenue.

We’ve covered the deal background in our earlier notes:
Asymchem Labs A/H Listing - Fast growing, relatively insulated, and
Asymchem Labs A/H Listing - PHIP updates and a look at valuations.

In this note, we will talk about the IPO valuations.
Underlyings
Hangzhou Tigermed Consulting Co. Ltd. Class A

Hangzhou Tigermed Consulting Co., Ltd. is a China-based company principally engaged in the provision of clinical research services. The Company provides clinical research related consulting services and clinical test technical services. Its technical services include researcher selection, experiment plan designing, test monitoring, the management and collection of clinical test data, as well as the management of drugs applied in experiments, among others. Its research projects cover hepatitis, oncology and cardiovascular fields, among others. The Company operates businesses in both domestic and overseas markets.

WuXi AppTec Co. Ltd. Class A

Provider
Aequitas Research
Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m. 

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
 
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
 
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

Analysts
Sumeet Singh

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