reports
- Ke Yan
Netjoy (云想科技) IPO - Alarming 1H2020, Avoid
Netjoy, a leading short video marketing solution player, launched book building to raise up to USD 183m via a listing in Hong Kong. Netjoy rode the wave of emergence of short video platforms such as Tiktok and Kuaishou. It specialises in short video marketing. Online gaming is the main spender on ads through Netjoy. We note that key operating metrics such as revenue per click and revenue per advertiser has been trending down during the track record period. The company's shareholders are mainly...
- Ke Yan
17 Edu & Tech (一起教育) IPO - Inferior cost structure, overvalued deal
17 Education is a leading online tuition provider in China. The company was founded by former regional head of New Oriental Education and launched book building to raise up to USD 315m to list in the US. In our previous note we discussed that 17 Education has a unique business model whereby it provides a free in-school solution to teachers, students and parents and upsells after-school paid tuition. On one hand, it has a large pool of verified students to upsell its paid after-school tuition. O...
- Ke Yan
HBM (和珀医药) IPO - Strong cornerstone not a performance guarantee
HBM is a China-based biopharmaceutical company. The company launched book building to raise at least USD 230m to list in Hong Kong. In our previous note, 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 K...
- Ke Yan
New Horizon Health (诺辉健康) Pre-IPO - A hot medical device deal in makin...
New Horizon Health, a pioneer in the colorectal cancer screening market in China, is looking to raise up to USD 300m to list via a Hong Kong listing. NH Health provides cancer screen kits for convenient early screening targeting populations recommended for regular cancer screening. The company's approved product ColoClear has an impressive accuracy compared with peer products for colorectal cancer. In addition to the ColoClear, it also offered a more mass-market product, Pupu Tube for home-...
- Ke Yan
17 Edu & Tech (一起教育) Pre-IPO - Far from profitability
17 Education is a leading online tuition provider in China. The company was founded by former regional head of New Oriental Education and is looking to raise up to USD 300m via a listing in the US. 17 Education has a unique business model whereby it provides a free in-school solution to teachers, students and parents and upsells after-school paid tuition. On one hand it has a large pool of verified students to upsell its paid after-school tuition. On the other hand its conversion and market sha...
- Ke Yan
HBM (和珀医药) Pre-IPO - Thoughts on valuation
HBM is a China-based biopharmaceutical company. The company plans to raise at least USD 500m via its Hong Kong listing. We have discussed in our previous note 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 the discussion of the efficacy and safety. Two of the company's late-stage products are in-licensed...
- Ke Yan
Edding Group (亿腾医药) Pre-IPO - Distributor turning pharmaceutical
Edding Group, a leading integrated pharmaceutical company in China, plans to raise up to USD 200m via a Hong Kong listing. The company is turning from a distributor of NMC drugs to a pharmaceutical company by acquiring product rights in the past two years. We are of the view that the Vancocin and Ceclor are the selling point of the company as they both have a dominant position in the respective segment and are in growing markets. The company's Vascepa is an interesting CVD product but the com...
- Ke Yan
Netjoy (云想科技) Pre-IPO - Growth stalled for the short video marketer
Netjoy, a leading short video marketing solution player, is raising USD 200m via a listing in Hong Kong. Netjoy rode the wave of emergence of short video platforms such as Tiktok and Kuaishou. It specialises in short video marketing. Online gaming is the main spender on ads through Netjoy. We note that key operating metrics such as revenue per click and revenue per advertiser has been trending down in the track record period. The company's shareholders are mainly individuals with no significan...
- Ke Yan
Antengene (德琪医药) Pre-IPO - Buy the team
Antengene is a China-based biotech company with a focus on in-licensed innovative oncology drugs. The company was founded by Dr Jay Mei, an ex-Celgene scientist with proven experience in drug development. The company has started book building to raise up to USD 359m to list in Hong Kong. In our previous note, we discussed that its ATG-010 has a small proven indication for r/r MM and r/r DLBCL (both are lymphoma), though it has the potential of indication expansion. We believe the indication and...
- Ke Yan
Antengene (德琪医药) Pre-IPO - Thoughts on valuation
Antengene is a China-based biotech company with a focus on in-licensed innovative oncology drugs. The company was founded by Dr Jay Mei, an ex-Celgene scientist with proven experience in drug development. It is planning to raise up to USD 200m. In our previous note, we discuss that its ATG-010 has a small proven indication for r/r MM and r/r DLBCL (both are lymphoma), though it has the potential of indication expansion. We believe the Indication and demand for ATG-008 is bigger than ATG-010 as ...
- Ke Yan
HBM (和珀医药) Pre-IPO - Innovative heavy chain platform to be tested
HBM is a China-based biopharmaceutical company. The company plans to raise at least USD 500m to list in Hong Kong. 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...
- Ke Yan
RemeGen (荣昌生物) Pre-IPO - Thoughts on valuation
RemeGen is a China-based commercial-ready biopharmaceutical company with a focus on first-in-class and best-in-class biologics in the area of autoimmune, oncology and ophthalmic diseases. The company aims to raise USD 400m in a Hong Kong listing. In our previous note, we discussed that the company's R&D is 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...
- Ke Yan
Bio-Thera Solutions (百奥泰) Pre-IPO - Not an attractive pipeline
Bio-Thera is a China-based biopharmaceutical company. The company plans to raise at least USD 500m to list in Hong Kong. Although the company has already commercialized one product and has two under NDA reviews by the NMPA, we think its product line-up is not impressive with a lack of truly innovative products. The first commercialized product, GLETLI, is the first Humira biosimilar to commercialize in China. However, in the first half of 2020, GLETLI only recorded sales of RMB 49 million. BAT...
- Ke Yan
JW Therapeutics (药明巨诺) IPO - Free options for potential license-in
JW Therapeutics is a leading China-based cell therapy company with the most advanced progress for the CAR-T commercialization. The company has started book building to raise up to USD 300m to list in Hong Kong. In our previous note, we discussed that the company is backed by a strong shareholder Juno, and has a strong foundation in the technology underlying the CAR-T therapy, which is demonstrated by its superior safety data for its Relma-cel. In addition to the CD19 target, the company has als...
- Ke Yan
Antengene (德琪医药) Pre-IPO - Proven R&D track record by founder matters
Antengene, a China-based biotech company with a focus on in-licensed innovative oncology drugs. The company was founded by Dr Jay Mei, an ex-Celgene scientist with proven experience in drug development. It is planning to raise up to USD 200m. We are of the view that its ATG-010 has a small proven indication for r/r MM and r/r DLBCL (both are lymphoma), though it has the potential of indication expansion. We believe the Indication and demand for ATG-008 is bigger than ATG-010 as it is targetin...
- Ke Yan
JW Therapeutics (药明巨诺) Pre-IPO - Pricing with in-license potential
JW Therapeutics is a leading China-based cell therapy company with the most advanced progress for the CAR-T commercialization. The company aims to raise up to USD 300m. In our previous note, we discussed that the company is backed by a strong shareholder Juno, and has a strong foundation in the technology underlying the CAR-T therapy, which is demonstrated by its superior safety data for its Relma-cel. In addition to the CD19 target, the company has also obtained the technology for the BCMA tar...
- Ke Yan
Simcere (先声制药) IPO - Fairly valued for a generic player
Simcere Pharma has a long history dating back to 1995 and was previously listed in the US. The company started booking building to raise up to USD 461m in its Hong Kong listing. In our previous note, we looked at the company's key segments and existing drugs. We are of the view that the majority of the company's existing products were generic drugs in the oncology, CNS and autoimmune segments. Three core products accounted for more than 50% of sales in 2019. The company's earning growth in the ...
- Ke Yan
Jacobio (加科思药业) Pre-IPO - Right team but long time to market
Jacobio is a clinical stage China biotech company with a focus on small molecule oncology drugs. The company was founded by Dr. Wang, co-founder of Betta Pharma, and aims to raise up to USD 400m. The company has three clinical-stage assets, SHP2 inhibitors (JAB-3068 and JAB-3312) and BET inhibitor (JAB-8263). The SHP2 inhibitors show a synergistic effect with PD-1 and KRAS inhibitors in pre-clinical studies but not efficacy as monotherapy in clinical trials. The out-licensing agreement to Abb...
- Ke Yan
Simcere (先声制药) Pre-IPO - PHIP updates and peer comparison
Simcere Pharma has a long history dating back to 1995 and was previously listed in the US. The company is looking to raise USD 500m via a listing in Hong Kong. In our previous note, we looked at the company's key segments and existing drugs. We are of the view that the majority of the company's existing products were generic drugs in the oncology, CNS and autoimmune segments. Three core products accounted for more than 50% of sales in 2019. The company's earning growth in the past three years ...
- Ke Yan
SciClone Pharma (赛生药业) Pre-IPO - Rejuvenation of old drugs
SciClone Pharma was founded in the US but has a focus on sales of oncology and infectious disease drugs in China. The company plans to raise up to USD 500m via a listing in Hong Kong. The company has a long history but has a heavy reliance on a single drug Zadaxin which has dubious efficacy as it has not managed to obtain FDA approval for its otherwise approved indication in China. The company tried to expand the indication based on its ability to enhance the immune system to fight against di...
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