Abstract: Alebund is seeking to raise at least USD 100 million via a Hong Kong listing. Joint sponsors are Jefferies, BoA, and HTSC. Our previous note covered the AP301 Phase 3 results from ASN 2025. AP301 was non-inferior to sevelamer carbonate and showed a lower daily dose at Week 52. In this note, we look at pipeline timeline updates and the competitive position of AP301 in the China market.
Research on Hong Kong and A+H equity offerings, from the first filing to the aftermarket. Coverage includes pre-IPO early thoughts on the business and valuation, analysis of the final deal terms and cornerstone investors, and updates as new prospectus versions are filed.
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