Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Shenzhen Mindray Bio-Medical Electronics / Equity Capital Markets

Shenzhen Mindray Bio-Medical Electronics Co., Ltd. manufactures and distributes medical equipment. The Company produces life information supporting, in vitro diagnostic, and medical imaging equipment equipment. Shenzhen Mindray Bio-Medical Electronics also produces supporting reagents.

Shenzhen Mindray Bio-Medical Electronics (300760 CH)

<ul>
<li>Mindray is seeking to raise at least USD500m via a Hong Kong listing. Huatai and JPM are the deal sponsors.</li>
<li>This note covers Mindray's in vitro diagnostics, patient monitoring and life support, medical imaging, and peer valuation.</li>
<li>We also discuss our preliminary thoughts on valuation based on A-H premium.</li>
</ul>


Mindray is seeking to raise at least USD500m via a Hong Kong listing. Huatai and JPM are the deal sponsors.
This note covers Mindray's in vitro diagnostics, patient monitoring and life support, medical imaging, and peer valuation.
We also discuss our preliminary thoughts on valuation based on A-H premium.


Mindray (迈瑞医疗) A+H Pre-IPO: Early Thoughts

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

CSPC Pharmaceutical Group Limited is a prominent Chinese pharmaceutical company engaged in the research, development, manufacturing, and sale of pharmaceutical products, including innovative drugs and bulk drugs. Its key products include innovative drugs for nervous system diseases, oncology, anti-infectives, and cardiovascular diseases, as well as bulk products like vitamin C, antibiotics, and caffeine. The company was formally established in 1997 and is headquartered in Shijiazhuang, Hebei Province, China.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-limited" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical (1093 HK)</a> 1Q26 revenue dropped 8% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. License fees compensated to an extent.</li>
<li>CSPC received upfront payment of US$ 1.2B from AstraZeneca for agreement entered to develop innovative long-acting peptide medicines, utilising the CSPC’s proprietary delivery technology platform and AI-driven drug discovery platform.</li>
<li>CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices. We remain bullish on the name.</li>
</ul>



CSPC Pharmaceutical (1093 HK) 1Q26 revenue dropped 8% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. License fees compensated to an extent.
CSPC received upfront payment of US$ 1.2B from AstraZeneca for agreement entered to develop innovative long-acting peptide medicines, utilising the CSPC’s proprietary delivery technology platform and AI-driven drug discovery platform.
CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices. We remain bullish on the name.


CSPC Pharma (1093 HK): 1Q26 Revenue Down, Regular Approvals and New Launches Hold Key For Future

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

LongBio Pharma (Suzhou) / Equity Capital Markets

<ul>
<li>LP-003’s indications are small if compared with big indications in autoimmune diseases.So, LP-003 needs to demonstrate excellent efficacy. Otherwise, it would face fierce competition from Xolair/biosimilars, leaving limited market space.</li>
<li>The core advantage of LP-005 is that multi-target complement inhibitor has superior efficacy potential compared to single-target ones. The downside is the concerns on safety profile and slow R&amp;D progress.</li>
<li>Post-Money valuation of <a href="https://www.smartkarma.com/entities/longbio-pharma-suzhou-co-ltd" target="_blank" data-smartkarma-citation="entities:45688:1" rel="noopener">LongBio Pharma </a>reached about RMB2 billion after Series C Financing. A comfortable valuation range could be RMB3-5 billion, or about 50%-150% upside from Series C Financing.</li>
</ul>


LP-003’s indications are small if compared with big indications in autoimmune diseases.So, LP-003 needs to demonstrate excellent efficacy. Otherwise, it would face fierce competition from Xolair/biosimilars, leaving limited market space.
The core advantage of LP-005 is that multi-target complement inhibitor has superior efficacy potential compared to single-target ones. The downside is the concerns on safety profile and slow R&amp;D progress.
Post-Money valuation of LongBio Pharma reached about RMB2 billion after Series C Financing. A comfortable valuation range could be RMB3-5 billion, or about 50%-150% upside from Series C Financing.


Pre-IPO LongBio Pharma (Suzhou) - Thoughts on The Pipeline and The Commercialization Outlook

Thematic (Sector/Industry)

<ul>
<li>Innovent Biologics enters global licensing and collaboration agreement with Pfizer for the R&amp;D of 12 promising breakthrough early-stage and de novo cancer medicines. Total value of the deal is $10.5B.</li>
<li>Olympus has decided to acquire Israel-based medical devices manufacturer BioProtect for $270M. GC Biopharma announced that Eli Lilly is acquiring entire stake of its U.S. affiliate Curevo Vaccine for $1.5B.</li>
<li>Daewoong Pharmaceutical received approval for its type 2 diabetes drug Enblo in Mexico. Dong-A ST announced that MetaVia’s obesity drug candidate DA-1726 demonstrated safety and tolerability in Phase 1 trial.</li>
</ul>


Innovent Biologics enters global licensing and collaboration agreement with Pfizer for the R&amp;D of 12 promising breakthrough early-stage and de novo cancer medicines. Total value of the deal is $10.5B.
Olympus has decided to acquire Israel-based medical devices manufacturer BioProtect for $270M. GC Biopharma announced that Eli Lilly is acquiring entire stake of its U.S. affiliate Curevo Vaccine for $1.5B.
Daewoong Pharmaceutical received approval for its type 2 diabetes drug Enblo in Mexico. Dong-A ST announced that MetaVia’s obesity drug candidate DA-1726 demonstrated safety and tolerability in Phase 1 trial.


APAC Healthcare Weekly (May 31) – Innovent Biologics, Junshi Bio, Henlius Bio, Olympus, GC Bio

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Following robust 1Q26 product sales, we believe CSPC’s core domestic franchise has reached an inflection point and is poised for stabilization in FY26E.</li><li>Concurrently, the company has successfully transitioned into a global innovator, evidenced by a steady cadence of out-licensing agreements.</li><li>Backed by a highly differentiated, late-stage pipeline, we expect recurring business development (BD) income to serve as a structural driver for long-term growth. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Following robust 1Q26 product sales, we believe CSPC’s core domestic franchise has reached an inflection point and is poised for stabilization in FY26E.Concurrently, the company has successfully transitioned into a global innovator, evidenced by a steady cadence of out-licensing agreements.Backed by a highly differentiated, late-stage pipeline, we expect recurring business development (BD) income to serve as a structural driver for long-term growth. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CSPC Pharmaceutical (1093 HK) - Core Sales Inflection with Substantial BD Optionality

China Healthcare
Growing pains

Mindray (迈瑞医疗) A+H Pre-IPO: Early Thoughts

Mindray is seeking to raise at least USD500m through an A+H listing. The note covers business quality, industry context, peer valuation, and A-H...

Ke Yan, CFA, FRM

CSPC Pharma (1093 HK): 1Q26 Revenue Down, Regular Approvals and New Launches Hold Key For Future

CSPC Pharma's 1Q26 revenue declined as finished drugs dragged. Recent $1.2B upfront payment from AstraZeneca will help boost upcoming quarters....

Tina Banerjee

Pre-IPO LongBio Pharma (Suzhou) - Thoughts on The Pipeline and The Commercialization Outlook

The IPO pricing of LongBio is HK$96.06/share, with market value of HK$7.13bn (or RMB6.2bn), over 300% higher than the RMB2bn valuation after Series...

Xinyao (Criss) Wang

APAC Healthcare Weekly (May 31) – Innovent Biologics, Junshi Bio, Henlius Bio, Olympus, GC Bio

Innovent stuck $10.5B outlicensing deal with Pfizer. Olympus will acquire BioProtect. Eli Lilly is acquiring GC Bio’s US affiliate. Dong-A’s...

Tina Banerjee

CSPC Pharmaceutical (1093 HK) - Core Sales Inflection with Substantial BD Optionality

Following robust 1Q26 product sales, we believe CSPC’s core domestic franchise has reached an inflection point and is poised for stabilization in...

CMB International

Mindray (迈瑞医疗) A+H Pre-IPO: Early Thoughts

Mindray is seeking to raise at least USD500m through an A+H listing. The note covers business quality, industry context, peer valuation, and A-H...

Ke Yan, CFA, FRM

CSPC Pharma (1093 HK): 1Q26 Revenue Down, Regular Approvals and New Launches Hold Key For Future

​CSPC Pharma's 1Q26 revenue declined as finished drugs dragged. Recent $1.2B upfront payment from AstraZeneca will help boost upcoming quarters....

Tina Banerjee

Pre-IPO LongBio Pharma (Suzhou) - Thoughts on The Pipeline and The Commercialization Outlook

The IPO pricing of LongBio is HK$96.06/share, with market value of HK$7.13bn (or RMB6.2bn), over 300% higher than the RMB2bn valuation after Series...

Xinyao (Criss) Wang

APAC Healthcare Weekly (May 31) – Innovent Biologics, Junshi Bio, Henlius Bio, Olympus, GC Bio

Innovent stuck $10.5B outlicensing deal with Pfizer. Olympus will acquire BioProtect. Eli Lilly is acquiring GC Bio’s US affiliate. Dong-A’s...

Tina Banerjee

CSPC Pharmaceutical (1093 HK) - Core Sales Inflection with Substantial BD Optionality

Following robust 1Q26 product sales, we believe CSPC’s core domestic franchise has reached an inflection point and is poised for stabilization in...

CMB International

CSPC Pharma's 1Q26 revenue declined as finished drugs dragged. Recent $1.2B upfront payment from AstraZeneca will help boost upcoming quarters....