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

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

Simcere Zaiming Pharmaceutical / Equity Capital Markets

<ul>
<li>Zaiming is operating in a "high investment, high losses" mode. This mode is questionable in terms of its sustainability in the context of a cooling capital market.</li>
<li>Whether the already marketed drugs or the drugs in R&amp;D stage, almost all core markets are facing intense competition. After products are launched, they will encounter challenges in market penetration.</li>
<li>We think valuation of Zaiming would be lower than peers such as <a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group-co" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical</a>, <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals</a>, but higher than <a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical Group (2096 HK) and Sino Biopharmaceutical (1177 HK)</a>.</li>
</ul>


Zaiming is operating in a "high investment, high losses" mode. This mode is questionable in terms of its sustainability in the context of a cooling capital market.
Whether the already marketed drugs or the drugs in R&amp;D stage, almost all core markets are facing intense competition. After products are launched, they will encounter challenges in market penetration.
We think valuation of Zaiming would be lower than peers such as Hansoh Pharmaceutical, Jiangsu Hengrui Pharmaceuticals, but higher than Simcere Pharmaceutical Group (2096 HK) and Sino Biopharmaceutical (1177 HK).


Pre-IPO Simcere Zaiming Pharmaceutical - About the Pipeline, the Concerns and the Outlook

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>LongBio Pharma, a clinical-stage biopharmaceutical company, has launched its HK IPO consisting of 14M H shares. The offer price has been fixed at HK$96.06 per share.</li>
<li>The company intends to raise HK$1,345M, primarily for the R&amp;D and commercialization of core product and key product, and further development of other pre-clinical pipeline products and R&amp;D platforms.</li>
<li>The subscription period will close on June 2, 2026, with the shares expected to make trading debut on June 5, 2026.</li>
</ul>


LongBio Pharma, a clinical-stage biopharmaceutical company, has launched its HK IPO consisting of 14M H shares. The offer price has been fixed at HK$96.06 per share.
The company intends to raise HK$1,345M, primarily for the R&amp;D and commercialization of core product and key product, and further development of other pre-clinical pipeline products and R&amp;D platforms.
The subscription period will close on June 2, 2026, with the shares expected to make trading debut on June 5, 2026.


LongBio Pharma IPO: Not Enough Prospective Yet to Prevent Investor Allergy

Wuhan Ammunition Life-Tech / Equity Capital Markets

<ul>
<li>The products of Ammunition play more of an auxiliary and supplementary role compared to the gold standards that have been widely recognized and used in the industry for many years.</li>
<li>The concern is the clinical application may be limited due to doctors' lack of sufficient trust/recognition on such products.So, Ammunition needs to invest heavily in doctor education and market promotion.</li>
<li>The market may give more conservative valuations to enterprises that are still in the stage of "burning money" to gain market share. Valuation of Ammunition could be lower than peer</li>
</ul>


The products of Ammunition play more of an auxiliary and supplementary role compared to the gold standards that have been widely recognized and used in the industry for many years.
The concern is the clinical application may be limited due to doctors' lack of sufficient trust/recognition on such products.So, Ammunition needs to invest heavily in doctor education and market promotion.
The market may give more conservative valuations to enterprises that are still in the stage of "burning money" to gain market share. Valuation of Ammunition could be lower than peer


Pre-IPO Wuhan Ammunition Life-Tech - About The Products and the Concerns Behind

New market cap creation in China healthcare

China Healthcare IPOs
New market cap creation in China healthcare

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

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

Pre-IPO Simcere Zaiming Pharmaceutical - About the Pipeline, the Concerns and the Outlook

Zaiming's high investment, high losses strategy may not be sustainable in a competitive market. Products will encounter challenges in market...

Xinyao (Criss) Wang

LongBio Pharma IPO: Not Enough Prospective Yet to Prevent Investor Allergy

LongBio has launched its HK IPO consisting of 14M H shares at HK$96.06 per share to fund R&D and commercialization of its core product candidate....

Tina Banerjee

Pre-IPO Wuhan Ammunition Life-Tech - About The Products and the Concerns Behind

Compared to gold standards, Ammunition's products face challenges in gaining trust from doctors/market recognition, requiring heavy investment in...

Xinyao (Criss) Wang

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

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

Pre-IPO Simcere Zaiming Pharmaceutical - About the Pipeline, the Concerns and the Outlook

​Zaiming's high investment, high losses strategy may not be sustainable in a competitive market. Products will encounter challenges in market...

Xinyao (Criss) Wang

LongBio Pharma IPO: Not Enough Prospective Yet to Prevent Investor Allergy

LongBio has launched its HK IPO consisting of 14M H shares at HK$96.06 per share to fund R&D and commercialization of its core product candidate....

Tina Banerjee

Pre-IPO Wuhan Ammunition Life-Tech - About The Products and the Concerns Behind

​Compared to gold standards, Ammunition's products face challenges in gaining trust from doctors/market recognition, requiring heavy investment in...

Xinyao (Criss) Wang

Zaiming's high investment, high losses strategy may not be sustainable in a competitive market. Products will encounter challenges in market...

Compared to gold standards, Ammunition's products face challenges in gaining trust from doctors/market recognition, requiring heavy investment in...