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.

Equity Bottom-Up

<ul><li>3SBio reported 1H26 revenue of RMB4,526mn, up 3.9% YoY, driven by the milestone payment of 707.</li><li>Excluding licensing revenue, recurring revenue fell 15.6% YoY to RMB3,674mn, reflecting reimbursement controls, VBP-related pressure, and VAT adjustment.</li><li>Attributable net profit decreased 15.6% YoY to RMB1,147mn, mainly due to FX losses. </li></ul>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.

3SBio reported 1H26 revenue of RMB4,526mn, up 3.9% YoY, driven by the milestone payment of 707.Excluding licensing revenue, recurring revenue fell 15.6% YoY to RMB3,674mn, reflecting reimbursement controls, VBP-related pressure, and VAT adjustment.Attributable net profit decreased 15.6% YoY to RMB1,147mn, mainly due to FX losses. 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.

3SBio (1530 HK) - 707 remains the key value driver

Healthcare Analyst

Wilfred Yuen

Thematic (Sector/Industry)

<ul>
<li>Strong deal flows this week: 1) Abogen/Novartis on autoimmune TCE and RNA platform; 2) Scibrunch/Merck on preclinical Kras G12D, 3) Hengrui/Novo on weekly oral GLP-1/GIP, 4) Nhwa/Newco on sleep disorder</li>
<li>
Akeso's partner Summit announced US$2bn investment from AstraZeneca and clinical collaborations for ivonescimab with CLDN18.2 ADC sone-ve and TROP-2 ADC Datroway</li>
<li>Other updates from Hansoh's EU setback, Hutchmed's US NDA filing, Frontier Biotech's dual-targeting siRNA, Mindrank/3SBio deal, Beam vs. YolTech/Serapha...</li>
</ul>


Strong deal flows this week: 1) Abogen/Novartis on autoimmune TCE and RNA platform; 2) Scibrunch/Merck on preclinical Kras G12D, 3) Hengrui/Novo on weekly oral GLP-1/GIP, 4) Nhwa/Newco on sleep disorder

Akeso's partner Summit announced US$2bn investment from AstraZeneca and clinical collaborations for ivonescimab with CLDN18.2 ADC sone-ve and TROP-2 ADC Datroway
Other updates from Hansoh's EU setback, Hutchmed's US NDA filing, Frontier Biotech's dual-targeting siRNA, Mindrank/3SBio deal, Beam vs. YolTech/Serapha...


China Healthcare Weekly Wrap (28 Sep - 2 Oct)

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/3sbio-inc">3SBio</a> is a leading Chinese biopharmaceutical company with a strong portfolio of commercialized products and a promising R&amp;D pipeline, transitioning towards innovative biologics.</li>
 <li>The company's valuation appears attractive compared to peers, trading at a significant discount on key metrics, which may present a compelling investment opportunity.</li>
 <li>Future growth is heavily reliant on the successful clinical development and commercialization of its pipeline assets, particularly the oncology drug 707, in partnership with Pfizer, which also introduces significant clinical and regulatory risks.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
3SBio is a leading Chinese biopharmaceutical company with a strong portfolio of commercialized products and a promising R&amp;D pipeline, transitioning towards innovative biologics.
  The company's valuation appears attractive compared to peers, trading at a significant discount on key metrics, which may present a compelling investment opportunity.
  Future growth is heavily reliant on the successful clinical development and commercialization of its pipeline assets, particularly the oncology drug 707, in partnership with Pfizer, which also introduces significant clinical and regulatory risks.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>2025 has seen a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024.</li>
<li>Most of the 2025 placements have been primary raising and have come from a handful of sectors/backdrops.</li>
<li>In this note, we try to identify the possible primary placements that could take place over the rest of the year.</li>
</ul>


2025 has seen a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024.
Most of the 2025 placements have been primary raising and have come from a handful of sectors/backdrops.
In this note, we try to identify the possible primary placements that could take place over the rest of the year.


Hong Kong 2025 Placements - Year so Far and Trends for Potential Primary Placements

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a>'s stock price has soared over the last couple of months, and the higher market cap should result in global index inclusion in August.</li>
<li>
<a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> has gone from middle/bottom of the pack to best performer among its peer group over the last two months.</li>
<li>There will be a lot of positioning in the stock, but we see a similar trend across stocks in the industry.</li>
</ul>



3SBio Inc (1530 HK)'s stock price has soared over the last couple of months, and the higher market cap should result in global index inclusion in August.

3SBio Inc (1530 HK) has gone from middle/bottom of the pack to best performer among its peer group over the last two months.
There will be a lot of positioning in the stock, but we see a similar trend across stocks in the industry.


3SBio (1530 HK): Global Index Inclusion as Stock Soars

China

3SBio is a leading biotechnology company engaged in the research, development, manufacturing, and marketing of biopharmaceutical products. The company's diverse portfolio addresses therapeutic areas such as nephrology, oncology, supportive cancer care, inflammation, infectious diseases, autoimmune diseases, metabolism, and dermatology, with key products including EPIAO and TPIAO. 3SBio was founded in 1993 and is headquartered in Shenyang, China.

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3SBio (1530 HK)

3SBio (1530 HK) - 707 remains the key value driver

Excluding licensing revenue, recurring revenue fell 15.6% YoY to RMB3,674mn, reflecting reimbursement controls, VBP-related pressure, and VAT...

CMB International

China Healthcare Weekly Wrap (28 Sep - 2 Oct)

Strong deal flows this week: 1) Abogen/Novartis on in vivo mRNA TCE; 2) Scibrunch/Merck on Kras G12D, 3) Hengrui/Novo on weekly oral GLP-1/GIP;...

Wilfred Yuen

Primer: 3SBio (1530 HK) - Aug 2026

3SBio is a leading Chinese biopharmaceutical company with a strong portfolio of commercialized products and a promising R&D pipeline,...

αSK Primers

Hong Kong 2025 Placements - Year so Far and Trends for Potential Primary Placements

1H25 saw a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024. In this...

Sumeet Singh

3SBio (1530 HK): Global Index Inclusion as Stock Soars

3SBio could be added to a global index in August. There is large positioning in the stock, but industry momentum could lead to further upside in...

Brian Freitas

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