Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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> witnessed revenue growth of 94% to RMB 17.7B in 2025 on the back of payments from licensing deal with Pfizer.  Tpiao continues to loose market share.</li>
<li>The NDA of Anti-IL-17A mAb (608, for psoriasis) and Eltrombopag (SSS20, for ITP and Severe Aplastic Anemia) was approved for marketing in February 2026 and March 2026, respectively.</li>
<li>We feel that the company will face growth hurdles in the near to medium term but will recover from that. We would recommend to hold the stock for now.</li>
</ul>



3SBio Inc (1530 HK) witnessed revenue growth of 94% to RMB 17.7B in 2025 on the back of payments from licensing deal with Pfizer.  Tpiao continues to loose market share.
The NDA of Anti-IL-17A mAb (608, for psoriasis) and Eltrombopag (SSS20, for ITP and Severe Aplastic Anemia) was approved for marketing in February 2026 and March 2026, respectively.
We feel that the company will face growth hurdles in the near to medium term but will recover from that. We would recommend to hold the stock for now.


3SBio Inc (1530 HK): Licensing Boosts 2025 Revenue, Temporary Growth Hurdles Incoming

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 20th November 2025, pharma-play <strong><a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio (1530 HK)</a></strong> announced the spin-off and listing of 87.16%-held Mandi, a "<em>hair loss and weight management treatments</em>" solutions provider, on the HKEx. </li>
<li>3SBio will distribute its stake in-specie, together with a concurrent global offering. An EGM has been set for the 23rd April for shareholders to vote on the in-specie distribution.</li>
<li>Mandi accounted for 17% of 3SBio's revs in the 1H25, and 12.5% of profit. No updated figures for 2H25 have been provided. 3SBio's overall FY25 numbers were stellar. </li>
</ul>


Back on the 20th November 2025, pharma-play 3SBio (1530 HK) announced the spin-off and listing of 87.16%-held Mandi, a "hair loss and weight management treatments" solutions provider, on the HKEx. 
3SBio will distribute its stake in-specie, together with a concurrent global offering. An EGM has been set for the 23rd April for shareholders to vote on the in-specie distribution.
Mandi accounted for 17% of 3SBio's revs in the 1H25, and 12.5% of profit. No updated figures for 2H25 have been provided. 3SBio's overall FY25 numbers were stellar. 


Update On 3SBio (1530 HK)'s Spin-Off and Listing of Mandi

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Mandi’s valuation logic is drifting away from the main line of 3SBio.Mandi is "good asset but not core asset" within 3SBio system, so it’s difficult to drive up overall valuation. </li>
<li>Innovative drug R&amp;D will be the main driver for future valuation growth in "post-Mandi era". The Placing can be regarded as the continuous development of 3SBio after Mandi spin-off .</li>
<li>3SBio is undervalued. Valuation would be higher than Sino Biopharm and may also surpass Akeso, Hengrui in the future if its SSGJ-707 can deliver good clinical data in future trials.</li>
</ul>


Mandi’s valuation logic is drifting away from the main line of 3SBio.Mandi is "good asset but not core asset" within 3SBio system, so it’s difficult to drive up overall valuation. 
Innovative drug R&amp;D will be the main driver for future valuation growth in "post-Mandi era". The Placing can be regarded as the continuous development of 3SBio after Mandi spin-off .
3SBio is undervalued. Valuation would be higher than Sino Biopharm and may also surpass Akeso, Hengrui in the future if its SSGJ-707 can deliver good clinical data in future trials.


3SBio Inc (1530 HK) Placement - The Placing Price Indicates Decent Upside Potential in Valuation

<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> announced the placement of 105.2M shares for subscription at HK$29.62 per share.</li>
<li>The company intends to use 80% of the net proceeds for R&amp;D-related expenditures on innovative drug candidates and the rest 20% for working capital and other general corporate purpose.</li>
<li>The placement provides an indirect way of subscribing to Mandi shares. We reiterate our bullish stance on 3SBio with a 25-30% upside scope in the near term.</li>
</ul>



3SBio Inc (1530 HK) announced the placement of 105.2M shares for subscription at HK$29.62 per share.
The company intends to use 80% of the net proceeds for R&amp;D-related expenditures on innovative drug candidates and the rest 20% for working capital and other general corporate purpose.
The placement provides an indirect way of subscribing to Mandi shares. We reiterate our bullish stance on 3SBio with a 25-30% upside scope in the near term.


3SBio (1530 HK) Placement: 3SBio’s Pipeline Strength, An Indirect Stake in Mandi Makes It Attractive

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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.

<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> is looking to raise around US$400m from a primary placement.</li>
<li>The deal is a small one, representing 2.9 days of the stock’s three month ADV, and 3.9% of total shares outstanding.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



3SBio Inc (1530 HK) is looking to raise around US$400m from a primary placement.
The deal is a small one, representing 2.9 days of the stock’s three month ADV, and 3.9% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.


3SBio Placement: Partnership with Pfizer Going Well; Digestible Deal

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 Inc (1530 HK): Licensing Boosts 2025 Revenue, Temporary Growth Hurdles Incoming

3SBio Inc saw a 94% revenue increase in 2025 due to Pfizer deal. Faces market share challenges. Marketing approvals for key pipeline products is...

Tina Banerjee

Update On 3SBio (1530 HK)'s Spin-Off and Listing of Mandi

3SBio's share price popped 12% yesterday following the release of strong FY25 numbers. But the stock is down 22% from my last note. My calcs...

David Blennerhassett

3SBio Inc (1530 HK) Placement - The Placing Price Indicates Decent Upside Potential in Valuation

3SBio's valuation logic shifting away from Mandi, focusing on innovative drug R&D for future growth and potential to surpass peers with good...

Xinyao (Criss) Wang

3SBio (1530 HK) Placement: 3SBio’s Pipeline Strength, An Indirect Stake in Mandi Makes It Attractive

3SBio Inc announces placement of 105.2M shares at HK$29.62/share for R&D and working capital. Placement attractive given 3SBio's pipeline...

Tina Banerjee

3SBio Placement: Partnership with Pfizer Going Well; Digestible Deal

3SBio Inc is planning to raise $400m through a primary placement, a small deal representing 2.9 days of stock's ADV and 3.9% of total shares...

Nicholas Tan

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

3SBio Inc (1530 HK): Licensing Boosts 2025 Revenue, Temporary Growth Hurdles Incoming

​3SBio Inc saw a 94% revenue increase in 2025 due to Pfizer deal. Faces market share challenges. Marketing approvals for key pipeline products is...

Tina Banerjee

Update On 3SBio (1530 HK)'s Spin-Off and Listing of Mandi

3SBio's share price popped 12% yesterday following the release of strong FY25 numbers. But the stock is down 22% from my last note. My calcs...

David Blennerhassett

3SBio Inc (1530 HK) Placement - The Placing Price Indicates Decent Upside Potential in Valuation

​3SBio's valuation logic shifting away from Mandi, focusing on innovative drug R&D for future growth and potential to surpass peers with good...

Xinyao (Criss) Wang

3SBio (1530 HK) Placement: 3SBio’s Pipeline Strength, An Indirect Stake in Mandi Makes It Attractive

​3SBio Inc announces placement of 105.2M shares at HK$29.62/share for R&D and working capital. Placement attractive given 3SBio's pipeline...

Tina Banerjee

3SBio Placement: Partnership with Pfizer Going Well; Digestible Deal

​3SBio Inc is planning to raise $400m through a primary placement, a small deal representing 2.9 days of stock's ADV and 3.9% of total shares...

Nicholas Tan

3SBio Inc saw a 94% revenue increase in 2025 due to Pfizer deal. Faces market share challenges. Marketing approvals for key pipeline products is...

3SBio's valuation logic shifting away from Mandi, focusing on innovative drug R&D for future growth and potential to surpass peers with good...

3SBio Inc announces placement of 105.2M shares at HK$29.62/share for R&D and working capital. Placement attractive given 3SBio's pipeline...

3SBio Inc is planning to raise $400m through a primary placement, a small deal representing 2.9 days of stock's ADV and 3.9% of total shares...