HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Sichuan Biokin Pharmaceutical / Equity Capital Markets

Sichuan Biokin Pharmaceutical (688506 CH)

<ul>
<li>For secondary-market investors, aligning with established technology pathways offers greater clarity and comfort than speculating on new business development deals from Chinese firms.</li>
<li>As IPOs of biotechs in HK increase crazily in 2025, it has led companies to overly pursue stock trading, share reduction and exit.We suggest investors remain rational about healthcare IPOs.  </li>
<li>The valuation/IPO pricing of Biokin is too high. Recent poor performance of A/H shares after IPO has already intensified concerns. This could be the reason for the delay of IPO.</li>
</ul>


For secondary-market investors, aligning with established technology pathways offers greater clarity and comfort than speculating on new business development deals from Chinese firms.
As IPOs of biotechs in HK increase crazily in 2025, it has led companies to overly pursue stock trading, share reduction and exit.We suggest investors remain rational about healthcare IPOs.  
The valuation/IPO pricing of Biokin is too high. Recent poor performance of A/H shares after IPO has already intensified concerns. This could be the reason for the delay of IPO.


China Healthcare Weekly (Nov.16) - Crazy Healthcare IPOs, Don't Bet on BD, Biokin HK IPO Delayed

EpimAb Biotherapeutics / Equity Capital Markets

<ul>
<li>TCE has been highly popular for hematological malignancies and autoimmune diseases.Due to the "Fear of Missing Out" mentality, MNCs directly have purchased TCE assets or the Newco model is adopted.</li>
<li>Current clinical data is good for CRC, providing EMB-01 with a solid foundation for entering phase III trials.EMB-06 may face challenges in commercialization. EMB-07 has high hopes to be out-licensed.</li>
<li>Short-Term valuation could be lower than Akeso. Based on our forecast of the peak sales of EMB-01, EMB-06, EMB-07, long-term valuation could reach about US$16.5 billion.</li>
</ul>


TCE has been highly popular for hematological malignancies and autoimmune diseases.Due to the "Fear of Missing Out" mentality, MNCs directly have purchased TCE assets or the Newco model is adopted.
Current clinical data is good for CRC, providing EMB-01 with a solid foundation for entering phase III trials.EMB-06 may face challenges in commercialization. EMB-07 has high hopes to be out-licensed.
Short-Term valuation could be lower than Akeso. Based on our forecast of the peak sales of EMB-01, EMB-06, EMB-07, long-term valuation could reach about US$16.5 billion.


Pre-IPO EpimAb Biotherapeutics - The TCE Pipeline Has Great Potential

Sichuan Biokin Pharmaceutical Co Ltd / Equity Capital Markets

Sichuan Biokin Pharmaceutical Co Ltd (SBP12 HK)

<ul>
<li>Chairman of the Board Zhu Yi hopes to build Biokin into an MNC with the success of BL-B01D1.In other words, Zhu Yi is prepared to bet all on this product.</li>
<li>Biokin’s valuation should be lower than <a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a>, but higher than RemeGen. If BL-B01D1’s development is successful, Biokin’s future valuation ceiling will be higher than Kelun Bio.  </li>
<li>Global peak sales revenue share of BL-B01D1 could reach approximately RMB20 billion. If based on P/S of 5x, market value is RMB100 billion. So, there's bubble in valuation in A-share.</li>
</ul>


Chairman of the Board Zhu Yi hopes to build Biokin into an MNC with the success of BL-B01D1.In other words, Zhu Yi is prepared to bet all on this product.
Biokin’s valuation should be lower than Akeso Biopharma Inc (9926 HK), but higher than RemeGen. If BL-B01D1’s development is successful, Biokin’s future valuation ceiling will be higher than Kelun Bio.  
Global peak sales revenue share of BL-B01D1 could reach approximately RMB20 billion. If based on P/S of 5x, market value is RMB100 billion. So, there's bubble in valuation in A-share.


Pre-IPO Sichuan Biokin Pharmaceutical (PHIP Updates) - Some Points Worth the Attention

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Sichuan Biokin Pharmaceutical has launched HK IPO to raise ~$430M by offering 8.6M shares at HK$389 per share. Subscriptions will close on November 12, with expected listing on November 17.</li>
<li>Lead candidate, iza-bren is the world’s first and only EGFR × HER3 bispecific ADC to have entered Phase 3 trial. Biokin has co-development and co-commercialization agreement with BMS for iza-bren.</li>
<li>The company is already listed on China’s A-share market in Shanghai. Biokin shares have been a strong performer since it went public and rose 77% over the last one year.</li>
</ul>


Sichuan Biokin Pharmaceutical has launched HK IPO to raise ~$430M by offering 8.6M shares at HK$389 per share. Subscriptions will close on November 12, with expected listing on November 17.
Lead candidate, iza-bren is the world’s first and only EGFR × HER3 bispecific ADC to have entered Phase 3 trial. Biokin has co-development and co-commercialization agreement with BMS for iza-bren.
The company is already listed on China’s A-share market in Shanghai. Biokin shares have been a strong performer since it went public and rose 77% over the last one year.


Sichuan Biokin Pharmaceutical IPO: Well-Positioned to Ride Oncology Focused Global ADC Wave

Asia Pac ECM and Index Rebal, Shenton 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.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Oct 31st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Csop Hsi (2X Inv), TraHK HSI ETF, Akeso.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 31st.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Csop Hsi (2X Inv), TraHK HSI ETF, Akeso.


HK Short Interest Weekly: Csop Hsi (2X Inv), TraHK HSI ETF, Akeso

China

Akeso is a biopharmaceutical company focused on the research, development, manufacturing, and commercialization of innovative antibody drugs. It develops treatments for major diseases such as cancer, autoimmune diseases, inflammation, and metabolic diseases, with key products including cadonilimab, ivonescimab, and penpulimab. The company was founded in 2012 and is headquartered in Zhongshan, Guangdong, China.

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Akeso (9926 HK)

China Healthcare Weekly (Nov.16) - Crazy Healthcare IPOs, Don't Bet on BD, Biokin HK IPO Delayed

Investors're advised to focus on technical route over new BD deals from Chinese companies. Investors need to remain rational about healthcare...

Xinyao (Criss) Wang

Pre-IPO EpimAb Biotherapeutics - The TCE Pipeline Has Great Potential

TCE assets are in high demand. ‌‌EpimAb’s TCE pipeline has shown promising data, indicating more licensing cooperation.Short-term valuation could...

Xinyao (Criss) Wang

Pre-IPO Sichuan Biokin Pharmaceutical (PHIP Updates) - Some Points Worth the Attention

Biokin’s high-end IPO pricing (HK$389) shows a premium over A-shares (RMB352.3). Lower-end pricing (HK$347.5) is only discounted by 10%, far lower...

Xinyao (Criss) Wang

Sichuan Biokin Pharmaceutical IPO: Well-Positioned to Ride Oncology Focused Global ADC Wave

Sichuan Biokin Pharmaceutical has launched HK IPO to raise ~$430M by offering 8.6M shares at HK$389 per share. Subscriptions will close on November...

Tina Banerjee

HK Short Interest Weekly: Csop Hsi (2X Inv), TraHK HSI ETF, Akeso

We analyzed the latest HK SFC report for aggregate short position as of Oct 31st and highlight short interest changes in Csop Hsi (2X Inv), TraHK...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Healthcare Weekly (Nov.16) - Crazy Healthcare IPOs, Don't Bet on BD, Biokin HK IPO Delayed

​Investors're advised to focus on technical route over new BD deals from Chinese companies. Investors need to remain rational about healthcare...

Xinyao (Criss) Wang

Pre-IPO EpimAb Biotherapeutics - The TCE Pipeline Has Great Potential

TCE assets are in high demand. ‌‌EpimAb’s TCE pipeline has shown promising data, indicating more licensing cooperation.Short-term valuation could...

Xinyao (Criss) Wang

Pre-IPO Sichuan Biokin Pharmaceutical (PHIP Updates) - Some Points Worth the Attention

Biokin’s high-end IPO pricing (HK$389) shows a premium over A-shares (RMB352.3). Lower-end pricing (HK$347.5) is only discounted by 10%, far lower...

Xinyao (Criss) Wang

Sichuan Biokin Pharmaceutical IPO: Well-Positioned to Ride Oncology Focused Global ADC Wave

Sichuan Biokin Pharmaceutical has launched HK IPO to raise ~$430M by offering 8.6M shares at HK$389 per share. Subscriptions will close on November...

Tina Banerjee

HK Short Interest Weekly: Csop Hsi (2X Inv), TraHK HSI ETF, Akeso

We analyzed the latest HK SFC report for aggregate short position as of Oct 31st and highlight short interest changes in Csop Hsi (2X Inv), TraHK...

Ke Yan, CFA, FRM

Investors're advised to focus on technical route over new BD deals from Chinese companies. Investors need to remain rational about healthcare...