Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Pharma-Play <strong><a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a></strong> has announced the spin-off and listing of 87.16%-held <a href="https://www.smartkarma.com/entities/mandi" target="_blank" data-smartkarma-citation="entities:46033" rel="noopener">Mandi (MANDI HK)</a>  on the HKEx. </li>
<li>3SBio will distribute its stake in-specie. There will be a concurrent global offering, the details of which are still to be fleshed out. </li>
<li>
<a href="https://www.smartkarma.com/entities/mandi" target="_blank" data-smartkarma-citation="entities:46033" rel="noopener">Mandi (MANDI HK)</a>, a " hair loss and weight management treatments" solutions provider, accounted for 17% of 3SBio's revs in the 1H25, and 12.5% of profit.</li>
</ul>


Pharma-Play 3SBio Inc (1530 HK) has announced the spin-off and listing of 87.16%-held Mandi (MANDI HK)  on the HKEx. 
3SBio will distribute its stake in-specie. There will be a concurrent global offering, the details of which are still to be fleshed out. 

Mandi (MANDI HK), a " hair loss and weight management treatments" solutions provider, accounted for 17% of 3SBio's revs in the 1H25, and 12.5% of profit.


3SBio (1530 HK)'s Spin-Off and Listing of Mandi Inc.

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Whether WeiMai’s business model can operate sustainably and effectively depends on whether it can establish long-term/stable relationship with hospitals/doctors, as they are the key stakeholders to attract/retain the downstream customers.</li>
<li>However, the relationship between WeiMai and the hospital network may not be solid, thereby shaking the foundation of the entire business model. Gross margin level is unsatisfactory compared with peers.</li>
<li>Post-Money valuation after Series D+ Financing was US$559 million. Due to the concerns on business model and the profitability, WeiMai’s valuation should be lower than <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology</a>.</li>
</ul>


Whether WeiMai’s business model can operate sustainably and effectively depends on whether it can establish long-term/stable relationship with hospitals/doctors, as they are the key stakeholders to attract/retain the downstream customers.
However, the relationship between WeiMai and the hospital network may not be solid, thereby shaking the foundation of the entire business model. Gross margin level is unsatisfactory compared with peers.
Post-Money valuation after Series D+ Financing was US$559 million. Due to the concerns on business model and the profitability, WeiMai’s valuation should be lower than Ping An Healthcare and Technology.


Pre-IPO WeiMai - The Pain Points Behind the Business Model

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.

Sany Heavy Industry / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sany-heavy-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:20183:1" rel="noopener">Sany Heavy Industry (600031 CH)</a>, raised around US$2.0bn in its H-share listing.</li>
<li>Sany Heavy Industry was the world’s third largest and China’s largest construction machinery company in terms of construction machinery’s cumulative revenue from 2020 to 2024, according to Frost &amp; Sullivan.</li>
<li>We have looked at the past performance and valuation in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Sany Heavy Industry (600031 CH), raised around US$2.0bn in its H-share listing.
Sany Heavy Industry was the world’s third largest and China’s largest construction machinery company in terms of construction machinery’s cumulative revenue from 2020 to 2024, according to Frost &amp; Sullivan.
We have looked at the past performance and valuation in our previous note. In this note, we talk about the trading dynamics.


Sany Heavy Industries A/H Trading - Strong Insti, Weak Retail. Pricing Still Tight

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weride-corp" target="_blank" data-smartkarma-citation="entities:39905:1" rel="noopener">WeRide (WRD US)</a> plans to raise around US$350m in its secondary listing in Hong Kong.</li>
<li>The company won HK listing approval and filed its PHIP on 19th October 2025. It will look to launch its secondary offering soon.</li>
<li>In this note, we’ll take a look at the deal and talk about the impact of the raising.</li>
</ul>



WeRide (WRD US) plans to raise around US$350m in its secondary listing in Hong Kong.
The company won HK listing approval and filed its PHIP on 19th October 2025. It will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.


WeRide Secondary HK Offering - Is Relatively Cheaper but Lacks Momentum

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 10th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Bidu, Hua Hong Semiconductor, Pop Mart Intl, Hang Seng Bank, Xiaomi.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 10th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Bidu, Hua Hong Semiconductor, Pop Mart Intl, Hang Seng Bank, Xiaomi.


HK Short Interest Weekly: Bidu, Hua Hong Semiconductor, Pop Mart Intl, Hang Seng Bank, Xiaomi

Hong Kong

Alibaba Health is the flagship healthcare platform of Alibaba Group, providing digital health services and resources. It operates pharmaceutical direct sales, an e-commerce platform for medications and health products, and offers healthcare and digital services including telemedicine consultations. The company is headquartered in Beijing, China, and was founded in 1998.

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Alibaba Health (241 HK)

3SBio (1530 HK)'s Spin-Off and Listing of Mandi Inc.

Often, the sum of the parts is larger than the whole. This may still hold here. Yet, given the size of Mandi, vs. 3SBio, higher market multiples...

David Blennerhassett

Pre-IPO WeiMai - The Pain Points Behind the Business Model

WeiMai's sustainability hinges on building strong relationships with hospitals and doctors, but shaky ties may impact business model.Profit margin...

Xinyao (Criss) Wang

Sany Heavy Industries A/H Trading - Strong Insti, Weak Retail. Pricing Still Tight

Sany Heavy Industry (600031 CH), raised around US$2.0bn in its H-share listing. In this note, we talk about the trading dynamics.

Sumeet Singh

WeRide Secondary HK Offering - Is Relatively Cheaper but Lacks Momentum

WeRide (WRD US) plans to raise around US$350m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

HK Short Interest Weekly: Bidu, Hua Hong Semiconductor, Pop Mart Intl, Hang Seng Bank, Xiaomi

We analyzed the latest HK SFC report for aggregate short position as of Oct 10th and highlight short interest changes in Bidu, Hua Hong...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

3SBio (1530 HK)'s Spin-Off and Listing of Mandi Inc.

Often, the sum of the parts is larger than the whole. This may still hold here. Yet, given the size of Mandi, vs. 3SBio, higher market multiples...

David Blennerhassett

Pre-IPO WeiMai - The Pain Points Behind the Business Model

​WeiMai's sustainability hinges on building strong relationships with hospitals and doctors, but shaky ties may impact business model.Profit margin...

Xinyao (Criss) Wang

Sany Heavy Industries A/H Trading - Strong Insti, Weak Retail. Pricing Still Tight

Sany Heavy Industry (600031 CH), raised around US$2.0bn in its H-share listing. In this note, we talk about the trading dynamics.

Sumeet Singh

WeRide Secondary HK Offering - Is Relatively Cheaper but Lacks Momentum

WeRide (WRD US) plans to raise around US$350m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

HK Short Interest Weekly: Bidu, Hua Hong Semiconductor, Pop Mart Intl, Hang Seng Bank, Xiaomi

We analyzed the latest HK SFC report for aggregate short position as of Oct 10th and highlight short interest changes in Bidu, Hua Hong...

Ke Yan, CFA, FRM

WeiMai's sustainability hinges on building strong relationships with hospitals and doctors, but shaky ties may impact business model.Profit margin...