Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Ascentage Pharma Group Corp / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ascentage-pharma-group-inter" target="_blank" data-smartkarma-citation="entities:27824:1" rel="noopener">Ascentage Pharma (6855 HK)</a> reported revenue of RMB 233M in 1H25, down 72%, largely because of high base effect, as the company had received considerable intellectual property payments in 1H24.</li>
<li>In 1H25, the revenue from olverembatinib was RMB 217M (RMB 241M in 2024), up 93% YoY. The number of hospitals where olverembatinib is on formulary increased 47% to 295 hospitals.</li>
<li>In July 2025, company’s second lead asset, Lisaftoclax was approved by NMPA for the treatment of adult patients with CLL/SLL. The company has begun the commercial sales of Lisaftoclax thereafter.</li>
</ul>



Ascentage Pharma (6855 HK) reported revenue of RMB 233M in 1H25, down 72%, largely because of high base effect, as the company had received considerable intellectual property payments in 1H24.
In 1H25, the revenue from olverembatinib was RMB 217M (RMB 241M in 2024), up 93% YoY. The number of hospitals where olverembatinib is on formulary increased 47% to 295 hospitals.
In July 2025, company’s second lead asset, Lisaftoclax was approved by NMPA for the treatment of adult patients with CLL/SLL. The company has begun the commercial sales of Lisaftoclax thereafter.


Ascentage Pharma (6855 HK): Olverembatinib Going Strong; Lisaftoclax Launch Will Help Gain Momentum

Equity Capital Markets

Ascentage Pharma Group Corp / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ascentage-pharma-group-inter" target="_blank" data-smartkarma-citation="entities:27824:1" rel="noopener">Ascentage Pharma Group Corp (6855 HK)</a> announced the placement of 22M shares for subscription at HK$68.6 per share, representing 8% discount to last trading price before announcement.</li>
<li>The company intends to use the net proceeds for commercialization efforts, global clinical development to advance the core pipeline candidates and for infrastructure and working capital to strengthen global operations.</li>
<li>The launch of lisaftoclax in China followed by eventual approval olverembatinib in US would be the near-term triggers for the company.</li>
</ul>



Ascentage Pharma Group Corp (6855 HK) announced the placement of 22M shares for subscription at HK$68.6 per share, representing 8% discount to last trading price before announcement.
The company intends to use the net proceeds for commercialization efforts, global clinical development to advance the core pipeline candidates and for infrastructure and working capital to strengthen global operations.
The launch of lisaftoclax in China followed by eventual approval olverembatinib in US would be the near-term triggers for the company.


Ascentage Pharma (6855 HK): Placement Priced Reasonably; Pipeline Leads to Niche Market Opportunity

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Our forecast is sales of olverembatinib in 2025 could reach RMB500mn. APG-2575 is better than Sonrotoclax in ORR/safety profile, but global commercialization success is not simply determined by clinical data.</li>
<li>Placing price of HK$68.6/share has priced in the successful licensing deal of APG-2575 to some extent, which however is not a done deal. US$1.5-2.375bn is a more reasonable valuation range.</li>
<li>The big rally in biotech sector is not based on fundamental inflection point. The driving mentality behind the valuation bubble this time has a more obvious nature of “short-term gambling”.  </li>
</ul>


Our forecast is sales of olverembatinib in 2025 could reach RMB500mn. APG-2575 is better than Sonrotoclax in ORR/safety profile, but global commercialization success is not simply determined by clinical data.
Placing price of HK$68.6/share has priced in the successful licensing deal of APG-2575 to some extent, which however is not a done deal. US$1.5-2.375bn is a more reasonable valuation range.
The big rally in biotech sector is not based on fundamental inflection point. The driving mentality behind the valuation bubble this time has a more obvious nature of “short-term gambling”.  


Ascentage Pharma (6855.HK) Placement - Thoughts on The Placing Price and the Outlook

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ascentage-pharma-group-inter" target="_blank" data-smartkarma-citation="entities:27824:1" rel="noopener">Ascentage Pharma Group Corp (6855 HK)</a> (AP) aims to raise around US$196m via  top-up placement.</li>
<li>The company has undertaken a number of deals in the past, with none of the deals having done well. Although stock momentum has been strong this year.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Ascentage Pharma Group Corp (6855 HK) (AP) aims to raise around US$196m via  top-up placement.
The company has undertaken a number of deals in the past, with none of the deals having done well. Although stock momentum has been strong this year.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Ascentage Pharma Top-Up Placement - Past Deals Didn't Done Well, Stock up a Lot but Sector Is Strong

<ul>
<li>Ascentage has filed with the SEC to raise up to US$100 million in a US IPO. We think its future market value is expected to surpass that of Hutchmed.</li>
<li>The outlook of olverembatinib is clear. Takeda can give more possibilities to olverembatinib. 2025 Sales of olverembatinib is expected to reach RMB500 million.Market value contribution from olverembatinib is US$1-1.5 billion. </li>
<li>Investors have higher expectations on APG-2575 to be out-licensed to MNCs. We think the peak sales of APG-2575 is expected to surpass that of olverembatinib in overseas markets. </li>
</ul>


Ascentage has filed with the SEC to raise up to US$100 million in a US IPO. We think its future market value is expected to surpass that of Hutchmed.
The outlook of olverembatinib is clear. Takeda can give more possibilities to olverembatinib. 2025 Sales of olverembatinib is expected to reach RMB500 million.Market value contribution from olverembatinib is US$1-1.5 billion. 
Investors have higher expectations on APG-2575 to be out-licensed to MNCs. We think the peak sales of APG-2575 is expected to surpass that of olverembatinib in overseas markets. 


Pre-IPO Ascentage Pharma - The US Stock Listing Will Stimulate Future Growth Potential

China

Ascentage Pharma Group International operates as a clinical-stage biotechnology company. The Company develops novel therapies for cancers, hepatitis B virus, age-related diseases, and more. Ascentage Pharma Group International conducts businesses in China, the United States, and other countries.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ascentage Pharma Group Corp (6855 HK)

Ascentage Pharma (6855 HK): Olverembatinib Going Strong; Lisaftoclax Launch Will Help Gain Momentum

Ascentage Pharma's 1H25 revenue down 72% due to high base effect, but olverembatinib revenue up 93% YoY. Lisaftoclax approved for CLL/SLL...

Tina Banerjee

Ascentage Pharma (6855 HK): Placement Priced Reasonably; Pipeline Leads to Niche Market Opportunity

Ascentage Pharma is placing 22M shares at HK$68.6/share, 8% discount to last trading price. Proceeds will fund commercialization efforts and...

Tina Banerjee

Ascentage Pharma (6855.HK) Placement - Thoughts on The Placing Price and the Outlook

The Placing price of HK$68.6 has priced in successful licensing deal of APG-2575. US$1.5-2.375bn is a more reasonable valuation. Biotech sector...

Xinyao (Criss) Wang

Ascentage Pharma Top-Up Placement - Past Deals Didn't Done Well, Stock up a Lot but Sector Is Strong

Ascentage Pharma Group Corp (6855 HK) (AP) aims to raise around US$196m via top-up placement. In this note, we talk about the deal dynamics.

Sumeet Singh

Pre-IPO Ascentage Pharma - The US Stock Listing Will Stimulate Future Growth Potential

Ascentage aims to raise $100 million in US IPO, with potential valuation surpassing Hutchmed. Olverembatinib's outlook is certain. Catalyst is...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ascentage Pharma (6855 HK): Olverembatinib Going Strong; Lisaftoclax Launch Will Help Gain Momentum

​Ascentage Pharma's 1H25 revenue down 72% due to high base effect, but olverembatinib revenue up 93% YoY. Lisaftoclax approved for CLL/SLL...

Tina Banerjee

Ascentage Pharma (6855 HK): Placement Priced Reasonably; Pipeline Leads to Niche Market Opportunity

​Ascentage Pharma is placing 22M shares at HK$68.6/share, 8% discount to last trading price. Proceeds will fund commercialization efforts and...

Tina Banerjee

Ascentage Pharma (6855.HK) Placement - Thoughts on The Placing Price and the Outlook

The Placing price of HK$68.6 has priced in successful licensing deal of APG-2575. US$1.5-2.375bn is a more reasonable valuation. Biotech sector...

Xinyao (Criss) Wang

Ascentage Pharma Top-Up Placement - Past Deals Didn't Done Well, Stock up a Lot but Sector Is Strong

Ascentage Pharma Group Corp (6855 HK) (AP) aims to raise around US$196m via top-up placement. In this note, we talk about the deal dynamics.

Sumeet Singh

Pre-IPO Ascentage Pharma - The US Stock Listing Will Stimulate Future Growth Potential

​Ascentage aims to raise $100 million in US IPO, with potential valuation surpassing Hutchmed. Olverembatinib's outlook is certain. Catalyst is...

Xinyao (Criss) Wang

Ascentage Pharma's 1H25 revenue down 72% due to high base effect, but olverembatinib revenue up 93% YoY. Lisaftoclax approved for CLL/SLL...

Ascentage Pharma is placing 22M shares at HK$68.6/share, 8% discount to last trading price. Proceeds will fund commercialization efforts and...

Ascentage aims to raise $100 million in US IPO, with potential valuation surpassing Hutchmed. Olverembatinib's outlook is certain. Catalyst is...