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.

Equity Capital Markets

<ul>
<li>B&amp;K raised HKD 674m (USD 87m) from its global offering and will list on the Hong Kong Stock Exchange on Monday December 22, 2025.</li>
<li>In our previous note, we looked at the company's core products, management track records.</li>
<li>In this note, we provide an update for the IPO before trading debut.</li>
</ul>


B&amp;K raised HKD 674m (USD 87m) from its global offering and will list on the Hong Kong Stock Exchange on Monday December 22, 2025.
In our previous note, we looked at the company's core products, management track records.
In this note, we provide an update for the IPO before trading debut.


B&K (华芢生物科技) IPO: Trading Updates

<ul>
<li>B&amp;K, a China-based clinical stage biotech company, launched its IPO to raise at USD 774 million via a Hong Kong listing.</li>
<li>In this note, we look at its fundamentals briefly, including its core products and its management team.</li>
<li>We deem the fundamentals of the deal weak and will avoid the deal.</li>
</ul>


B&amp;K, a China-based clinical stage biotech company, launched its IPO to raise at USD 774 million via a Hong Kong listing.
In this note, we look at its fundamentals briefly, including its core products and its management team.
We deem the fundamentals of the deal weak and will avoid the deal.


B&K (华芢生物科技) IPO: Weak Fundamentals

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The growth factor drug market is highly competitive. Many competing products have been on the market for many years with NRDL reimbursement coverage and also accumulated rich recognition from doctors/patients.</li>
<li>Even if Pro-101 is approved for market launch, B&amp;K may have to reduce its price largely and invest heavily in market education/promotion. B&amp;K’s commercialization capability still needs to be verified.</li>
<li>Valuation of B&amp;K would be lower than peers. It is hard for B&amp;K to receive expected valuation premium since its latest round of post investment valuation is already RMB3.3 billion.</li>
</ul>


The growth factor drug market is highly competitive. Many competing products have been on the market for many years with NRDL reimbursement coverage and also accumulated rich recognition from doctors/patients.
Even if Pro-101 is approved for market launch, B&amp;K may have to reduce its price largely and invest heavily in market education/promotion. B&amp;K’s commercialization capability still needs to be verified.
Valuation of B&amp;K would be lower than peers. It is hard for B&amp;K to receive expected valuation premium since its latest round of post investment valuation is already RMB3.3 billion.


Pre-IPO B&K Corporation - Valuation Performance Could Be Disappointing

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B&K Corporation (BNK HK)

B&K (华芢生物科技) IPO: Trading Updates

B&K raises $87m in global offering, set to list on HK Stock Exchange on Monday. Our valuation and assessment of the company suggests that the deal...

Ke Yan, CFA, FRM

B&K (华芢生物科技) IPO: Weak Fundamentals

Huatai and CITIC led B&K IPO appears to be unattractive: minor incremental innovation, crowded wound-care competition, limited valuation upside,...

Ke Yan, CFA, FRM

Pre-IPO B&K Corporation - Valuation Performance Could Be Disappointing

Pro-101will face fierce competition. Due to uncertain market acceptance, B&K has to invest heavily in market education. Valuation of peers is under...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

B&K (华芢生物科技) IPO: Trading Updates

​B&K raises $87m in global offering, set to list on HK Stock Exchange on Monday. Our valuation and assessment of the company suggests that the deal...

Ke Yan, CFA, FRM

B&K (华芢生物科技) IPO: Weak Fundamentals

Huatai and CITIC led B&K IPO appears to be unattractive: minor incremental innovation, crowded wound-care competition, limited valuation upside,...

Ke Yan, CFA, FRM

Pre-IPO B&K Corporation - Valuation Performance Could Be Disappointing

Pro-101will face fierce competition. Due to uncertain market acceptance, B&K has to invest heavily in market education. Valuation of peers is under...

Xinyao (Criss) Wang

B&K raises $87m in global offering, set to list on HK Stock Exchange on Monday. Our valuation and assessment of the company suggests that the deal...