HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Beijing QL Biopharmaceutical / Equity Capital Markets

<ul>
<li>QL adopts a comprehensive business model of "independent R&amp;D + full industrial chain layout + diversified pipeline".Based on proprietary technology platforms, QL is able to form a structural cost advantage.</li>
<li>The competition for GLP-1 is moving from the broad stage to the "efficacy, safety, convenience, and economy" refined competition stage, and QL is facing intense competition in multiple dimensions.</li>
<li>With the comprehensive assessment of QL - "no commercialized product + strong pipeline”, and “first mover advantage + product differentiation", a neutral scenario is HK$15-20 billion market value.</li>
</ul>


QL adopts a comprehensive business model of "independent R&amp;D + full industrial chain layout + diversified pipeline".Based on proprietary technology platforms, QL is able to form a structural cost advantage.
The competition for GLP-1 is moving from the broad stage to the "efficacy, safety, convenience, and economy" refined competition stage, and QL is facing intense competition in multiple dimensions.
With the comprehensive assessment of QL - "no commercialized product + strong pipeline”, and “first mover advantage + product differentiation", a neutral scenario is HK$15-20 billion market value.


Pre-IPO Beijing QL Biopharmaceutical - Valuation Premiums Are Highly Likely

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.

<ul>
<li>Beijing QL Biopharm, a China-based biopharmaceutical company, is looking to raise via a Hong Kong listing. Jefferies and Huatai are the joint sponsors.</li>
<li>In this note, we look at the company's one Phase III core product, zovaglutide (ZT002).</li>
<li>We also look at the company's pre-IPO investors and management team.</li>
</ul>


Beijing QL Biopharm, a China-based biopharmaceutical company, is looking to raise via a Hong Kong listing. Jefferies and Huatai are the joint sponsors.
In this note, we look at the company's one Phase III core product, zovaglutide (ZT002).
We also look at the company's pre-IPO investors and management team.


Beijing QL Biopharm (质肽生物医药) Pre-IPO: Monthly GLP-1 Convenience Needs a Stronger Efficacy Case

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Beijing QL Biopharmaceutical (BQLB HK)

Pre-IPO Beijing QL Biopharmaceutical - Valuation Premiums Are Highly Likely

QL's technology platforms give it a cost advantage, but faces intense competition.Neutral market value estimated at HK$15-20bn.Top institutions...

Xinyao (Criss) Wang

Beijing QL Biopharm (质肽生物医药) Pre-IPO: Monthly GLP-1 Convenience Needs a Stronger Efficacy Case

Beijing QL Biopharm is seeking an 18A listing in Hong Kong. In this note, we look at the company's core product zovaglutide (ZT002), pre-IPO...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Beijing QL Biopharmaceutical - Valuation Premiums Are Highly Likely

​QL's technology platforms give it a cost advantage, but faces intense competition.Neutral market value estimated at HK$15-20bn.Top institutions...

Xinyao (Criss) Wang

Beijing QL Biopharm (质肽生物医药) Pre-IPO: Monthly GLP-1 Convenience Needs a Stronger Efficacy Case

Beijing QL Biopharm is seeking an 18A listing in Hong Kong. In this note, we look at the company's core product zovaglutide (ZT002), pre-IPO...

Ke Yan, CFA, FRM

QL's technology platforms give it a cost advantage, but faces intense competition.Neutral market value estimated at HK$15-20bn.Top institutions...