HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Beijing Sinotau International Pharmaceutical Technology / Equity Capital Markets

Beijing Sinotau International Pharmaceutical Technology

<ul>
<li>The mature and complete upstream to downstream industrial chain of nuclear medicine has high barriers. It is unknown whether the entire nuclear drug market can reach the scale of ADC.</li>
<li>There’re uncertainties in commercialization of Sinotau’s pipeline, which faces the pressure of lowering price, NRDL negotiation, challenge from generic drugs. Uneven distribution of nuclear resources constrains the application of products.</li>
<li>Short-Term performance mainly relies on the commercialization breakthrough of XTR008 and XTR005. Our forecast is revenue could reach RMB300-500 million in 2026. Pre-IPO valuation of RMB5.188 billion is not cheap.</li>
</ul>


The mature and complete upstream to downstream industrial chain of nuclear medicine has high barriers. It is unknown whether the entire nuclear drug market can reach the scale of ADC.
There’re uncertainties in commercialization of Sinotau’s pipeline, which faces the pressure of lowering price, NRDL negotiation, challenge from generic drugs. Uneven distribution of nuclear resources constrains the application of products.
Short-Term performance mainly relies on the commercialization breakthrough of XTR008 and XTR005. Our forecast is revenue could reach RMB300-500 million in 2026. Pre-IPO valuation of RMB5.188 billion is not cheap.


Pre-IPO Beijing Sinotau International Pharmaceutical Technology - The Pipeline and the Outlook

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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>Sinotau, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The book runner is CICC.</li>
<li>In this insight, we look at the company’s core products, XTR008, XTR006, XTR004, and XTR003, including its mechanism and clinical data.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


Sinotau, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The book runner is CICC.
In this insight, we look at the company’s core products, XTR008, XTR006, XTR004, and XTR003, including its mechanism and clinical data.
We also look at the company’s pre-IPO investors and management team.


Sinotau (先通医药) Pre-IPO: A Niche Radiopharmaceutical Player

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, we had a look at a number of deals that are in the pipeline.</li>
<li>On the placements front, it was a relatively quiet week with a few primary raisings.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, we had a look at a number of deals that are in the pipeline.
On the placements front, it was a relatively quiet week with a few primary raisings.


ECM Weekly (28 July 2025) - MMC, Pine Lags, Prestige, Veritas, Daehan, Kasumigaseki, NSDL, GNI

China

Beijing Sinotau International Pharmaceutical Technology (BSIPT HK)

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Beijing Sinotau International Pharmaceutical Technology (BSIPT HK)

Pre-IPO Beijing Sinotau International Pharmaceutical Technology - The Pipeline and the Outlook

Nuclear medicine industry faces barriers and uncertainties in commercialization. Sinotau’s short-term performance relies on XTR008, XTR005. Long...

Xinyao (Criss) Wang

Sinotau (先通医药) Pre-IPO: A Niche Radiopharmaceutical Player

China's Sinotau aims to raise $100 million through a Hong Kong listing with CICC as book runner. We explores its core products, pre-IPO investors,...

Ke Yan, CFA, FRM

ECM Weekly (28 July 2025) - MMC, Pine Lags, Prestige, Veritas, Daehan, Kasumigaseki, NSDL, GNI

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Beijing Sinotau International Pharmaceutical Technology - The Pipeline and the Outlook

​Nuclear medicine industry faces barriers and uncertainties in commercialization. Sinotau’s short-term performance relies on XTR008, XTR005. Long...

Xinyao (Criss) Wang

Sinotau (先通医药) Pre-IPO: A Niche Radiopharmaceutical Player

​China's Sinotau aims to raise $100 million through a Hong Kong listing with CICC as book runner. We explores its core products, pre-IPO investors,...

Ke Yan, CFA, FRM

ECM Weekly (28 July 2025) - MMC, Pine Lags, Prestige, Veritas, Daehan, Kasumigaseki, NSDL, GNI

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Nuclear medicine industry faces barriers and uncertainties in commercialization. Sinotau’s short-term performance relies on XTR008, XTR005. Long...

China's Sinotau aims to raise $100 million through a Hong Kong listing with CICC as book runner. We explores its core products, pre-IPO investors,...