HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Binhui Biopharmaceutical / Equity Capital Markets

<ul>
<li>The core advantages of Binhui include its technological platform, industry-unique/vertically integrated CMC and commercial-scale manufacturing capabilities, making it a highly promising and indispensable player in the field of oncolytic viruses.</li>
<li>Oncolytic viruses market has yet to show a significant upward trend.The awareness of oncolytic virus therapy among doctors is insufficient. It’s highly uncertain whether Binhui will eventually achieve commercial success.</li>
<li>Under the ideal scenario, peak sales of BS001 may reach RMB2bn after becoming an important treatment option in key indications. If based on P/S of 2-4x, market value is RMB4-8bn.</li>
</ul>


The core advantages of Binhui include its technological platform, industry-unique/vertically integrated CMC and commercial-scale manufacturing capabilities, making it a highly promising and indispensable player in the field of oncolytic viruses.
Oncolytic viruses market has yet to show a significant upward trend.The awareness of oncolytic virus therapy among doctors is insufficient. It’s highly uncertain whether Binhui will eventually achieve commercial success.
Under the ideal scenario, peak sales of BS001 may reach RMB2bn after becoming an important treatment option in key indications. If based on P/S of 2-4x, market value is RMB4-8bn.


Pre-IPO Binhui Biopharmaceutical - The Success of Commercialization Is Highly Uncertain

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 Bottom-Up

Binhui Biopharmaceutical / Equity Bottom-Up

<ul>
<li>Binhui, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. Huatai, CMB, and BOCI are the joint sponsors.</li>
<li>In this note, we look at the company’s core product, BS001, and key products BS006 and BR003.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


Binhui, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. Huatai, CMB, and BOCI are the joint sponsors.
In this note, we look at the company’s core product, BS001, and key products BS006 and BR003.
We also look at the company’s pre-IPO investors and management team.


Binhui Biopharm (滨会生物) Pre-IPO Quick Take: High Innovation but Niche Indications

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>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, Hong Kong and India markets appear to be gearing up for a year end rush.</li>
<li>On the placements front, there were no large deals this week but we did have a look at the upcoming lockup expiries.</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, Hong Kong and India markets appear to be gearing up for a year end rush.
On the placements front, there were no large deals this week but we did have a look at the upcoming lockup expiries.


ECM Weekly (27 October 2025)- Sany, Seres, PonyAI, WeRide, CIG, JST, Lenskart, Horizon, CRB

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Binhui Biopharmaceutical (BBP HK)

Pre-IPO Binhui Biopharmaceutical - The Success of Commercialization Is Highly Uncertain

Binhui's technological platform/CMC capability position it as a key player in oncolytic viruses,but commercial success is uncertain due to lack of...

Xinyao (Criss) Wang

Binhui Biopharm (滨会生物) Pre-IPO Quick Take: High Innovation but Niche Indications

China's Binhui seeks to raise $100 million through Hong Kong listing with BS001 as its core product, using novel HSV-2 backbone. The company...

Ke Yan, CFA, FRM

ECM Weekly (27 October 2025)- Sany, Seres, PonyAI, WeRide, CIG, JST, Lenskart, Horizon, CRB

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

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52-week Range

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Pre-IPO Binhui Biopharmaceutical - The Success of Commercialization Is Highly Uncertain

​Binhui's technological platform/CMC capability position it as a key player in oncolytic viruses,but commercial success is uncertain due to lack of...

Xinyao (Criss) Wang

Binhui Biopharm (滨会生物) Pre-IPO Quick Take: High Innovation but Niche Indications

​China's Binhui seeks to raise $100 million through Hong Kong listing with BS001 as its core product, using novel HSV-2 backbone. The company...

Ke Yan, CFA, FRM

ECM Weekly (27 October 2025)- Sany, Seres, PonyAI, WeRide, CIG, JST, Lenskart, Horizon, CRB

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

Binhui's technological platform/CMC capability position it as a key player in oncolytic viruses,but commercial success is uncertain due to lack of...

China's Binhui seeks to raise $100 million through Hong Kong listing with BS001 as its core product, using novel HSV-2 backbone. The company...