Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

ImmuneOnco Biopharmaceuticals (Shanghai) / Equity Capital Markets

ImmuneOnco Biopharmaceuticals (Shanghai) (IOB HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/immuneonco-biopharmaceuticals-shanghai-inc" target="_blank" data-smartkarma-citation="entities:36080:1" rel="noopener">ImmuneOnco Biopharmaceuticals (Shanghai) (IOB HK)</a> announced the placement of 24.2M shares for subscription at HK$14.5 per share.</li>
<li>The company intends to use most of the net proceeds for further research and development of drug candidates IMM01, IMM2510 and IMM27M.</li>
<li>The current market price of the stock makes the placement offer unattractive. Concerns remain with no drugs commercialized yet and the only possible commercialization expected to happen not before 2027.</li>
</ul>



ImmuneOnco Biopharmaceuticals (Shanghai) (IOB HK) announced the placement of 24.2M shares for subscription at HK$14.5 per share.
The company intends to use most of the net proceeds for further research and development of drug candidates IMM01, IMM2510 and IMM27M.
The current market price of the stock makes the placement offer unattractive. Concerns remain with no drugs commercialized yet and the only possible commercialization expected to happen not before 2027.


ImmuneOnco(1541 HK): No Near Term Triggers, Commercialization Still Far Away, Placement Unattractive

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Qi An Xin Technology Group  / Index Rebalance

<ul>
<li>STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.</li>
<li>STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.</li>
<li>In this insight, we have presented our final predictions for the STAR 50 and STAR 100 indices for the September 2025 index rebal event.</li>
</ul>


STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
In this insight, we have presented our final predictions for the STAR 50 and STAR 100 indices for the September 2025 index rebal event.


Quiddity Leaderboard STAR 50/100 Sep25: Final Expectations; New Pair Trades

<ul>
<li>STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.</li>
<li>STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.</li>
<li>In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the September 2025 index rebal event.</li>
</ul>


STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the September 2025 index rebal event.


Quiddity Leaderboard STAR 50/100 Sep25: Reference Period Almost Complete; New Pair Trade Ideas

Quiddity Leaderboard STAR 50/100 Sep25: Some High-Impact Names; New Sector-Neutral Pair Trade Ideas

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Shanghai Henlius Biotech / Equity Bottom-Up

<ul>
<li>LVC increased its holding of Henlius by 1,110,900 shares on January 23, reflecting its high recognition of the Company and optimism on its prospects, despite the biosimilar VBP headwinds.</li>
<li>Even with concerns, LVC still repeatedly invested in Henlius at a valuation far higher than its actual value, offering support with real money during pre-IPO stage.</li>
<li>Lin Lijun’s dissenting vote was a deliberate decision. We are interested to see Lin's next move. Lin should have a very clear understanding of the true value of Henlius.</li>
</ul>


LVC increased its holding of Henlius by 1,110,900 shares on January 23, reflecting its high recognition of the Company and optimism on its prospects, despite the biosimilar VBP headwinds.
Even with concerns, LVC still repeatedly invested in Henlius at a valuation far higher than its actual value, offering support with real money during pre-IPO stage.
Lin Lijun’s dissenting vote was a deliberate decision. We are interested to see Lin's next move. Lin should have a very clear understanding of the true value of Henlius.


Shanghai Henlius Biotech (2696 HK) - LVC Increased Its Holding of Henlius Again

China

Bio-Thera Solutions, Ltd. researches and develops innovative and biosimilar therapeutics. The Company produces innovative monoclonal antibodies, adalimumab biosimilars, innovative drugs, and other related products. Bio-Thera Solutions markets its products throughout China.

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52-week Range	0.00 - 0.00
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Bio-Thera Solutions Ltd (688177 CH)

ImmuneOnco(1541 HK): No Near Term Triggers, Commercialization Still Far Away, Placement Unattractive

ImmuneOnco Biopharmaceuticals (Shanghai) announced a placement offer for 24.2M shares at HK$14.5/share. Proceeds intended for R&D....

Tina Banerjee

Quiddity Leaderboard STAR 50/100 Sep25: Final Expectations; New Pair Trades

The trades have generated +16.9% LONG-SHORT return on average in roughly one week (since 5th August). The main contributor to the return is one of...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard STAR 50/100 Sep25: Reference Period Almost Complete; New Pair Trade Ideas

We see one change for STAR 50 and five separate changes for STAR 100 in the September 2025 index review. Most of these expectations are final but...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard STAR 50/100 Sep25: Some High-Impact Names; New Sector-Neutral Pair Trade Ideas

Qi An Xin Technology Group (688561 CH) is a high-conviction DEL with ~6x ADV to sell. It could underperform peers over the next few weeks.

Janaghan Jeyakumar, CFA

Shanghai Henlius Biotech (2696 HK) - LVC Increased Its Holding of Henlius Again

Share price of Henlius has rebounded rapidly to above HK$20/share after the deal break. LVC/Lin Lijun repeatedly increased holding of Henlius,...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ImmuneOnco(1541 HK): No Near Term Triggers, Commercialization Still Far Away, Placement Unattractive

​ImmuneOnco Biopharmaceuticals (Shanghai) announced a placement offer for 24.2M shares at HK$14.5/share. Proceeds intended for R&D....

Tina Banerjee

Quiddity Leaderboard STAR 50/100 Sep25: Final Expectations; New Pair Trades

The trades have generated +16.9% LONG-SHORT return on average in roughly one week (since 5th August). The main contributor to the return is one of...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard STAR 50/100 Sep25: Reference Period Almost Complete; New Pair Trade Ideas

We see one change for STAR 50 and five separate changes for STAR 100 in the September 2025 index review. Most of these expectations are final but...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard STAR 50/100 Sep25: Some High-Impact Names; New Sector-Neutral Pair Trade Ideas

Qi An Xin Technology Group (688561 CH) is a high-conviction DEL with ~6x ADV to sell. It could underperform peers over the next few weeks.

Janaghan Jeyakumar, CFA

Shanghai Henlius Biotech (2696 HK) - LVC Increased Its Holding of Henlius Again

Share price of Henlius has rebounded rapidly to above HK$20/share after the deal break. LVC/Lin Lijun repeatedly increased holding of Henlius,...

Xinyao (Criss) Wang

ImmuneOnco Biopharmaceuticals (Shanghai) announced a placement offer for 24.2M shares at HK$14.5/share. Proceeds intended for R&D....