HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

BioRay Biopharmaceutical / Equity Capital Markets

<ul>
<li>Once cost control policies and biosimilars VBP continue to be deepened, the growth of established products will decline.BioRay's future hinges on whether it can achieve further innovative leaps beyond biosimilars.</li>
<li>BioRay’s business model distinguishes it from a large number of biotech companies that have not yet turned a profit. So, its valuation method is more similar to traditional pharmaceutical companies.</li>
<li>Given the concerns on growth outlook and pressure on profit margins, but with stable cash flow/potential for business transformation, valuation of BioRay would be lower than peers Henlius, Hansoh, 3SBio. </li>
</ul>


Once cost control policies and biosimilars VBP continue to be deepened, the growth of established products will decline.BioRay's future hinges on whether it can achieve further innovative leaps beyond biosimilars.
BioRay’s business model distinguishes it from a large number of biotech companies that have not yet turned a profit. So, its valuation method is more similar to traditional pharmaceutical companies.
Given the concerns on growth outlook and pressure on profit margins, but with stable cash flow/potential for business transformation, valuation of BioRay would be lower than peers Henlius, Hansoh, 3SBio. 


Pre-IPO BioRay Biopharmaceutical - The Core Business Is Facing Challenges

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>BioRay Biopharmaceutical has filed for Hongkong IPO. It is a leading biopharmaceutical company, providing immunological therapeutic solutions across autoimmune and inflammatory diseases, immuno-oncology and malignancies of immune system itself.</li>
<li>BioRay Biopharmaceutical intends to use the IPO proceeds for commercialization of innovative products, R&amp;D of pipeline products, development of the technology platforms, funding potential investments, strengthen operational capabilities etc.</li>
<li>For now, we feel there is a chance that the company may face some medium-term growth hurdles with the existing product portfolio at hand.</li>
</ul>


BioRay Biopharmaceutical has filed for Hongkong IPO. It is a leading biopharmaceutical company, providing immunological therapeutic solutions across autoimmune and inflammatory diseases, immuno-oncology and malignancies of immune system itself.
BioRay Biopharmaceutical intends to use the IPO proceeds for commercialization of innovative products, R&amp;D of pipeline products, development of the technology platforms, funding potential investments, strengthen operational capabilities etc.
For now, we feel there is a chance that the company may face some medium-term growth hurdles with the existing product portfolio at hand.


BioRay Biopharmaceutical Pre IPO: Not Immune to Future Growth Hurdles

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>Bioray, a spin-off from A-share listed Hisun Pharmaceuticals, is looking to raise at least USD 100 million via a Hong Kong listing. Huatai and JPM are the joint sponsors.</li>
<li>In this note, we look at the company’s core innovative products and established auto-immune products.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


Bioray, a spin-off from A-share listed Hisun Pharmaceuticals, is looking to raise at least USD 100 million via a Hong Kong listing. Huatai and JPM are the joint sponsors.
In this note, we look at the company’s core innovative products and established auto-immune products.
We also look at the company’s pre-IPO investors and management team.


Bioray Pharmaceuticals (博瑞生物) Pre-IPO: Gearing Up the Autoimmune Franchise

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.

<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, A/H lsitings show no signs of slowing down, despite CNY fast approaching.</li>
<li>On the placement front, Japan deals accounted for the bulk of the flows this week</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, A/H lsitings show no signs of slowing down, despite CNY fast approaching.
On the placement front, Japan deals accounted for the bulk of the flows this week


Aequitas ECM Weekly (2 February 2026)- Eastroc, Muyuan, Han's CNC, Wuxi Lead, Sungrow, Kokusai

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BioRay Biopharmaceutical (BRP HK)

Pre-IPO BioRay Biopharmaceutical - The Core Business Is Facing Challenges

As cost control policy and biosimilar VBP deepen, BioRay's future success hinges on innovative leaps beyond biosimilars, with a valuation closer...

Xinyao (Criss) Wang

BioRay Biopharmaceutical Pre IPO: Not Immune to Future Growth Hurdles

BioRay Bio filed for HK IPO to fund commercialization and R&D. Zuberitamab single growth driver for BioRay in near term. May face growth hurdles...

Tina Banerjee

Bioray Pharmaceuticals (博瑞生物) Pre-IPO: Gearing Up the Autoimmune Franchise

Bioray, a spin-off of Hisun Pharmaceuticals, plans to raise $100 million in a Hong Kong listing with Huatai and JPM as joint sponsors. We look at...

Ke Yan, CFA, FRM

Aequitas ECM Weekly (2 February 2026)- Eastroc, Muyuan, Han's CNC, Wuxi Lead, Sungrow, Kokusai

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 BioRay Biopharmaceutical - The Core Business Is Facing Challenges

​As cost control policy and biosimilar VBP deepen, BioRay's future success hinges on innovative leaps beyond biosimilars, with a valuation closer...

Xinyao (Criss) Wang

BioRay Biopharmaceutical Pre IPO: Not Immune to Future Growth Hurdles

​BioRay Bio filed for HK IPO to fund commercialization and R&D. Zuberitamab single growth driver for BioRay in near term. May face growth hurdles...

Tina Banerjee

Bioray Pharmaceuticals (博瑞生物) Pre-IPO: Gearing Up the Autoimmune Franchise

​Bioray, a spin-off of Hisun Pharmaceuticals, plans to raise $100 million in a Hong Kong listing with Huatai and JPM as joint sponsors. We look at...

Ke Yan, CFA, FRM

Aequitas ECM Weekly (2 February 2026)- Eastroc, Muyuan, Han's CNC, Wuxi Lead, Sungrow, Kokusai

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

As cost control policy and biosimilar VBP deepen, BioRay's future success hinges on innovative leaps beyond biosimilars, with a valuation closer...

BioRay Bio filed for HK IPO to fund commercialization and R&D. Zuberitamab single growth driver for BioRay in near term. May face growth hurdles...

Bioray, a spin-off of Hisun Pharmaceuticals, plans to raise $100 million in a Hong Kong listing with Huatai and JPM as joint sponsors. We look at...