HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Chengdu Zenitar Biomedical Technology / Equity Capital Markets

Chengdu Zenitar Biomedical Technology (CZBT HK)

<ul>
<li>Unlike purely conceptual AI drug development platforms, Zenitar’s platforms have successfully produced candidates that have advanced to the later clinical stages, thereby validating the effectiveness of the closed-loop R&amp;D model.</li>
<li>The peak sales of FM in China could reach RMB1-2 billion. As a supplementary therapy targeting a specific subpopulation with differentiated safety advantages, PM’s market potential could be relatively limited. </li>
<li>The reasonable IPO valuation of Zenitar would be higher than these pure preclinical or early clinical companies, but lower than companies with mature commercial products or strong BD capabilities.</li>
</ul>


Unlike purely conceptual AI drug development platforms, Zenitar’s platforms have successfully produced candidates that have advanced to the later clinical stages, thereby validating the effectiveness of the closed-loop R&amp;D model.
The peak sales of FM in China could reach RMB1-2 billion. As a supplementary therapy targeting a specific subpopulation with differentiated safety advantages, PM’s market potential could be relatively limited. 
The reasonable IPO valuation of Zenitar would be higher than these pure preclinical or early clinical companies, but lower than companies with mature commercial products or strong BD capabilities.


Pre-IPO Chengdu Zenitar Biomedical Technology - About the Pipeline and the Concerns Behind

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>Chengdu Zenitar, a China-based biotech, is looking to raise at least USD 100 million via a Hong Kong listing. Jefferies and CICC are the joint sponsors.</li>
<li>In this note, we look at the company’s two late stage core products.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


Chengdu Zenitar, a China-based biotech, is looking to raise at least USD 100 million via a Hong Kong listing. Jefferies and CICC are the joint sponsors.
In this note, we look at the company’s two late stage core products.
We also look at the company’s pre-IPO investors and management team.


Chengdu Zenitar (赜灵生物) Pre-IPO: Meaningful Innovation with Best-In-Class Potential

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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Chengdu Zenitar Biomedical Technology (CZBT HK)

Pre-IPO Chengdu Zenitar Biomedical Technology - About the Pipeline and the Concerns Behind

Zenitar's AI platforms have shown success in advancing candidates to later clinical stages. IPO valuation will be higher than early-stage...

Xinyao (Criss) Wang

Chengdu Zenitar (赜灵生物) Pre-IPO: Meaningful Innovation with Best-In-Class Potential

China's biotech Chengdu Zenitar plans a Hong Kong listing, with Jefferies and CICC as joint sponsors. In this note we look at the company's core...

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 Chengdu Zenitar Biomedical Technology - About the Pipeline and the Concerns Behind

​Zenitar's AI platforms have shown success in advancing candidates to later clinical stages. IPO valuation will be higher than early-stage...

Xinyao (Criss) Wang

Chengdu Zenitar (赜灵生物) Pre-IPO: Meaningful Innovation with Best-In-Class Potential

​China's biotech Chengdu Zenitar plans a Hong Kong listing, with Jefferies and CICC as joint sponsors. In this note we look at the company's core...

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

Zenitar's AI platforms have shown success in advancing candidates to later clinical stages. IPO valuation will be higher than early-stage...

China's biotech Chengdu Zenitar plans a Hong Kong listing, with Jefferies and CICC as joint sponsors. In this note we look at the company's core...