HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Chongqing Zhifei Biological Products / Equity Bottom-Up

Chongqing Zhifei Biological Products (300122 CH)

After hitting a record high of RMB230.69/share in May this year, <a href="https://www.smartkarma.com/entities/chongqing-zhifei-biological-products-co-ltd" target="_blank" data-smartkarma-citation="entities:6245:1" rel="noopener">Chongqing Zhifei Biological Products (300122 CH)</a>'s share price fell nearly 35% and closed at RMB150.20/share as of Oct. 29, 2021. Meanwhile, last week, Zhifei released its 2021Q3 results. The revenue was RMB21.829 billion, up 98% YoY, and net profit was RMB8.404 billion, up 239% YoY, indicating that the Company kept strong growth momentum. However, compared with 2021Q2, the revenue and net profit attributed to shareholders in Q3 single quarter was decreased by 6.3% and 36%, respectively. This insight mainly analyzed some concerns behind the high growth of Zhifei.

After hitting a record high of RMB230.69/share in May this year, Chongqing Zhifei Biological Products (300122 CH)'s share price fell nearly 35% and closed at RMB150.20/share as of Oct. 29, 2021. Meanwhile, last week, Zhifei released its 2021Q3 results. The revenue was RMB21.829 billion, up 98% YoY, and net profit was RMB8.404 billion, up 239% YoY, indicating that the Company kept strong growth momentum. However, compared with 2021Q2, the revenue and net profit attributed to shareholders in Q3 single quarter was decreased by 6.3% and 36%, respectively. This insight mainly analyzed some concerns behind the high growth of Zhifei.  

Chongqing Zhifei Biological Products (300122.CH) 2021Q3 - Concerns Behind the High Growth

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 Capital Markets

Clover Biopharmaceuticals / Equity Capital Markets

Clover, a China-based clinical-stage biotech company, plans to raise up to USD 300m via a Hong Kong listing.
The company developed a trimer tag platform that makes use of the human collagen to trimerize targeted protein with an expected favorable safety profile. The company has completed a Phase 2/3 clinical trial for the COVID-19 vaccine (SCB-2019) which will be the main revenue driver for the company in the next two years as it will supply vaccines through the COVAX program. We also look at its two clinical-stage candidates, namely SCB-313 and SCB-808. 
We also look at the profile of the company's pre-IPO investors and the management. We think the company is interesting and investors should follow the deal.

Clover, a China-based clinical-stage biotech company, plans to raise up to USD 300m via a Hong Kong listing.
The company developed a trimer tag platform that makes use of the human collagen to trimerize targeted protein with an expected favorable safety profile. The company has completed a Phase 2/3 clinical trial for the COVID-19 vaccine (SCB-2019) which will be the main revenue driver for the company in the next two years as it will supply vaccines through the COVAX program. We also look at its two clinical-stage candidates, namely SCB-313 and SCB-808. 
We also look at the profile of the company's pre-IPO investors and the management. We think the company is interesting and investors should follow the deal.

Clover (三叶草生物) Pre-IPO: COVID-19 Wildcard

In recent years, with the successful development and large-scale use of mRNA COVID-19 vaccine worldwide, RNA-based therapeutics have caught the attention of the public. Meanwhile, with the advancement of target discovery technology and the maturation of chemical modification and delivery technology, RNA-based therapeutics are expected to become a major treatment option in the future. On July 15, 2021, <a href="https://www.smartkarma.com/entities/sirnaomics-inc" target="_blank" data-smartkarma-citation="entities:33804:1" rel="noopener">Sirnaomics (1400833D US)</a>, the first and only clinical-stage RNA therapeutics biopharmaceutical company, formally submitted its prospectus to the HKEX for listing on the main board. This insight mainly analyzed the industry characteristics, the delivery platforms, the pipeline and the concerns of the Company.

In recent years, with the successful development and large-scale use of mRNA COVID-19 vaccine worldwide, RNA-based therapeutics have caught the attention of the public. Meanwhile, with the advancement of target discovery technology and the maturation of chemical modification and delivery technology, RNA-based therapeutics are expected to become a major treatment option in the future. On July 15, 2021, Sirnaomics (1400833D US), the first and only clinical-stage RNA therapeutics biopharmaceutical company, formally submitted its prospectus to the HKEX for listing on the main board. This insight mainly analyzed the industry characteristics, the delivery platforms, the pipeline and the concerns of the Company.

Pre-IPO Sirnaomics Ltd. - Cautious Optimism Is Still Recommended

Jiangsu Recbio Technology / Equity Capital Markets

In recent years, driven by global public health event such as COVID-19, vaccine R&amp;D and production have gradually attracted wide attention in the market. More and more vaccine companies have begun to develop innovative vaccines with the support of capital, and <a href="https://www.smartkarma.com/entities/jiangsu-recbio-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:33810:1" rel="noopener">Jiangsu Recbio Technology (JRT HK)</a> is one of them. On July 16, 2021, Recbio submitted its prospectus to the HKEX for the application of listing on the main board. This insight mainly analyzed the industry characteristics, the pipeline and related concerns of the Company.

In recent years, driven by global public health event such as COVID-19, vaccine R&amp;D and production have gradually attracted wide attention in the market. More and more vaccine companies have begun to develop innovative vaccines with the support of capital, and Jiangsu Recbio Technology (JRT HK) is one of them. On July 16, 2021, Recbio submitted its prospectus to the HKEX for the application of listing on the main board. This insight mainly analyzed the industry characteristics, the pipeline and related concerns of the Company.

Pre-IPO Jiangsu Recbio Technology - There Are Many Uncertainties

The global spread of COVID-19 has given the vaccine industry unprecedented attention. With the increasing prosperity of the industry, many vaccine companies are increasingly enthusiastic about going public. On Sep 12, 2021, <a href="https://www.smartkarma.com/entities/aim-vaccine-co-ltd" target="_blank" data-smartkarma-citation="entities:33778:1" rel="noopener">AIM Vaccine (AIM HK)</a> submitted its listing application to the HKEX and officially started its IPO process. AIM is a leading vaccine company that covers the full value chain from R&amp;D to manufacturing and to commercialization. This insight mainly analyzed AIM in terms of the industry characteristics, the key vaccine products, the vaccine pipeline and related concerns of the Company.

The global spread of COVID-19 has given the vaccine industry unprecedented attention. With the increasing prosperity of the industry, many vaccine companies are increasingly enthusiastic about going public. On Sep 12, 2021, AIM Vaccine (AIM HK) submitted its listing application to the HKEX and officially started its IPO process. AIM is a leading vaccine company that covers the full value chain from R&amp;D to manufacturing and to commercialization. This insight mainly analyzed AIM in terms of the industry characteristics, the key vaccine products, the vaccine pipeline and related concerns of the Company.

Pre-IPO AIM Vaccine - Insights on Key Products, Pipeline and Concerns

China

Chongqing Zhifei Biological Products Company Ltd. researches, manufactures, and sells vaccines and biological products including prevention products, blood products, diagnostic reagents, and therapeutic agents.

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Chongqing Zhifei Biological Products (300122 CH)