HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Dizal Pharmaceutical / Equity Capital Markets

<ul>
<li>The flaws in DIZAL's pipeline stand out particularly prominent, as the success of a single product ZEGFROVY is not sufficient to sustain the long-term development of the Company.</li>
<li>Several senior executives, including Zhang Xiaolin, the Chairman of DIZAL, had intensively reduced their holdings in the company's shares in 2025, further raising market concerns about DIZAL's prospects.</li>
<li>Short-Term performance would still mainly rely on ZEGFROVY, as the sales of Golidocitinib is expected to be significantly lower than ZEGFROVY. Reasonable valuation of DIZAL should be lower than peers. </li>
</ul>


The flaws in DIZAL's pipeline stand out particularly prominent, as the success of a single product ZEGFROVY is not sufficient to sustain the long-term development of the Company.
Several senior executives, including Zhang Xiaolin, the Chairman of DIZAL, had intensively reduced their holdings in the company's shares in 2025, further raising market concerns about DIZAL's prospects.
Short-Term performance would still mainly rely on ZEGFROVY, as the sales of Golidocitinib is expected to be significantly lower than ZEGFROVY. Reasonable valuation of DIZAL should be lower than peers. 


Pre-IPO Dizal Pharmaceutical (A/H Listing)-Only Sunvozertinib Is Insufficient for Sustainable 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.

<ul>
<li>Dizal, a China based commercial stage biopharmaceutical company, is looking to raise at least USD 100 million via an A+H listing. The joint sponsors are GS and Huatai.</li>
<li>In this note, we look at the company’s core innovative products, investor backings and management team.</li>
<li>We also look at its A+H peers and estimate its fair A-H premium for listing.</li>
</ul>


Dizal, a China based commercial stage biopharmaceutical company, is looking to raise at least USD 100 million via an A+H listing. The joint sponsors are GS and Huatai.
In this note, we look at the company’s core innovative products, investor backings and management team.
We also look at its A+H peers and estimate its fair A-H premium for listing.


Dizal (迪哲医药) A+H: Credible Innovative Products

Global Healthcare Analyst

Tina Banerjee

Ascentage Pharma / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ascentage-pharma-group-international" target="_blank" data-smartkarma-citation="entities:27824:1" rel="noopener">Ascentage Pharma (6855 HK)</a> has filed for a likely future at-the-market equity offering program of American depositary shares to raise up to US$ 200M.</li>
<li>Company reported revenue of RMB 574.1M in 2025, down 41.5%, largely because of high base effect. Revenue from Olverembatinib was up 81% YoY. Lisaftoclax garnered RMB 70.6M in sales.</li>
<li>Losses will continue and R&amp;D expenses, commercialization cost will be catered to by the likes of above ADS offering and previous placement proceeds. 2027 likely to be an inflection point.</li>
</ul>



Ascentage Pharma (6855 HK) has filed for a likely future at-the-market equity offering program of American depositary shares to raise up to US$ 200M.
Company reported revenue of RMB 574.1M in 2025, down 41.5%, largely because of high base effect. Revenue from Olverembatinib was up 81% YoY. Lisaftoclax garnered RMB 70.6M in sales.
Losses will continue and R&amp;D expenses, commercialization cost will be catered to by the likes of above ADS offering and previous placement proceeds. 2027 likely to be an inflection point.


Ascentage Pharma (6855 HK): ADS Offering Justified, 2027 Likely To Be An Inflection Point

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ascentage-pharma-group-inter" target="_blank" data-smartkarma-citation="entities:27824:1" rel="noopener">Ascentage Pharma Group Corp (6855 HK)</a> reported revenue of RMB 574.1M in 2025, down 41.5%, because of high base effect, as the company had received intellectual property payments in 2024.</li>
<li>In 2025, the revenue from olverembatinib was RMB 435.3M (RMB 241M in 2024), up 81% YoY. Lisaftoclax, approved in July 2025, garnered RMB 70.6M in sales.</li>
<li>Ascentage is currently conducting a number of global registrational Phase III trials across its pipeline. 2026 will be crucial, losses will continue and is not expected turnaround atleast before 2027.</li>
</ul>



Ascentage Pharma Group Corp (6855 HK) reported revenue of RMB 574.1M in 2025, down 41.5%, because of high base effect, as the company had received intellectual property payments in 2024.
In 2025, the revenue from olverembatinib was RMB 435.3M (RMB 241M in 2024), up 81% YoY. Lisaftoclax, approved in July 2025, garnered RMB 70.6M in sales.
Ascentage is currently conducting a number of global registrational Phase III trials across its pipeline. 2026 will be crucial, losses will continue and is not expected turnaround atleast before 2027.


Ascentage Pharma (6855 HK): 2026 Will Be Crucial, Olverembatinib and Lisaftoclax To Gain Momentum

CStone Pharmaceuticals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cstone-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:27882:1" rel="noopener">CStone Pharmaceuticals (2616 HK)</a> reported decrease of 34% YoY in revenue to RMB 269.6M as sales of pralsetinib decreased substantially due to price adjustments in preparation for the NRDL negotiation.</li>
<li>R&amp;D expenses increased by 131% to RMB 311.5M due to an increase in third party contracting costs. Ended 2025 with loss of RMB 437M vs RMB 90.2M loss in 2024.</li>
<li>Sugemalimab launches in new overseas territories would be next big trigger for the stock. Eventually, in the medium-long term Aykavit and Gavreto will help and boost revenues.</li>
</ul>



CStone Pharmaceuticals (2616 HK) reported decrease of 34% YoY in revenue to RMB 269.6M as sales of pralsetinib decreased substantially due to price adjustments in preparation for the NRDL negotiation.
R&amp;D expenses increased by 131% to RMB 311.5M due to an increase in third party contracting costs. Ended 2025 with loss of RMB 437M vs RMB 90.2M loss in 2024.
Sugemalimab launches in new overseas territories would be next big trigger for the stock. Eventually, in the medium-long term Aykavit and Gavreto will help and boost revenues.


CStone Pharma (2616 HK): 2025 Seen Off Well, 2026 Would Be Crucial. A Possible Turnaround On Cards?

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Dizal Pharmaceutical (DIZAL HK)

Pre-IPO Dizal Pharmaceutical (A/H Listing)-Only Sunvozertinib Is Insufficient for Sustainable Growth

DIZAL's pipeline flaws and heavy reliance on ZEGFROVY raise concerns about long-term sustainability and market prospects,with future performance...

Xinyao (Criss) Wang

Dizal (迪哲医药) A+H: Credible Innovative Products

Dizal aims to raise $100 million with an A+H listing with joint sponsors GS and Huatai. We look at its products, the management and investor...

Ke Yan, CFA, FRM

Ascentage Pharma (6855 HK): ADS Offering Justified, 2027 Likely To Be An Inflection Point

Ascentage Pharma plans to raise up to US$200M through ADS offering. Olverembatinib, Lisaftoclax gradually gaining momentum. 2027 likely to be an...

Tina Banerjee

Ascentage Pharma (6855 HK): 2026 Will Be Crucial, Olverembatinib and Lisaftoclax To Gain Momentum

Ascentage Pharma reported revenue decline in 2025 due to high base effect. Olverembatinib and Lisaftoclax shine. Focus is on global Phase III...

Tina Banerjee

CStone Pharma (2616 HK): 2025 Seen Off Well, 2026 Would Be Crucial. A Possible Turnaround On Cards?

CStone Pharma announced placement of 118M shares at a price of HK$ 8.97 per share. The proceeds (~ HK$ 1B) will be used for R&D of “Pipeline 2.0”...

Tina Banerjee

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Pre-IPO Dizal Pharmaceutical (A/H Listing)-Only Sunvozertinib Is Insufficient for Sustainable Growth

​DIZAL's pipeline flaws and heavy reliance on ZEGFROVY raise concerns about long-term sustainability and market prospects,with future performance...

Xinyao (Criss) Wang

Dizal (迪哲医药) A+H: Credible Innovative Products

Dizal aims to raise $100 million with an A+H listing with joint sponsors GS and Huatai. We look at its products, the management and investor...

Ke Yan, CFA, FRM

Ascentage Pharma (6855 HK): ADS Offering Justified, 2027 Likely To Be An Inflection Point

​Ascentage Pharma plans to raise up to US$200M through ADS offering. Olverembatinib, Lisaftoclax gradually gaining momentum. 2027 likely to be an...

Tina Banerjee

Ascentage Pharma (6855 HK): 2026 Will Be Crucial, Olverembatinib and Lisaftoclax To Gain Momentum

​Ascentage Pharma reported revenue decline in 2025 due to high base effect. Olverembatinib and Lisaftoclax shine. Focus is on global Phase III...

Tina Banerjee

CStone Pharma (2616 HK): 2025 Seen Off Well, 2026 Would Be Crucial. A Possible Turnaround On Cards?

CStone Pharma announced placement of 118M shares at a price of HK$ 8.97 per share. The proceeds (~ HK$ 1B) will be used for R&D of “Pipeline 2.0”...

Tina Banerjee

DIZAL's pipeline flaws and heavy reliance on ZEGFROVY raise concerns about long-term sustainability and market prospects,with future performance...

Ascentage Pharma plans to raise up to US$200M through ADS offering. Olverembatinib, Lisaftoclax gradually gaining momentum. 2027 likely to be an...

Ascentage Pharma reported revenue decline in 2025 due to high base effect. Olverembatinib and Lisaftoclax shine. Focus is on global Phase III...