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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 6th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Tencent, China Life, Xiaomi, Petrochina, ICBC, China Pacific Insurance, Kuaishou, Hua Hong Semiconductor, BYD.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 6th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Tencent, China Life, Xiaomi, Petrochina, ICBC, China Pacific Insurance, Kuaishou, Hua Hong Semiconductor, BYD.


HK Connect Flows Weekly (Mar 6th): Alibaba, Tencent, China Life, Xiaomi, Petrochina, ICBC

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Ming Yu Pharmaceutical / Equity Capital Markets

<ul>
<li>Almost all core pipelines of Ming Yu are facing fierce competition from domestic and foreign pharmaceutical giants, but Ming Yu has no commercialized products on the market. </li>
<li>In order to become a cornerstone drug of the generation, the key is not whether the molecule is the best, but whether Ming Yu has enough resources to drive R&amp;D</li>
<li>Ming Yu’s commercialization capability still needs to be verified. We think valuation of Ming Yu would be lower than peers such as Akeso and Kelun Bio.</li>
</ul>


Almost all core pipelines of Ming Yu are facing fierce competition from domestic and foreign pharmaceutical giants, but Ming Yu has no commercialized products on the market. 
In order to become a cornerstone drug of the generation, the key is not whether the molecule is the best, but whether Ming Yu has enough resources to drive R&amp;D
Ming Yu’s commercialization capability still needs to be verified. We think valuation of Ming Yu would be lower than peers such as Akeso and Kelun Bio.


Pre-IPO Ming Yu Pharmaceutical - Popular Products Do Not Necessarily Guarantee Commercial Success

CSPC Innovation Pharmaceutical-A / Equity Capital Markets

CSPC Innovation Pharmaceutical-A (300765 CH)

<ul>
<li>CSPC Innovation has fallen into a growth bottleneck. It is confronted with the sluggish growth of traditional pillar businesses, but new innovative drug/vaccine businesses have yet to form effective support.</li>
<li>Valuation performance of CSPC Innovation would be jointly determined by the “defensive nature” of its traditional business and the “aggressive nature” of its innovative drug pipeline.</li>
<li>CSPC Innovation is in a stage of "transition between the old and the new model" during the transformation process. Valuation could be close to <a href="https://www.smartkarma.com/entities/lepu-biopharma-co-ltd" target="_blank" data-smartkarma-citation="entities:33231:1" rel="noopener">Lepu Biopharma</a> but lower than Biokin. </li>
</ul>


CSPC Innovation has fallen into a growth bottleneck. It is confronted with the sluggish growth of traditional pillar businesses, but new innovative drug/vaccine businesses have yet to form effective support.
Valuation performance of CSPC Innovation would be jointly determined by the “defensive nature” of its traditional business and the “aggressive nature” of its innovative drug pipeline.
CSPC Innovation is in a stage of "transition between the old and the new model" during the transformation process. Valuation could be close to Lepu Biopharma but lower than Biokin. 


Pre-IPO CSPC Innovation Pharmaceutical (A/H Listing) - The Outlook Is Not Optimistic

Suzhou Ribo Life Science / Equity Capital Markets

<ul>
<li>The "breadth" of pipeline doesn’t translate into the "depth" of competition.Instead, the dispersion of resources leads to slow advancement of core products, and the imbalance in investment weakened commercial competitiveness.</li>
<li>Ribo’s outsourcing model will drive up production costs and delay clinical trials/market entry. If a partner terminates cooperation due to clinical trial failure/strategic adjustments, revenue will face a sharp decline.</li>
<li>Based on Ribo’s IPO pricing (HK$57.97/share) and 2024 revenue, P/S is 59x, which is lower than peer.This valuation/IPO pricing is not without basis, with potential room for future valuation increases.</li>
</ul>


The "breadth" of pipeline doesn’t translate into the "depth" of competition.Instead, the dispersion of resources leads to slow advancement of core products, and the imbalance in investment weakened commercial competitiveness.
Ribo’s outsourcing model will drive up production costs and delay clinical trials/market entry. If a partner terminates cooperation due to clinical trial failure/strategic adjustments, revenue will face a sharp decline.
Based on Ribo’s IPO pricing (HK$57.97/share) and 2024 revenue, P/S is 59x, which is lower than peer.This valuation/IPO pricing is not without basis, with potential room for future valuation increases.


Pre-IPO Suzhou Ribo Life Science (PHIP Updates) - Some Points Worth the Attention

<ul>
<li>CSPC Innovation, a subsidiary of HK-listed CSPC, is looking to raise at least USD 100 million via an A+H listing. CITIC and SDICSI are the joint book runners.</li>
<li>In this note, we look at the company’s anchor products, SYS6010 and SYS6002, and assess the selling point around the core products.</li>
<li>We also briefly look at its potential range of pricing for respective business segments.</li>
</ul>


CSPC Innovation, a subsidiary of HK-listed CSPC, is looking to raise at least USD 100 million via an A+H listing. CITIC and SDICSI are the joint book runners.
In this note, we look at the company’s anchor products, SYS6010 and SYS6002, and assess the selling point around the core products.
We also briefly look at its potential range of pricing for respective business segments.


CSPC Innovation (石药创新) A+H Pre-IPO Quick Comment: Me-Toos Overweigh Innovative Candidates

China

Duality Biotherapeutics is a clinical-stage biopharmaceutical company dedicated to the discovery and development of next-generation antibody-drug conjugates (ADCs) to treat cancer and autoimmune diseases. The company develops a pipeline of ADC candidates, including DB-1303/BNT323 (HER2 ADC), DB-1311/BNT324 (B7-H3 ADC), DB-1310 (HER3 ADC), and DB-1305/BNT325 (TROP2 ADC), for various cancers. Duality Biotherapeutics is headquartered in Shanghai, China, and was founded in 2019.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Duality Biotherapeutics (9606 HK)

HK Connect Flows Weekly (Mar 6th): Alibaba, Tencent, China Life, Xiaomi, Petrochina, ICBC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Tencent (700 HK), China Life (2628...

Ke Yan, CFA, FRM

Pre-IPO Ming Yu Pharmaceutical - Popular Products Do Not Necessarily Guarantee Commercial Success

All core pipelines of Ming Yu face fierce competition, without commercialized products on the market.Success hinges on R&D resources and...

Xinyao (Criss) Wang

Pre-IPO CSPC Innovation Pharmaceutical (A/H Listing) - The Outlook Is Not Optimistic

CSPC Innovation faces growth challenge with traditional business slowing down and new ventures needing stronger support. Valuation hinges on...

Xinyao (Criss) Wang

Pre-IPO Suzhou Ribo Life Science (PHIP Updates) - Some Points Worth the Attention

Ribo's IPO pricing (HK$57.97/share) is reasonable and leaves room for valuation increases, thus there is good upside on IPO debut, which is in line...

Xinyao (Criss) Wang

CSPC Innovation (石药创新) A+H Pre-IPO Quick Comment: Me-Toos Overweigh Innovative Candidates

Chinext listed CSPC Innovation plans to raise $100 million through A+H listing. We assessed the product pipeline of its biopharm business in this...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect Flows Weekly (Mar 6th): Alibaba, Tencent, China Life, Xiaomi, Petrochina, ICBC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Tencent (700 HK), China Life (2628...

Ke Yan, CFA, FRM

Pre-IPO Ming Yu Pharmaceutical - Popular Products Do Not Necessarily Guarantee Commercial Success

All core pipelines of Ming Yu face fierce competition, without commercialized products on the market.Success hinges on R&D resources and...

Xinyao (Criss) Wang

Pre-IPO CSPC Innovation Pharmaceutical (A/H Listing) - The Outlook Is Not Optimistic

​CSPC Innovation faces growth challenge with traditional business slowing down and new ventures needing stronger support. Valuation hinges on...

Xinyao (Criss) Wang

Pre-IPO Suzhou Ribo Life Science (PHIP Updates) - Some Points Worth the Attention

Ribo's IPO pricing (HK$57.97/share) is reasonable and leaves room for valuation increases, thus there is good upside on IPO debut, which is in line...

Xinyao (Criss) Wang

CSPC Innovation (石药创新) A+H Pre-IPO Quick Comment: Me-Toos Overweigh Innovative Candidates

Chinext listed ​CSPC Innovation plans to raise $100 million through A+H listing. We assessed the product pipeline of its biopharm business in this...

Ke Yan, CFA, FRM

CSPC Innovation faces growth challenge with traditional business slowing down and new ventures needing stronger support. Valuation hinges on...

Chinext listed CSPC Innovation plans to raise $100 million through A+H listing. We assessed the product pipeline of its biopharm business in this...