Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> proposed to spin-off and separately list the shares of Mandi, a subsidiary of the company.</li>
<li>In 2024 and 1H25, Mandi contributed 16% and 17% of total consolidated sales respectively, while its EBITDA contribution was 14.4% (in 2024) and 11.5% (in 1H25).</li>
<li>As far as 3SBio (ex-Mandi) is concerned, marketing approvals for key pipeline product like SSGJ-608, along with indication expansion, geographical expansion of few drugs will be key in near term.</li>
</ul>



3SBio Inc (1530 HK) proposed to spin-off and separately list the shares of Mandi, a subsidiary of the company.
In 2024 and 1H25, Mandi contributed 16% and 17% of total consolidated sales respectively, while its EBITDA contribution was 14.4% (in 2024) and 11.5% (in 1H25).
As far as 3SBio (ex-Mandi) is concerned, marketing approvals for key pipeline product like SSGJ-608, along with indication expansion, geographical expansion of few drugs will be key in near term.


3SBio Inc (1530 HK): Proposed Mandi Spin Off and Listing Sensible; 3SBio Ex Mandi Formidable Enough

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.

Event-Driven

Jiangsu Hengrui Pharmaceuticals / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (1276 HK)</a>, a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing in May 2025. The lockup on its cornerstone will expire soon.</li>
<li>JHP Has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Jiangsu Hengrui Pharmaceuticals (1276 HK), a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing in May 2025. The lockup on its cornerstone will expire soon.
JHP Has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.
In this note, we will talk about the lockup dynamics and possible placement.


Jiangsu Hengrui Pharma IPO Lockup - US$850m Cornerstone Release

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene (6160 HK)</a> reported 3Q25 revenues of $1.4B, up 40% YoY (9M25 Revenue: $3.8B, up 43%), driven primarily by growth in Brukinsa sales in the U.S. and Europe.</li>
<li>In 3Q25, US sale of Brukinsa was $738.7M, up 46% YoY. For four consequtive quarters now, Brukinsa outpaced its closest competitor Calquence which reported US revenue of $612M in 3Q25.</li>
<li>BeOne now expects 2025 revenue to be in the range of $5.1–5.3B (up 34–39% YoY) compared to the previous revenue guidance of $5.0–5.3B.</li>
</ul>



BeiGene (6160 HK) reported 3Q25 revenues of $1.4B, up 40% YoY (9M25 Revenue: $3.8B, up 43%), driven primarily by growth in Brukinsa sales in the U.S. and Europe.
In 3Q25, US sale of Brukinsa was $738.7M, up 46% YoY. For four consequtive quarters now, Brukinsa outpaced its closest competitor Calquence which reported US revenue of $612M in 3Q25.
BeOne now expects 2025 revenue to be in the range of $5.1–5.3B (up 34–39% YoY) compared to the previous revenue guidance of $5.0–5.3B.


BeOne (6160 HK): Shares Are Breaking Into New Highs. Should You Buy?

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The medical insurance fund has crossed certain “warning lines”. Therefore, it is inevitable that the measures to control costs at the expenditure end will be further tightened.</li>
<li>We are actually not optimistic about the NewCo model, because domestic pharmaceutical companies may not necessarily be able to share much of Newco's future development achievements in the end.</li>
<li>BeiGene’s 25Q3 results beat expectations. However, there’s no next blockbuster that can drive BeiGene to a big step forward, this is why the market is reluctant to offer higher valuation.</li>
</ul>


The medical insurance fund has crossed certain “warning lines”. Therefore, it is inevitable that the measures to control costs at the expenditure end will be further tightened.
We are actually not optimistic about the NewCo model, because domestic pharmaceutical companies may not necessarily be able to share much of Newco's future development achievements in the end.
BeiGene’s 25Q3 results beat expectations. However, there’s no next blockbuster that can drive BeiGene to a big step forward, this is why the market is reluctant to offer higher valuation.


China Healthcare Weekly (Nov.9)-Medical Insurance “Warning Lines”, NewCo Model, BeiGene 25Q3 Results

Thematic (Sector/Industry)

<ul>
<li>Innovent Biologics announced strategic global collaboration with Takeda for total deal value of $11.4B. Akeso announced that phase 3 trial evaluating ivonescimab versus tislelizumab in sq-NSCLC met primary endpoint.</li>
<li>Celltrion received FDA approval for two additional pediatric indications for Humira biosimilar, Yuflyma. Classys plans to acquire 77.5% stake in JL Health, South American energy-based aesthetic medical device distribution group. </li>
<li>Syngene plans to add a bioconjugation suite at its commercial biologics facility. Cipla and Eli Lilly agreed to distribute and promote tirzepatide in India under a second brand name, Yurpeak.</li>
</ul>


Innovent Biologics announced strategic global collaboration with Takeda for total deal value of $11.4B. Akeso announced that phase 3 trial evaluating ivonescimab versus tislelizumab in sq-NSCLC met primary endpoint.
Celltrion received FDA approval for two additional pediatric indications for Humira biosimilar, Yuflyma. Classys plans to acquire 77.5% stake in JL Health, South American energy-based aesthetic medical device distribution group. 
Syngene plans to add a bioconjugation suite at its commercial biologics facility. Cipla and Eli Lilly agreed to distribute and promote tirzepatide in India under a second brand name, Yurpeak.


APAC Healthcare Weekly (October 26) – Innovent, Akeso, Celltrion, Classys, Daiichi, Syngene, Cipla

China

Hansoh Pharmaceutical Group Company Limited operates as a pharmaceutical company. The Company manufactures and sells anti-infectives, anti-neoplastic agents, diabetes drugs, and other products. Hansoh Pharmaceutical Group markets its products throughout China.

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Hansoh Pharmaceutical Group (3692 HK)

3SBio Inc (1530 HK): Proposed Mandi Spin Off and Listing Sensible; 3SBio Ex Mandi Formidable Enough

3SBio plan to spin-off and separately list shares of subsidiary Mandi, which contributed 17% of sales and 11.5% of EBITDA. Approvals and expansion...

Tina Banerjee

Jiangsu Hengrui Pharma IPO Lockup - US$850m Cornerstone Release

Jiangsu Hengrui Pharmaceuticals (1276 HK), a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing in May 2025. The...

Sumeet Singh

BeOne (6160 HK): Shares Are Breaking Into New Highs. Should You Buy?

BeiGene (6160 HK) reported strong 3Q25 earnings driven by Brukinsa sales. With guidance revised upwards its market leader position and pipeline...

Tina Banerjee

China Healthcare Weekly (Nov.9)-Medical Insurance “Warning Lines”, NewCo Model, BeiGene 25Q3 Results

Cost control measure of medical insurance fund to be tightened.Domestic drug company won't benefit from NewCo model.Despite BeiGene's strong Q3...

Xinyao (Criss) Wang

APAC Healthcare Weekly (October 26) – Innovent, Akeso, Celltrion, Classys, Daiichi, Syngene, Cipla

Innovent Biologics announced collaboration with Takeda. FDA approves two additional indications for Celltrion's Humira biosimilar. Syngene is...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

3SBio Inc (1530 HK): Proposed Mandi Spin Off and Listing Sensible; 3SBio Ex Mandi Formidable Enough

​3SBio plan to spin-off and separately list shares of subsidiary Mandi, which contributed 17% of sales and 11.5% of EBITDA. Approvals and expansion...

Tina Banerjee

Jiangsu Hengrui Pharma IPO Lockup - US$850m Cornerstone Release

Jiangsu Hengrui Pharmaceuticals (1276 HK), a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing in May 2025. The...

Sumeet Singh

BeOne (6160 HK): Shares Are Breaking Into New Highs. Should You Buy?

​BeiGene (6160 HK) reported strong 3Q25 earnings driven by Brukinsa sales. With guidance revised upwards its market leader position and pipeline...

Tina Banerjee

China Healthcare Weekly (Nov.9)-Medical Insurance “Warning Lines”, NewCo Model, BeiGene 25Q3 Results

Cost control measure of ​medical insurance fund to be tightened.Domestic drug company won't benefit from NewCo model.Despite BeiGene's strong Q3...

Xinyao (Criss) Wang

APAC Healthcare Weekly (October 26) – Innovent, Akeso, Celltrion, Classys, Daiichi, Syngene, Cipla

Innovent Biologics announced collaboration with Takeda. FDA approves two additional indications for Celltrion's Humira biosimilar. Syngene is...

Tina Banerjee

3SBio plan to spin-off and separately list shares of subsidiary Mandi, which contributed 17% of sales and 11.5% of EBITDA. Approvals and expansion...

BeiGene (6160 HK) reported strong 3Q25 earnings driven by Brukinsa sales. With guidance revised upwards its market leader position and pipeline...

Cost control measure of medical insurance fund to be tightened.Domestic drug company won't benefit from NewCo model.Despite BeiGene's strong Q3...