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

IMPACT Therapeutics / Equity Capital Markets

<ul>
<li>Impact Therapeutics, a China-based near-commercial-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS and CICC are the joint sponsors.</li>
<li>In our previous note, we looked at the company’s core products, senaparib/IMP4297, and key products IMP1734 and IMP9064. We also looked at the company’s pre-IPO investors and management team.</li>
<li>In this note, we look at the latest prospectus and analyze changes in the company's pipeline and competitive landscapes.</li>
</ul>


Impact Therapeutics, a China-based near-commercial-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS and CICC are the joint sponsors.
In our previous note, we looked at the company’s core products, senaparib/IMP4297, and key products IMP1734 and IMP9064. We also looked at the company’s pre-IPO investors and management team.
In this note, we look at the latest prospectus and analyze changes in the company's pipeline and competitive landscapes.


Impact Therapeutics (英派药业) Pre-IPO: Post Senaparib Commercialization, What's Next?

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

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

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> witnessed revenue growth of 94% to RMB 17.7B in 2025 on the back of payments from licensing deal with Pfizer.  Tpiao continues to loose market share.</li>
<li>The NDA of Anti-IL-17A mAb (608, for psoriasis) and Eltrombopag (SSS20, for ITP and Severe Aplastic Anemia) was approved for marketing in February 2026 and March 2026, respectively.</li>
<li>We feel that the company will face growth hurdles in the near to medium term but will recover from that. We would recommend to hold the stock for now.</li>
</ul>



3SBio Inc (1530 HK) witnessed revenue growth of 94% to RMB 17.7B in 2025 on the back of payments from licensing deal with Pfizer.  Tpiao continues to loose market share.
The NDA of Anti-IL-17A mAb (608, for psoriasis) and Eltrombopag (SSS20, for ITP and Severe Aplastic Anemia) was approved for marketing in February 2026 and March 2026, respectively.
We feel that the company will face growth hurdles in the near to medium term but will recover from that. We would recommend to hold the stock for now.


3SBio Inc (1530 HK): Licensing Boosts 2025 Revenue, Temporary Growth Hurdles Incoming

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 10th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Weichai Power, Techtronic, YOFC, AIA, Innovent Biologics, HKEx.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 10th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Weichai Power, Techtronic, YOFC, AIA, Innovent Biologics, HKEx.


HK Short Interest Weekly: Weichai Power, Techtronic, YOFC, AIA, Innovent Biologics, HKEx

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 2nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Tencent, Hansoh Pharmaceutical, HSBC, CNOOC, Petrochina, Yankuang Energy, Central New Energy.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 2nd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Tencent, Hansoh Pharmaceutical, HSBC, CNOOC, Petrochina, Yankuang Energy, Central New Energy.


HK Short Interest Weekly: Tencent, Hansoh Pharmaceutical, HSBC, CNOOC, Petrochina

China

Hansoh Pharmaceutical is a pharmaceutical company that researches, develops, manufactures, and sells a diverse portfolio of medicines. It focuses on therapeutic areas such as oncology, anti-infectives, central nervous system diseases, metabolic disorders, and autoimmune diseases. The company was founded in 1995 and is headquartered in Shanghai, China.

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Hansoh Pharmaceutical (3692 HK)

Impact Therapeutics (英派药业) Pre-IPO: Post Senaparib Commercialization, What's Next?

Impact Therapeutics PHIP updates: advances senaparib to NRDL reimbursement. IMP1734 readout later this year is the single event that determines...

Ke Yan, CFA, FRM

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

3SBio Inc (1530 HK): Licensing Boosts 2025 Revenue, Temporary Growth Hurdles Incoming

3SBio Inc saw a 94% revenue increase in 2025 due to Pfizer deal. Faces market share challenges. Marketing approvals for key pipeline products is...

Tina Banerjee

HK Short Interest Weekly: Weichai Power, Techtronic, YOFC, AIA, Innovent Biologics, HKEx

We analyzed the latest HK SFC report for aggregate short position as of Apr 10th and highlight short interest changes in Weichai Power, Techtronic,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Tencent, Hansoh Pharmaceutical, HSBC, CNOOC, Petrochina

We analyzed the latest HK SFC report for aggregate short position as of Apr 2nd and highlight short interest changes in Tencent (700 HK), Hansoh...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Impact Therapeutics (英派药业) Pre-IPO: Post Senaparib Commercialization, What's Next?

Impact Therapeutics PHIP updates: advances senaparib to NRDL reimbursement. IMP1734 readout later this year is the single event that determines...

Ke Yan, CFA, FRM

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

3SBio Inc (1530 HK): Licensing Boosts 2025 Revenue, Temporary Growth Hurdles Incoming

​3SBio Inc saw a 94% revenue increase in 2025 due to Pfizer deal. Faces market share challenges. Marketing approvals for key pipeline products is...

Tina Banerjee

HK Short Interest Weekly: Weichai Power, Techtronic, YOFC, AIA, Innovent Biologics, HKEx

We analyzed the latest HK SFC report for aggregate short position as of Apr 10th and highlight short interest changes in Weichai Power, Techtronic,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Tencent, Hansoh Pharmaceutical, HSBC, CNOOC, Petrochina

We analyzed the latest HK SFC report for aggregate short position as of Apr 2nd and highlight short interest changes in Tencent (700 HK), Hansoh...

Ke Yan, CFA, FRM

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

3SBio Inc saw a 94% revenue increase in 2025 due to Pfizer deal. Faces market share challenges. Marketing approvals for key pipeline products is...