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

Hanx Biopharmaceuticals / Equity Capital Markets

<ul>
<li>Hanx Biopharm raised HKD 586m (USD 76m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday December 23, 2025.</li>
<li>In our previous note, we looked at the company's core products, management track records.</li>
<li>In this note, we provide an update for the IPO before trading debut.</li>
</ul>


Hanx Biopharm raised HKD 586m (USD 76m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday December 23, 2025.
In our previous note, we looked at the company's core products, management track records.
In this note, we provide an update for the IPO before trading debut.


<ul>
<li>Hanx Biopharm, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. ICBCI and CITIC are the joint book runners.</li>
<li>In this note, we look at the company’s core product, HX009, and assess the selling point around the core product.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


Hanx Biopharm, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. ICBCI and CITIC are the joint book runners.
In this note, we look at the company’s core product, HX009, and assess the selling point around the core product.
We also look at the company’s pre-IPO investors and management team.


Hanx Biopharm (翰思爱泰) Pre-IPO Quick Comment: Innovative I/O Product with Early Signals

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.

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, HK IPOs continue to be launched into the year end.</li>
<li>On the placements front, there are a number of lockup expiries coming up over the next few weeks.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, HK IPOs continue to be launched into the year end.
On the placements front, there are a number of lockup expiries coming up over the next few weeks.


ECM Weekly (22 December 2025) - SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>CD47 has been considered “problematic” by the industry, so in order to prove its druggability, it usually requires very good clinical data, and cannot rely on “conjectures” such as BsAb. </li>
<li>There’s no compelling evidence to prove that the toxicity issue of CD47 can be resolved. There're concerns on the safety profile and efficacy of HX009/HX044, with high R&amp;D failure risks.</li>
<li>After Series B+ of financing in June 2024, post-investment valuation of Hanx reached about RMB1.6 billion. Due to slower R&amp;D progress. we think Hanx’s valuation should be lower than ImmuneOnco.  </li>
</ul>


CD47 has been considered “problematic” by the industry, so in order to prove its druggability, it usually requires very good clinical data, and cannot rely on “conjectures” such as BsAb. 
There’s no compelling evidence to prove that the toxicity issue of CD47 can be resolved. There're concerns on the safety profile and efficacy of HX009/HX044, with high R&amp;D failure risks.
After Series B+ of financing in June 2024, post-investment valuation of Hanx reached about RMB1.6 billion. Due to slower R&amp;D progress. we think Hanx’s valuation should be lower than ImmuneOnco.  


Pre-IPO Hanx Biopharmaceuticals - The Risk of Pipeline Development Failure Is High

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Hanx Biopharmaceuticals (HANX HK)

Hanx Biopharm (翰思爱泰) IPO Trading

Hanx Biopharm will list on Hong Kong Stock Exchange on Dec 23rd after raising USD 76m in global offering. We update the deal dynamics before the...

Ke Yan, CFA, FRM

Hanx Biopharm (翰思爱泰) Pre-IPO Quick Comment: Innovative I/O Product with Early Signals

China-based biotech company Hanx Biopharm seeks to raise $100 million through a Hong Kong listing. We assessed the selling point of its core...

Ke Yan, CFA, FRM

ECM Weekly (22 December 2025) - SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Pre-IPO Hanx Biopharmaceuticals - The Risk of Pipeline Development Failure Is High

CD47's druggability is questioned in the industry, requiring strong clinical data to to turn things around. Hanx's pipeline has high failure R&D...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hanx Biopharm (翰思爱泰) IPO Trading

​Hanx Biopharm will list on Hong Kong Stock Exchange on Dec 23rd after raising USD 76m in global offering. We update the deal dynamics before the...

Ke Yan, CFA, FRM

Hanx Biopharm (翰思爱泰) Pre-IPO Quick Comment: Innovative I/O Product with Early Signals

​China-based biotech company Hanx Biopharm seeks to raise $100 million through a Hong Kong listing. We assessed the selling point of its core...

Ke Yan, CFA, FRM

ECM Weekly (22 December 2025) - SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Pre-IPO Hanx Biopharmaceuticals - The Risk of Pipeline Development Failure Is High

​CD47's druggability is questioned in the industry, requiring strong clinical data to to turn things around. Hanx's pipeline has high failure R&D...

Xinyao (Criss) Wang

Hanx Biopharm will list on Hong Kong Stock Exchange on Dec 23rd after raising USD 76m in global offering. We update the deal dynamics before the...

China-based biotech company Hanx Biopharm seeks to raise $100 million through a Hong Kong listing. We assessed the selling point of its core...

CD47's druggability is questioned in the industry, requiring strong clinical data to to turn things around. Hanx's pipeline has high failure R&D...