Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

<ul>
<li>HJ Science, a clinical-stage biotech company, has launched its HK IPO consisting of 14M H shares. The offer price has been fixed at HK$81.80 per share.</li>
<li>The company intends to raise HK$1,112M, primarily to fund ongoing and planned R&amp;D activities for pipeline products, mainly for the late-stage trials and registration of core product candidate HJ787.</li>
<li>The subscription period will close on June 17, 2026, with the shares expected to make trading debut on June 23, 2026. Citic Securities is the sole sponsor to the issue.</li>
</ul>


HJ Science, a clinical-stage biotech company, has launched its HK IPO consisting of 14M H shares. The offer price has been fixed at HK$81.80 per share.
The company intends to raise HK$1,112M, primarily to fund ongoing and planned R&amp;D activities for pipeline products, mainly for the late-stage trials and registration of core product candidate HJ787.
The subscription period will close on June 17, 2026, with the shares expected to make trading debut on June 23, 2026. Citic Securities is the sole sponsor to the issue.


HJ Science IPO: Late Move in Crowded Market Dampens Future Growth Prospect

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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 20th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Netease Cloud Music (9899 HK), Yidu Tech (2158 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Geely Automobile (175 HK), Netease Cloud Music (9899 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 20th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Netease Cloud Music (9899 HK), Yidu Tech (2158 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Geely Automobile (175 HK), Netease Cloud Music (9899 HK).


Hong Kong Buybacks Weekly (Mar 20th): Xiaomi, Netease Cloud Music, Yidu Tech

Suzhou Genhouse Bio / Equity Capital Markets

<ul>
<li>Suzhou Genhouse Bio, a China-based biotech, is looking to raise at least USD100m via a Hong Kong listing. Huatai is the sole sponsor.</li>
<li>In this note, we look at the company's one late-stage core product, GH21.</li>
<li>We also look at the company's pre-IPO investors and management team.</li>
</ul>


Suzhou Genhouse Bio, a China-based biotech, is looking to raise at least USD100m via a Hong Kong listing. Huatai is the sole sponsor.
In this note, we look at the company's one late-stage core product, GH21.
We also look at the company's pre-IPO investors and management team.


Suzhou Genhouse Bio (勤浩医药) Pre-IPO: Moderate Innovation, Capped by Combination Economics

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Betta Pharmaceuticals / Equity Capital Markets

<ul>
<li>Betta is facing difficulties. Old products have a decline in sales due to competition, while the new products have been struggling to break through, failing to contribute expected revenue scale.</li>
<li>The loss of core talent would have negative impact on Betta’s development, which would be gradually revealed in the future in terms of R&amp;D capability/product iteration/capital operation/licensing cooperation.</li>
<li>Valuation of Betta would be lower than peers, as these companies have relatively diversified pipelines, and have already reached high-quality licensing cooperation with MNCs, demonstrating optimistic internationalization outlook.  </li>
</ul>


Betta is facing difficulties. Old products have a decline in sales due to competition, while the new products have been struggling to break through, failing to contribute expected revenue scale.
The loss of core talent would have negative impact on Betta’s development, which would be gradually revealed in the future in terms of R&amp;D capability/product iteration/capital operation/licensing cooperation.
Valuation of Betta would be lower than peers, as these companies have relatively diversified pipelines, and have already reached high-quality licensing cooperation with MNCs, demonstrating optimistic internationalization outlook.  


Pre-IPO Betta Pharmaceuticals (A/H Listing) - Thoughts on the Pipeline, the Outlook, and Valuation

Equity Bottom-Up

Duality Biotherapeutics / Equity Bottom-Up

<ul>
<li>Trump said he will place import taxes on 100% of pharmaceutical drugs, which will begin on Oct.1. Below, we shared our views on this new policy.</li>
<li>Some companies continue to repurchase/increase their holdings despite the industry's significant rise this year, indicating that major shareholders truly have confidence in the outlook. We specifically listed these companies.</li>
<li>The fluctuations in Duality’s stock price are obviously driven by capital after being included in HK Stock Connect. we suggest that investors pay attention to risks as Duality faces correction.</li>
</ul>


Trump said he will place import taxes on 100% of pharmaceutical drugs, which will begin on Oct.1. Below, we shared our views on this new policy.
Some companies continue to repurchase/increase their holdings despite the industry's significant rise this year, indicating that major shareholders truly have confidence in the outlook. We specifically listed these companies.
The fluctuations in Duality’s stock price are obviously driven by capital after being included in HK Stock Connect. we suggest that investors pay attention to risks as Duality faces correction.


China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

China

Jacobio Pharmaceuticals is a clinical-stage pharmaceutical company dedicated to the in-house discovery and development of innovative oncology therapies, focusing on "undruggable" targets in key oncogenic pathways. They leverage their Induced Allosteric Molecule Discovery Platform and iADC Platform to develop novel drugs, including clinical-stage candidates like Glecirasib (KRAS G12C inhibitor) and Sitneprotafib (SHP2 inhibitor) for various solid tumors. The company was founded in 2015 and is headquartered in Beijing, China.

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Jacobio Pharmaceuticals (1167 HK)

HJ Science IPO: Late Move in Crowded Market Dampens Future Growth Prospect

HJ Science has launched its HK IPO consisting of 14M H shares at HK$81.80 per share to fund ongoing and planned R&D activities for pipeline...

Tina Banerjee

Hong Kong Buybacks Weekly (Mar 20th): Xiaomi, Netease Cloud Music, Yidu Tech

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Xiaomi (1810 HK),...

Ke Yan, CFA, FRM

Suzhou Genhouse Bio (勤浩医药) Pre-IPO: Moderate Innovation, Capped by Combination Economics

Suzhou Genhouse Bio plans to raise over USD100m through a Hong Kong listing with Huatai as the sponsor. We look at their core product GH21, their...

Ke Yan, CFA, FRM

Pre-IPO Betta Pharmaceuticals (A/H Listing) - Thoughts on the Pipeline, the Outlook, and Valuation

Betta face challenges due to pipeline with insufficient competitiveness and loss of core talent. Valuation will be lower than peers with more...

Xinyao (Criss) Wang

China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Trump’s 100% pharma tariff starting Oct. 1. Major shareholders of some companies increased their holdings at high prices. Fluctuations in Duality’s...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HJ Science IPO: Late Move in Crowded Market Dampens Future Growth Prospect

HJ Science has launched its HK IPO consisting of 14M H shares at HK$81.80 per share to fund ongoing and planned R&D activities for pipeline...

Tina Banerjee

Hong Kong Buybacks Weekly (Mar 20th): Xiaomi, Netease Cloud Music, Yidu Tech

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Xiaomi (1810 HK),...

Ke Yan, CFA, FRM

Suzhou Genhouse Bio (勤浩医药) Pre-IPO: Moderate Innovation, Capped by Combination Economics

Suzhou Genhouse Bio plans to raise over USD100m through a Hong Kong listing with Huatai as the sponsor. We look at their core product GH21, their...

Ke Yan, CFA, FRM

Pre-IPO Betta Pharmaceuticals (A/H Listing) - Thoughts on the Pipeline, the Outlook, and Valuation

​Betta face challenges due to pipeline with insufficient competitiveness and loss of core talent. Valuation will be lower than peers with more...

Xinyao (Criss) Wang

China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Trump’s 100% pharma tariff starting Oct. 1. Major shareholders of some companies increased their holdings at high prices. Fluctuations in Duality’s...

Xinyao (Criss) Wang

Betta face challenges due to pipeline with insufficient competitiveness and loss of core talent. Valuation will be lower than peers with more...