Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a> 2025 revenue dropped 10% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. Bulk products and license fees compensated to an extent.</li>
<li>Pressure on revenue will continue to be felt. Newly launched products, pipeline strength and out licensing opportunities would help ward off the effects of lower revenues from finished drugs.</li>
<li>CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices. We remain bullish on the name.</li>
</ul>



CSPC Pharmaceutical Group (1093 HK) 2025 revenue dropped 10% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. Bulk products and license fees compensated to an extent.
Pressure on revenue will continue to be felt. Newly launched products, pipeline strength and out licensing opportunities would help ward off the effects of lower revenues from finished drugs.
CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices. We remain bullish on the name.


CSPC Pharma (1093 HK): 2025 Witness VBP Inclusion Impact; Pipeline and Launches Hold Key For Future

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.

Equity Capital Markets

Verisilicon Microelectronics S / Equity Capital Markets

Verisilicon Microelectronics S (688521 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/verisilicon-microelectronics-s" target="_blank" data-smartkarma-citation="entities:32183:1" rel="noopener">Verisilicon Microelectronics S (688521 CH)</a> (VM), which offers custom silicon solution and semiconductor IP licensing services, aims to raise around US$1bn in its H-share listing.</li>
<li>According to CIC, VM was the largest IP provider in the Chinese mainland and the eighth-largest globally in terms of IP revenue in 2025.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Verisilicon Microelectronics S (688521 CH) (VM), which offers custom silicon solution and semiconductor IP licensing services, aims to raise around US$1bn in its H-share listing.
According to CIC, VM was the largest IP provider in the Chinese mainland and the eighth-largest globally in terms of IP revenue in 2025.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: VeriSilicon Microelectronics A/H Listing - Growth Picking up but at the Cost of Margins

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 analyse the changes of A-H premium on 179 stocks over the last week. The average A-H premium was 70.1% as of May 1st.</li>
<li>The average A-H premium changed by 1.5ppt week-on-week, led by real estate, consumer discretionary, health care and offset by utilities, energy.</li>
<li>We highlight weekly changes in A-H premium for Great Wall Motor, China Oilfield Services, China Life, CATL, China Railway, CMB.</li>
</ul>


We analyse the changes of A-H premium on 179 stocks over the last week. The average A-H premium was 70.1% as of May 1st.
The average A-H premium changed by 1.5ppt week-on-week, led by real estate, consumer discretionary, health care and offset by utilities, energy.
We highlight weekly changes in A-H premium for Great Wall Motor, China Oilfield Services, China Life, CATL, China Railway, CMB.


A-H Premium Weekly (May 1st): Great Wall Motor, China Oilfield Services, China Life, CATL

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>Almost a year in, <a href="https://www.smartkarma.com/entities/enn-natural-gas-co-ltd" target="_blank" data-smartkarma-citation="entities:16456:1" rel="noopener">ENN Natural Gas (600803 CH)</a> has yet to satisfy the precondition for its <a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a> offer. The remaining precondition is CSRC and HKEx approvals.</li>
<li>CSRC approval should be forthcoming and is likely taking some time due to deal complexity and the imminent release of the 2025 results. </li>
<li>The appraised offer was based on an AH discount of 11%, which warrants caution. However, at the last close, the implied AH discount was 48%, suggesting a favourable risk/reward profile.</li>
</ul>


Almost a year in, ENN Natural Gas (600803 CH) has yet to satisfy the precondition for its ENN Energy (2688 HK) offer. The remaining precondition is CSRC and HKEx approvals.
CSRC approval should be forthcoming and is likely taking some time due to deal complexity and the imminent release of the 2025 results. 
The appraised offer was based on an AH discount of 11%, which warrants caution. However, at the last close, the implied AH discount was 48%, suggesting a favourable risk/reward profile.


Zhongji Innolight   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongji-innolight-co-ltd" target="_blank" data-smartkarma-citation="entities:6986:1" rel="noopener">Zhongji Innolight (300308 CH),</a> one of the world’s largest optical transceiver manufacturers, aims to raise around US$5bn in its H-share listing.</li>
<li>Innolight was the global leader in 2024 in optical modules, with its products being in high demand for data centers.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Zhongji Innolight (300308 CH), one of the world’s largest optical transceiver manufacturers, aims to raise around US$5bn in its H-share listing.
Innolight was the global leader in 2024 in optical modules, with its products being in high demand for data centers.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Innolight A/H Listing - Early Look - At US$5bn Could Be Hong Kong’s Largest This Year

China

Jiangsu Hengrui Pharmaceuticals is a global biopharmaceutical company engaged in the research, development, manufacturing, and commercialization of innovative and high-quality drugs. The company focuses on therapeutic areas including oncology, metabolic and cardiovascular diseases, immunological and respiratory diseases, and neuroscience. It was founded in 1970 and is headquartered in Lianyungang, Jiangsu, China.

Jiangsu Hengrui Pharmaceuticals (1276 HK)

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Jiangsu Hengrui Pharmaceuticals (1276 HK)

CSPC Pharma (1093 HK): 2025 Witness VBP Inclusion Impact; Pipeline and Launches Hold Key For Future

CSPC Pharma's 2025 revenue dropped 10% YoY due to finished drugs decline. Focus on new products, pipeline strength, and high-end market expansion...

Tina Banerjee

Aequitas: VeriSilicon Microelectronics A/H Listing - Growth Picking up but at the Cost of Margins

Verisilicon Microelectronics (688521 CH) (VM), which offers custom silicon solution and semiconductor IP licensing services, aims to raise around...

Sumeet Singh

A-H Premium Weekly (May 1st): Great Wall Motor, China Oilfield Services, China Life, CATL

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Great Wall Motor, China Oilfield Services, China Life, CATL,...

Ke Yan, CFA, FRM

ENN Energy (2688 HK): The Waiting Game

Today's update had no NEW news on the CSRC approval. The NEW news was that the ENN NG Board has proposed an AGM resolution (15 May) to extend the...

Arun George

Aequitas: Innolight A/H Listing - Early Look - At US$5bn Could Be Hong Kong’s Largest This Year

Zhongji Innolight (300308 CH), one of the world’s largest optical transceiver manufacturers, aims to raise around US$5bn in its H-share listing.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CSPC Pharma (1093 HK): 2025 Witness VBP Inclusion Impact; Pipeline and Launches Hold Key For Future

​CSPC Pharma's 2025 revenue dropped 10% YoY due to finished drugs decline. Focus on new products, pipeline strength, and high-end market expansion...

Tina Banerjee

Aequitas: VeriSilicon Microelectronics A/H Listing - Growth Picking up but at the Cost of Margins

Verisilicon Microelectronics (688521 CH) (VM), which offers custom silicon solution and semiconductor IP licensing services, aims to raise around...

Sumeet Singh

A-H Premium Weekly (May 1st): Great Wall Motor, China Oilfield Services, China Life, CATL

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Great Wall Motor, China Oilfield Services, China Life, CATL,...

Ke Yan, CFA, FRM

ENN Energy (2688 HK): The Waiting Game

Today's update had no NEW news on the CSRC approval. The NEW news was that the ENN NG Board has proposed an AGM resolution (15 May) to extend the...

Arun George

Aequitas: Innolight A/H Listing - Early Look - At US$5bn Could Be Hong Kong’s Largest This Year

Zhongji Innolight (300308 CH), one of the world’s largest optical transceiver manufacturers, aims to raise around US$5bn in its H-share listing.

Sumeet Singh

CSPC Pharma's 2025 revenue dropped 10% YoY due to finished drugs decline. Focus on new products, pipeline strength, and high-end market expansion...