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

Mabwell (Shanghai) Bioscience / Equity Capital Markets

<ul>
<li>Mabwell raised HKD 1302m (USD 166m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday April 27th, 2026.</li>
<li>In our previous note, we looked at the company's fundamentals and the valuation.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Mabwell raised HKD 1302m (USD 166m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday April 27th, 2026.
In our previous note, we looked at the company's fundamentals and the valuation.
In this note, we provide an update for the IPO before its trading debut.


Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Mabwell (Shanghai) Bioscience launched HK IPO consisting of 47M H shares. The indicative offer price range is HK$27.64–30.71 per share. The company seeks to raise ~$185M.</li>
<li>Subscriptions will close on April 23, 2026, with expected listing on April 28, 2026. Citic Securities and Haitong are the joint sponsors to the issue. </li>
<li>The company intends to utilize IPO proceeds for advancing the clinical development trials of its lead drug candidate and other pipeline products, and to establish sales and marketing team.</li>
</ul>


Mabwell (Shanghai) Bioscience launched HK IPO consisting of 47M H shares. The indicative offer price range is HK$27.64–30.71 per share. The company seeks to raise ~$185M.
Subscriptions will close on April 23, 2026, with expected listing on April 28, 2026. Citic Securities and Haitong are the joint sponsors to the issue. 
The company intends to utilize IPO proceeds for advancing the clinical development trials of its lead drug candidate and other pipeline products, and to establish sales and marketing team.


Mabwell (Shanghai) Bioscience IPO: Aiming for Next Level of Growth Riding on ADC Pipeline

<ul>
<li>Mabwell, a China-based biotech, launched its IPO to raise at least USD 185 million via a Hong Kong listing.</li>
<li>In this note, we look at the deal terms and provide our thought of valuation for the company.</li>
<li>We analyzed the reference connect events and assess the risk-reward of the deal.</li>
</ul>


Mabwell, a China-based biotech, launched its IPO to raise at least USD 185 million via a Hong Kong listing.
In this note, we look at the deal terms and provide our thought of valuation for the company.
We analyzed the reference connect events and assess the risk-reward of the deal.


Mabwell (迈威生物) A+H: Moderate Upside but Connect Event Ahead

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The high revenue growth in 2025 was mainly driven by one-time upfront payment in licensing deals, which is unsustainable. If future external cooperation weakens, the revenue scale will shrink significantly.</li>
<li>Compared with the peak sales forecast in the 2022 prospectus of Mabwell in SSE Star Market, the actual revenue from Mabwell's sales of drugs in 2025 was significantly below expectations. </li>
<li>Therefore, we prefer a conservative IPO pricing. For example, we think valuation of Mabwell would be lower than peers such as Remegen, Junshi, Kelun Bio, CSPC.</li>
</ul>


The high revenue growth in 2025 was mainly driven by one-time upfront payment in licensing deals, which is unsustainable. If future external cooperation weakens, the revenue scale will shrink significantly.
Compared with the peak sales forecast in the 2022 prospectus of Mabwell in SSE Star Market, the actual revenue from Mabwell's sales of drugs in 2025 was significantly below expectations. 
Therefore, we prefer a conservative IPO pricing. For example, we think valuation of Mabwell would be lower than peers such as Remegen, Junshi, Kelun Bio, CSPC.


Pre-IPO Mabwell (Shanghai) Bioscience (PHIP Updates) - Some Points Worth the Attention

Simcere Zaiming Pharmaceutical / Equity Capital Markets

<ul>
<li>Zaiming is operating in a "high investment, high losses" mode. This mode is questionable in terms of its sustainability in the context of a cooling capital market.</li>
<li>Whether the already marketed drugs or the drugs in R&amp;D stage, almost all core markets are facing intense competition. After products are launched, they will encounter challenges in market penetration.</li>
<li>We think valuation of Zaiming would be lower than peers such as <a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group-co" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical</a>, <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</a>, but higher than <a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical Group (2096 HK) and Sino Biopharmaceutical (1177 HK)</a>.</li>
</ul>


Zaiming is operating in a "high investment, high losses" mode. This mode is questionable in terms of its sustainability in the context of a cooling capital market.
Whether the already marketed drugs or the drugs in R&amp;D stage, almost all core markets are facing intense competition. After products are launched, they will encounter challenges in market penetration.
We think valuation of Zaiming would be lower than peers such as Hansoh Pharmaceutical, Jiangsu Hengrui Pharmaceuticals, but higher than Simcere Pharmaceutical Group (2096 HK) and Sino Biopharmaceutical (1177 HK).


Pre-IPO Simcere Zaiming Pharmaceutical - About the Pipeline, the Concerns and the Outlook

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Mabwell (Shanghai) Bioscience (MAB HK)

Mabwell (迈威生物) A+H IPO Trading

Mabwell A+H is set to start trading on April 28. We update deal dynamics, recap valuation, and reference peers. We think the deal will be...

Ke Yan, CFA, FRM

Mabwell (Shanghai) Bioscience IPO: Aiming for Next Level of Growth Riding on ADC Pipeline

Mabwell seeks to raise ~$185M via HK IPO, which consists of 47M H shares. Offer price range is HK$27.64–30.71 per share. Subscriptions will close...

Tina Banerjee

Mabwell (迈威生物) A+H: Moderate Upside but Connect Event Ahead

Mabwell A+H: China biotech IPO with a near-term Phase III catalyst, but both lead indications face meaningful competitive headwinds. Moderate...

Ke Yan, CFA, FRM

Pre-IPO Mabwell (Shanghai) Bioscience (PHIP Updates) - Some Points Worth the Attention

Mabwell's commercialization progress is significantly below expectations. If future external cooperation weakens, revenue scale will shrink...

Xinyao (Criss) Wang

Pre-IPO Simcere Zaiming Pharmaceutical - About the Pipeline, the Concerns and the Outlook

Zaiming's high investment, high losses strategy may not be sustainable in a competitive market. Products will encounter challenges in market...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mabwell (迈威生物) A+H IPO Trading

​Mabwell A+H is set to start trading on April 28. We update deal dynamics, recap valuation, and reference peers. We think the deal will be...

Ke Yan, CFA, FRM

Mabwell (Shanghai) Bioscience IPO: Aiming for Next Level of Growth Riding on ADC Pipeline

Mabwell seeks to raise ~$185M via HK IPO, which consists of 47M H shares. Offer price range is HK$27.64–30.71 per share. Subscriptions will close...

Tina Banerjee

Mabwell (迈威生物) A+H: Moderate Upside but Connect Event Ahead

Mabwell A+H: China biotech IPO with a near-term Phase III catalyst, but both lead indications face meaningful competitive headwinds. Moderate...

Ke Yan, CFA, FRM

Pre-IPO Mabwell (Shanghai) Bioscience (PHIP Updates) - Some Points Worth the Attention

Mabwell's commercialization progress is significantly below expectations. If future external cooperation weakens, revenue scale will shrink...

Xinyao (Criss) Wang

Pre-IPO Simcere Zaiming Pharmaceutical - About the Pipeline, the Concerns and the Outlook

​Zaiming's high investment, high losses strategy may not be sustainable in a competitive market. Products will encounter challenges in market...

Xinyao (Criss) Wang

Mabwell A+H is set to start trading on April 28. We update deal dynamics, recap valuation, and reference peers. We think the deal will be...

Zaiming's high investment, high losses strategy may not be sustainable in a competitive market. Products will encounter challenges in market...