HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>3SBio plans to spin-off and list Mandi on Hong Kong Stock Exchange. The spin-off will allow Mandi to operate independently, with 3SBio ceasing to hold any interest in it post-listing. </li>
<li>Minoxidil is the main performance driver for Mandi. Our forecast is its revenue growth in 2025 would be 15%-20% YoY, with projected revenue range for 2025 of RMB1.538-1.604 billion.</li>
<li>Considering Mandi ®’s market leadership position and a growth rate higher than the industry average, we estimate its forward P/S at 20-25x. Then, valuation range for Mandi is RMB31-40 billion.</li>
</ul>


3SBio plans to spin-off and list Mandi on Hong Kong Stock Exchange. The spin-off will allow Mandi to operate independently, with 3SBio ceasing to hold any interest in it post-listing. 
Minoxidil is the main performance driver for Mandi. Our forecast is its revenue growth in 2025 would be 15%-20% YoY, with projected revenue range for 2025 of RMB1.538-1.604 billion.
Considering Mandi ®’s market leadership position and a growth rate higher than the industry average, we estimate its forward P/S at 20-25x. Then, valuation range for Mandi is RMB31-40 billion.


3SBio (1530 HK) Plans to Spin-Off and List Mandi in HK - Thoughts on The "Implied" IPO Price

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Pharma-Play <strong><a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a></strong> has announced the spin-off and listing of 87.16%-held <a href="https://www.smartkarma.com/entities/mandi" target="_blank" data-smartkarma-citation="entities:46033" rel="noopener">Mandi (MANDI HK)</a>  on the HKEx. </li>
<li>3SBio will distribute its stake in-specie. There will be a concurrent global offering, the details of which are still to be fleshed out. </li>
<li>
<a href="https://www.smartkarma.com/entities/mandi" target="_blank" data-smartkarma-citation="entities:46033" rel="noopener">Mandi (MANDI HK)</a>, a " hair loss and weight management treatments" solutions provider, accounted for 17% of 3SBio's revs in the 1H25, and 12.5% of profit.</li>
</ul>


Pharma-Play 3SBio Inc (1530 HK) has announced the spin-off and listing of 87.16%-held Mandi (MANDI HK)  on the HKEx. 
3SBio will distribute its stake in-specie. There will be a concurrent global offering, the details of which are still to be fleshed out. 

Mandi (MANDI HK), a " hair loss and weight management treatments" solutions provider, accounted for 17% of 3SBio's revs in the 1H25, and 12.5% of profit.


3SBio (1530 HK)'s Spin-Off and Listing of Mandi Inc.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Mandi (MANDI HK)

3SBio (1530 HK) Plans to Spin-Off and List Mandi in HK - Thoughts on The "Implied" IPO Price

3SBio plans to spin-off and list Mandi on the Hong Kong Stock Exchange, which means investors have the opportunity to become a direct shareholder...

Xinyao (Criss) Wang

3SBio (1530 HK)'s Spin-Off and Listing of Mandi Inc.

Often, the sum of the parts is larger than the whole. This may still hold here. Yet, given the size of Mandi, vs. 3SBio, higher market multiples...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)