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

Sichuan Biokin Pharmaceutical Co Ltd / Equity Capital Markets

Sichuan Biokin Pharmaceutical Co Ltd (SBP12 HK)

<ul>
<li>Sichuan Biokin, a China-based commercial stage biotech company, aims to raise around USD 432 million via a Hong Kong listing.</li>
<li>In our previous note, we have examined the company’s fundamentals and latest development.</li>
<li>In this note, we look at the deal term. We think the company’s valuation is demanding, despite its clinical breakthrough.</li>
</ul>


Sichuan Biokin, a China-based commercial stage biotech company, aims to raise around USD 432 million via a Hong Kong listing.
In our previous note, we have examined the company’s fundamentals and latest development.
In this note, we look at the deal term. We think the company’s valuation is demanding, despite its clinical breakthrough.


Sichuan Biokin A/H Listing: Stretched Valuation

<ul>
<li>Sichuan Biokin is looking to raise up to USD 500 million from an A-H listing. The sponsors are GS, JPM, and CITIC.</li>
<li>Sichuan Biokin recently published its post-hearing prospectus. The company also released financial results for 3Q 2025.</li>
<li>We think the company has progressed well in its core asset and has reported encouraging clinical data since the beginning of the year.</li>
</ul>


Sichuan Biokin is looking to raise up to USD 500 million from an A-H listing. The sponsors are GS, JPM, and CITIC.
Sichuan Biokin recently published its post-hearing prospectus. The company also released financial results for 3Q 2025.
We think the company has progressed well in its core asset and has reported encouraging clinical data since the beginning of the year.


Sichuan Biokin A/H Listing: Milestone Payment and New Clinical Data

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>China (Shanghai Composite) has been a major focus ever since our July 3 report titled "China and Japan Breaking Out," and it's pulling back toward 10-year base support at 3675-3725;buy.</li>
<li>Japan's TOPIX and TOPIX Small indexes remain bullish (BUY), but RS remains below multi-month resistances; we would upgrade Japan to overweight on RS breakouts.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
China (Shanghai Composite) has been a major focus ever since our July 3 report titled "China and Japan Breaking Out," and it's pulling back toward 10-year base support at 3675-3725;buy.
Japan's TOPIX and TOPIX Small indexes remain bullish (BUY), but RS remains below multi-month resistances; we would upgrade Japan to overweight on RS breakouts.


Buys in Japan and Europe; China Pulling Back -- Buy; MSCI ACWI Uptrend Intact

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Biotech / Cover story: Chinese pharma turns to global deals to cure capital crunch</li><li>Obituary /Chinese beverage tycoon Zong Qinghou dies at 79</li><li>Fire /Nanjing e-bike parking lot fire kills 15 after spreading to apartment building</li></ul>

Biotech / Cover story: Chinese pharma turns to global deals to cure capital crunchObituary /Chinese beverage tycoon Zong Qinghou dies at 79Fire /Nanjing e-bike parking lot fire kills 15 after spreading to apartment building

CX Daily: Chinese Pharma Turns to Global Deals to Cure Capital Crunch 

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>If checking the hot ADC transactions in recent years, a very big portion of ADC varieties in global licensing deals are from Chinese pharmaceutical companies, which is actually very rare.</li>
<li>While international buyers are “very generous” for ADC assets and MNC's appetite would remain strong, they will immediately calm down and stop once they see any "potential risk" behind.</li>
<li>For Chinese pharmaceutical companies, ADC license-out deal is more of a temporary catalyst. We suggest taking a rational view. ADC CDMO (e.g. WuXi XDC) could be a better investment option.</li>
</ul>


If checking the hot ADC transactions in recent years, a very big portion of ADC varieties in global licensing deals are from Chinese pharmaceutical companies, which is actually very rare.
While international buyers are “very generous” for ADC assets and MNC's appetite would remain strong, they will immediately calm down and stop once they see any "potential risk" behind.
For Chinese pharmaceutical companies, ADC license-out deal is more of a temporary catalyst. We suggest taking a rational view. ADC CDMO (e.g. WuXi XDC) could be a better investment option.


China's Rising Role in Global ADC Partnership Wave - Opportunities and Risks Behind the Gold Rush

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

Sichuan Biokin Pharmaceutical Co Ltd (SBP12 HK)

Sichuan Biokin A/H Listing: Stretched Valuation

China's Sichuan Biokin plans to raise $432 million through a Hong Kong listing. We look at the deal terms and are of view that the valuation is...

Ke Yan, CFA, FRM

Sichuan Biokin A/H Listing: Milestone Payment and New Clinical Data

Sichuan Biokin aims to raise $500 million through A-H listing with backing from GS, JPM, and CITIC. Recent development for the company is mostly...

Ke Yan, CFA, FRM

Buys in Japan and Europe; China Pulling Back -- Buy; MSCI ACWI Uptrend Intact

Buys in Japan and Europe; China's Shanghai Composite Pulling Back to 10-year Base Support -- Buy; MSCI $ACWI Uptrend Intact. Actionable Themes:...

Vermilion Research

CX Daily: Chinese Pharma Turns to Global Deals to Cure Capital Crunch

Biotech / Cover story: Chinese pharma turns to global deals to cure capital crunch After enduring the chill of a prolonged capital winter, China’s...

Caixin Global

China's Rising Role in Global ADC Partnership Wave - Opportunities and Risks Behind the Gold Rush

As China's ADCs continue to gain recognition from global buyers,the position of Chinese pharmaceutical companies is undergoing fundamental...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sichuan Biokin A/H Listing: Stretched Valuation

​China's Sichuan Biokin plans to raise $432 million through a Hong Kong listing. We look at the deal terms and are of view that the valuation is...

Ke Yan, CFA, FRM

Sichuan Biokin A/H Listing: Milestone Payment and New Clinical Data

​Sichuan Biokin aims to raise $500 million through A-H listing with backing from GS, JPM, and CITIC. Recent development for the company is mostly...

Ke Yan, CFA, FRM

Buys in Japan and Europe; China Pulling Back -- Buy; MSCI ACWI Uptrend Intact

Buys in Japan and Europe; China's Shanghai Composite Pulling Back to 10-year Base Support -- Buy; MSCI $ACWI Uptrend Intact. Actionable Themes:...

Vermilion Research

CX Daily: Chinese Pharma Turns to Global Deals to Cure Capital Crunch

Biotech / Cover story: Chinese pharma turns to global deals to cure capital crunch After enduring the chill of a prolonged capital winter, China’s...

Caixin Global

China's Rising Role in Global ADC Partnership Wave - Opportunities and Risks Behind the Gold Rush

As China's ADCs continue to gain recognition from global buyers,the position of Chinese pharmaceutical companies is undergoing fundamental...

Xinyao (Criss) Wang

China's Sichuan Biokin plans to raise $432 million through a Hong Kong listing. We look at the deal terms and are of view that the valuation is...

Sichuan Biokin aims to raise $500 million through A-H listing with backing from GS, JPM, and CITIC. Recent development for the company is mostly...