HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Sichuan Biokin Pharmaceutical Co Ltd / Equity Capital Markets

<ul>
<li>Chairman of the Board Zhu Yi hopes to build Biokin into an MNC with the success of BL-B01D1.In other words, Zhu Yi is prepared to bet all on this product.</li>
<li>Biokin’s valuation should be lower than <a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a>, but higher than RemeGen. If BL-B01D1’s development is successful, Biokin’s future valuation ceiling will be higher than Kelun Bio.  </li>
<li>Global peak sales revenue share of BL-B01D1 could reach approximately RMB20 billion. If based on P/S of 5x, market value is RMB100 billion. So, there's bubble in valuation in A-share.</li>
</ul>


Chairman of the Board Zhu Yi hopes to build Biokin into an MNC with the success of BL-B01D1.In other words, Zhu Yi is prepared to bet all on this product.
Biokin’s valuation should be lower than Akeso Biopharma Inc (9926 HK), but higher than RemeGen. If BL-B01D1’s development is successful, Biokin’s future valuation ceiling will be higher than Kelun Bio.  
Global peak sales revenue share of BL-B01D1 could reach approximately RMB20 billion. If based on P/S of 5x, market value is RMB100 billion. So, there's bubble in valuation in A-share.


Pre-IPO Sichuan Biokin Pharmaceutical (PHIP Updates) - Some Points Worth the Attention

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

<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

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Samsung Electronics / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, there were a flurry of deal launches across Hong Kong and India.</li>
<li>On the placements front, while the week was rather quiet, we did have a look at the upcoming lockup release.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, there were a flurry of deal launches across Hong Kong and India.
On the placements front, while the week was rather quiet, we did have a look at the upcoming lockup release.


ECM Weekly (3 November 2025)-Sany, Seres, CIG, PonyAI, WeRide, Mininglamp, Lenskart, Groww, Softcare

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of STAR50 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on SUPCON TECHNOLOGY, SHENGYI ELECTRONICS, TRANSSION, TRINA SOLAR, CAMBRICON TECHNOLOGIES, Trina Solar, Shengyi Electronics, Cambricon Technologies, Transsion, Supcon Technology.</li>
</ul>


We analysed the earning revision of component stocks of STAR50 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on SUPCON TECHNOLOGY, SHENGYI ELECTRONICS, TRANSSION, TRINA SOLAR, CAMBRICON TECHNOLOGIES, Trina Solar, Shengyi Electronics, Cambricon Technologies, Transsion, Supcon Technology.


STAR50 Index Earning Revision (Oct): SUPCON TECHNOLOGY, SHENGYI ELECTRONICS, TRANSSION, TRINA SOLAR

<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

Hong Kong

Sichuan Biokin Pharmaceutical Co Ltd (SBP12 HK)

Price Gauge
52-week Range	0.00 - 0.00
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Sichuan Biokin Pharmaceutical Co Ltd (SBP12 HK)

Pre-IPO Sichuan Biokin Pharmaceutical (PHIP Updates) - Some Points Worth the Attention

Biokin’s high-end IPO pricing (HK$389) shows a premium over A-shares (RMB352.3). Lower-end pricing (HK$347.5) is only discounted by 10%, far lower...

Xinyao (Criss) Wang

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

ECM Weekly (3 November 2025)-Sany, Seres, CIG, PonyAI, WeRide, Mininglamp, Lenskart, Groww, Softcare

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

STAR50 Index Earning Revision (Oct): SUPCON TECHNOLOGY, SHENGYI ELECTRONICS, TRANSSION, TRINA SOLAR

We analyzed STAR50's consensus for Oct 2025 and highlighted changes of EPS in SUPCON TECHNOLOGY (688777 CH), SHENGYI ELECTRONICS (688183 CH),...

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Sichuan Biokin Pharmaceutical (PHIP Updates) - Some Points Worth the Attention

Biokin’s high-end IPO pricing (HK$389) shows a premium over A-shares (RMB352.3). Lower-end pricing (HK$347.5) is only discounted by 10%, far lower...

Xinyao (Criss) Wang

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

ECM Weekly (3 November 2025)-Sany, Seres, CIG, PonyAI, WeRide, Mininglamp, Lenskart, Groww, Softcare

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

STAR50 Index Earning Revision (Oct): SUPCON TECHNOLOGY, SHENGYI ELECTRONICS, TRANSSION, TRINA SOLAR

We analyzed STAR50's consensus for Oct 2025 and highlighted changes of EPS in SUPCON TECHNOLOGY (688777 CH), SHENGYI ELECTRONICS (688183 CH),...

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

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...