HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Sichuan Biokin Pharmaceutical / Equity Capital Markets

Sichuan Biokin Pharmaceutical (688506 CH)

<ul>
<li>For secondary-market investors, aligning with established technology pathways offers greater clarity and comfort than speculating on new business development deals from Chinese firms.</li>
<li>As IPOs of biotechs in HK increase crazily in 2025, it has led companies to overly pursue stock trading, share reduction and exit.We suggest investors remain rational about healthcare IPOs.  </li>
<li>The valuation/IPO pricing of Biokin is too high. Recent poor performance of A/H shares after IPO has already intensified concerns. This could be the reason for the delay of IPO.</li>
</ul>


For secondary-market investors, aligning with established technology pathways offers greater clarity and comfort than speculating on new business development deals from Chinese firms.
As IPOs of biotechs in HK increase crazily in 2025, it has led companies to overly pursue stock trading, share reduction and exit.We suggest investors remain rational about healthcare IPOs.  
The valuation/IPO pricing of Biokin is too high. Recent poor performance of A/H shares after IPO has already intensified concerns. This could be the reason for the delay of IPO.


China Healthcare Weekly (Nov.16) - Crazy Healthcare IPOs, Don't Bet on BD, Biokin HK IPO Delayed

Sichuan Biokin Pharmaceutical Co Ltd / Equity Capital Markets

Sichuan Biokin Pharmaceutical Co Ltd (SBP12 HK)

<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 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.

<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

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.

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

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)

China Healthcare Weekly (Nov.16) - Crazy Healthcare IPOs, Don't Bet on BD, Biokin HK IPO Delayed

Investors're advised to focus on technical route over new BD deals from Chinese companies. Investors need to remain rational about healthcare...

Xinyao (Criss) Wang

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Healthcare Weekly (Nov.16) - Crazy Healthcare IPOs, Don't Bet on BD, Biokin HK IPO Delayed

​Investors're advised to focus on technical route over new BD deals from Chinese companies. Investors need to remain rational about healthcare...

Xinyao (Criss) Wang

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

Investors're advised to focus on technical route over new BD deals from Chinese companies. Investors need to remain rational about healthcare...

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...