External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Sichuan Kelun-Biotech Biopharmaceutical / Equity Bottom-Up

Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)

<ul><li>Kelun-Biotech marks 2025 as its transformational commercialization inflection year, transitioning from a clinical-stage biotech to a biopharmaceutical company with four approved products and a robust revenue trajectory.</li><li>The Company reported total revenue of RMB2.06bn (+6.5% YoY), with pharmaceutical product sales contributing RMB543mn—a testament to its nascent but rapidly scaling commercial infrastructure.</li><li>The strategic milestone of securing NRDL inclusion for three core assets (Sac-TMT, A167, and A140) effective Jan 2026 establishes a solid foundation for volume growth in 2026. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Kelun-Biotech marks 2025 as its transformational commercialization inflection year, transitioning from a clinical-stage biotech to a biopharmaceutical company with four approved products and a robust revenue trajectory.The Company reported total revenue of RMB2.06bn (+6.5% YoY), with pharmaceutical product sales contributing RMB543mn—a testament to its nascent but rapidly scaling commercial infrastructure.The strategic milestone of securing NRDL inclusion for three core assets (Sac-TMT, A167, and A140) effective Jan 2026 establishes a solid foundation for volume growth in 2026. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kelun-Biotech (6990 HK) - Inaugural Year of Commercialization

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Hengrui Pharmaceuticals entered license agreements with BMS to advance 13 early-stage programs in oncology, hematology, and immunology. Sino Biopharmaceutical entered exclusive strategic collaboration with GlaxoSmithKline for Hepatitis B drug bepirovisen.</li>
<li>BeOne received FDA approval for Beqalzi for the treatment of mantle cell lymphoma. Otsuka’s subsidiary, Taiho Pharmaceutical secured FDA approval for Inqovi plus venetoclax for newly diagnosed acute myeloid leukemia.</li>
<li>Celltrion has acquired Gifrer, a 114-year-old local healthcare company in France. Bora Pharmaceuticals will acquire GMP manufacturing operations, including the CDMO business, of MacroGenics for $122.5M.</li>
</ul>


Hengrui Pharmaceuticals entered license agreements with BMS to advance 13 early-stage programs in oncology, hematology, and immunology. Sino Biopharmaceutical entered exclusive strategic collaboration with GlaxoSmithKline for Hepatitis B drug bepirovisen.
BeOne received FDA approval for Beqalzi for the treatment of mantle cell lymphoma. Otsuka’s subsidiary, Taiho Pharmaceutical secured FDA approval for Inqovi plus venetoclax for newly diagnosed acute myeloid leukemia.
Celltrion has acquired Gifrer, a 114-year-old local healthcare company in France. Bora Pharmaceuticals will acquire GMP manufacturing operations, including the CDMO business, of MacroGenics for $122.5M.


APAC Healthcare Weekly (May 17) – Hengrui, Sino Bio, BeOne, Otsuka, Celltrion, Bora Pharmaceuticals

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-kelun-biotech-biopharm" target="_blank" data-smartkarma-citation="entities:40071:1" rel="noopener">Sichuan Kelun-Biotech Bio (6990 HK)</a>, <a href="https://www.smartkarma.com/entities/techtronic-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:4561:1" rel="noopener">Techtronic Ind. (669 HK)</a>, <a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a>, <a href="https://www.smartkarma.com/entities/chervon-holdings-limited" target="_blank" data-smartkarma-citation="entities:35309:1" rel="noopener">Chervon Hldgs (2285 HK)</a>, and <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> have a very high reliance on the US market.</li>
<li>
<a href="https://www.smartkarma.com/entities/vtech-holdings-ltd" target="_blank" data-smartkarma-citation="entities:18812:1" rel="noopener">Vtech Hldgs (303 HK)</a>, <a href="https://www.smartkarma.com/entities/samsonite-international-sa" target="_blank" data-smartkarma-citation="entities:12790:1" rel="noopener">Samsonite (1910 HK)</a>, <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a>, and <a href="https://www.smartkarma.com/entities/tcl-multimedia-technology" target="_blank" data-smartkarma-citation="entities:15654:1" rel="noopener">Tcl Multimedia (1070 HK)</a> ranked lower on the list, but consumer cutbacks will have a bigger impact. </li>
<li>The spillover effect of a US recession to other countries will pressurise companies that have low direct exposure, like <a href="https://www.smartkarma.com/entities/orient-overseas-international" target="_blank" data-smartkarma-citation="entities:801:1" rel="noopener">Orient Overseas International (316 HK)</a> and <a href="https://www.smartkarma.com/entities/prada-s-p-a" target="_blank" data-smartkarma-citation="entities:889:1" rel="noopener">Prada S.P.A. (1913 HK)</a>.</li>
</ul>



Sichuan Kelun-Biotech Bio (6990 HK), Techtronic Ind. (669 HK), Vesync (2148 HK), Chervon Hldgs (2285 HK), and WuXi AppTec (2359 HK) have a very high reliance on the US market.

Vtech Hldgs (303 HK), Samsonite (1910 HK), Haier Smart Home (6690 HK), and Tcl Multimedia (1070 HK) ranked lower on the list, but consumer cutbacks will have a bigger impact. 
The spillover effect of a US recession to other countries will pressurise companies that have low direct exposure, like Orient Overseas International (316 HK) and Prada S.P.A. (1913 HK).


China & HK Strategy: Who Are the Victims of a US Recession?

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.

Equity Capital Markets

<ul>
<li>2025 has seen a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024.</li>
<li>Most of the 2025 placements have been primary raising and have come from a handful of sectors/backdrops.</li>
<li>In this note, we try to identify the possible primary placements that could take place over the rest of the year.</li>
</ul>


2025 has seen a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024.
Most of the 2025 placements have been primary raising and have come from a handful of sectors/backdrops.
In this note, we try to identify the possible primary placements that could take place over the rest of the year.


Hong Kong 2025 Placements - Year so Far and Trends for Potential Primary Placements

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

United Laboratories / Equity Capital Markets

<ul>
<li>WuXi AppTec’s 25H1 Profit Alert indicates the whole year performance may beat expectations. However, “valuation discount” reflects geopolitical risks. The intensive share repurchases is insignificant compared with previous share reductions.</li>
<li>Sino Biopharm will pay US$500.9 million to acquire LaNova. Based on pipeline/licensing cooperation, this is a deal with very high cost performance. However, valuation contribution may remain to be seen.</li>
<li>United Lab plans to raise HK$2.17 billion in net proceeds from Placement. Valuation logic will shift from a traditional bulk medicine company to innovative drug company. 15x P/E is expected.</li>
</ul>


WuXi AppTec’s 25H1 Profit Alert indicates the whole year performance may beat expectations. However, “valuation discount” reflects geopolitical risks. The intensive share repurchases is insignificant compared with previous share reductions.
Sino Biopharm will pay US$500.9 million to acquire LaNova. Based on pipeline/licensing cooperation, this is a deal with very high cost performance. However, valuation contribution may remain to be seen.
United Lab plans to raise HK$2.17 billion in net proceeds from Placement. Valuation logic will shift from a traditional bulk medicine company to innovative drug company. 15x P/E is expected.


China Healthcare Weekly(July20)-WuXi AppTec 25H1, Sino Biopharm Acquire LaNova, United Lab Placement

China

Sichuan Kelun-Biotech Biopharmaceutical is a biopharmaceutical company focused on the research, development, manufacturing, and commercialization of innovative biological and small molecule drugs, particularly Antibody-Drug Conjugates (ADCs). It addresses unmet medical needs in oncology, autoimmune disorders, and metabolic diseases, with key products including sacituzumab tirumotecan and trastuzumab botidotin. The company is headquartered in Chengdu, Sichuan, China, and was founded in 2016.

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Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)

Kelun-Biotech (6990 HK) - Inaugural Year of Commercialization

The strategic milestone of securing NRDL inclusion for three core assets (Sac-TMT, A167, and A140) effective Jan 2026 establishes a solid...

CMB International

APAC Healthcare Weekly (May 17) – Hengrui, Sino Bio, BeOne, Otsuka, Celltrion, Bora Pharmaceuticals

Hengrui stuck licensing agreement with BMS. Sino Bio enters exclusive collaboration with GSK. BeOne got FDA approval for new drug. Bora will...

Tina Banerjee

China & HK Strategy: Who Are the Victims of a US Recession?

Reliance on the US market varies among HK-listed companies, with some having high direct exposure to a recession. Those with low direct exposure...

Osbert Tang, CFA

Hong Kong 2025 Placements - Year so Far and Trends for Potential Primary Placements

1H25 saw a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024. In this...

Sumeet Singh

China Healthcare Weekly(July20)-WuXi AppTec 25H1, Sino Biopharm Acquire LaNova, United Lab Placement

WuXi AppTec’s 25H1 Profit Alert indicates 2025 result may beat expectation. Sino Biopharm's acquisition of LaNova show high cost...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

Kelun-Biotech (6990 HK) - Inaugural Year of Commercialization

The strategic milestone of securing NRDL inclusion for three core assets (Sac-TMT, A167, and A140) effective Jan 2026 establishes a solid...

CMB International

APAC Healthcare Weekly (May 17) – Hengrui, Sino Bio, BeOne, Otsuka, Celltrion, Bora Pharmaceuticals

Hengrui stuck licensing agreement with BMS. Sino Bio enters exclusive collaboration with GSK. BeOne got FDA approval for new drug. Bora will...

Tina Banerjee

China & HK Strategy: Who Are the Victims of a US Recession?

​Reliance on the US market varies among HK-listed companies, with some having high direct exposure to a recession. Those with low direct exposure...

Osbert Tang, CFA

Hong Kong 2025 Placements - Year so Far and Trends for Potential Primary Placements

1H25 saw a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024. In this...

Sumeet Singh

China Healthcare Weekly(July20)-WuXi AppTec 25H1, Sino Biopharm Acquire LaNova, United Lab Placement

WuXi AppTec’s 25H1 Profit Alert indicates 2025 result may beat expectation. Sino Biopharm's acquisition of LaNova show high cost...

Xinyao (Criss) Wang

Reliance on the US market varies among HK-listed companies, with some having high direct exposure to a recession. Those with low direct exposure...