HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Simcere Zaiming Pharmaceutical / Equity Capital Markets

<ul>
<li>Zaiming is operating in a "high investment, high losses" mode. This mode is questionable in terms of its sustainability in the context of a cooling capital market.</li>
<li>Whether the already marketed drugs or the drugs in R&amp;D stage, almost all core markets are facing intense competition. After products are launched, they will encounter challenges in market penetration.</li>
<li>We think valuation of Zaiming would be lower than peers such as <a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group-co" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical</a>, <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals</a>, but higher than <a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical Group (2096 HK) and Sino Biopharmaceutical (1177 HK)</a>.</li>
</ul>


Zaiming is operating in a "high investment, high losses" mode. This mode is questionable in terms of its sustainability in the context of a cooling capital market.
Whether the already marketed drugs or the drugs in R&amp;D stage, almost all core markets are facing intense competition. After products are launched, they will encounter challenges in market penetration.
We think valuation of Zaiming would be lower than peers such as Hansoh Pharmaceutical, Jiangsu Hengrui Pharmaceuticals, but higher than Simcere Pharmaceutical Group (2096 HK) and Sino Biopharmaceutical (1177 HK).


Pre-IPO Simcere Zaiming Pharmaceutical - About the Pipeline, the Concerns and the Outlook

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>Simcere Zaiming, a biopharma spin-off from Simcere Pharmaceutical, is looking to raise at least USD 100 million via a Hong Kong listing. MS and CICC are the joint sponsors.</li>
<li>In this note, we look at the company’s commercial products and four clinical-stage products.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


Simcere Zaiming, a biopharma spin-off from Simcere Pharmaceutical, is looking to raise at least USD 100 million via a Hong Kong listing. MS and CICC are the joint sponsors.
In this note, we look at the company’s commercial products and four clinical-stage products.
We also look at the company’s pre-IPO investors and management team.


Simcere Zaiming (先声再明) Pre-IPO: A Credible Oncology-Focused Biopharma Spin-Off

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.

<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, a number of ~US$1bn deals could launch this week.</li>
<li>On the placement front, flow continues to slowdown going into year end earnings season.</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, a number of ~US$1bn deals could launch this week.
On the placement front, flow continues to slowdown going into year end earnings season.


Aequitas ECM Weekly (26 January 2026)- Busy Ming, Montage, Eastroc, Muyuan, Longcheer, Sinotruk,

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Simcere Zaiming Pharmaceutical (SZP HK)

Pre-IPO Simcere Zaiming Pharmaceutical - About the Pipeline, the Concerns and the Outlook

Zaiming's high investment, high losses strategy may not be sustainable in a competitive market. Products will encounter challenges in market...

Xinyao (Criss) Wang

Simcere Zaiming (先声再明) Pre-IPO: A Credible Oncology-Focused Biopharma Spin-Off

Biopharma spin-off Simcere Zaiming seeks to raise $100 million via a Hong Kong listing with MS and CICC as sponsors. We examine its products,...

Ke Yan, CFA, FRM

Aequitas ECM Weekly (26 January 2026)- Busy Ming, Montage, Eastroc, Muyuan, Longcheer, Sinotruk,

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Simcere Zaiming Pharmaceutical - About the Pipeline, the Concerns and the Outlook

​Zaiming's high investment, high losses strategy may not be sustainable in a competitive market. Products will encounter challenges in market...

Xinyao (Criss) Wang

Simcere Zaiming (先声再明) Pre-IPO: A Credible Oncology-Focused Biopharma Spin-Off

​Biopharma spin-off Simcere Zaiming seeks to raise $100 million via a Hong Kong listing with MS and CICC as sponsors. We examine its products,...

Ke Yan, CFA, FRM

Aequitas ECM Weekly (26 January 2026)- Busy Ming, Montage, Eastroc, Muyuan, Longcheer, Sinotruk,

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

Zaiming's high investment, high losses strategy may not be sustainable in a competitive market. Products will encounter challenges in market...

Biopharma spin-off Simcere Zaiming seeks to raise $100 million via a Hong Kong listing with MS and CICC as sponsors. We examine its products,...