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

Sirius Therapeutics / Equity Capital Markets

<ul>
<li>Sirius Therapeutics, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS, Haitong, and HSBC are the joint sponsors.</li>
<li>In our previous note, we look at the company’s core products, SRSD107, and the key product SRSD216, as well as the company’s pre-IPO investors and management team.</li>
<li>In this note, we look at updates in its latest prospectus and review the competitive landscape of its core products.</li>
</ul>


Sirius Therapeutics, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS, Haitong, and HSBC are the joint sponsors.
In our previous note, we look at the company’s core products, SRSD107, and the key product SRSD216, as well as the company’s pre-IPO investors and management team.
In this note, we look at updates in its latest prospectus and review the competitive landscape of its core products.


Sirius (靖因生物) Pre-IPO: Pipeline Prioritization and Competitor Updates

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Both SRSD107 and SRSD216 have the potential to become a blockbuster. However, the major risks lie in R&amp;D failure as well as uncertainties in future commercialization performance as analyzed.</li>
<li>Given that the pipeline is in R&amp;D stage, Sirius’ valuation should not be aggressively calculated based on peak sales, but on clinical data and in-depth advancement of cooperation with CRISPR.</li>
<li>Since Sirius has no commercialized products, and the potential and breadth of PEPR platform have not yet been verified through large-scale clinical trials/commercial sales, valuation could be similar to Sirnaomics.</li>
</ul>


Both SRSD107 and SRSD216 have the potential to become a blockbuster. However, the major risks lie in R&amp;D failure as well as uncertainties in future commercialization performance as analyzed.
Given that the pipeline is in R&amp;D stage, Sirius’ valuation should not be aggressively calculated based on peak sales, but on clinical data and in-depth advancement of cooperation with CRISPR.
Since Sirius has no commercialized products, and the potential and breadth of PEPR platform have not yet been verified through large-scale clinical trials/commercial sales, valuation could be similar to Sirnaomics.


Pre-IPO Sirius Therapeutics - The Pipeline and the Concerns Behind

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.

Kokusai Electric  / 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, the year end looks set to see a flurry of listings, with the pace already starting to pick up again.</li>
<li>On the placements front, markets were back where they left of prior to the October holidays.</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, the year end looks set to see a flurry of listings, with the pace already starting to pick up again.
On the placements front, markets were back where they left of prior to the October holidays.


ECM Weekly (13 October 2025)- LG India, Tata Capital, Rubicon, Canara, FineToday, Maynilad, Kokusai

<ul>
<li>Sirius Therapeutics, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS, Haitong, and HSBC are the joint sponsors.</li>
<li>In this note, we look at the company’s core products, SRSD107, and the key product SRSD216.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


Sirius Therapeutics, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS, Haitong, and HSBC are the joint sponsors.
In this note, we look at the company’s core products, SRSD107, and the key product SRSD216.
We also look at the company’s pre-IPO investors and management team.


Sirius (靖因) Pre-IPO: Credible SiRNA Products

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Sirius Therapeutics (ST HK)

Sirius (靖因生物) Pre-IPO: Pipeline Prioritization and Competitor Updates

Sirius update note: SRSD107 broadened to seven FXI indications, SRSD216 Phase 3 pulled into H2 '27. Competitive field tightens across FXI, Lp(a)...

Ke Yan, CFA, FRM

Pre-IPO Sirius Therapeutics - The Pipeline and the Concerns Behind

SRSD107 and SRSD216 have blockbuster potential,but will face R&D failure risk and uncertainties in commercialization.Sirius' lack of commercialized...

Xinyao (Criss) Wang

ECM Weekly (13 October 2025)- LG India, Tata Capital, Rubicon, Canara, FineToday, Maynilad, Kokusai

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

Sirius (靖因) Pre-IPO: Credible SiRNA Products

China's Sirius Therapeutics plans to raise $100 million through a Hong Kong listing. The insight discusses their core products, pre-IPO investors,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sirius (靖因生物) Pre-IPO: Pipeline Prioritization and Competitor Updates

Sirius update note: SRSD107 broadened to seven FXI indications, SRSD216 Phase 3 pulled into H2 '27. Competitive field tightens across FXI, Lp(a)...

Ke Yan, CFA, FRM

Pre-IPO Sirius Therapeutics - The Pipeline and the Concerns Behind

SRSD107 and SRSD216 have blockbuster potential,but will face R&D failure risk and uncertainties in commercialization.Sirius' lack of commercialized...

Xinyao (Criss) Wang

ECM Weekly (13 October 2025)- LG India, Tata Capital, Rubicon, Canara, FineToday, Maynilad, Kokusai

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

Sirius (靖因) Pre-IPO: Credible SiRNA Products

​China's Sirius Therapeutics plans to raise $100 million through a Hong Kong listing. The insight discusses their core products, pre-IPO investors,...

Ke Yan, CFA, FRM

China's Sirius Therapeutics plans to raise $100 million through a Hong Kong listing. The insight discusses their core products, pre-IPO investors,...