Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Suzhou Ribo Life Science / Equity Capital Markets

<ul>
<li>Ribo Life Sciences launched its Hongkong IPO aiming to raise up to HK$1,593.4M. The company plans to sell 27.5M shares at HK$57.97 per share.</li>
<li>Ribo Life Sciences is a biopharmaceutical company engaged in oligonucleotide research and development, with a focus on siRNA therapeutics.</li>
<li>Growth outlook does not quite justify the premium valuation of the company. We think the Ribo Life Science issue is slightly over priced. Investors can avoid the issue for now.</li>
</ul>


Ribo Life Sciences launched its Hongkong IPO aiming to raise up to HK$1,593.4M. The company plans to sell 27.5M shares at HK$57.97 per share.
Ribo Life Sciences is a biopharmaceutical company engaged in oligonucleotide research and development, with a focus on siRNA therapeutics.
Growth outlook does not quite justify the premium valuation of the company. We think the Ribo Life Science issue is slightly over priced. Investors can avoid the issue for now.


Ribo Life IPO: SiRNA Story Good, Issue Seems Slightly Overpriced Considering the Long Waiting Game

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>Suzhou Ribo Life, a China-based siRNA therapeutics company, launched its IPO to raise at least USD 206 million via a Hong Kong listing.</li>
<li>In this note, we look at the deal terms and provide a valuation for the company.</li>
<li>We think the risk-reward is not attractive for the deal.</li>
</ul>


Suzhou Ribo Life, a China-based siRNA therapeutics company, launched its IPO to raise at least USD 206 million via a Hong Kong listing.
In this note, we look at the deal terms and provide a valuation for the company.
We think the risk-reward is not attractive for the deal.


RiboLife-B (瑞博生物) IPO:  High Price Tag

<ul>
<li>Suzhou Ribo Life is looking to raise at least US$100 million via a Hong Kong listing. CICC and Citi are the deal sponsors.</li>
<li>While our previous note provides a brief background overview of the company, we look at the updates and competition in this note.</li>
<li>We become more conservative when looking at its competitive landscape.</li>
</ul>


Suzhou Ribo Life is looking to raise at least US$100 million via a Hong Kong listing. CICC and Citi are the deal sponsors.
While our previous note provides a brief background overview of the company, we look at the updates and competition in this note.
We become more conservative when looking at its competitive landscape.


Suzhou Ribo Life Science (瑞博生物) Pre-IPO: Competition Understated

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The delivery system is a crucial element that drives the development/iteration of innovative oligonucleotide therapeutics. Ribo has mastered both GalNAc and LNP technologies, whose effectiveness/safety have been verified and recognized.</li>
<li>The valuation fluctuations not only reflect the market's prudence towards commercialization prospects of small nucleic acid drugs, but also highlight the balance problem between Ribo’s R&amp;D investment and profit model.</li>
<li>Since Sirnaomics’ delivery technologies have not been proven or validated scientifically, Ribo’s valuation should be higher than Sirnaomics.Valuation outlook is based on the druggability and commercialization performance of Ribo’s pipelines. </li>
</ul>


The delivery system is a crucial element that drives the development/iteration of innovative oligonucleotide therapeutics. Ribo has mastered both GalNAc and LNP technologies, whose effectiveness/safety have been verified and recognized.
The valuation fluctuations not only reflect the market's prudence towards commercialization prospects of small nucleic acid drugs, but also highlight the balance problem between Ribo’s R&amp;D investment and profit model.
Since Sirnaomics’ delivery technologies have not been proven or validated scientifically, Ribo’s valuation should be higher than Sirnaomics.Valuation outlook is based on the druggability and commercialization performance of Ribo’s pipelines. 


Pre-IPO Suzhou Ribo Life Science - The Strength, the Concerns and the Outlook for the SiRNA Unicorn

Quantitative Analysis

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows into CCB, Alibaba, China Mobile, ICBC, ABC.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into CCB, Alibaba, China Mobile, ICBC, ABC.


Hong Kong Connect Flows (December): $10.7bn Inflows Led by Banks

Hong Kong

Sirnaomics is an RNA therapeutics biopharmaceutical company that discovers and develops innovative drugs for indications with unmet medical needs. The company leverages its proprietary polypeptide nanoparticle (PNP) and GalNAc RNAi platforms (GalAhead™) to build a pipeline of drug candidates, including STP705 and STP707 for oncology and fibrosis, and STP122G for anticoagulant therapies. Headquartered in Gaithersburg, MD, United States, the company was founded in 2007.

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Sirnaomics (2257 HK)

Ribo Life IPO: SiRNA Story Good, Issue Seems Slightly Overpriced Considering the Long Waiting Game

Ribo Life Sciences launches Hong Kong IPO, aiming to raise HK$1,593.4M with focus on siRNA therapeutics, but growth outlook may not justify...

Tina Banerjee

RiboLife-B (瑞博生物) IPO: High Price Tag

China's siRNA therapeutics company Suzhou Ribo Life launches IPO in Hong Kong to raise at least $206 million. We look at the deal terms and...

Ke Yan, CFA, FRM

Suzhou Ribo Life Science (瑞博生物) Pre-IPO: Competition Understated

Suzhou Ribo Life seeks to raise $100 million through Hong Kong listing with CICC and Citi as deal sponsors. We note understate of the competitive...

Ke Yan, CFA, FRM

Pre-IPO Suzhou Ribo Life Science - The Strength, the Concerns and the Outlook for the SiRNA Unicorn

Ribo's delivery technologies drives innovative therapeutics, but valuation fluctuations reflect market's caution on profit model. Future valuation...

Xinyao (Criss) Wang

Hong Kong Connect Flows (December): $10.7bn Inflows Led by Banks

We analyzed the Hong Kong Connect Scheme for December and highlighted flows for CCB, Alibaba, China Mobile, ICBC, ABC, Meituan, Kuaishou, Wuxi...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ribo Life IPO: SiRNA Story Good, Issue Seems Slightly Overpriced Considering the Long Waiting Game

​Ribo Life Sciences launches Hong Kong IPO, aiming to raise HK$1,593.4M with focus on siRNA therapeutics, but growth outlook may not justify...

Tina Banerjee

RiboLife-B (瑞博生物) IPO: High Price Tag

​China's siRNA therapeutics company Suzhou Ribo Life launches IPO in Hong Kong to raise at least $206 million. We look at the deal terms and...

Ke Yan, CFA, FRM

Suzhou Ribo Life Science (瑞博生物) Pre-IPO: Competition Understated

​Suzhou Ribo Life seeks to raise $100 million through Hong Kong listing with CICC and Citi as deal sponsors. We note understate of the competitive...

Ke Yan, CFA, FRM

Pre-IPO Suzhou Ribo Life Science - The Strength, the Concerns and the Outlook for the SiRNA Unicorn

​Ribo's delivery technologies drives innovative therapeutics, but valuation fluctuations reflect market's caution on profit model. Future valuation...

Xinyao (Criss) Wang

Hong Kong Connect Flows (December): $10.7bn Inflows Led by Banks

We analyzed the Hong Kong Connect Scheme for December and highlighted flows for CCB, Alibaba, China Mobile, ICBC, ABC, Meituan, Kuaishou, Wuxi...

Ke Yan, CFA, FRM

Ribo Life Sciences launches Hong Kong IPO, aiming to raise HK$1,593.4M with focus on siRNA therapeutics, but growth outlook may not justify...

China's siRNA therapeutics company Suzhou Ribo Life launches IPO in Hong Kong to raise at least $206 million. We look at the deal terms and...

Suzhou Ribo Life seeks to raise $100 million through Hong Kong listing with CICC and Citi as deal sponsors. We note understate of the competitive...

Ribo's delivery technologies drives innovative therapeutics, but valuation fluctuations reflect market's caution on profit model. Future valuation...