HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Suzhou Zelgen Biopharmaceutica / Equity Capital Markets

Suzhou Zelgen Biopharmaceutica (688266 CH)

<ul>
<li>Zelgen’s key products (Donafenib, recombinant human thrombin, Gecacitinib Hydrochloride) have to face fierce competition, VBP impact and small market size.The Company is possible to turn loss into profits before 2027.</li>
<li>The point here is whether Zelgen can continue to launch new innovative products based on Gensun platform, which would be is the key to test Zelgen's R&amp;D system.</li>
<li>Reasonable valuation should be higher than that of companies with only mature generic drugs/simple Me-too innovative drug businesses.Due to high potential innovative drug pipeline, valuation could be higher than peer.</li>
</ul>


Zelgen’s key products (Donafenib, recombinant human thrombin, Gecacitinib Hydrochloride) have to face fierce competition, VBP impact and small market size.The Company is possible to turn loss into profits before 2027.
The point here is whether Zelgen can continue to launch new innovative products based on Gensun platform, which would be is the key to test Zelgen's R&amp;D system.
Reasonable valuation should be higher than that of companies with only mature generic drugs/simple Me-too innovative drug businesses.Due to high potential innovative drug pipeline, valuation could be higher than peer.


Pre-IPO Suzhou Zelgen Biopharmaceuticals (A/H Listing)- Valuation Relies on Innovative Drug Pipeline

Thematic (Sector/Industry)

<ul>
<li>The anti-corruption campaign has significantly accelerated since the beginning of this year. After Central Commission for Discipline Inspection has been involved, the anti-corruption efforts in pharmaceutical/device sectors would be unprecedented.</li>
<li>The main targets are leaders of hospitals/governments. The impact of anti-corruption on companies is indirect. As long as senior management are not investigated/arrested, the impact on stock price isn’t significant.</li>
<li>However, investors not only need to consider the problem of sales growth slowing down in the context of anti-corruption, but also consider whether companies is engaging in financial fraud. </li>
</ul>


The anti-corruption campaign has significantly accelerated since the beginning of this year. After Central Commission for Discipline Inspection has been involved, the anti-corruption efforts in pharmaceutical/device sectors would be unprecedented.
The main targets are leaders of hospitals/governments. The impact of anti-corruption on companies is indirect. As long as senior management are not investigated/arrested, the impact on stock price isn’t significant.
However, investors not only need to consider the problem of sales growth slowing down in the context of anti-corruption, but also consider whether companies is engaging in financial fraud. 


Anti-Corruption in China Healthcare – the Impact and the Outlook

Chengdu Zenitar Biomedical Technology / Equity Capital Markets

Chengdu Zenitar Biomedical Technology (CZBT HK)

<ul>
<li>Unlike purely conceptual AI drug development platforms, Zenitar’s platforms have successfully produced candidates that have advanced to the later clinical stages, thereby validating the effectiveness of the closed-loop R&amp;D model.</li>
<li>The peak sales of FM in China could reach RMB1-2 billion. As a supplementary therapy targeting a specific subpopulation with differentiated safety advantages, PM’s market potential could be relatively limited. </li>
<li>The reasonable IPO valuation of Zenitar would be higher than these pure preclinical or early clinical companies, but lower than companies with mature commercial products or strong BD capabilities.</li>
</ul>


Unlike purely conceptual AI drug development platforms, Zenitar’s platforms have successfully produced candidates that have advanced to the later clinical stages, thereby validating the effectiveness of the closed-loop R&amp;D model.
The peak sales of FM in China could reach RMB1-2 billion. As a supplementary therapy targeting a specific subpopulation with differentiated safety advantages, PM’s market potential could be relatively limited. 
The reasonable IPO valuation of Zenitar would be higher than these pure preclinical or early clinical companies, but lower than companies with mature commercial products or strong BD capabilities.


Pre-IPO Chengdu Zenitar Biomedical Technology - About the Pipeline and the Concerns Behind

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Sino Biopharmaceutical / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical (1177 HK)</a> announced that the rovadicitinib tablet, a national category 1 innovative drug indicated for myelofibrosis, has been approved by NMPA for marketing.</li>
<li>The other major drug for myelofibrosis available in the China market is Incyte’s Jakafi (ruxolitinib) which garnered global revenue of around $3.1B in 2025.</li>
<li>The company expects to have more than 35 marketed innovative products by 2027, with revenue from innovative products accounting for over 60% of total revenue.</li>
</ul>



Sino Biopharmaceutical (1177 HK) announced that the rovadicitinib tablet, a national category 1 innovative drug indicated for myelofibrosis, has been approved by NMPA for marketing.
The other major drug for myelofibrosis available in the China market is Incyte’s Jakafi (ruxolitinib) which garnered global revenue of around $3.1B in 2025.
The company expects to have more than 35 marketed innovative products by 2027, with revenue from innovative products accounting for over 60% of total revenue.


Sino Biopharma (1177 HK): Rovadicitinib Approved for Marketing, Outlicensing Agreement with Sanofi

<ul>
<li>InventisBio’s core advantages lie in its differentiated R&amp;D strategy (“Fast-Follow”, focusing on oral administration to enhance patient compliance), proven cooperation model, and a pipeline that combines depth and commercialization progress.</li>
<li>Whether D-2570 can maintain outstanding data in Phase III clinical trials and successfully realize "BIC" potential in psoriasis and UC markets is the key driving force for its valuation performance.</li>
<li>InventisBio’s valuation has higher upside potential than <a href="https://www.smartkarma.com/entities/shanghai-allist-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44181:1" rel="noopener">Allist</a> and Betta. Since D-2570 target pathway is relatively more mature, the potential return "elasticity" of InventisBio may be higher than that of Zelgen.</li>
</ul>


InventisBio’s core advantages lie in its differentiated R&amp;D strategy (“Fast-Follow”, focusing on oral administration to enhance patient compliance), proven cooperation model, and a pipeline that combines depth and commercialization progress.
Whether D-2570 can maintain outstanding data in Phase III clinical trials and successfully realize "BIC" potential in psoriasis and UC markets is the key driving force for its valuation performance.
InventisBio’s valuation has higher upside potential than Allist and Betta. Since D-2570 target pathway is relatively more mature, the potential return "elasticity" of InventisBio may be higher than that of Zelgen.


Pre-IPO InventisBio (A/H Listing) - The Success of Key Products Will Lead to a Surge in Valuation

China

Suzhou Zelgen Biopharmaceuticals Co., Ltd. researches, develops, manufactures, and sells new medications. The Company provides small molecule targeted drugs, recombinant protein drugs, and other treatments of cancer, blood diseases, hepatobiliary diseases, and more. Suzhou Zelgen Biopharmaceuticals markets its drugs domestically.

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Suzhou Zelgen Biopharmaceutica (688266 CH)

Pre-IPO Suzhou Zelgen Biopharmaceuticals (A/H Listing)- Valuation Relies on Innovative Drug Pipeline

Zelgen faces competition/VBP, but potential for profit turnaround by 2027 hinges on innovative product launches and R&D system strength. Valuation...

Xinyao (Criss) Wang

Anti-Corruption in China Healthcare – the Impact and the Outlook

The share prices of China healthcare are now plummeting due to anti-corruption campaign, which will reach a climax in 23H2 (We'll post updates in...

Xinyao (Criss) Wang

Pre-IPO Chengdu Zenitar Biomedical Technology - About the Pipeline and the Concerns Behind

Zenitar's AI platforms have shown success in advancing candidates to later clinical stages. IPO valuation will be higher than early-stage...

Xinyao (Criss) Wang

Sino Biopharma (1177 HK): Rovadicitinib Approved for Marketing, Outlicensing Agreement with Sanofi

Sino Biopharmaceutical received approval for rovadicitinib tablet for myelofibrosis and signs outlicensing agreement with Sanofi. Aims for over...

Tina Banerjee

Pre-IPO InventisBio (A/H Listing) - The Success of Key Products Will Lead to a Surge in Valuation

InventisBio's differentiated R&D strategy/promising pipeline will lead to higher valuation upside compared to peers. D-2570 is the key driving...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Suzhou Zelgen Biopharmaceuticals (A/H Listing)- Valuation Relies on Innovative Drug Pipeline

​Zelgen faces competition/VBP, but potential for profit turnaround by 2027 hinges on innovative product launches and R&D system strength. Valuation...

Xinyao (Criss) Wang

Anti-Corruption in China Healthcare – the Impact and the Outlook

The share prices of China healthcare are now plummeting due to anti-corruption campaign, which will reach a climax in 23H2 (We'll post updates in...

Xinyao (Criss) Wang

Pre-IPO Chengdu Zenitar Biomedical Technology - About the Pipeline and the Concerns Behind

​Zenitar's AI platforms have shown success in advancing candidates to later clinical stages. IPO valuation will be higher than early-stage...

Xinyao (Criss) Wang

Sino Biopharma (1177 HK): Rovadicitinib Approved for Marketing, Outlicensing Agreement with Sanofi

​Sino Biopharmaceutical received approval for rovadicitinib tablet for myelofibrosis and signs outlicensing agreement with Sanofi. Aims for over...

Tina Banerjee

Pre-IPO InventisBio (A/H Listing) - The Success of Key Products Will Lead to a Surge in Valuation

​InventisBio's differentiated R&D strategy/promising pipeline will lead to higher valuation upside compared to peers. D-2570 is the key driving...

Xinyao (Criss) Wang

Zelgen faces competition/VBP, but potential for profit turnaround by 2027 hinges on innovative product launches and R&D system strength. Valuation...

Zenitar's AI platforms have shown success in advancing candidates to later clinical stages. IPO valuation will be higher than early-stage...

Sino Biopharmaceutical received approval for rovadicitinib tablet for myelofibrosis and signs outlicensing agreement with Sanofi. Aims for over...

InventisBio's differentiated R&D strategy/promising pipeline will lead to higher valuation upside compared to peers. D-2570 is the key driving...