Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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

Xuanzhu Biopharmaceutical / Equity Capital Markets

<ul>
<li>Xuanzhu raised HKD 781m (USD 100m) from its global offering and will list on the Hong Kong Stock Exchange on Wednesday, October 15, 2025.</li>
<li>In our previous note, we looked at the company's operation, management track records and discussed the IPO valuation.</li>
<li>In this note, we provide an update for the IPO before trading debut.</li>
</ul>


Xuanzhu raised HKD 781m (USD 100m) from its global offering and will list on the Hong Kong Stock Exchange on Wednesday, October 15, 2025.
In our previous note, we looked at the company's operation, management track records and discussed the IPO valuation.
In this note, we provide an update for the IPO before trading debut.


Xuanzhu Biopharm  (轩竹生物科技) IPO: Trading Updates

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Xuanzhu Biopharmaceutical has filed for IPO to raise up to HK$781M. The company plans to sell 67.3M shares at HK$11.6 per share.</li>
<li>Xuanzhu Biopharmaceutical is an innovation-driven biopharmaceutical company focused on developing treatment options in the fields of digestive diseases, oncology and non-alcoholic steatohepatitis (NASH).</li>
<li>2026 will be an inflection point for the company with all three core products fully commercialized, but will not be enough for the company to establish a sustainable market play.</li>
</ul>


Xuanzhu Biopharmaceutical has filed for IPO to raise up to HK$781M. The company plans to sell 67.3M shares at HK$11.6 per share.
Xuanzhu Biopharmaceutical is an innovation-driven biopharmaceutical company focused on developing treatment options in the fields of digestive diseases, oncology and non-alcoholic steatohepatitis (NASH).
2026 will be an inflection point for the company with all three core products fully commercialized, but will not be enough for the company to establish a sustainable market play.


Xuanzhu Biopharma IPO: Lacks Product Differentiation, Investors Can Give It a Pass For Now

<ul>
<li>Xuanzhu, a China-based commercial stage biopharm, launched its IPO to raise at least USD 100 million via a Hong Kong listing.</li>
<li>In our previous note, we have examined the company’s core product, including XBP-3571, XZP-3287, and XZP-3621, and its management team and investor backing.</li>
<li>In this note, we look at the deal term. We think the valuation is demanding and lacks institutional interest.</li>
</ul>


Xuanzhu, a China-based commercial stage biopharm, launched its IPO to raise at least USD 100 million via a Hong Kong listing.
In our previous note, we have examined the company’s core product, including XBP-3571, XZP-3287, and XZP-3621, and its management team and investor backing.
In this note, we look at the deal term. We think the valuation is demanding and lacks institutional interest.


Xuanzhu Biopharm  (轩竹生物科技) IPO: Spin off at a Premium

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Three Core Products need to face fierce competition, and there’re other similar products being included in NRDL reimbursement or VBP. So, we’re not optimistic about the commercialization performance of Xuanzhu.</li>
<li>The A-share listing committee had doubts about Xuanzhu's pipeline strength and future commercialization outlook. So, Xuanzhu’s A-share IPO failed. The peak sales of three core products could be just RMB800mn-1bn. </li>
<li>Considering Xuanzhu’s unsatisfactory growth outlook, market value is just RMB2.4-3 billion. This means that Xuanzhu is overvalued, and reasonable valuation could be even lower than that after Series B Financing.</li>
</ul>


Three Core Products need to face fierce competition, and there’re other similar products being included in NRDL reimbursement or VBP. So, we’re not optimistic about the commercialization performance of Xuanzhu.
The A-share listing committee had doubts about Xuanzhu's pipeline strength and future commercialization outlook. So, Xuanzhu’s A-share IPO failed. The peak sales of three core products could be just RMB800mn-1bn. 
Considering Xuanzhu’s unsatisfactory growth outlook, market value is just RMB2.4-3 billion. This means that Xuanzhu is overvalued, and reasonable valuation could be even lower than that after Series B Financing.


Pre-IPO Xuanzhu Biopharmaceutical (PHIP Updates) - Some Points Worth the Attention

<ul>
<li>Xuanzhu Biopharm, the biotech arm of HK-listed Sihuan Pharma, is seeking to raise at least USD 100m via a Hong Kong listing. The sole sponsor is CICC.</li>
<li>In previous insight, we looked at the company’s core products and key products, including XBP-3571, XZP-3287, and XZP-3621, and its management team and investor backing.</li>
<li>In this note, we look at the company’s PHIP updates.</li>
</ul>


Xuanzhu Biopharm, the biotech arm of HK-listed Sihuan Pharma, is seeking to raise at least USD 100m via a Hong Kong listing. The sole sponsor is CICC.
In previous insight, we looked at the company’s core products and key products, including XBP-3571, XZP-3287, and XZP-3621, and its management team and investor backing.
In this note, we look at the company’s PHIP updates.


Xuanzhu Biopharm  (轩竹生物科技) Pre-IPO: Few Catalysts Left

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Xuanzhu Biopharmaceutical (XUANZHU HK)

Xuanzhu Biopharm (轩竹生物科技) IPO: Trading Updates

Xuanzhu raises $100m in global offering, set to list on HK Stock Exchange on Oct 15th. We provide updated IPO details before trading debut.

Ke Yan, CFA, FRM

Xuanzhu Biopharma IPO: Lacks Product Differentiation, Investors Can Give It a Pass For Now

Xuanzhu Biopharmaceutical files for IPO to raise HK$781M. 2026 is a crucial year for the company's commercialization efforts. Lacks product...

Tina Banerjee

Xuanzhu Biopharm (轩竹生物科技) IPO: Spin off at a Premium

China-based biopharm Xuanzhu launches IPO in Hong Kong to raise at least $100 million, but deal terms are seen as overvalued and lacking...

Ke Yan, CFA, FRM

Pre-IPO Xuanzhu Biopharmaceutical (PHIP Updates) - Some Points Worth the Attention

Xuanzhu faces tough competition, leading to doubts about its commercialization outlook. The peak sales of three core products could be RMB800mn...

Xinyao (Criss) Wang

Xuanzhu Biopharm (轩竹生物科技) Pre-IPO: Few Catalysts Left

Xuanzhu Biopharm seeks USD 100m in Hong Kong listing with CICC as sole sponsor. In this note, we look at its latest PHIP filings and the...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Xuanzhu Biopharm (轩竹生物科技) IPO: Trading Updates

​Xuanzhu raises $100m in global offering, set to list on HK Stock Exchange on Oct 15th. We provide updated IPO details before trading debut.

Ke Yan, CFA, FRM

Xuanzhu Biopharma IPO: Lacks Product Differentiation, Investors Can Give It a Pass For Now

​Xuanzhu Biopharmaceutical files for IPO to raise HK$781M. 2026 is a crucial year for the company's commercialization efforts. Lacks product...

Tina Banerjee

Xuanzhu Biopharm (轩竹生物科技) IPO: Spin off at a Premium

​China-based biopharm Xuanzhu launches IPO in Hong Kong to raise at least $100 million, but deal terms are seen as overvalued and lacking...

Ke Yan, CFA, FRM

Pre-IPO Xuanzhu Biopharmaceutical (PHIP Updates) - Some Points Worth the Attention

​Xuanzhu faces tough competition, leading to doubts about its commercialization outlook. The peak sales of three core products could be RMB800mn...

Xinyao (Criss) Wang

Xuanzhu Biopharm (轩竹生物科技) Pre-IPO: Few Catalysts Left

​Xuanzhu Biopharm seeks USD 100m in Hong Kong listing with CICC as sole sponsor. In this note, we look at its latest PHIP filings and the...

Ke Yan, CFA, FRM

Xuanzhu raises $100m in global offering, set to list on HK Stock Exchange on Oct 15th. We provide updated IPO details before trading debut.

Xuanzhu Biopharmaceutical files for IPO to raise HK$781M. 2026 is a crucial year for the company's commercialization efforts. Lacks product...

China-based biopharm Xuanzhu launches IPO in Hong Kong to raise at least $100 million, but deal terms are seen as overvalued and lacking...

Xuanzhu faces tough competition, leading to doubts about its commercialization outlook. The peak sales of three core products could be RMB800mn...

Xuanzhu Biopharm seeks USD 100m in Hong Kong listing with CICC as sole sponsor. In this note, we look at its latest PHIP filings and the...