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 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 latest filing and its previous attempt to list in the A-share market.</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 latest filing and its previous attempt to list in the A-share market.


Xuanzhu Biopharm  (轩竹生物科技) Pre-IPO: Alarming Signs upon Further Checks

<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 this insight, we look at the company’s core products and key products, including XBP-3571, XZP-3287 and XZP-3621.</li>
<li>While there are some interesting reads from its clinical data, we are of the view that its near-commercial products are still lacking the differentiating factors in respective competitive therapeutic areas.</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 this insight, we look at the company’s core products and key products, including XBP-3571, XZP-3287 and XZP-3621.
While there are some interesting reads from its clinical data, we are of the view that its near-commercial products are still lacking the differentiating factors in respective competitive therapeutic areas.


Xuanzhu Biopharm (轩竹生物科技) Pre-IPO: Reality Checks Against Claims

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The main purpose for Sihuan to acquire Combio is to form a strong innovative drug business Xuanzhu and then make large capital gains from the subsequent spin-off and listing.</li>
<li>All the three Core Products need to face fierce competition, and their clinical data do not show obvious advantages to competing products, making them hard to stand out.</li>
<li>Based on the announcement on Nov.12, 2024, valuation of Xuanzhu was RMB8.5 billion. However, due to the lack of competitive pipelines and weak commercialization prospects, we think Xuanzhu is overvalued.</li>
</ul>


The main purpose for Sihuan to acquire Combio is to form a strong innovative drug business Xuanzhu and then make large capital gains from the subsequent spin-off and listing.
All the three Core Products need to face fierce competition, and their clinical data do not show obvious advantages to competing products, making them hard to stand out.
Based on the announcement on Nov.12, 2024, valuation of Xuanzhu was RMB8.5 billion. However, due to the lack of competitive pipelines and weak commercialization prospects, we think Xuanzhu is overvalued.


Pre-IPO Xuanzhu Biopharmaceutical- Outdated Pipelines Are Difficult to Bring Good Investment Returns

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Takeda has dropped AstraZeneca-partnered antibody drug candidate from its pipeline. Eisai and Merck are closing late-stage trial of Lenvima plus Keytruda in hepatocellular carcinoma on disappointing result.</li>
<li>Wuxi AppTec sharpens CRDMO business by selling its China-based clinical research subsidiaries. FDA has designated Celltrion’s Stoboclo and Osenvelt as interchangeable biosimilars to the reference products Prolia and Xgeva, respectively.</li>
<li>CSL is delaying demerger of CSL Seqirus ‘to maximise shareholder value.’ PharmaEssentia has filed for the additional indication of Besremi for Essential Thrombocythemia (ET) with the FDA.</li>
</ul>


Takeda has dropped AstraZeneca-partnered antibody drug candidate from its pipeline. Eisai and Merck are closing late-stage trial of Lenvima plus Keytruda in hepatocellular carcinoma on disappointing result.
Wuxi AppTec sharpens CRDMO business by selling its China-based clinical research subsidiaries. FDA has designated Celltrion’s Stoboclo and Osenvelt as interchangeable biosimilars to the reference products Prolia and Xgeva, respectively.
CSL is delaying demerger of CSL Seqirus ‘to maximise shareholder value.’ PharmaEssentia has filed for the additional indication of Besremi for Essential Thrombocythemia (ET) with the FDA.


APAC Healthcare Weekly (November 2) – Takeda, Eisai, Wuxi AppTec, Celltrion, CSL, PharmaEssentia

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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

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Xuanzhu Biopharmaceutical (XUANZHU HK)

Xuanzhu Biopharm (轩竹生物科技) Pre-IPO: Alarming Signs upon Further Checks

Xuanzhu Biopharm, biotech arm of Sihuan Pharma, aims to raise $100m in HK listing with CICC as sole sponsor. We looked at latest filing and its A...

Ke Yan, CFA, FRM

Xuanzhu Biopharm (轩竹生物科技) Pre-IPO: Reality Checks Against Claims

Xuanzhu Biopharm aims to raise $100m in Hong Kong IPO with CICC as sole sponsor, but faces challenges with near-commercial products lacking...

Ke Yan, CFA, FRM

Pre-IPO Xuanzhu Biopharmaceutical- Outdated Pipelines Are Difficult to Bring Good Investment Returns

Sihuan's acquisition of Combio aims to create a strong innovative drug business Xuanzhu, but concerns arise over its outdated pipeline,...

Xinyao (Criss) Wang

APAC Healthcare Weekly (November 2) – Takeda, Eisai, Wuxi AppTec, Celltrion, CSL, PharmaEssentia

Takeda and Eisai witnessed clinical trials setback. Wuxi AppTec is selling China-based CRO subsidiaries. CSL is delaying demerger of CSL Seqirus....

Tina Banerjee

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Xuanzhu Biopharm (轩竹生物科技) Pre-IPO: Alarming Signs upon Further Checks

​Xuanzhu Biopharm, biotech arm of Sihuan Pharma, aims to raise $100m in HK listing with CICC as sole sponsor. We looked at latest filing and its A...

Ke Yan, CFA, FRM

Xuanzhu Biopharm (轩竹生物科技) Pre-IPO: Reality Checks Against Claims

​Xuanzhu Biopharm aims to raise $100m in Hong Kong IPO with CICC as sole sponsor, but faces challenges with near-commercial products lacking...

Ke Yan, CFA, FRM

Pre-IPO Xuanzhu Biopharmaceutical- Outdated Pipelines Are Difficult to Bring Good Investment Returns

​Sihuan's acquisition of Combio aims to create a strong innovative drug business Xuanzhu, but concerns arise over its outdated pipeline,...

Xinyao (Criss) Wang

APAC Healthcare Weekly (November 2) – Takeda, Eisai, Wuxi AppTec, Celltrion, CSL, PharmaEssentia

Takeda and Eisai witnessed clinical trials setback. Wuxi AppTec is selling China-based CRO subsidiaries. CSL is delaying demerger of CSL Seqirus....

Tina Banerjee

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

Xuanzhu Biopharm, biotech arm of Sihuan Pharma, aims to raise $100m in HK listing with CICC as sole sponsor. We looked at latest filing and its A...

Xuanzhu Biopharm aims to raise $100m in Hong Kong IPO with CICC as sole sponsor, but faces challenges with near-commercial products lacking...

Sihuan's acquisition of Combio aims to create a strong innovative drug business Xuanzhu, but concerns arise over its outdated pipeline,...