HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Zenshine Pharmaceuticals (Nanjing) Group / Equity Capital Markets

Zenshine Pharmaceuticals (Nanjing) Group (ZPN HK)

<ul>
<li>The future competitive landscape of the influenza drug market is deteriorating, and Zenshine is facing significant competitive pressure. Despite the cooperation with<a href="https://www.smartkarma.com/entities/hubei-jumpcan-pharmaceut-a" target="_blank" data-smartkarma-citation="entities:9182:1" rel="noopener"> Jumpcan Pharmaceut</a>ical, the commercialization outlook is highly uncertain.</li>
<li>Zenshine's financial situation is highly dependent on the sales performance of sebaloxavir marboxil. If commercialization fails, it will pose a direct threat to the Company's survival.</li>
<li>This is vastly different from the valuation of other biotech with validated products on the market. So, we think valuation of Zenshine would be lower than the industry average P/S.</li>
</ul>


The future competitive landscape of the influenza drug market is deteriorating, and Zenshine is facing significant competitive pressure. Despite the cooperation with Jumpcan Pharmaceutical, the commercialization outlook is highly uncertain.
Zenshine's financial situation is highly dependent on the sales performance of sebaloxavir marboxil. If commercialization fails, it will pose a direct threat to the Company's survival.
This is vastly different from the valuation of other biotech with validated products on the market. So, we think valuation of Zenshine would be lower than the industry average P/S.


Pre-IPO Zenshine Pharmaceuticals (Nanjing) Group - The Core Product Faces Significant Challenges

Asia Pac ECM and Index Rebal, DZT 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>Zenshine, a China-based biotech, is looking to raise at least USD 100 million via a Hong Kong listing. CICC is the sole sponsor.</li>
<li>In this note, we look at the company's one late-stage core product, ZX-7101A/sebaloxavir marboxil.</li>
<li>We also look at the company's pre-IPO investors and management team.</li>
</ul>


Zenshine, a China-based biotech, is looking to raise at least USD 100 million via a Hong Kong listing. CICC is the sole sponsor.
In this note, we look at the company's one late-stage core product, ZX-7101A/sebaloxavir marboxil.
We also look at the company's pre-IPO investors and management team.


Zenshine (征祥医药) Pre-IPO: Differentiation Overstated in a Crowded PA CEN Class

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.

<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, a number of deals were launched at the end of the week.</li>
<li>On the placement front, there was a flurry of deals across the region, along with news of a possible large cross-shareholding unwind in <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP).</a>
</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, a number of deals were launched at the end of the week.
On the placement front, there was a flurry of deals across the region, along with news of a possible large cross-shareholding unwind in Toyota Motor (7203 JP).



Aequitas ECM Weekly (2 March 2026)- Toyota Motors, Nintendo, IBIDEN, Estun, PayPay, CleanMax

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Zenshine Pharmaceuticals (Nanjing) Group (ZPN HK)

Pre-IPO Zenshine Pharmaceuticals (Nanjing) Group - The Core Product Faces Significant Challenges

Zenshine faces intense competition in the influenza drug market, with uncertain commercialization outlook for sebaloxavir marboxil, which...

Xinyao (Criss) Wang

Zenshine (征祥医药) Pre-IPO: Differentiation Overstated in a Crowded PA CEN Class

China biotech Zenshine seeks $100M through Hong Kong listing with CICC as sole sponsor. We look at its product ZX-7101A, pre-IPO investors and...

Ke Yan, CFA, FRM

Aequitas ECM Weekly (2 March 2026)- Toyota Motors, Nintendo, IBIDEN, Estun, PayPay, CleanMax

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)

Pre-IPO Zenshine Pharmaceuticals (Nanjing) Group - The Core Product Faces Significant Challenges

​Zenshine faces intense competition in the influenza drug market, with uncertain commercialization outlook for sebaloxavir marboxil, which...

Xinyao (Criss) Wang

Zenshine (征祥医药) Pre-IPO: Differentiation Overstated in a Crowded PA CEN Class

​China biotech Zenshine seeks $100M through Hong Kong listing with CICC as sole sponsor. We look at its product ZX-7101A, pre-IPO investors and...

Ke Yan, CFA, FRM

Aequitas ECM Weekly (2 March 2026)- Toyota Motors, Nintendo, IBIDEN, Estun, PayPay, CleanMax

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

Zenshine faces intense competition in the influenza drug market, with uncertain commercialization outlook for sebaloxavir marboxil, which...

China biotech Zenshine seeks $100M through Hong Kong listing with CICC as sole sponsor. We look at its product ZX-7101A, pre-IPO investors and...