China

In today’s briefing:

HK-Listed Apparel & Footwear Screener July 2025: August 1st Deadline Approaches
Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: One Change to Expectations; US$636mn Total One-Way
Quiddity Leaderboard STAR 50/100 Sep25: Reference Period Almost Complete; New Pair Trade Ideas
Hong Kong Office Market: Persistent Vacancy and Rental Pressure – SHORT Champion REIT 2778 HK
CMOC Group Ltd (SEHK: 3993 | SSE: 603993) – H1 Guidance Points to Strong Upside
Ascentage Pharma (6855.HK) Placement – Thoughts on The Placing Price and the Outlook
Muyuan Foods A/H Listing – Long Term Growth with Short-Term Volatility

HK-Listed Apparel & Footwear Screener July 2025: August 1st Deadline Approaches

By Sameer Taneja

The August 1st deadline is approaching, and it seems a bit unclear whether a deal with Vietnam has been reached on a 20% tariff or something lower.
With no formal agreement and just Trump’s Truth Social account as a reference, uncertainty looms. For HK-listed companies, the understanding is that they will pass on tariffs to their customers.
We summarize this in our call with Nameson Holdings (1982 HK) following the results. We also provide updates for Pacific Textiles (1382 HK) and other names.

Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: One Change to Expectations; US$636mn Total One-Way

By Janaghan Jeyakumar, CFA

The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
We see 3 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event worth a combined US$600mm+ one-way.

Quiddity Leaderboard STAR 50/100 Sep25: Reference Period Almost Complete; New Pair Trade Ideas

By Janaghan Jeyakumar, CFA

STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the September 2025 index rebal event.

Hong Kong Office Market: Persistent Vacancy and Rental Pressure – SHORT Champion REIT 2778 HK

By Jacob Cheng

The Hong Kong office market is now facing multiple headwinds including an oversupply, persistently weak demand and slowdown in Chinese corporates expansion
Accordingly, the availability rate In Hong Kong office rose to record high, reaching 19.3% as of Q2 2025, according to Cushman. Vacancy rate in Central is at 13%
We are bearish on Champion REIT, given its direct exposure to HK Grade A office market

CMOC Group Ltd (SEHK: 3993 | SSE: 603993) – H1 Guidance Points to Strong Upside

By Rahul Jain

CMOC’s H1 2025 midpoint guidance signals a ~60% YoY surge in net profit, supported by higher copper and cobalt output and pricing.
With H1 tracking >50% of full-year profit, FY2025 earnings could be revised 10–18% higher from internal estimates, with EPS approaching RMB 0.85.
Despite strong delivery, CMOC trades at ~10x forward earnings and ~4.5x EV/EBITDA; a rerating may depend on easing DRC constraints and sustained price tailwinds.

Ascentage Pharma (6855.HK) Placement – Thoughts on The Placing Price and the Outlook

Our forecast is sales of olverembatinib in 2025 could reach RMB500mn. APG-2575 is better than Sonrotoclax in ORR/safety profile, but global commercialization success is not simply determined by clinical data.
Placing price of HK$68.6/share has priced in the successful licensing deal of APG-2575 to some extent, which however is not a done deal. US$1.5-2.375bn is a more reasonable valuation range.
The big rally in biotech sector is not based on fundamental inflection point. The driving mentality behind the valuation bubble this time has a more obvious nature of “short-term gambling”.

Muyuan Foods A/H Listing – Long Term Growth with Short-Term Volatility

Muyuan Foodstuff Co Ltd A (002714 CH), a leader in the hog farming industry, aims to raise around US$2bn in its H-share listing.
MF is a leading pork company with over 30 years of expertise in the hog farming industry.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

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Jul 15

Daily Brief China: BYD, Ascentage Pharma Group Corp, Guangdong – Hong Kong Greater Bay Area Holdings, Qingdao Port International , Meituan, HKEX, China International Capital Corporation, Busy Ming Group, MegaRobo Technologies and more

In today’s briefing:

BYD (1211 HK): Sales Volume Slowing Down in 2Q25, But Competitors Facing Cash Flow Stress
Ascentage Pharma Top-Up Placement – Past Deals Didn’t Done Well, Stock up a Lot but Sector Is Strong
Guangdong-Hong Kong Greater Bay Area (1396 HK): This Doesn’t Add Up
Quiddity Leaderboard CSI 300/500 Dec25: Some Changes to Expectations; Large Index Flows
Meituan (3690): Full Round-Trip, Surge in Call Volumes Provide Strong Trade Setup
Hong Kong Financials in Focus: Sub-Sector Option Volumes Reveal Emerging Themes
BYD (1211 HK) Outlook Under Pressure as Sales Momentum Fades
CICC (3908 HK): It Is the Best of the Time
Pre-IPO Busy Ming Group – Concerns Behind the High Growth
MegaRobo Technologies IPO Preview: AI-Driven Robotics Unicorn With Strong IP Moat In Automation

BYD (1211 HK): Sales Volume Slowing Down in 2Q25, But Competitors Facing Cash Flow Stress

By Ming Lu

The sales volume growth rate slowed down month by month in 2Q25.
The domestic sales volume was stagnant in 2Q25 and decreased YoY from March to June.
However, competitors expanded aggressively; therefore, we believe small ones may go bankrupt.

Ascentage Pharma Top-Up Placement – Past Deals Didn’t Done Well, Stock up a Lot but Sector Is Strong

Ascentage Pharma Group Corp (6855 HK) (AP) aims to raise around US$196m via top-up placement.
The company has undertaken a number of deals in the past, with none of the deals having done well. Although stock momentum has been strong this year.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Guangdong-Hong Kong Greater Bay Area (1396 HK): This Doesn’t Add Up

Property developer Guangdong – Hong Kong Greater Bay Area Holdings (1396 HK) (GHKGBA) is currently suspended pursuant to the Takeovers Code.
GHKGBA, previously known as Hydoo, was subject to an unconditional MGO in 2019 after China Guangdong-Hong Kong Greater Bay Area (CGHKGBA) acquired a 51.56%. CGHKGBA currently holds a 50.94% stake
At a guess, CGHKGBA will seek to take GHKGBA private by way of a Scheme. The rub/pushback? GHKGBA’s share price is up 2,383% YTD. And trailing P/B is ~7x.

Quiddity Leaderboard CSI 300/500 Dec25: Some Changes to Expectations; Large Index Flows

By Janaghan Jeyakumar, CFA

CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.
In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2025.
Currently, we see 9 ADDs/DELs for the CSI 300 index and 45 ADDs/DELs for the CSI 500 index.

Meituan (3690): Full Round-Trip, Surge in Call Volumes Provide Strong Trade Setup

By John Ley

Meituan has completed a full roundtrip from its 2024 rally and is now back near key support.
Option traders have taken notice, with a notable pickup in activity—especially for Calls.
We outline two trade structures depending on directional or vol views.

Hong Kong Financials in Focus: Sub-Sector Option Volumes Reveal Emerging Themes

By John Ley

Volume trends and sub-sector splits highlight where interest is most concentrated.
We revisit top names that appeared prominently in last week’s active lists
Trading patterns suggest a mix of positioning motives across Financial names.

BYD (1211 HK) Outlook Under Pressure as Sales Momentum Fades

By Nico Rosti

BYD (1211 HK) fell for longer than expected since our last insight was published. We said that if BYD was going to fall below 120, the trend would become bearish.
The stock did not fall a lot, it briefly reached below our 120 support level (75% probability of reversal), but has been down for 5 weeks. It is oversold.
The big question now is: can BYD recover and start to trend up again? Or are we going to see a small bounce from oversold levels, followed by lower prices?

CICC (3908 HK): It Is the Best of the Time

China International Capital Corporation (3908 HK)‘s 1H25 positive profit alert is encouraging, with 1H25 results growing by 55-78% YoY.
YTD, CICC has a 59.5% share of the HK IPO market. The solid H-share IPO pipeline of A-share companies is beneficial, as this is its major area of strength.
Market consensus has underestimated its FY25 earnings, inflating its PER multiples. The current 51% discount of its H-share to A-share is just too steep (average 37.7%).

Pre-IPO Busy Ming Group – Concerns Behind the High Growth

BUSY MING operates under the franchise model, under which franchisees and BUSY MING form collaboration and a virtuous cycle, benefiting from the ecological logic of high turnover.
However, the potential risk is increasing homogeneous competition. Price wars and competitors’ rapid expansion would further squeeze the profit margin of BUSY MING and lead to market oversaturation.
The current high growth may not sustain.BUSY MING clearly hopes to successfully IPO during the current peak period of performance, but investors may face a decline in performance after IPO.

MegaRobo Technologies IPO Preview: AI-Driven Robotics Unicorn With Strong IP Moat In Automation

By Andrei Zakharov

MegaRobo Technologies, AI & robotics unicorn with focus on lab automation in life sciences and intelligent manufacturing, files to list IPO on Hong Kong Stock Exchange.
Founder led, AI native company was backed by Sinovation Ventures, Goldman Sachs, Asia Investment Capital, Robert Bosch Venture Capital, GGV Capital, and Joy Capital, among others.
The business is growing fast and increases the number of use cases across new verticals. However, negative free cash flows and operating losses are a headwind.

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Jul 14

Daily Brief China: Guangzhou Automobile Group, Zijin Mining Group , Meituan, Hang Seng Index, Orient Overseas International, Geely Auto, Baige Online Digital Technology and more

In today’s briefing:

A/H Premium Tracker (To 11 July 2025): “Beautiful Skew” Continues – BIG AH Premia Compression
Zijin Mining: Strong H1 Guidance, FY25 Upgrades Likely, Gold Listing Adds Catalyst
ECM Weekly (14 July 2025) – Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD
Global Markets Tactical Outlook: Week of July 14 – July 19
Orient Overseas Intl (316 HK): Something Seems Not Quite Right!
HK Connect SOUTHBOUND Flows (To 11 July 2025); Volumes Up, Net Buying Up, Non-Bank Financials Hot
Baige Online Digital Technology – The Business Model and the Risks Behind

A/H Premium Tracker (To 11 July 2025): “Beautiful Skew” Continues – BIG AH Premia Compression

AH premia flat among liquid names but “beautiful skew” of wide premia converging more than narrow premia continues bigly. It has paid well to be long wide H discounts.
Weeks ago I said, “It has paid to be long the H on those H/A pairs with the biggest H discounts. I would continue to ride that trend.” Ride on.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

Zijin Mining: Strong H1 Guidance, FY25 Upgrades Likely, Gold Listing Adds Catalyst

By Rahul Jain

Zijin has guided for a 54% YoY rise in H1 FY2025 net profit to RMB 23.2 billion, driven by strong copper and gold pricing and volume gains.
Based on this, we see scope to revise our FY2025 PAT and EPS estimates up by 16–19%, and EBITDA by 35–50%.
The proposed listing of Zijin Gold International in Hong Kong could unlock value from its high-margin overseas gold assets and enhance investor visibility.

ECM Weekly (14 July 2025) – Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD

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 previous week was another busy week for listings, with mixed results.
On the placements front, we looked at the possible placements for Meituan (3690 HK) and State Bank Of India (SBIN IN).

Global Markets Tactical Outlook: Week of July 14 – July 19

By Nico Rosti

A quick synoptic look at the tactical models for some key indices, stocks, commodities and bonds we cover, for the week July 14 – July 19.
The most noticeable highlights are: all US markets and stocks we cover sold off last week, apart from Amazon.com (AMZN US) , Alphabet (GOOG US) and NVIDIA Corp (NVDA US)
In Asia, BYD (1211 HK) is very oversold, and Fast Retailing (9983 JP) is also oversold. Gold (GOLD COMDTY) and Crude Oil (CL1 COM COMDTY) start to be overbought.

Orient Overseas Intl (316 HK): Something Seems Not Quite Right!

Orient Overseas International (316 HK)‘s 25.9% YTD surge in share price is difficult to justify, as the load factor started to contract and the average freight rate declined.
Transpacific and Asia-Europe freight rates plunged by 14.7% and 17.3% in 2Q25, respectively. The transpacific volume also registered the first YoY decline in the quarter.
Its P/B of 0.85x is 1SD above average, and is way higher than FY21-22. However, the FY25F earnings of US$1.5bn are incomparable to US$7-10bn in FY21-22.

HK Connect SOUTHBOUND Flows (To 11 July 2025); Volumes Up, Net Buying Up, Non-Bank Financials Hot

Gross SOUTHBOUND volumes up to US$17+bn a day this past 5-day week. Net buying strong at +US$700mm a day.
Among the top buys as a percentage of volume, FINANCIALS stood out, dramatically. Again. Neither INFO TECH nor Tencent were the big sells this week.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

Baige Online Digital Technology – The Business Model and the Risks Behind

Baige’s business model is B2B2C, connecting insurance companies/channel partners and C-end users.By mining long-tail needs of end-customers and customizing small/refined/fragmented insurance products according to personalized needs, Baige significantly boost sales.
High customer acquisition costs (referral fees, commissions/service fees) are the pain points, putting pressure on profit margin. The trend of “disintermediation” in the industry is becoming increasingly evident.
The post-money valuation after Series C financing reached about RMB2 billion. Due to smaller revenue scale and lower profitability, we think valuation of Baige should be lower than peers.

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Jul 13

Daily Brief China: Hang Seng Index, Meituan and more

In today’s briefing:

Hong Kong Single Stock Options Weekly (July 07–11): Financials in Focus as Call Volumes Rise
Last Week In Event SPACE: Meituan/Prosus, China Medical System, Japanese Banks, New World Dev.

Hong Kong Single Stock Options Weekly (July 07–11): Financials in Focus as Call Volumes Rise

By John Ley

Sentiment improved modestly, though breadth remains well below recent highs in a subdued price action.
Option activity climbed steadily, with strong Friday Call demand pushing the Put/Call ratio to lower bound.
Financials stood out across price action, volatility, and options activity.

Last Week In Event SPACE: Meituan/Prosus, China Medical System, Japanese Banks, New World Dev.

The benefits of China Medical System (867 HK) China Medical System (867 HK)’s secondary listing on the SGX are more apparent than real.
Should Meituan (3690 HK) continue its Brazil market launch, Prosus NV (PRX NA) will have little reason to continue to hold on to its Meituan stake.
Look for value to be realised for Japanese banks with low PBRs and PERs, AND high cross-holdings as a percentage of market cap or book value through better capital allocation.

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Jul 12

Daily Brief China: New World Development, Contemporary Amperex Technology (CATL), Yangtuo Technology Inc., Megatronix Inc., Iron Ore, China Jinmao Holdings, Reconova Technologies Co Ltd and more

In today’s briefing:

NWD (17 HK): The Strings Attached To Latest Debt Financing
CATL Breaks Ground on $6 Billion Indonesian Battery Hub
Yangtuo Technology Inc. Pre-IPO Tearsheet
Megatronix Inc. Pre-IPO Tearsheet
[IO Technicals 2025/28] Bullish Momentum Intensifies
Lucror Analytics – Morning Views Asia
Reconova Technologies Co., Ltd. Pre-IPO Tearsheet

NWD (17 HK): The Strings Attached To Latest Debt Financing

This “rescue package” announcement late last month came as no surprise, as the alternative situation (liquidation/bankruptcy) for New World Development (17 HK), and the ensuing optics were not great.
Media reports are now coming in that NWD is reportedly seeking to sell – or accelerate the sale – of its real estate projects in China.
That makes sense. The refinancing afforded NWD some breathing space. However, to strengthen/bolster its balance sheet, NWD needs to offload assets. Yet pinning down a “fair” valuation will take time.

CATL Breaks Ground on $6 Billion Indonesian Battery Hub

By Caixin Global

Chinese battery titan Contemporary Amperex Technology Co. Ltd. (CATL) has broken ground on a nearly $6 billion project in Indonesia, marking a bold strategic move to secure crucial materials and expand its manufacturing footprint beyond China.
The project — a joint venture between CATL subsidiary CBL, Indonesia’s state-owned miner PT Aneka Tambang (Antam), and the state-backed Indonesia Battery Corporation (IBC) — has officially started construction, CATL said Wednesday.
More than three years in the making, the initiative underscores the ambition of the world’s largest battery manufacturer to reinforce its global standing amid increasingly complex geopolitical dynamics.

Yangtuo Technology Inc. Pre-IPO Tearsheet

Yangtuo Technology Inc. (YT) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Citic.
The company is a leading commerce and service platform in China, specializing in family care and nutrition products.
YT was the largest commerce and service platform serving businesses in China’s family care and nutrition product industry in lower-tier markets in terms of GMV in 2024 (Frost & Sullivan).

Megatronix Inc. Pre-IPO Tearsheet

Megatronix Inc. (MI) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Citi, CICC, and DB.
MI is a leading, innovation-driven automotive technology company. MI focuses on developing and delivering AI-powered integrated domain control solutions that enable automakers to build the next generation of software-defined vehicles.
It derives revenue primarily from sales of integrated domain control solutions, calculated based on the number of integrated smart domain controllers embedded with its solutions that are delivered to OEMs.

[IO Technicals 2025/28] Bullish Momentum Intensifies

By Umang Agrawal

Iron ore demand remains strong as supply tightens from Australia and Brazil, and China pushes for industrial reforms that could support raw material prices.
Despite macroeconomic headwinds and Malaysian tariffs on Chinese steel, robust mill profits, and limited production curbs are expected to sustain iron ore demand.
Prices are trading above key moving averages, suggesting ongoing upside momentum, while the MACD above its signal line confirms the prevailing bullish bias.

Lucror Analytics – Morning Views Asia

In today’s Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Nissan Motor, Rakuten Group
Front-end UST yields rose yesterday, albeit the long end was stable on the back of a good auction of 30Y notes. The UST curve bear flattened, with the yield on the 2Y UST rising 3 bps to 3.87%, while that on the 10Y UST was up 2 bps at 4.35%.
Equities climbed, with the S&P 500 and Nasdaq advancing 0.3% and 0.1%, respectively, to fresh record highs.

Reconova Technologies Co., Ltd. Pre-IPO Tearsheet

Reconova Technologies Co., Ltd. (RT) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by CCBI, Huatai, and ABCI.
RT is an AI company that provides visual AI technologies and products for enterprise clients.
RT is one of the first companies in the industry dedicated to full-stack visual AI technologies of computer vision algorithm, optical imaging optimisation, and computing power optimisation.

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Jul 11

Daily Brief China: Oneconnect Financial Technology, China Medical System, Lenovo, Sa Sa International Hldgs, Shui On Land, Zijin Mining Group , China Northern Rare Earth Group High-Tech, Shanghai MediTrust Health Technology Group, CStone Pharmaceuticals and more

In today’s briefing:

OneConnect (6638 HK/OCFT US): Ping An’s Offer Gets The Nod From SAMR
China Medical System (867 HK): SGX Secondary Listing Benefits Questionable
PC 2Q25: 6-7% Unit Growth YoY Is Pretty Good. 2025 Looks like a 5-6% Growth Year
Sa Sa Intl (178 HK): Looking Better Forward
Lucror Analytics – Morning Views Asia
Zijin to Float Its Overseas Arm to Fund Global Expansion as Gold Prices Soar
China Northern Rare Earth (600111.SH): Strong H1 Guidance Supports Full-Year Outlook
Shanghai MediTrust Health Technology Group Pre-IPO Tearsheet
CStone Pharma (2616 HK): Placement to Fund R&D; Sugemalimab Changes Fortune For Now, What Lies Next?

OneConnect (6638 HK/OCFT US): Ping An’s Offer Gets The Nod From SAMR

On the 15th May, dual-listed Oneconnect (6638 HK/OFT US), a digital retail banking/commercial banking/digital insurance play, announced a firm Scheme Offer from Ping An, OneConnect’s controlling shareholder.
Ping An is offering HK$2.068/share, or US$7.98/ADS, a 72.33% premium to last close, and a 131.66% premium to the 30-day average. Net cash is, however, ~HK$1.83/share. The price is final.
SAMR has now signed off on the deal, satisfying the pre-condition. We await directions from the Cayman court on timing. I’m estimating late-September payment. Should the deal get up.

China Medical System (867 HK): SGX Secondary Listing Benefits Questionable

On the 24th June 2025, specialty pharmaceutical play China Medical System (867 HK) (CMS) announced a proposed secondary SGX listing, by way of introduction. No equity fundraising will occur.
The SGX has given the green light, with shares expected to commence trading on the 15th July.
This secondary listing is not, it would seem, a pre-cursor to an HKEx withdrawal; but to “enhance the [CMS’s] global visibility, thereby facilitating its international business expansion“.

PC 2Q25: 6-7% Unit Growth YoY Is Pretty Good. 2025 Looks like a 5-6% Growth Year

By Nicolas Baratte

Consumer demand remains slow but Enterprises are upgrading to Windows 11. Low risk of tariff distortion: 1Q was too high in the US but 2Q has slowed down.
2Q25 highest YoY growth: Apple (22%), Asus (17%), Lenovo (16%). Others are flat. Enterprise growth also implies higher ASP and margins for PC and CPU vendors.
On the CPU side, AMD share gains have slowed in PC, accelerated in Server. Given their roadmap, AMD should keep gaining slowly, Intel defending with difficulty.

Sa Sa Intl (178 HK): Looking Better Forward

Sa Sa International Hldgs (178 HK)‘s 1Q FY26 update provides evidence for a business recovery as turnover grew 4.7%, against a YoY drop in the last 5 quarters.
Resurgence in mainland tourist arrivals is a driver. The start of 2Q FY26 also looks good, as this has increased 21.8% YoY in the last 15 days.
At 1.55x P/B, it is only 7% above the trough since 2020. Also, it traded at a higher multiple in FY20-22 when it was loss-making.

Lucror Analytics – Morning Views Asia

In today’s Morning Views publication we comment on developments of the following high yield issuers: Shui On Land, Vedanta Resources, JSW Steel, Nissan Motor
UST yields declined yesterday (the first drop in a week), on the back of a solid auction of 10Y notes. The yield on the 2Y UST fell 5 bps to 3.84%, while the yield on the 10Y UST was down 7 bps at 4.33%. Equities rallied, led by gains in large tech stocks. The S&P 500 rose 0.6% to 6,263, while the Nasdaq climbed 0.9% to 20,611.
US President Donald Trump has released more tariff-letter screenshots on Truth Social, outlining a 25% rate on the Philippines, 30% on Sri Lanka and 50% on Brazil, among others. In particular, the letter for Brazil highlighted the “witch hunt” on former Brazilian president Jair Bolsonaro, as well as the country’s “insidious attacks on free elections and the fundamental free speech rights of Americans”, citing the Brazilian Supreme Court’s censorship orders on US social media platforms.

Zijin to Float Its Overseas Arm to Fund Global Expansion as Gold Prices Soar

By Caixin Global

Zijin Mining Group Co. Ltd., China’s largest gold producer, is carving out its fast-growing international operations for an initial public offering (IPO) in Hong Kong, aiming to build a well-funded global powerhouse as gold prices reach record heights.
Already listed in Hong Kong and Shanghai, Zijin announced Monday that its subsidiary Zijin Gold International Co. Ltd. has submitted an IPO application to the Hong Kong Stock Exchange.
The offering — jointly underwritten by Morgan Stanley and Citic Securities — will float up to 15% of the unit’s shares, with an overallotment option of an additional 15% of that tranche.

China Northern Rare Earth (600111.SH): Strong H1 Guidance Supports Full-Year Outlook

By Rahul Jain

China Northern Rare Earth issued a mid-year earnings guidance of ¥900–960 million for H1 FY2025, marking a 1,900%+ YoY increase and reflecting strong volume recovery and operational leverage.
The company is on track to meet our full-year net profit estimate of ¥2.33 billion and EPS of ¥0.65, assuming a seasonally stronger H2.
Key risks include ongoing export restrictions, global supply chain diversification efforts, and downstream demand volatility, while long-term plans remain aligned with China’s rare earth consolidation and value-added material strategy.

Shanghai MediTrust Health Technology Group Pre-IPO Tearsheet

Shanghai MediTrust Health Technology Group Co., Ltd. (SMHTG) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by GS, HSBC, and CICC.
SMHTG is the largest innovative healthcare payor platform in China, according to Frost & Sullivan (F&S).
SMHTG is transforming the healthcare payment system in China by addressing funding and payment challenges faced by patients, health insurers and pharmaceutical companies.

CStone Pharma (2616 HK): Placement to Fund R&D; Sugemalimab Changes Fortune For Now, What Lies Next?

By Tina Banerjee

CStone Pharmaceuticals (2616 HK) announced the placement of 100M shares for subscription at HK$4.72 per share. Placing shares represent approximately 7.33% of existing issued shares capital of the company.
The company intends to use 90% of the net proceeds from the for further research and development relating to assets in the company’s “Pipeline 2.0”.
Expanded indications of sugemalimab, the successive data readouts, approvals and continuous commercialization expansion efforts into global markets augurs well, but concerns remain.

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Jul 10

Daily Brief China: Chongqing Rural Commercial Bank, Oneconnect Financial Technology, Zijin Gold, Zhou Liu Fu Jewellery, Meituan, Nameson Holdings, Greentown China, Dermavon Holdings, Iron Ore and more

In today’s briefing:

Chinese RCBs: Two Bailouts. How Many More At Risk?
OneConnect Financial (6638 HK/OCFT US): Precondition Satisfied for a Below Net Cash Offer
Zijin Gold Pre-IPO Tearsheet
Zhou Liu Fu (6168 HK): Are We or the Market Wrong?
Meituan Possible US$4bn Selldown – Will End up Being Well-Flagged but Sentiment Isn’t Great
Nameson Holdings (1982 HK) FY25 Concall And Results: Yield At 14% Following Weak Season
Lucror Analytics – Morning Views Asia
Pre-IPO Dermavon Holdings- Weak R&D and the Lack of Synergy in Pipelines Lead to Unfavorable Outlook
[IO Fundamentals 2025/27] Industrial Cleanup, Trade Tensions, and Diverging Inventory Data

Chinese RCBs: Two Bailouts. How Many More At Risk?

Last week, CICC Hong Kong and SOE Jilin Financial Holding Group tabled a rescue offer for Jilin Bank (6122 HK), as discussed in Jilin Bank (6122 HK): Another Hobson’s Choice
This follows a similar bailout of Bank Of Jinzhou (416 HK) in early 2024, as detailed in Bank of Jinzhou (416 HK) To Be Taken Private.
Tarring the sector with same brush is potentially oversimplifying the situation. But the issues faced by Jilin Bank and BoJ are unlikely to be isolated. Below I dig deeper.

OneConnect Financial (6638 HK/OCFT US): Precondition Satisfied for a Below Net Cash Offer

By Arun George

The precondition for Oneconnect Financial Technology (6638 HK)’s scheme offer from Ping An is satisfied. The offer is HK$2.068 per share (US$7.976 per ADS). The offer price is final.
Ping An Insurance (H) (2318 HK) is hoping that a dire 1Q25 and letters of support will nudge minorities to accept an offer that values OneConnect below net cash.
The high minority participation rate and protest votes at the recent AGM are warning signs that the vote is far from a done deal. Tread carefully.

Zijin Gold Pre-IPO Tearsheet

Zijin Gold (2579355D HK) is looking to raise up to US$2.0bn in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley and CITIC.
It is a leading gold mining company formed by combining all the gold mines of Zijin Mining, located outside of China.
It held interests in eight gold mines located in gold-rich regions across South America, Oceania, Central Asia and Africa.

Zhou Liu Fu (6168 HK): Are We or the Market Wrong?

Zhou Liu Fu Jewellery (6168 HK) has an impressive debut, but it is currently expensive, at 4.33x PEG with just a 3-year EPS CAGR of 4.7%.
It is overpriced by ROE vs. P/B, given it stands higher than the best-fit line. Its inferior market position in the industry makes it deserve to trade below.
At 20% discount to Chow Tai Fook Jewellery (1929 HK), it should value at HK$27.80. Even at par, it still implies an 8.5% downside.

Meituan Possible US$4bn Selldown – Will End up Being Well-Flagged but Sentiment Isn’t Great

As per news reports, Prosus NV (PRX NA) could look to sell some/all of its Meituan (3690 HK) stake, worth around US$4bn
Prosus has held its stake for a few years, owing to the dividend payout by Tencent, but Meituan appears to be planning to take on one of its subsidiaries.
In this note, we will talk about the possible selldown and other deal dynamics.

Nameson Holdings (1982 HK) FY25 Concall And Results: Yield At 14% Following Weak Season

By Sameer Taneja

Nameson Holdings (1982 HK) reported FY25 revenue/net profit declines of 0.6%/5.3% YoY, respectively, primarily driven by a margin contraction of approximately 40 basis points.
The company declared a 1.5-cent final dividend (total dividend 11.3 cents/share), maintaining a 75% payout ratio, resulting in a 14% yield on the current share price.
The stock trades at a 5.5x FY26e PE with a 3x EV-EBITDA and a 14% dividend yield, assuming the company can maintain flat earnings for FY26.

Lucror Analytics – Morning Views Asia

In today’s Morning Views publication we comment on developments of the following high yield issuers: Greentown China, Nissan Motor, Continuum Green
UST yields rose slightly yesterday, with yields up for a fifth straight day. There were no apparent catalysts, albeit the move was in line with a broader sell-off in European and Japanese government bonds.
The yield on the 2Y UST was unchanged at 3.89%, while that on the 10Y UST advanced 2 bps to 4.40%. Equities were little changed near all-time highs, amid renewed tariff concerns. US President Donald Trump has told reporters at a White House meeting that he plans to announce a 50% tariff on copper imports.

Pre-IPO Dermavon Holdings- Weak R&D and the Lack of Synergy in Pipelines Lead to Unfavorable Outlook

The big gap between the revenue proportion of the two business lines indicates that there’s little synergistic effect, thus further delaying the formation of the “medicine and makeup complementary ecosystem”.
The weakness in R&D has led to a low overlap in the demands of existing products among the customer groups,making it impossible to match the medical demand through self R&D.
The business model of Dermavon is sales-driven rather than R&D-driven. There are concerns on the Company’s pipeline quality. Dermavon has not proved its sustainable profitability. Valuation should be lower peers.

[IO Fundamentals 2025/27] Industrial Cleanup, Trade Tensions, and Diverging Inventory Data

By Umang Agrawal

Beijing’s push to cut inefficient capacity may support steel margins and create a steady floor for iron ore prices.
Malaysia’s anti-dumping tariffs of 3.86-57.90% target Chinese steel exports, posing limited short-term impact but signalling broader risks to China’s iron ore demand over time.
Portside inventories may continue rising as iron ore arrivals increase and weak pig iron output slows cargo pick-up across Chinese ports.

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Jul 09

Daily Brief China: Lens Technology , SICC, Lens Technology, SGX Rubber Future TSR20, Fortior Technology (Shenzhen), WeiMai, Zhejiang Galaxis Technology Group Co Ltd, Geekplus Technology, Liuliu Orchard Group, Cig Shanghai and more

In today’s briefing:

Lens Technology A/H Trading – Decent Demand, Helped by A-Share Rally
SICC A/H Listing – Past Growth Has Been Volatile
Lens Technology H Share Listing (6613 HK): Trading Debut
Helixtap China Report: Weakness Prevails Amid Oversupply, Trade Tensions, Soft Demand
Fortior Tech A/H Trading – Sluggish Demand
WeiMai Inc. Pre-IPO Tearsheet
Zhejiang Galaxis Pre-IPO Tearsheet
Beijing Geekplus IPO Trading: Not Cheap but Strong Institutional Demand
Pre-IPO Liuliu Orchard – Hard to Achieve High Growth Due to the Lack of Product Competitiveness
CIG Shanghai A/H Listing: Earnings Have Been Stagnant

Lens Technology A/H Trading – Decent Demand, Helped by A-Share Rally

Lens Technology (300433 CH), a precision manufacturing solution provider, raised around US$700m in its H-share listing.
Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.

SICC A/H Listing – Past Growth Has Been Volatile

SICC (688234 CH), a manufacturer of high-quality SiC substrates, aims to raise around US$500m in its H-share listing.
As per Frost & Sullivan, based on 2023 sales, SICC was the second largest manufacturer globally with a market share of 14.8%.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

Lens Technology H Share Listing (6613 HK): Trading Debut

By Arun George

Lens Technology (6613 HK) priced its H Share at HK$18.18 to raise HK$4,768 million (US$607 million) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Lens Technology H Share Listing (6613 HK): The Investment Case.
Lens had the fourth-highest international oversubscription rates among recent large AH listings. The AH discount is attractive in part due to the decent price momentum.

Helixtap China Report: Weakness Prevails Amid Oversupply, Trade Tensions, Soft Demand

By Arusha Das

Overall bearish market conditions in China
Mixed trade data underscore tepid demand conditions
Arbitrage window might open as spread between Chinese and international prices narrows

Fortior Tech A/H Trading – Sluggish Demand

Fortior Technology (Shenzhen) (688279 CH), a BLDC motor IC design company, raised around US$330m in its H-share listing.
Fortior Tech is an IC design company dedicated to the design and R&D of BLDC motor control ICs.
In our previous note, we have looked at the past performance and likely A/H premium. In this note, we talk about the trading dynamics.

WeiMai Inc. Pre-IPO Tearsheet

WeiMai Inc. (WM) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by DB and CMS.
WM is China’s top three whole-course healthcare management service provider and the largest patient-focused AI-empowered whole-course healthcare management service provider in China in terms of 2024 revenue.
As of the Latest Practicable Date, WM partnered with 157 hospitals, where it had dedicated healthcare management team and medical team onsite in WeiMai exclusive in-hospital healthcare management centers.

Zhejiang Galaxis Pre-IPO Tearsheet

Zhejiang Galaxis Technology Group Co Ltd (1803536D CH) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Guotai and CITIC.
It is an intelligent intralogistics robotics expert dedicated to redefining supply chain operations through cutting-edge embodied robotics technologies.
Its robotics portfolio covers the entire spectrum of intralogistics operations, addressing the core functions of storage, sorting and transport.

Beijing Geekplus IPO Trading: Not Cheap but Strong Institutional Demand

Geekplus Technology (2590 HK) is looking to raise up to $300m in its upcoming Hong Kong IPO.
It is a leader in the global autonomous mobile robots (AMR) market.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

Pre-IPO Liuliu Orchard – Hard to Achieve High Growth Due to the Lack of Product Competitiveness

Liuliu adopts a light asset model for cost control. Through OEM production model, Liuliu has avoided the risk of heavy asset investment, so its gross margin is higher than peers.
In the context of fierce competition, how to keep high performance growth while maintain profit margin is not easy.We’re not optimistic about Liuliu’s “single product category + marketing/promotion driven” business model.
Sequoia ceased to be Liuliu’s Shareholder in 2025, right before this IPO, which is not a good signal. In our view, valuation of Liuliu should be lower than peers.

CIG Shanghai A/H Listing: Earnings Have Been Stagnant

Cig Shanghai (603083 CH) making terminal equipment and high-speed optical module products for telecommunications, data communications and enterprise networks, aims to raise around US$356m in its H-share listing.
CIG was founded in 2005, and as per the prospectus, labels its business as a provider of critical infrastructure components for the development of AI.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

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Jul 08

Daily Brief China: Dah Sing Financial, Tencent, Xuanzhu Biopharmaceutical, Shanghai Conant Optical, MegaRobo Technologies, Hang Seng Index, Health And Happiness (H&H), Genor Biopharma Holdings and more

In today’s briefing:

Dah Sing Financial (2356 HK): Discounts On Discounts
Asian Equities: Southbound Monthly – June Acceleration; Old Getting Sold, Dividends the New Darling
Xuanzhu Biopharm (轩竹生物科技) Pre-IPO: Alarming Signs upon Further Checks
Shanghai Conant Optical (2276 HKG): Lens of Strong Fundamentals Makes the Growth Optics Visible
MegaRobo Pre-IPO Tearsheet
Global Markets WEEKLY Tactical Outlook: July 7 to July 11
Lucror Analytics – Morning Views Asia
Genor Biopharma (6998 HK) – The Reverse Merger Will Unleash the Upside Potential of Valuation

Dah Sing Financial (2356 HK): Discounts On Discounts

In the setup/unwind tables highlighted in StubWorld: Haw Par Looking Stretched, I see Dah Sing Financial (440 HK) at trading “cheap” to 74.4%-held Dah Sing Banking (2356 HK).
I see DSF at a 51% discount to NAV, around its one-year average. However the simple ratio (DSF/DSB) and implied stub are at multi-year lows.
Separately, DSB is trading at a ~62% discount to NAV – applying its 13.2%-holding in Bank of Chongqing (1963 HK) – around a one-year high. This is, however, a weak stub.

Asian Equities: Southbound Monthly – June Acceleration; Old Getting Sold, Dividends the New Darling

By Manishi Raychaudhuri

The US$10.23bn net inflow through the Southbound Stock Connect in June marked a near-doubling from the May slump (US$5.85 bn), though it’s still lower than the 15-month average (US$12.1 bn).
Investors bought high dividend yield SOEs heavily (e.g. China Construction Bank), and sold Tencent, Xiaomi, Alibaba. Healthcare companies – Innovent Biologics and CSPC Pharma were bought, underscoring investors’ defensive stance.
Investors’ dividend yield fascination seems unabated. Some technology stocks (Tencent) do not seem overbought. Despite large buying, EV and ecommerce heavyweights (Meituan) are declining. Investors’ appetite in them could slump.

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

By Ke Yan, CFA, FRM

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.

Shanghai Conant Optical (2276 HKG): Lens of Strong Fundamentals Makes the Growth Optics Visible

By Tina Banerjee

Shanghai Conant Optical (2276 HK) to utilize proceeds from its January placement for the research, development, design and manufacturing of lenses and vision solutions for smart glasses and XR headsets.
The company will construct an automated RX resin lens production line with a focus on high-end customized lenses, at a cost of $4M, to be funded by internal accruals.
The company declared that based on the preliminary assessments, it expects its 1H25 net profit to increase by 30% mainly due to strong volume growth and higher ASP.

MegaRobo Pre-IPO Tearsheet

MegaRobo Technologies (MRT HK) is looking to raise at least US$300m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley, Huatai, Deutsche Bank, CCB International.
It is a leading provider of autonomous agents in robotic applications in China, dedicated to improving productivity and driving innovation for businesses across both laboratory and manufacturing settings.
It serves a diversified customer base with over 880 customers. Key account customers newly acquired in 2022, had a repurchase rate of 74%, and a revenue retention rate of 115%.

Global Markets WEEKLY Tactical Outlook: July 7 to July 11

By Nico Rosti

A quick synoptic look at the tactical models for some key indices, stocks, commodities and bonds we cover, for the week July 7 – July 11.
Since our Global Markets WEEKLY Tactical Outlook published last week, US markets became even more overbought by the end of the week, while some Asian stocks started to pull back.
Stocks are falling on Monday, the Trump administration is threatening imposing 25% tariffs on a number of nations (including Japan and South Korea), global markets may close the week down.

Lucror Analytics – Morning Views Asia

In today’s Morning Views publication we comment on developments of the following high yield issuers: Health and Happiness (H&H), Tata Steel
The US market was closed for Independence Day on Friday. US President Donald Trump passed his signature tax cut and spending Bill into law on Friday, after it was approved by Congress in a 218-214 vote on Thursday.
The fiscal package includes tax cuts, lower spending on social programmes (e.g. federal food stamps and college student loans) and the elimination of tax benefits encouraging the use of clean energies. The non-partisan Congressional Budget Office estimated that the new legislation will add more than USD 3 tn to the country’s deficit over the next decade.

Genor Biopharma (6998 HK) – The Reverse Merger Will Unleash the Upside Potential of Valuation

The merger is good for both parties. On the one hand, it helps boost Genor’s valuation. On the other hand, it finally makes Edding realize its desire to go public.
The outlook of Edding Genor Group depends on the pipeline quality. Core products Vancocin/Ceclor/FPN are facing different challenges. The pipeline strength/R&D capabilities of Genor hasn’t been recognized by the market.
Short-Term valuation is expected to reach RMB7.5 billion. Future valuation could be above RMB10 billion if pipeline R&D progress/clinical data and the commercialization performance of marketed products meet the expectation.

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Jul 07

Daily Brief China: Horizon Robotics, FWD Group Holdings, Pop Mart International Group L, China Longyuan Power, Innovent Biologics Inc, Alibaba Group Holding , Lens Technology, Shandong Fengxiang, Hansoh Pharmaceutical Group , Three Squirrels and more

In today’s briefing:

HSTECH Index Rebalance Preview: Universe Expansion Could Lead to One Change
FWD IPO Trading – Tepid Demand
HSCEI Index Rebalance Preview: Pop Mart (9992 HK) Could Replace J&T Global (1519 HK)
A/H Premium Tracker (To 4 July 2025): “Beautiful Skew” Continues as SB Buys Wide Spread Hs
HK Connect SOUTHBOUND Flows (To 4 July 2025); Volumes Up, Net Buying Up, Banks Bought, SOEs Sold
ECM Weekly (7 July 2025) – IFBH, HDB, Anjoy, FWD, Lens, Fortior, NTT DC, Daehan, Kanzhun, Nykaa, NH
Weekly Deals Digest (06 Jul) – Lens Tech, FWD, Geekplus, NTT DC REIT, Fengxiang, HKBN, Insignia
Fengxiang (9977 HK): Composite Doc Out. 24th July H-Class Meeting
Hansoh Pharmaceutical (3692 HK): Outlicensing and Indication Expansion Of Core Drug Augur Well
Pre-IPO Three Squirrels – Pain Points of the Business Model and the Performance Outlook

HSTECH Index Rebalance Preview: Universe Expansion Could Lead to One Change

By Brian Freitas

The review period for the September rebalance of the Hang Seng TECH Index ended on 30 June, the changes will be announced on 22 August and implemented on 5 September.
No constituent changes will result in a one-way turnover of 4.1% and that will mean a round-trip trade of HK$15.2bn (US$1.94bn).
An expansion of the index universe could lead to one constituent change and that increases the one-way turnover to 6.2% and the round-trip trade to HK$23.1bn (US$2.94bn).

FWD IPO Trading – Tepid Demand

FWD Group Holdings (1828 HK), a pan-Asian life insurer founded by Richard Li, raised around US$442m in its HK IPO.
FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.
We looked at the company’s past performance and valuations in our previous notes. In this note we talk about the trading dynamics.

HSCEI Index Rebalance Preview: Pop Mart (9992 HK) Could Replace J&T Global (1519 HK)

By Brian Freitas

The review period for the September rebalance of the HSCEI INDEX ended on 30 June, the results will be announced on 22 August and will be implemented on 5 September.
Pop Mart International Group L (9992 HK) could be added to the index while J&T Global Express (1519 HK) could be deleted from the index.
There is a possibility of Pop Mart International Group L (9992 HK) being added to the Hang Seng Index (HSI INDEX) as well.

A/H Premium Tracker (To 4 July 2025): “Beautiful Skew” Continues as SB Buys Wide Spread Hs

AH premia flat among liquid names but “beautiful skew” of wide premia converging more than narrow premia continues bigly. It has paid well to be long wide H discounts.
Last week I said, “It has paid to be long the H on those H/A pairs with the biggest H discounts. I would continue to ride that trend.” Ride on.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers. Technical issue delayed this week’s Monitor.

HK Connect SOUTHBOUND Flows (To 4 July 2025); Volumes Up, Net Buying Up, Banks Bought, SOEs Sold

Gross SOUTHBOUND volumes up to US$17+bn a day this past 5-day week. Net buying strong at +US$700mm a day.
Among the top buys as a percentage of volume, FINANCIALS stood out, dramatically. Again. Neither INFO TECH nor Tencent were the big sells this week.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers. Technical issue delayed this week’s Monitor.

ECM Weekly (7 July 2025) – IFBH, HDB, Anjoy, FWD, Lens, Fortior, NTT DC, Daehan, Kanzhun, Nykaa, NH

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, next week will see a large number of listings across the region.
On the placements front, given the HK and US holidays and approaching earnings season, there were only a few deals in the past week.

Weekly Deals Digest (06 Jul) – Lens Tech, FWD, Geekplus, NTT DC REIT, Fengxiang, HKBN, Insignia

By Arun George

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: FWD Group Holdings (1828 HK), Geekplus Technology (2590 HK), NTT DC REIT (NTTDCR SP) IPOs and Lens Technology (6613 HK) H Share listing.
Event-Driven developments: Shandong Fengxiang (9977 HK), Yichang HEC Changjiang Pharma (1558 HK), Jilin Jiutai Rural Comm Bank (6122 HK), New World Resources (NWC AU), Insignia Financial (IFL AU).

Fengxiang (9977 HK): Composite Doc Out. 24th July H-Class Meeting

After the Offeror for Shandong Fengxiang (9977 HK) fulfilled pre-cons on the 3rd July, the Composite was dispatched on the 4th July (but dated 5th July).
The EGM/H-share class meeting will take place on the 24th July. Settlement should be on ore around the 11th August, well ahead of my prior estimate.
Trading at a gross/annualised spread off 4.2%/49.6%. Get involved if illiquid arbs are your bag.

Hansoh Pharmaceutical (3692 HK): Outlicensing and Indication Expansion Of Core Drug Augur Well

By Tina Banerjee

Hansoh Pharmaceutical Group (3692 HK) granted an exclusive worldwide license to develop, manufacture, and commercialize HS-20094, an investigational dual GLP-1/GIP receptor agonist.
Globally, the only approved dual GLP-1/GIP receptor agonist is Eli Lilly’s Zepbound, which garnered revenue of $4.9B in 2024, with a potential of peak global sales of $27.2B by 2030.
Hansoh’s mainstay drug Ameile was approved for an additional indication of treatment of adult patients with stage II to IIIB NSCLC whose tumors have EGFR mutations.

Pre-IPO Three Squirrels – Pain Points of the Business Model and the Performance Outlook