In today’s briefing:
- Quiddity Leaderboard Hang Seng Biotech Sep25: 20 Deletions Likely Due to Major Methodology Change
- Leads Biolabs (维立志生物) IPO: A Duality Repeat?
- Quiddity Leaderboard HSTECH Sep25: Final Expectations; ~US$1.6bn One-Way; Long Up 9% Vs Peers
- Quiddity Leaderboard HSCEI Sep25: Final Expectations; One Index Change Possible
- United Lab Placement – Industry Momentum Strong, Although Stock Has Run-Up Quite a Bit
- Geely (175 HK): Deliveries Up by 42% YoY in June – Rapid Growth to Go On in 3Q25
- Quiddity Leaderboard HSIII Sep25: Three Changes Likely; US$364mn One-Way Flows
- Ascentage Pharma (6855 HK): Placement Priced Reasonably; Pipeline Leads to Niche Market Opportunity
- Nanjing Leads Biolabs IPO: Lead Asset Targets Niche Market; Path to Success Still Long
Quiddity Leaderboard Hang Seng Biotech Sep25: 20 Deletions Likely Due to Major Methodology Change
- The Hang Seng Biotech Index (HSHKBIO) will represent the 30 largest biotech companies listed in Hong Kong (HKEX) from September 2025.
- Due to a methodology change for HSHKBIO announced in late-June 2025, 20 index constituents could face deletion in September 2025.
- In this insight, we take a look at our final expectations for index changes and capping flows for HSHKBIO index rebal event in September 2025.
Leads Biolabs (维立志生物) IPO: A Duality Repeat?
- Leads Biolabs, a China-based clinical-stage biotechnology company, launched its IPO to raise up to US$144m via a Hong Kong listing.
- We look at the deal dynamics and compare the listing with the Duality listing.
- The deal values the companies fairly but we see strong sentiment towards quality biotech names.
Quiddity Leaderboard HSTECH Sep25: Final Expectations; ~US$1.6bn One-Way; Long Up 9% Vs Peers
- The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
- In this insight, we take a look at our final expectations of index changes and the resultant capping flows for HSTECH index rebal event in September 2025.
- We see one low-conviction ADD/DEL and one significant float percentage revision which could collectively trigger roughly US$1.6bn in one-way index flows in September 2025.
Quiddity Leaderboard HSCEI Sep25: Final Expectations; One Index Change Possible
- The HSCEI serves as a benchmark to reflect the overall performance of the top 50 “Mainland China” securities listed in Hong Kong.
- In this insight, we take a look at the potential index changes and capping flows for HSCEI index rebal event in September 2025.
- We expect one ADD and one DEL for September 2025. We also estimate there to be US$269mn in one-way flows.
United Lab Placement – Industry Momentum Strong, Although Stock Has Run-Up Quite a Bit
- The United Laboratories International Holdings Limited (3933 HK) is looking to raise up to US$262m from a primary placement.
- The company intends to use about 60% of the proceeds to build production capacity and expand its international business, with the rest to be used for R&D purposes.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Geely (175 HK): Deliveries Up by 42% YoY in June – Rapid Growth to Go On in 3Q25
- Geely announced that its deliveries grew by 42% YoY in June 2025.
- We expect BEV deliveries will continue to grow fast in 3Q25, but slow down from 4Q25.
- We believe the stock price will rise by 39% for the next twelve months.
Quiddity Leaderboard HSIII Sep25: Three Changes Likely; US$364mn One-Way Flows
- The Hang Seng Internet & IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
- In this insight, we take a look at the final rankings of potential ADDs and potential DELs for the September 2025 index rebal event.
- We see three ADDs/DELs and one float percentage revision which could collectively trigger roughly US$364mn in one-way index flows in September 2025.
Ascentage Pharma (6855 HK): Placement Priced Reasonably; Pipeline Leads to Niche Market Opportunity
- Ascentage Pharma Group Corp (6855 HK) announced the placement of 22M shares for subscription at HK$68.6 per share, representing 8% discount to last trading price before announcement.
- The company intends to use the net proceeds for commercialization efforts, global clinical development to advance the core pipeline candidates and for infrastructure and working capital to strengthen global operations.
- The launch of lisaftoclax in China followed by eventual approval olverembatinib in US would be the near-term triggers for the company.
Nanjing Leads Biolabs IPO: Lead Asset Targets Niche Market; Path to Success Still Long
- Nanjing Leads Biolabs has launched HK$1.1B IPO to fund its ongoing and planned clinical development and regulatory affairs of pipeline assets. The company has fetched cornerstone investment of ~HK$ 542M.
- Lead product candidate, LBL-024 is being evaluated for extra-pulmonary neuroendocrine carcinoma. Leads Biolabs expects to file the first BLA for LBL-024 by 3Q26 and anticipate obtaining conditional approval by 2Q27.
- Positive investor sentiment toward Chinese biotech companies and near-term catalyst being Phase 3 data readout for LBL-024 in early 2026 are the main reasons to subscribe.
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