Daily Brief China: POCO Holding, Nexchip Semiconductor , Ming Yu Pharmaceutical, Hansoh Pharmaceutical, Leading Interconnect Semiconductor Technology, Shenzhen Salubris Pharmaceuticals A, Tyligand Bioscience, Befar Group Co Ltd A and more

• POCO Holding Co., Ltd. is a leading global provider of alloy soft magnetic powder-based products. It ranked first in the global alloy soft magnetic powder core market by revenue in.
• POCO Holding Co., Ltd. ranked first in the global alloy soft magnetic powder core market with 27.1% share and fifth in the AI chip inductor market in 2025.
• Profit for the year was RMB426,124 in 2025. Net profit margin decreased from 23.6% in 2025 to 18.1% by March 31, 2026.

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• Nexchip, an IC foundry, raised HKD 6,779m (USD 871m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, 10 Jul 2026.
• In our previous notes, we looked at the company’s fundamentals and the deal terms.
• In this note, we provide an update for the IPO before its trading debut.

• Ming Yu Pharmaceutical, established in 2018, focuses on oncology (ADCs, immunotherapies) and advanced autoimmune assets, seeking HKEX Chapter 18A listing due to profitability.
• The company boasts 11 product candidates, including core products MHB036C and MHB018A, leveraging its proprietary SuperTopoi ADC platform with high potency.
• Ming Yu reported significant losses, including RMB919,308 in 2025, and net liabilities of RMB2,148,726 as of May 31, 2026.

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• HSCEI June 2026 added Hansoh Pharma and Akeso and deleted Sunny Optical and Haier Smart Home. All event windows through the fourth post-implementation week are complete.
• ADDs were mixed in the first implementation week, then both rallied in weeks two to four.
• DELETEs broke the historical positive-bridge rebound pattern. Sunny Optical drove the miss with a -12.8% first-week return.

• Nexchip Semiconductor (688249 CH) raised US$880m in its upcoming Hong Kong IPO.
• It is a pure-play 12-inch wafer foundry providing comprehensive wafer fabrication services across mainstream technology nodes ranging from 150nm to 40nm, while steadily advancing 28nm platforms.
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• Leading Interconnect Semiconductor Technology (LIST HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CITIC.
• Leading Interconnect Semiconductor Technology (LIST) is an advanced integrated circuit (IC) substrate provider that leverages intelligent manufacturing to focus on the research, development, production, and sale of high-density interconnection platforms. 
• LIST serves as a critical leader in the industry and ranked third among IC substrate manufacturers located in the China based on 2025 revenue, according to Frost & Sullivan (F&S).

• Salubris, a CKM-focused innovative pharmaceutical company, is seeking an A+H listing. Goldman Sachs, Citi, and CITIC are the sponsors.
• We look at the company’s core segments: innovative drugs and other pharmaceuticals.
• We discuss our preliminary thoughts on the company’s valuation based on A-H premium.

• The difficulty of developing KRAS G12D has been recognized by the industry. Investors will be more cautious about any early and unverified G12D projects, demanding higher risk premiums.
• Without data validation, the market cannot assess whether the efficacy/safety of TSN1611 are competitive. The “good safety” data of TSN222 still needs to be validated through larger clinical trials.
• We think Tyligand’s valuation may not exceed the valuations of comparable companies such as Jacobio Pharmaceuticals (1167 HK) and GenFleet Therapeutics (GENFL12 HK).

• Befar Group Co Ltd A (601678 CH) raised ~US$156m in its upcoming Hong Kong IPO. 
• It is a comprehensive chemical group in China primarily engaged in the manufacturing and sale of chlor-alkali chemicals, C3-C4 chemicals, and wet electronic chemicals.
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.