Daily Brief China: Shanghai Biren Intelligent Technology, OneRobotics (Shenzhen) Co, JNBY Design Ltd, Hanx Biopharmaceuticals, JOYY, Zhaojin Mining Industry H, Orient Overseas International, Perfect Medical Health, Hansoh Pharmaceutical Group , Zhipu AI and more

• Shanghai Biren Intelligent Technology, a GPGPU chips and computing solutions provider, aims to raise around US$600m in its Hong Kong listing.
• According to CIC, Biren was the first company in China to package dual AI computing dies using 2.5D chiplet technology and the first to support advanced interconnection specifications.
• In this note, we look at the company’s past performance.

• OneRobotics (Shenzhen) Co (ONE HK) is looking to raise US$231m in its upcoming Hong Kong IPO.
• OneRobotics operates as a provider of home-embedded AI robotic systems, focusing on building an integrated smart-home ecosystem centered on robotic products.
• In this note, we look at the company’s past performance and valuations.

• We continue to have JNBY Design Ltd (3306 HK) as a top pick among our names for its robust growth in FY26, an undemanding 10x PE, and 7% dividend yield. 
• For high dividends, we have written extensively on Nameson Holdings (1982 HK), currently trading at a 12% yield, and are exploring Texwinca Holdings (321 HK) (at ~10% yield).
• Finally, for those interested in net-net situations, we have Fountain Set Hldgs (420 HK) trading at a 61% discount to NCAV(net current asset value) with an 8% dividend yield. 

• Hanx Biopharm raised HKD 586m (USD 76m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday December 23, 2025.
• In our previous note, we looked at the company’s core products, management track records.
• In this note, we provide an update for the IPO before trading debut.

• Net cash of ~$3.3bn equals market cap; ~$300mn of recurring FCFE funds ~10% shareholder yield via dividends and buybacks, while Ad-Tech provides incremental growth optionality.
• Management is proactively engaging investors, returning capital, and building Ad-Tech scale, creating multiple levers for perception shift beyond legacy live-streaming framing with a global positioning.
• This is a classic deep-value smallcap bet with Valuation asymmetry: Base-case valuation implies ~50% upside including cash; bull-case capitalisation of cash flows and Ad-Tech optionality supports ~100% upside.

• Forward earnings compress valuation from >40× to ~14×, driven by pricing, volume absorption, and low costs, with NPAT rising toward RMB 6–6.5 bn by FY27.
• Concentrated float and GDX/Zijin ownership support a passive bid; dividend capacity lifts toward a 3–4% yield as cash exceeds RMB 4.5 bn.
• Throughput upgrades, Abujar recoveries and zero-marginal-cost ounces provide additional upside, sustaining FCF even at US$3,800 gold.

• Weak price momentum and spot rates both improved somewhat in November-December
• But we believe this improvement will quickly dissipate, due to still-poor end demand 
• We still see deep-sea container industry as entering a lengthy down-cycle; AVOID

• Perfect Medical is navigating a challenging retail environment, particularly in its core Hong Kong market, which has led to significant revenue declines. A recent profit warning for the year ending March 2025 underscores the impact of weak consumer sentiment.
• In response to top-line pressure, management has implemented aggressive cost-cutting measures. These initiatives have successfully improved profitability and expanded margins, demonstrating strong operational control.
• The company offers a high dividend yield, supported by a stated high payout policy and a strong balance sheet. However, the sustainability of this payout is contingent on a future recovery in sales and profitability, which remains uncertain.

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• Hansoh Pharmaceutical Group (3692 HK) granted Glemark license to develop, manufacture and commercialize aumolertinib in territories like Middle East, Africa, Southeast & South Asia, Australia, New Zealand, Russia/CIS and Caribbean.
• Aumolertinib is the first original third-generation EGFR-TKI innovative drug in China. It has been approved for four indications in China and also in UK for two indications.
• Most popular third-generation EGFR-TKIs is osimertinib (Tagrisso by Astra Zeneca). Global sales of Tagrisso was US$5.3B in 9M25, being the highest selling drug of Astra Zeneca (12% of total revenue).

• Zhipu AI is a leading Chinese AI company, spun out of Tsinghua University, that is at the forefront of large language model (LLM) development in China with its GLM series of models.
• The company is backed by major Chinese technology giants like Alibaba and Tencent, as well as state-backed funds, and has raised over $1.5 billion in funding, indicating strong investor confidence and strategic importance within China’s AI ambitions.
• Zhipu AI is pursuing an aggressive growth strategy, expanding its enterprise customer base through a Model-as-a-Service (MaaS) platform and engaging in a competitive pricing strategy to capture market share, while also exploring international expansion and a potential IPO in Hong Kong.

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