In today’s briefing:
- Shein IPO: Hong Kong Yes, London No
- [Miniso(MNSO US, SELL, TP US$13.5) TP Change]: C1Q25 Review: Low Quality Expansion Bore Bitter Fruit
- Xuanzhu Biopharm (轩竹生物科技) Pre-IPO: Reality Checks Against Claims
Shein IPO: Hong Kong Yes, London No
- Shein announced it is planning for an IPO in Hong Kong in 2025. Shein tried to go public in London, but its attempt has essentially failed.
- Due to tariff war and ending de minimis for shipments from China and Hong Kong by the U.S. government, the valuation of Shein could decline to less than $50 billion.
- Now, as long as the valuation is not excessive but reasonable, there could be a decent demand for this IPO of Shein in Hong Kong.
[Miniso(MNSO US, SELL, TP US$13.5) TP Change]: C1Q25 Review: Low Quality Expansion Bore Bitter Fruit
- MNSO reported 1Q25 rev. in line with cons. but non-GAAP op. profit 17% below and GAAP net income 33% below cons,
- We view MNSO’s store expansion as being below its bar of quality. Downside risks were not fully priced in. Our 2025 revenue/net profit forecasts are 7.0%/8.2% below consensus;
- We cut the TP from US$16 to US$13.5/ADS and keep the SELL rating.
Xuanzhu Biopharm (轩竹生物科技) Pre-IPO: Reality Checks Against Claims
- 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 this insight, we look at the company’s core products and key products, including XBP-3571, XZP-3287 and XZP-3621.
- While there are some interesting reads from its clinical data, we are of the view that its near-commercial products are still lacking the differentiating factors in respective competitive therapeutic areas.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
