Daily Brief China: Sichuan Biokin Pharmaceutical, ANE Logistics and more

• For secondary-market investors, aligning with established technology pathways offers greater clarity and comfort than speculating on new business development deals from Chinese firms.
• As IPOs of biotechs in HK increase crazily in 2025, it has led companies to overly pursue stock trading, share reduction and exit.We suggest investors remain rational about healthcare IPOs.  
• The valuation/IPO pricing of Biokin is too high. Recent poor performance of A/H shares after IPO has already intensified concerns. This could be the reason for the delay of IPO.

• ANE Logistics is a leading player in China’s less-than-truckload (LTL) market, leveraging a freight partner platform model to achieve extensive network coverage across approximately 99.2% of China’s counties and townships.
• The company has successfully executed a strategic shift from a scale-driven approach to one centered on profitability and service quality, resulting in significant improvements in gross profit, net profit, and operational efficiency.
• Future growth is expected to be driven by the continued expansion of e-commerce, particularly for larger goods, and the ongoing consolidation of China’s fragmented LTL market, where ANE’s scale and technological investments provide a competitive advantage.

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