In today’s briefing:
- ECM Weekly (10 November 2025) – Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare
- Sichuan Biokin Pharmaceutical IPO: Well-Positioned to Ride Oncology Focused Global ADC Wave
- Sichuan Biokin A/H Listing: Stretched Valuation
- Softcare IPO Trading Note: Strong Insti Sub, Midteens Upside
- Lenskart Solutions IPO Trading – Very Strong Anchor Facing Weak Markets
- Pre-IPO Jingze Biopharmaceutical (Hefei) – The Concerns and the Outlook
ECM Weekly (10 November 2025) – Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, the deal flow continues unabated, although a lot of listing in Hong Kong didn’t do to well last week.
- On the placements front, there were a number of deals, with a few right at lockup expiry.
Sichuan Biokin Pharmaceutical IPO: Well-Positioned to Ride Oncology Focused Global ADC Wave
- Sichuan Biokin Pharmaceutical has launched HK IPO to raise ~$430M by offering 8.6M shares at HK$389 per share. Subscriptions will close on November 12, with expected listing on November 17.
- Lead candidate, iza-bren is the world’s first and only EGFR × HER3 bispecific ADC to have entered Phase 3 trial. Biokin has co-development and co-commercialization agreement with BMS for iza-bren.
- The company is already listed on China’s A-share market in Shanghai. Biokin shares have been a strong performer since it went public and rose 77% over the last one year.
Sichuan Biokin A/H Listing: Stretched Valuation
- Sichuan Biokin, a China-based commercial stage biotech company, aims to raise around USD 432 million via a Hong Kong listing.
- In our previous note, we have examined the company’s fundamentals and latest development.
- In this note, we look at the deal term. We think the company’s valuation is demanding, despite its clinical breakthrough.
Softcare IPO Trading Note: Strong Insti Sub, Midteens Upside
- Softcare (2698 HK) (SC) raised around US$307m in its upcoming Hong Kong IPO.
- Softcare (SC) is an international hygiene product corporation engaged in the development, manufacturing and sales of baby and feminine hygiene products.
- We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.
Lenskart Solutions IPO Trading – Very Strong Anchor Facing Weak Markets
- Lenskart Solutions raised around US$825m in its India IPO, with a very strong anchor book.
- Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
- We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.
Pre-IPO Jingze Biopharmaceutical (Hefei) – The Concerns and the Outlook
- JZB33 is expected to have more growth potential than JZB30. However, the rhFSH market is highly competitive. JZB30/JZB33 not only need to compete with MNCs but also domestic Big Pharma.
- The “inverted pyramid” pipeline distribution leads to a high dependence JZB30, JZB33, JZB05 for Jingze’s performance growth in the next 3-5 years, thus lacking sustained innovation and growth momentum.
- Post-Money valuation was RMB3.09 billion after Series C+ Financing. We think valuation of Jingze should be lower than Henlius, Chengdu Kanghong due to the concerns on commercialization outlook/Biosimilar VBP.
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