In today’s briefing:
- ECM Weekly (27 October 2025)- Sany, Seres, PonyAI, WeRide, CIG, JST, Lenskart, Horizon, CRB
- Pre-IPO Sichuan Biokin Pharmaceutical (PHIP Updates) – Some Points Worth the Attention
ECM Weekly (27 October 2025)- Sany, Seres, PonyAI, WeRide, CIG, JST, Lenskart, Horizon, CRB
- 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, Hong Kong and India markets appear to be gearing up for a year end rush.
- On the placements front, there were no large deals this week but we did have a look at the upcoming lockup expiries.
Pre-IPO Sichuan Biokin Pharmaceutical (PHIP Updates) – Some Points Worth the Attention
- Chairman of the Board Zhu Yi hopes to build Biokin into an MNC with the success of BL-B01D1.In other words, Zhu Yi is prepared to bet all on this product.
- Biokin’s valuation should be lower than Akeso Biopharma Inc (9926 HK), but higher than RemeGen. If BL-B01D1’s development is successful, Biokin’s future valuation ceiling will be higher than Kelun Bio.
- Global peak sales revenue share of BL-B01D1 could reach approximately RMB20 billion. If based on P/S of 5x, market value is RMB100 billion. So, there’s bubble in valuation in A-share.
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