In today’s briefing:
- Sanhua Intelligent Controls H Share Listing: The Investment Case
- Sichuan Kelun-Biotech Biopharm (6990.HK) Placement – Thoughts The Pipeline and Valuation Outlook
- ECM Weekly (9 June 2025) – Haitian, Sanhua, Virgin Aus, Primo, Kitazato, Wistron, Kelun Bio, Mao Gep
- Zhou Liu Fu Pre-IPO: Business Is Deteriorating Despite Rosy Gold Prices
Sanhua Intelligent Controls H Share Listing: The Investment Case
- Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH), the world’s largest refrigeration and air-conditioning control component manufacturer, has filed its PHIP for a H Share listing to raise US$1.0-1.5 billion.
- Sanhua’s market share in the global refrigeration and air-conditioning control component market was 45.5% in terms of revenue in 2024, according to Frost & Sullivan.
- The fundamentals are good, with the positives (refrigeration and aircon rising growth, stable margin, and cash generation) outweighing the negatives (automotive declining growth, US tariffs overhang).
Sichuan Kelun-Biotech Biopharm (6990.HK) Placement – Thoughts The Pipeline and Valuation Outlook
- Kelun Bio announced US$250 million placement, making it the largest follow-on offering in the biopharma industry in HK market over the past 12 months, but HK$331.8/share Placing Price is expensive.
- SKB264 has demonstrated the ability to compete head-to-head with the world’s best therapies in TNBC and NSCLC. It is reasonable for Kelun Bio’s valuation to be higher than Akeso.
- We recommend to buy when market value falls in the range of US$2.5-5.25 billion.If SKB264 fails to deliver good clinical data in future critical clinical trials, valuation would face pullback.
ECM Weekly (9 June 2025) – Haitian, Sanhua, Virgin Aus, Primo, Kitazato, Wistron, Kelun Bio, Mao Gep
- 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, Foshan Haitian Flavouring & Food (603288 CH) and Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) might launch their IPOs soon.
- On the placements front, Wistron Corp (3231 TT) launched its well flagged GDR, along with a few more deals this week.
Zhou Liu Fu Pre-IPO: Business Is Deteriorating Despite Rosy Gold Prices
- Zhou Liu Fu Jewellery Co., Ltd. (1716396D CH) is looking to raise $US200m in its upcoming Hong Kong IPO.
- It is a leading and fast growing jewellery franchise in China offering a diverse range of products through offline and online sales channels.
- In this note, we provide updates on the firm’s past performance.
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