In today’s briefing:
- Shanghai Biren Technology Pre-IPO – Growing Rapidly, Sometimes
- OneRobotics (Shenzhen) Co IPO: Strong Topline Momentum, but Japan Plays a Pivotal Role
- Hanx Biopharm (翰思爱泰) IPO Trading
- Pre-IPO Binhui Biopharmaceutical – The Success of Commercialization Is Highly Uncertain
Shanghai Biren Technology Pre-IPO – Growing Rapidly, Sometimes
- Shanghai Biren Intelligent Technology, a GPGPU chips and computing solutions provider, aims to raise around US$600m in its Hong Kong listing.
- According to CIC, Biren was the first company in China to package dual AI computing dies using 2.5D chiplet technology and the first to support advanced interconnection specifications.
- In this note, we look at the company’s past performance.
OneRobotics (Shenzhen) Co IPO: Strong Topline Momentum, but Japan Plays a Pivotal Role
- OneRobotics (Shenzhen) Co (ONE HK) is looking to raise US$231m in its upcoming Hong Kong IPO.
- OneRobotics operates as a provider of home-embedded AI robotic systems, focusing on building an integrated smart-home ecosystem centered on robotic products.
- In this note, we look at the company’s past performance and valuations.
Hanx Biopharm (翰思爱泰) IPO Trading
- Hanx Biopharm raised HKD 586m (USD 76m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday December 23, 2025.
- In our previous note, we looked at the company’s core products, management track records.
- In this note, we provide an update for the IPO before trading debut.
Pre-IPO Binhui Biopharmaceutical – The Success of Commercialization Is Highly Uncertain
- The core advantages of Binhui include its technological platform, industry-unique/vertically integrated CMC and commercial-scale manufacturing capabilities, making it a highly promising and indispensable player in the field of oncolytic viruses.
- Oncolytic viruses market has yet to show a significant upward trend.The awareness of oncolytic virus therapy among doctors is insufficient. It’s highly uncertain whether Binhui will eventually achieve commercial success.
- Under the ideal scenario, peak sales of BS001 may reach RMB2bn after becoming an important treatment option in key indications. If based on P/S of 2-4x, market value is RMB4-8bn.
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