In today’s briefing:
- 3SBio (1530 HK) Plans to Spin-Off and List Mandi in HK – Thoughts on The “Implied” IPO Price
- Last Week In Event SPACE: 3SBio/Mandi, CATL, Grindr, Mandarin Oriental
3SBio (1530 HK) Plans to Spin-Off and List Mandi in HK – Thoughts on The “Implied” IPO Price
- 3SBio plans to spin-off and list Mandi on Hong Kong Stock Exchange. The spin-off will allow Mandi to operate independently, with 3SBio ceasing to hold any interest in it post-listing.
- Minoxidil is the main performance driver for Mandi. Our forecast is its revenue growth in 2025 would be 15%-20% YoY, with projected revenue range for 2025 of RMB1.538-1.604 billion.
- Considering Mandi ®’s market leadership position and a growth rate higher than the industry average, we estimate its forward P/S at 20-25x. Then, valuation range for Mandi is RMB31-40 billion.
Last Week In Event SPACE: 3SBio/Mandi, CATL, Grindr, Mandarin Oriental
- Given the size of Mandi – relative to 3SBio Inc (1530 HK) – higher market multiples for its in-specie spin-off may have a limited impact on the overall valuation.
- CATL (3750 HK) raised around US$5.2bn in its H-share listing in May 2025. The last day for their lockup was the 19th November 2025.
- While Grindr (GRND US) Special Committee considers the MBO proposal, chairman James Lu has unusually opted to step down. And sell shares below the NBIO price.
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