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3SBio (1530 HK) Plans to Spin-Off and List Mandi in HK - Thoughts on The "Implied" IPO Price
493 Views23 Nov 2025 08:55
3SBio to spin-off Mandi on Hong Kong Stock Exchange,with Minoxidil becoming the main driver for revenue growth.Valuation range estimated at RMB31-40 billion based on projected revenue of RMB1.5-1.6bn
What is covered in the Full Insight:
- Introduction to the Spin-Off
- Mandi's Core Business and Growth Drivers
- Market Position and Competition Analysis
- Revenue Projections and Valuation
- Risks and Considerations
Boomeranged on Tue, 25 Nov 2025 08:58
3SBio plans to spin-off and list Mandi on the Hong Kong Stock Exchange, which means investors have the opportunity to become a direct shareholder of Mandi. Given Minoxidil's strong growth momentum, Mandi's 2025 revenue growth would be 15%-20% YoY, with projected revenue of RMB1.538-1.604 billion. Due to leadership position, valuation range for Mandi could be RMB31-40 billion based on P/S of 20-25x
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