HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Bayzed Health Group (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Eternal Beauty Holdings (PHIP Updates) - The Outlook Has Changed

Pre-IPO Muyuan Foods - The Hog King in China Has Greater Potential and Resilience

China Healthcare Weekly (Jun.1)-Akeso/Summit's Disappointing Ph3 Readout,Valuation Outlook of Biokin

Sichuan Kelun-Biotech Biopharm (6990.HK) - Current High Valuation Is Not Secure

Pre-IPO Vigonvita Life Sciences - The Challenges Behind the Pipeline and the Outlook

Equity Capital Markets

Sichuan Kelun-Biotech Biopharm / Equity Capital Markets

<ul>
<li>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.</li>
<li>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.</li>
<li>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.</li>
</ul>


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.


Sichuan Kelun-Biotech Biopharm (6990.HK) Placement - Thoughts The Pipeline and Valuation Outlook