HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

InSilico Medicine Cayman TopCo / Equity Capital Markets

<ul>
<li>The IPO pricing reflects the liquidity value brought by IPO and recognition of cornerstone investors, but InSilico is facing huge uncertainties.Its value will take several years to be verified.</li>
<li>Our revenue forecast is US$55 million/US$70-90 million/US$100-150 million in 2025/2026/2027, respectively. Insilico may suffer losses in the next three years, but in 2027, the Company may turn loss into profits.</li>
<li>The essential difference between QuantumPharm and InSilico lies in business models. We’re more optimistic about InSilico in long term, whose valuation may surpass QuantumPharm if InSilico can develop blockbuster drugs.</li>
</ul>


The IPO pricing reflects the liquidity value brought by IPO and recognition of cornerstone investors, but InSilico is facing huge uncertainties.Its value will take several years to be verified.
Our revenue forecast is US$55 million/US$70-90 million/US$100-150 million in 2025/2026/2027, respectively. Insilico may suffer losses in the next three years, but in 2027, the Company may turn loss into profits.
The essential difference between QuantumPharm and InSilico lies in business models. We’re more optimistic about InSilico in long term, whose valuation may surpass QuantumPharm if InSilico can develop blockbuster drugs.


Pre-IPO InSilico Medicine - Thoughts on Valuation, Peer Comparison and Forecast

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>InSilico Medicine launched HK IPO consisting of ~95M H shares. The indicative offer price is HK$24.05 per share. The company aims to raise ~$292M. Subscriptions will close on December 23.</li>
<li>InSilico Medicine is a clinical-stage generative AI-driven drug discovery company, with Pharma.AI being its proprietary generative AI platform. The company has generated 20+ clinical or IND-enabling stage assets using Pharma.AI.</li>
<li>The company intends to use the proceeds to fund clinical trials of pipeline drug candidates, develop new generative AI models, and development and expand the company’s automated lab.</li>
</ul>


InSilico Medicine launched HK IPO consisting of ~95M H shares. The indicative offer price is HK$24.05 per share. The company aims to raise ~$292M. Subscriptions will close on December 23.
InSilico Medicine is a clinical-stage generative AI-driven drug discovery company, with Pharma.AI being its proprietary generative AI platform. The company has generated 20+ clinical or IND-enabling stage assets using Pharma.AI.
The company intends to use the proceeds to fund clinical trials of pipeline drug candidates, develop new generative AI models, and development and expand the company’s automated lab.


Insilico Medicine IPO: Shortening Drug Discovery Period Through AI-Driven Platform Holds Promise

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>B&amp;K raised HKD 674m (USD 87m) from its global offering and will list on the Hong Kong Stock Exchange on Monday December 22, 2025.</li>
<li>In our previous note, we looked at the company's core products, management track records.</li>
<li>In this note, we provide an update for the IPO before trading debut.</li>
</ul>


B&amp;K raised HKD 674m (USD 87m) from its global offering and will list on the Hong Kong Stock Exchange on Monday December 22, 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.


B&K (华芢生物科技) IPO: Trading Updates

Shanghai Forest Cabin Biological-Tech / Equity Capital Markets

Shanghai Forest Cabin Biological-Tech (SFCBT HK)

<ul>
<li>Shanghai Forest Cabin launched its Hongkong IPO aiming to raise up to HK$1086.2M. The company plans to sell 13.97M shares at HK$77.77 per share.</li>
<li>Shanghai Forest Cabin (SFC) are a premium domestic skincare brand in China with a focus on the anti-wrinkle and firming skincare market, under their flagship brand Forest Cabin.</li>
<li>The company’s business model is robust. We think Shanghai Forest Cabin issue is attractively priced and investors can surely look to invest in this growth story.</li>
</ul>


Shanghai Forest Cabin launched its Hongkong IPO aiming to raise up to HK$1086.2M. The company plans to sell 13.97M shares at HK$77.77 per share.
Shanghai Forest Cabin (SFC) are a premium domestic skincare brand in China with a focus on the anti-wrinkle and firming skincare market, under their flagship brand Forest Cabin.
The company’s business model is robust. We think Shanghai Forest Cabin issue is attractively priced and investors can surely look to invest in this growth story.


Shanghai Forest Cabin IPO: Delivers Essence-Tial Growth, Investors Can Put A Skin in The Game

<ul>
<li>InSilico Medicine, an AI-driven drug discovery and development, launched its IPO to raise at least USD 293 million via a Hong Kong listing.</li>
<li>In this note, we look at the deal terms and provide a valuation for the company.</li>
<li>We think the valuation is anchored by its innovative assets while the AI asset value provides upside.</li>
</ul>


InSilico Medicine, an AI-driven drug discovery and development, launched its IPO to raise at least USD 293 million via a Hong Kong listing.
In this note, we look at the deal terms and provide a valuation for the company.
We think the valuation is anchored by its innovative assets while the AI asset value provides upside.


InSilico Medicine (英矽智能) IPO: AI Assets as Upside

New market cap creation in China healthcare

China Healthcare IPOs
New market cap creation in China healthcare

Pre-IPO InSilico Medicine - Thoughts on Valuation, Peer Comparison and Forecast

InSilico's IPO pricing reflects the recognition of investors, but still faces uncertainties. Revenue forecast shows potential for profit by 2027,...

Xinyao (Criss) Wang

Insilico Medicine IPO: Shortening Drug Discovery Period Through AI-Driven Platform Holds Promise

Insilico Medicine plans to raise $292M through HK listing. The company is offering 94M shares priced at HK$24.05 per share. The IPO is scheduled to...

Tina Banerjee

B&K (华芢生物科技) IPO: Trading Updates

B&K raises $87m in global offering, set to list on HK Stock Exchange on Monday. Our valuation and assessment of the company suggests that the deal...

Ke Yan, CFA, FRM

Shanghai Forest Cabin IPO: Delivers Essence-Tial Growth, Investors Can Put A Skin in The Game

Shanghai Forest Cabin launched IPO to raise HK$1B, offering premium skincare products with a focus on anti-wrinkle and firming market....

Tina Banerjee

InSilico Medicine (英矽智能) IPO: AI Assets as Upside

InSilico Medicine launches IPO in Hong Kong to raise $293 million, with valuation anchored by innovative assets and potential upside from AI...

Ke Yan, CFA, FRM

Pre-IPO InSilico Medicine - Thoughts on Valuation, Peer Comparison and Forecast

​InSilico's IPO pricing reflects the recognition of investors, but still faces uncertainties. Revenue forecast shows potential for profit by 2027,...

Xinyao (Criss) Wang

Insilico Medicine IPO: Shortening Drug Discovery Period Through AI-Driven Platform Holds Promise

Insilico Medicine plans to raise $292M through HK listing. The company is offering 94M shares priced at HK$24.05 per share. The IPO is scheduled to...

Tina Banerjee

B&K (华芢生物科技) IPO: Trading Updates

​B&K raises $87m in global offering, set to list on HK Stock Exchange on Monday. Our valuation and assessment of the company suggests that the deal...

Ke Yan, CFA, FRM

Shanghai Forest Cabin IPO: Delivers Essence-Tial Growth, Investors Can Put A Skin in The Game

​Shanghai Forest Cabin launched IPO to raise HK$1B, offering premium skincare products with a focus on anti-wrinkle and firming market....

Tina Banerjee

InSilico Medicine (英矽智能) IPO: AI Assets as Upside

​InSilico Medicine launches IPO in Hong Kong to raise $293 million, with valuation anchored by innovative assets and potential upside from AI...

Ke Yan, CFA, FRM

InSilico's IPO pricing reflects the recognition of investors, but still faces uncertainties. Revenue forecast shows potential for profit by 2027,...

B&K raises $87m in global offering, set to list on HK Stock Exchange on Monday. Our valuation and assessment of the company suggests that the deal...

Shanghai Forest Cabin launched IPO to raise HK$1B, offering premium skincare products with a focus on anti-wrinkle and firming market....

InSilico Medicine launches IPO in Hong Kong to raise $293 million, with valuation anchored by innovative assets and potential upside from AI...