HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>The growth factor drug market is highly competitive. Many competing products have been on the market for many years with NRDL reimbursement coverage and also accumulated rich recognition from doctors/patients.</li>
<li>Even if Pro-101 is approved for market launch, B&amp;K may have to reduce its price largely and invest heavily in market education/promotion. B&amp;K’s commercialization capability still needs to be verified.</li>
<li>Valuation of B&amp;K would be lower than peers. It is hard for B&amp;K to receive expected valuation premium since its latest round of post investment valuation is already RMB3.3 billion.</li>
</ul>


The growth factor drug market is highly competitive. Many competing products have been on the market for many years with NRDL reimbursement coverage and also accumulated rich recognition from doctors/patients.
Even if Pro-101 is approved for market launch, B&amp;K may have to reduce its price largely and invest heavily in market education/promotion. B&amp;K’s commercialization capability still needs to be verified.
Valuation of B&amp;K would be lower than peers. It is hard for B&amp;K to receive expected valuation premium since its latest round of post investment valuation is already RMB3.3 billion.


Pre-IPO B&K Corporation - Valuation Performance Could Be Disappointing

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.

Shanghai Henlius Biotech  / Equity Capital Markets

<p>Shanghai Henlius, a biotech subsidiary of Fosun Pharma, launched book building today to raise up to USD 477 million.</p>
<p>In our previous insights covering Shanghai Henlius, we have covered the company's key drug pipelines, the management, shareholders, investors, and a SOTP based valuation.</p>
<p>In this insight, we will provide our final thoughts on the deal based on the price range. We think the company is overvalued and would avoid the deal. </p>
<div>
<h2>Our coverage on Shanghai Henlius Biotech</h2>
</div>
<ul>
<li><a href="https://www.smartkarma.com/insights/shanghai-henlius-ipo-not-an-impressive-biosimilar-portfolio" target="_blank" rel="noopener">Shanghai Henlius (复宏汉霖) IPO: Not an Impressive Biosimilar Portfolio</a></li>
<li><a href="https://www.smartkarma.com/insights/shanghai-henlius-ipo-valuation-of-four-biosimilars" target="_blank" rel="noopener">Shanghai Henlius (复宏汉霖) IPO: Valuation of Four Biosimilars</a></li>
<li><a href="https://www.smartkarma.com/insights/shanghai-henlius-ipo-what-s-new-in-the-re-filed-prospectus" target="_blank" rel="noopener">Shanghai Henlius (复宏汉霖) IPO: What’s New in the Re-Filed Prospectus?</a></li>
<li><a href="https://www.smartkarma.com/insights/shanghai-henlius-ipo-thoughts-on-valuation" target="_blank" rel="noopener">Shanghai Henlius (复宏汉霖) IPO: Thoughts on Valuation</a></li>
</ul>

Shanghai Henlius, a biotech subsidiary of Fosun Pharma, launched book building today to raise up to USD 477 million.
In our previous insights covering Shanghai Henlius, we have covered the company's key drug pipelines, the management, shareholders, investors, and a SOTP based valuation.
In this insight, we will provide our final thoughts on the deal based on the price range. We think the company is overvalued and would avoid the deal. 

Our coverage on Shanghai Henlius Biotech


Shanghai Henlius (复宏汉霖) IPO: Not an Impressive Biosimilar Portfolio
Shanghai Henlius (复宏汉霖) IPO: Valuation of Four Biosimilars
Shanghai Henlius (复宏汉霖) IPO: What’s New in the Re-Filed Prospectus?
Shanghai Henlius (复宏汉霖) IPO: Thoughts on Valuation


Shanghai Henlius (复宏汉霖) IPO: Thoughts on Price Range, Cornerstone, Valuation Trap

China

Staidson Beijing Biopharmaceuticals Company Limited develops, produces and sells biological products and various chemicals.  The Company's main products are injectable mouse nerve growth factor and sulfate-free polyethylene glycol electrolyte powder product.

Staidson (Beijing) Biopharmaceuticals (300204 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Staidson (Beijing) Biopharmaceuticals (300204 CH)

Pre-IPO B&K Corporation - Valuation Performance Could Be Disappointing

Pro-101will face fierce competition. Due to uncertain market acceptance, B&K has to invest heavily in market education. Valuation of peers is under...

Xinyao (Criss) Wang

Shanghai Henlius (复宏汉霖) IPO: Thoughts on Price Range, Cornerstone, Valuation Trap

Shanghai Henlius, a biotech subsidiary of Fosun Pharma, launched book building today to raise up to USD 477 million. In our previous insights...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)