In today’s briefing:
- China Healthcare Weekly (Sep.1) – China’s New IPO Reform, Financing Environment, Junshi Biosciences
China Healthcare Weekly (Sep.1) – China’s New IPO Reform, Financing Environment, Junshi Biosciences
- IPO rules in SSE STAR Market faces adjustments, so investors have lowered expectations, which will affect the fundraising ecology. Recovery of China’s financing environment would be slower than US/Europe.
- The CSRC has issued new policies related to stamp duty, IPO, and reduction of shares held by listed companies, which would significantly affect the capitalization path of pharmaceutical companies.
- Junshi is “an interesting Biotech” that once generated sales/profits in scale, but is losing money again.Since Junshi is outside the first echelon and the gap is widening, we remain conservative.
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