CR Pharma IPO - Valuation Is Rich at the Top End

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Capital Markets

Sinopharm Group Co Ltd H / Equity Capital Markets

<p>China Resources Pharmaceutical Group has filed an Application Proof to list on the HKEX this year, possibly in the current quarter. Our previous two Insights: <a href="https://www.smartkarma.com/insights/cr-pharma-listing-part-1" target="_blank" data-smartkarma-citation="insights:5268">CR Pharma Listing: Part 1</a>  and <a href="https://www.smartkarma.com/insights/cr-pharma-listing-part-2" target="_blank" data-smartkarma-citation="insights:5406">CR Pharma Listing: Part 2</a> discussed the company's business segments (manufacturing in Part 1, distribution and retail in Part 2). This Insight will discuss the R&amp;D pipeline and other remaining topics of interest (Use of Proceeds and recent competitors' comments). We will re-visit the subject once more details of the listing are available.</p>

China Resources Pharmaceutical Group has filed an Application Proof to list on the HKEX this year, possibly in the current quarter. Our previous two Insights: CR Pharma Listing: Part 1  and CR Pharma Listing: Part 2 discussed the company's business segments (manufacturing in Part 1, distribution and retail in Part 2). This Insight will discuss the R&amp;D pipeline and other remaining topics of interest (Use of Proceeds and recent competitors' comments). We will re-visit the subject once more details of the listing are available.

Shanghai Pharmaceuticals Holding (2607 HK)

Guangzhou Baiyunshan Pharmaceutical Holdings (874 HK)

Guangzhou Baiyunshan Pharmaceutical Holdings

China Resources Sanjiu Medical & Pharma (000999 CH)

China Resources Dubl Crne Phrmctl (600062 CH)

Sinopharm Group Co Ltd H

CR Pharma Listing: Part 3