ECM

Dizal (迪哲医药) A+H Pre-IPO: Prospectus and 3Q26 Results Update

03 Nov 2026 By Ke Yan, CFA, FRM
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Abstract: Dizal, a China-based commercial-stage biopharmaceutical company, is seeking an A+H listing. GS and Huatai are the joint sponsors. While our previous note covers the fundamentals of the company, in this note we look at its pipeline, latest results and A-H premium. We think the deal is worth following as the AstraZeneca licence of ZEGFROVY turned the company profitable in the third quarter.

DIZAL (JIANGSU) PHARMACEUTICAL (688192 CH) REMEGEN (688331 CH) REMEGEN (9995 HK) Johnson & Johnson (JNJ US) Cullinan Therapeutics, Inc. Common Stock (CGEM US) SHANGHAI ALLIST PHARMACEUTICALS (688578 CH) ArriVent BioPharma, Inc. Common Stock (AVBP US) Eli Lilly (LLY US) INNOVENT BIO (1801 HK) INNOCARE PHARMA (688428 CH) INNOCARE (9969 HK) SHANGHAI JUNSHI BIOSCIENCES (688180 CH) JUNSHI BIO (1877 HK) BEONE MEDICINES (688235 CH) BEONE MEDICINES (6160 HK) JIANGSU HENGRUI MEDICINE (600276 CH) HENGRUI PHARMA (1276 HK) LIVZON PHARMACEUTICAL (000513 CH) LIVZON PHARMA (1513 HK) Fosun Pharma (600196 CH) FOSUN PHARMA (2196 HK) CANSINO BIOLOGICS (688185 CH) CANSINOBIO (6185 HK) Fudan-Zhangjiang Bio (688505 CH) FUDANZHANGJIANG (1349 HK)

Highlighted Stocks

DIZAL (JIANGSU) PHARMACEUTICAL, REMEGEN, Johnson & Johnson, Cullinan Therapeutics, Inc. Common Stock, SHANGHAI ALLIST PHARMACEUTICALS, ArriVent BioPharma, Inc. Common Stock, Eli Lilly, INNOVENT BIO, INNOCARE PHARMA, SHANGHAI JUNSHI BIOSCIENCES, JUNSHI BIO, BEONE MEDICINES, JIANGSU HENGRUI MEDICINE, HENGRUI PHARMA, LIVZON PHARMACEUTICAL, LIVZON PHARMA, Fosun Pharma, CANSINO BIOLOGICS, CANSINOBIO, Fudan-Zhangjiang Bio, FUDANZHANGJIANG

About ECM & IPO Research

Research on Hong Kong and A+H equity offerings, from the first filing to the aftermarket. Coverage includes pre-IPO early thoughts on the business and valuation, analysis of the final deal terms and cornerstone investors, and updates as new prospectus versions are filed.

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