Abstract: HJ Science is seeking to raise at least USD100m via a Hong Kong listing. CITIC Securities is the sole sponsor. Our previous note covered HJ787, HJ178, HJ891, and HJ197. It also covered business development and management. We apply a risk-adjusted peak-sales P/rR approach to the four assets. The China-only SOTP is USD317m.
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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