ECM

HJ Science (华健未来) Pre-IPO: Thoughts on Valuation

05 Jun 2026 By Ke Yan, CFA
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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.

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