Abstract: Salubris, a CKM-focused innovative pharmaceutical company, is seeking an A+H listing. GS, Citi and CITIC are the joint sponsors. While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves. We raise our A-H premium base case for the company, given the shift in peer A-H premiums.
SHENZHEN SALUBRIS PHARMACEUTICALS, LIVZON PHARMACEUTICAL, LIVZON PHARMA, JIANGSU HENGRUI MEDICINE, HENGRUI PHARMA, Fosun Pharma
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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