Abstract: Sinotau is seeking a Hong Kong listing under the biotech rules. GF is the Independent Sponsor, and CICC and CITIC are the Joint Sponsors. In our previous notes, we looked at the company's pipeline, its competitive position and the changes in its October 2026 prospectus. In this note, we value each product at a multiple of its risk-adjusted peak sales and reach a preliminary SOTP of USD883m, including USD122m of net cash.
HENGRUI 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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