Sihuan Pharma (460 HK): On Xuanzhu Biopharm's Imminent Spin-Off

Oct 08, 2025

∙ Paid

On the 12th November 2024, Sihuan Pharmaceutical (460 HK) proposed spinning-off the shares of Xuanzhu Biopharm on the main board of Hong Kong.
Xuanzhu Biopharmaceutical‘s prospectus is now out. Shares are priced at HK$11.60/share, backing out a market cap of ~HK$6bn vs. Sihuan Pharma’s HK$17.4bn market cap. Trading commences on the 15th October.
Sihuan Pharma will hold 49.1% post IPO. Its share price is up 189% YTD. Looks frothy. Then again, so does Hong Kong’s IPO market.

Here is Xuanzhu Biopharm’s 732-page prospectus.
Shares commence trading on the 15th October.
Sihuan Pharma’s shareholding in Xuanzhu Biopharm will dip to 49.1% from 56.% after the issuance of 67.3mn new H-shares.
Total H shares in issue (via new H shares + unlisted shares converted to H shares) are expected to comprise 15.4% of total shares out.
Sihuan Pharma announced a preferential offering of one Xuanzhu Biopharm share for every 2728 Sihuan Pharma shares.
- It is estimated the preferential offering will amount to 3.4mn shares, or < 1% of shares out.

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