Guo Jin Securities: First coverage of English Silicon Intelligence (03696.HK) with a "buy" rating. The first validation milestone for AI pharmaceuticals may be just around the corner.

According to the Wise Finance APP, Guojin Securities released a research report stating that British Silicon Intelligence (03696.HK) will be listed on the Hong Kong Stock Exchange on December 30, 2025, with an initial offering price of 24.05 Hong Kong dollars and a total IPO fundraising of approximately 2.35 billion Hong Kong dollars. Of this, about 48%/15%/12%/20% will be used for core pipeline clinical advancement, the Pharma.AI platform, automated laboratories, and early research and other pipeline development, respectively. Company revenue is expected to reach 161 million/224 million/301 million US dollars in 2026/2027/2028, with year-on-year growth of 186%, 39%, and 34% respectively. Net profit attributable to shareholders is expected to be -3 million/27 million/30 million US dollars, with a year-on-year growth of 12.14% in 2028, corresponding to EPS of -0.01/0.05/0.05 US dollars. The company is recommended for a "buy" rating for the first time.