Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/crystalgenomics-inc" target="_blank" data-smartkarma-citation="entities:20260:1" rel="noopener">Crystalgenomics Inc (083790 KS)</a> has a couple of anti-cancer drugs in its clinical pipeline. The company has exclusive licensing deal for its anti-cancer candidate luxeptinib with Aptose Biosciences outside Korea.</li>
<li>Luxeptinib is being evaluated in a phase 1 a/b trial in patients with relapsed/refractory acute myeloid leukemia, higher risk myelodysplastic syndromes, and B-cell malignancies.</li>
<li>Aptose will present clinical trial result in a conference during December 11–14. This does not represent an upside opportunity for CrystalGenomics shares, which is now trading near its lows.</li>
</ul>



Crystalgenomics Inc (083790 KS) has a couple of anti-cancer drugs in its clinical pipeline. The company has exclusive licensing deal for its anti-cancer candidate luxeptinib with Aptose Biosciences outside Korea.
Luxeptinib is being evaluated in a phase 1 a/b trial in patients with relapsed/refractory acute myeloid leukemia, higher risk myelodysplastic syndromes, and B-cell malignancies.
Aptose will present clinical trial result in a conference during December 11–14. This does not represent an upside opportunity for CrystalGenomics shares, which is now trading near its lows.


CrystalGenomics (083790 KS): Partner’s Clinical Data Presentation Is Not a Buying Opportunity

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Even if the biopharmaceutical enterprises become gradually mature in each part of the development process, they still have to face the final test - the commercialization.</li>
<li>If compare BeiGene’s product revenue from 2017 to 2021Q3 and the related investment during the same period, the situation was not satisfactory. The internationalization may also not meet the expectation.</li>
<li>We hope that the IPO in the SSE STAR Market would not be "the last hurrah" for BeiGene, because what BeiGene's future performance represents means a lot.</li>
</ul>


Even if the biopharmaceutical enterprises become gradually mature in each part of the development process, they still have to face the final test - the commercialization.
If compare BeiGene’s product revenue from 2017 to 2021Q3 and the related investment during the same period, the situation was not satisfactory. The internationalization may also not meet the expectation.
We hope that the IPO in the SSE STAR Market would not be "the last hurrah" for BeiGene, because what BeiGene's future performance represents means a lot.


Pre-IPO BeiGene Ltd - The Future Performance Means a Lot

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weibo-corp-adr" target="_blank" data-smartkarma-citation="entities:3826:1" rel="noopener">Weibo Corp (WB US)</a> is offering 11 million shares to raise $471 million through an HKEx secondary listing. The primary/secondary spilt is 50:50 (Sina is the secondary seller).  </li>
<li>In <a href="https://www.smartkarma.com/insights/weibo-secondary-listing-braving-uncertainty" target="_blank" data-smartkarma-citation="insights:61784" rel="noopener">Weibo Secondary Listing: Braving Uncertainty</a>, we noted that while the near-term visibility remains limited, the valuation at last close is undemanding in comparison to historical P/E and PEG ratios. </li>
<li>In this note, we will look at Weibo’s potential HK-ADS premium/(discount). Weibo pricing its H-shares at a discount of 4-5% to its ADSs will be reasonable, in our view.</li>
</ul>



Weibo Corp (WB US) is offering 11 million shares to raise $471 million through an HKEx secondary listing. The primary/secondary spilt is 50:50 (Sina is the secondary seller).  
In Weibo Secondary Listing: Braving Uncertainty, we noted that while the near-term visibility remains limited, the valuation at last close is undemanding in comparison to historical P/E and PEG ratios. 
In this note, we will look at Weibo’s potential HK-ADS premium/(discount). Weibo pricing its H-shares at a discount of 4-5% to its ADSs will be reasonable, in our view.


Weibo Secondary Listing: HK-ADS Premium/​​​(Discount) Views

Thematic (Sector/Industry)

<ul>
<li>Last Friday, the 6th national volume-based purchase (VBP) for insulin released results.</li>
<li>The NHSA issued relevant documents and proposed to implement unified access management for medical consumables, which means that more medical consumables would be included in centralized procurement.</li>
<li>The NHC issued a document promoting the standardized development of digital healthcare industry, which would bring varying degrees of influence to medical institutions and enterprises providing online healthcare services.</li>
</ul>


Last Friday, the 6th national volume-based purchase (VBP) for insulin released results.
The NHSA issued relevant documents and proposed to implement unified access management for medical consumables, which means that more medical consumables would be included in centralized procurement.
The NHC issued a document promoting the standardized development of digital healthcare industry, which would bring varying degrees of influence to medical institutions and enterprises providing online healthcare services.


China Healthcare Weekly (Nov.26)-Insulin VBP Results, Key Policy On Consumables & Digital Healthcare

<ul>
<li>We reviewed the 2021 performance and summarized the 2022 outlook for China healthcare sector.</li>
<li>We listed the 2022 high conviction ideas and mainly analyzed the industry characteristics, the business, the core competitiveness, the forecast and the concerns of related companies.</li>
<li>Overall, there are still good investment opportunities in China healthcare industry in 2022.</li>
</ul>


We reviewed the 2021 performance and summarized the 2022 outlook for China healthcare sector.
We listed the 2022 high conviction ideas and mainly analyzed the industry characteristics, the business, the core competitiveness, the forecast and the concerns of related companies.
Overall, there are still good investment opportunities in China healthcare industry in 2022.


2022 High Conviction (China Healthcare) - Seek the Relative Certainties Out of the Uncertainties

China

BeiGene, Ltd. operates as a commercial stage biopharmaceutical company. The Company focuses on discovery, development, and commercialization of molecularly targeted and immuno-oncology drugs for the treatment of cancer. BeiGene serves patients worldwide.

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BeiGene (6160 HK)

CrystalGenomics (083790 KS): Partner’s Clinical Data Presentation Is Not a Buying Opportunity

Partner's clinical trial data presentation at an upcoming conference does not represent upside potential for CrystalGenomics shares.

Tina Banerjee

Pre-IPO BeiGene Ltd - The Future Performance Means a Lot

The article analyzed the commercialization performance vs the investment,the concerns on internationalization based on license-out mode and the...

Xinyao (Criss) Wang

Weibo Secondary Listing: HK-ADS Premium/(Discount) Views

Considering the weak sentiment on Chinese tech names, we think that Weibo pricing its H-shares at a wider discount of around 4-5% to its ADSs will...

Arun George

China Healthcare Weekly (Nov.26)-Insulin VBP Results, Key Policy On Consumables & Digital Healthcare

This article analyzed the 6th VBP results on insulin, the new and key policies about unified access management on medical consumables and the...

Xinyao (Criss) Wang

2022 High Conviction (China Healthcare) - Seek the Relative Certainties Out of the Uncertainties

The article analyzed the 2021 review and 2022 high conviction ideas, including the industry characteristics, the business, the core...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CrystalGenomics (083790 KS): Partner’s Clinical Data Presentation Is Not a Buying Opportunity

Partner's clinical trial data presentation at an upcoming conference does not represent upside potential for CrystalGenomics shares.

Tina Banerjee

Pre-IPO BeiGene Ltd - The Future Performance Means a Lot

The article analyzed the commercialization performance vs the investment,the concerns on internationalization based on license-out mode and the...

Xinyao (Criss) Wang

Weibo Secondary Listing: HK-ADS Premium/​​​(Discount) Views

Considering the weak sentiment on Chinese tech names, we think that Weibo pricing its H-shares at a wider discount of around 4-5% to its ADSs will...

Arun George

China Healthcare Weekly (Nov.26)-Insulin VBP Results, Key Policy On Consumables & Digital Healthcare

This article analyzed the 6th VBP results on insulin, the new and key policies about unified access management on medical consumables and the...

Xinyao (Criss) Wang

2022 High Conviction (China Healthcare) - Seek the Relative Certainties Out of the Uncertainties

The article analyzed the 2021 review and 2022 high conviction ideas, including the industry characteristics, the business, the core...

Xinyao (Criss) Wang

Weibo Secondary Listing: HK-ADS Premium/(Discount) Views