Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Innovent Biologics enters global licensing and collaboration agreement with Pfizer for the R&amp;D of 12 promising breakthrough early-stage and de novo cancer medicines. Total value of the deal is $10.5B.</li>
<li>Olympus has decided to acquire Israel-based medical devices manufacturer BioProtect for $270M. GC Biopharma announced that Eli Lilly is acquiring entire stake of its U.S. affiliate Curevo Vaccine for $1.5B.</li>
<li>Daewoong Pharmaceutical received approval for its type 2 diabetes drug Enblo in Mexico. Dong-A ST announced that MetaVia’s obesity drug candidate DA-1726 demonstrated safety and tolerability in Phase 1 trial.</li>
</ul>


Innovent Biologics enters global licensing and collaboration agreement with Pfizer for the R&amp;D of 12 promising breakthrough early-stage and de novo cancer medicines. Total value of the deal is $10.5B.
Olympus has decided to acquire Israel-based medical devices manufacturer BioProtect for $270M. GC Biopharma announced that Eli Lilly is acquiring entire stake of its U.S. affiliate Curevo Vaccine for $1.5B.
Daewoong Pharmaceutical received approval for its type 2 diabetes drug Enblo in Mexico. Dong-A ST announced that MetaVia’s obesity drug candidate DA-1726 demonstrated safety and tolerability in Phase 1 trial.


APAC Healthcare Weekly (May 31) – Innovent Biologics, Junshi Bio, Henlius Bio, Olympus, GC Bio

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.</li>
<li>In this insight, we take a look at the potential index changes and capping flows for HSCEI index rebal event in December 2026.</li>
<li>We expect two ADDs and two DELs for December 2026. We also estimate there to be ~US$118mn in one-way flows including the effects of capping.</li>
</ul>


The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.
In this insight, we take a look at the potential index changes and capping flows for HSCEI index rebal event in December 2026.
We expect two ADDs and two DELs for December 2026. We also estimate there to be ~US$118mn in one-way flows including the effects of capping.


Quiddity Leaderboard HSCEI Dec26: Final Ranks; Two ADDs/DELs Likely; One Change to Expectation

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

Fujian Haixi Pharmaceuticals / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fujian-haixi-pharmaceuticals-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:48969:1" rel="noopener">Fujian Haixi Pharmaceuticals (2637 HK)</a> was listed in Oct 2025, when it raised around US$126m in its HK IPO. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Fujian Haixi Pharma is a commercial stage innovative pharmaceutical company that integrates research and development, clinical research, production and sales capacities.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Fujian Haixi Pharmaceuticals (2637 HK) was listed in Oct 2025, when it raised around US$126m in its HK IPO. The lockup on its pre-IPO investors is set to expire soon.
Fujian Haixi Pharma is a commercial stage innovative pharmaceutical company that integrates research and development, clinical research, production and sales capacities.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Fujian Haixi Pharma IPO Lockup - Half of the Company’s Shares Worth US$800m to Be Released

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>The elevated crude oil prices are expected to drive persistent inflationary pressure, and this will benefit high dividend yield stocks.</li>
<li>The top 10 high-yield HSI constituents have an average dividend yield of 6.7% for CY26. Since the War, they have outperformed the Index by an average of 1.1pp.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom HK (762 HK)</a>, <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a>, <a href="https://www.smartkarma.com/entities/link-reit" target="_blank" data-smartkarma-citation="entities:872:1" rel="noopener">Link REIT (823 HK)</a>, <a href="https://www.smartkarma.com/entities/tingyi-cayman-islands-holding-corp" target="_blank" data-smartkarma-citation="entities:14016:1" rel="noopener">Tingyi Holding (322 HK)</a>, and <a href="https://www.smartkarma.com/entities/china-hongqiao-group-ltd" target="_blank" data-smartkarma-citation="entities:1909:1" rel="noopener">China Hongqiao (1378 HK)</a> are at the top of the list.</li>
</ul>


The elevated crude oil prices are expected to drive persistent inflationary pressure, and this will benefit high dividend yield stocks.
The top 10 high-yield HSI constituents have an average dividend yield of 6.7% for CY26. Since the War, they have outperformed the Index by an average of 1.1pp.

China Unicom HK (762 HK), China Mobile (941 HK), Link REIT (823 HK), Tingyi Holding (322 HK), and China Hongqiao (1378 HK) are at the top of the list.


HK Strategy: Winners of Potentially Higher Inflation

<ul>
<li>Hengrui Pharma received indication expansion approval for trastuzumab rezetecan in China. MicroPort NeuroScientific’s Apollo Dream Rapamycin Target Eluting Stent has been granted the Breakthrough Device Designation by the FDA.</li>
<li>Celltrion signed KRW375B CMO agreement with a global pharmaceutical company for the supply of drug substance. Samsung Bioepis entered global commercialization agreement with Sandoz for five biosimilar candidates under development.</li>
<li>FDA accepted Sun Pharma’s indication expansion application for Ilumya for active psoriatic arthritis. Zydus Lifesciences entered licensing and supply agreements with Torrent Pharmaceuticals and Lupin to co-market Semaglutide in India.</li>
</ul>


Hengrui Pharma received indication expansion approval for trastuzumab rezetecan in China. MicroPort NeuroScientific’s Apollo Dream Rapamycin Target Eluting Stent has been granted the Breakthrough Device Designation by the FDA.
Celltrion signed KRW375B CMO agreement with a global pharmaceutical company for the supply of drug substance. Samsung Bioepis entered global commercialization agreement with Sandoz for five biosimilar candidates under development.
FDA accepted Sun Pharma’s indication expansion application for Ilumya for active psoriatic arthritis. Zydus Lifesciences entered licensing and supply agreements with Torrent Pharmaceuticals and Lupin to co-market Semaglutide in India.


APAC Healthcare Weekly (March 22) – Hengrui, Microport Neuro, Celltrion, Samsung Bio, Sun Pharma

China

Innovent Biologics is a biopharmaceutical company that discovers, develops, manufactures, and commercializes innovative medicines. The company focuses on therapeutic areas including oncology, autoimmune, cardiovascular and metabolic, and ophthalmology diseases, with 18 products currently on the market. Innovent Biologics was founded in 2011 and is headquartered in Suzhou, Jiangsu, China.

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Innovent Biologics (1801 HK)

APAC Healthcare Weekly (May 31) – Innovent Biologics, Junshi Bio, Henlius Bio, Olympus, GC Bio

Innovent stuck $10.5B outlicensing deal with Pfizer. Olympus will acquire BioProtect. Eli Lilly is acquiring GC Bio’s US affiliate. Dong-A’s...

Tina Banerjee

Quiddity Leaderboard HSCEI Dec26: Final Ranks; Two ADDs/DELs Likely; One Change to Expectation

Expected DELs Postal Savings Bank (1658 HK) and Shenzhou International (2313 HK) could have 1.7x ADV (~US$45mn) and 0.7x ADV to sell (~US$21mn)...

Janaghan Jeyakumar, CFA

Aequitas: Fujian Haixi Pharma IPO Lockup - Half of the Company’s Shares Worth US$800m to Be Released

Fujian Haixi Pharmaceuticals (2637 HK) was listed in Oct 2025, when it raised around US$126m in its HK IPO. The lockup on its pre-IPO investors is...

Sumeet Singh

HK Strategy: Winners of Potentially Higher Inflation

Elevated crude oil prices are driving inflation, benefiting high dividend yield HSI constituent stocks like China Unicom, China Mobile, Link REIT,...

Osbert Tang, CFA

APAC Healthcare Weekly (March 22) – Hengrui, Microport Neuro, Celltrion, Samsung Bio, Sun Pharma

Celltrion signed KRW375B biologics CMO deal with a global pharma company. Samsung Bioepis expands biosimilar collaboration with Sandoz. 40+ Indian...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

APAC Healthcare Weekly (May 31) – Innovent Biologics, Junshi Bio, Henlius Bio, Olympus, GC Bio

Innovent stuck $10.5B outlicensing deal with Pfizer. Olympus will acquire BioProtect. Eli Lilly is acquiring GC Bio’s US affiliate. Dong-A’s...

Tina Banerjee

Quiddity Leaderboard HSCEI Dec26: Final Ranks; Two ADDs/DELs Likely; One Change to Expectation

Expected DELs Postal Savings Bank (1658 HK) and Shenzhou International (2313 HK) could have 1.7x ADV (~US$45mn) and 0.7x ADV to sell (~US$21mn)...

Janaghan Jeyakumar, CFA

Aequitas: Fujian Haixi Pharma IPO Lockup - Half of the Company’s Shares Worth US$800m to Be Released

Fujian Haixi Pharmaceuticals (2637 HK) was listed in Oct 2025, when it raised around US$126m in its HK IPO. The lockup on its pre-IPO investors is...

Sumeet Singh

HK Strategy: Winners of Potentially Higher Inflation

​Elevated crude oil prices are driving inflation, benefiting high dividend yield HSI constituent stocks like China Unicom, China Mobile, Link REIT,...

Osbert Tang, CFA

APAC Healthcare Weekly (March 22) – Hengrui, Microport Neuro, Celltrion, Samsung Bio, Sun Pharma

Celltrion signed KRW375B biologics CMO deal with a global pharma company. Samsung Bioepis expands biosimilar collaboration with Sandoz. 40+ Indian...

Tina Banerjee

Elevated crude oil prices are driving inflation, benefiting high dividend yield HSI constituent stocks like China Unicom, China Mobile, Link REIT,...