Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Restaurants / In Depth: China’s restaurant chains may be biting off more than they can chew overseas</li><li>BRICS /: Caixin Explains: How BRICS has expanded</li><li>Babies /: China seeks a baby boom with a raft of family-friendly measures</li></ul>

Restaurants / In Depth: China’s restaurant chains may be biting off more than they can chew overseasBRICS /: Caixin Explains: How BRICS has expandedBabies /: China seeks a baby boom with a raft of family-friendly measures

CX Daily: China’s Restaurant Chains May Be Biting Off More Than They Can Chew Overseas 

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>In our last report dated 17 October, we highlighted a list of 21 long ideas.</li><li>The basket (equal weighted) of these 21 stocks underperformed MSCI China index by 5.4ppt, delivering 0.2% return (vs MSCI China 5.6%).</li><li>China Meidong Auto and Innovent Biologics delivered over 20% of return, and 4 of our 21 long ideas outperformed the benchmark.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In our last report dated 17 October, we highlighted a list of 21 long ideas.The basket (equal weighted) of these 21 stocks underperformed MSCI China index by 5.4ppt, delivering 0.2% return (vs MSCI China 5.6%).China Meidong Auto and Innovent Biologics delivered over 20% of return, and 4 of our 21 long ideas outperformed the benchmark.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CMBI Research Focus List (November Edition) – Our best high conviction stock ideas

Equity Bottom-Up

<ul><li>Mazdutide (9mg) continues to show its BIC potential with 48-week results. Innovent released the 48-week results of mazdutide (9mg) in Ph2 study in Chinese obesity patients.</li><li>After 48 weeks of treatment, the placebo-adjusted mean percent change in body weight from baseline was -18.6% (-17.8kg) in 59 of the 80 enrolled patients with treatment extended.</li><li>Recall in May 2023, mazdutide (9mg) met the primary endpoint of its Ph2 trial in Chinese obesity patients, showing 15.4% placebo-adjusted weight loss at week 24 (vs 12.0% of tirzepatide 15mg and 8.0% of semaglutide, CMBI report. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mazdutide (9mg) continues to show its BIC potential with 48-week results. Innovent released the 48-week results of mazdutide (9mg) in Ph2 study in Chinese obesity patients.After 48 weeks of treatment, the placebo-adjusted mean percent change in body weight from baseline was -18.6% (-17.8kg) in 59 of the 80 enrolled patients with treatment extended.Recall in May 2023, mazdutide (9mg) met the primary endpoint of its Ph2 trial in Chinese obesity patients, showing 15.4% placebo-adjusted weight loss at week 24 (vs 12.0% of tirzepatide 15mg and 8.0% of semaglutide, CMBI report. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Strong sales growth momentum. In 1H23, Innovent recorded total revenue of RMB2.7bn, accounting for 51% of our previous FY estimate, which is better than our expectation.</li><li>Innovent realized RMB2.5bn product sales in 1H23, regaining strong sales with +20% YoY growth rate (vs the -2% YoY in 2H22).</li><li>The strong growth was driven by the strong performance of sintilimab and other products. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong sales growth momentum. In 1H23, Innovent recorded total revenue of RMB2.7bn, accounting for 51% of our previous FY estimate, which is better than our expectation.Innovent realized RMB2.5bn product sales in 1H23, regaining strong sales with +20% YoY growth rate (vs the -2% YoY in 2H22).The strong growth was driven by the strong performance of sintilimab and other products. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Innovent Biologics (1801 HK) – Strong Sales Growth with Improved Cost Efficiency

<ul><li>Ph2 study of IBI362 (9mg) for obesity met primary endpoint.</li><li>Innovent reported positive results of Ph2 study of higher-dose (9mg) IBI362 (GLP1R/GCGR) for the treatment of subjects with moderate to severe obesity (link).</li><li>The Ph2 study enrolled 80 Chinese subjects with a baseline mean weight of 96.9kg and mean BMI of 34.3kg/m2 , for which people metabolic surgery is the current main treatment option.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ph2 study of IBI362 (9mg) for obesity met primary endpoint.Innovent reported positive results of Ph2 study of higher-dose (9mg) IBI362 (GLP1R/GCGR) for the treatment of subjects with moderate to severe obesity (link).The Ph2 study enrolled 80 Chinese subjects with a baseline mean weight of 96.9kg and mean BMI of 34.3kg/m2 , for which people metabolic surgery is the current main treatment option.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Innovent Biologics (1801 HK) – Mazdutide (IBI362) to become the best GLP-1 drug for obesity in China

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)

CX Daily: China’s Restaurant Chains May Be Biting Off More Than They Can Chew Overseas

Restaurants / In Depth: China’s restaurant chains may be biting off more than they can chew overseas With competition at home squeezing profits, a...

Caixin Global

CMBI Research Focus List (November Edition) – Our best high conviction stock ideas

In our last report dated 17 October, we highlighted a list of 21 long ideas.The basket (equal weighted) of these 21 stocks underperformed MSCI...

CMB International