HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shenzhen Salubris Pharmaceuticals A / Equity Capital Markets

Shenzhen Salubris Pharmaceuticals A (002294 CH)

<ul>
<li>Salubris’ core business has shifted from the reliance on generic drugs to the innovative drug ecosystem centered on CKM,aiming to leverage a product portfolio that covers the entire disease cycle.</li>
<li>The negative impact of VBP on the performance has largely been eliminated. However, from the perspectives of product innovation and global layout, Salubris still has some weaknesses. </li>
<li>Considering that Salubris has a more differentiated CKM product line and a higher growth potential, the market may give it certain premium or higher valuation than <a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical </a>and CSPC.</li>
</ul>


Salubris’ core business has shifted from the reliance on generic drugs to the innovative drug ecosystem centered on CKM,aiming to leverage a product portfolio that covers the entire disease cycle.
The negative impact of VBP on the performance has largely been eliminated. However, from the perspectives of product innovation and global layout, Salubris still has some weaknesses. 
Considering that Salubris has a more differentiated CKM product line and a higher growth potential, the market may give it certain premium or higher valuation than Sino Biopharmaceutical and CSPC.


Pre-IPO Shenzhen Salubris Pharmaceuticals (A/H Listing) - Innovative Drug Business Has Been on Track

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 178 stocks over the last week. The average A-H premium was 70.2% as of Mar 13th.</li>
<li>The average A-H premium changed by 3.2ppt week-on-week, led by industrials, real estate, communication services and offset by information technology.</li>
<li>We highlight weekly changes in A-H premium for CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power International.</li>
</ul>


We analyse the changes of A-H premium on 178 stocks over the last week. The average A-H premium was 70.2% as of Mar 13th.
The average A-H premium changed by 3.2ppt week-on-week, led by industrials, real estate, communication services and offset by information technology.
We highlight weekly changes in A-H premium for CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power International.


A-H Premium Weekly (Mar 13th): CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power International

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 30th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for China Mobile, Pop Mart Intl, Tencent, Zijin Mining, Xiaomi, Alibaba, China Life, Sinopec, China Hongqiao, Innovent Biologics.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 30th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, Pop Mart Intl, Tencent, Zijin Mining, Xiaomi, Alibaba, China Life, Sinopec, China Hongqiao, Innovent Biologics.


HK Connect Flows Weekly (Jan 30th): China Mobile, Pop Mart Intl, Tencent, Zijin Mining, Xiaomi

<ul>
<li>We analyse the changes of A-H premium on 169 stocks over the last week. The average A-H premium was 58.5% as of Jan 23rd.</li>
<li>The average A-H premium changed by -3.0ppt week-on-week, led by information technology, energy, materials and offset by financials, health care.</li>
<li>We highlight weekly changes in A-H premium for Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron &amp; Steel, China Tourism, Sinopec, Sany Heavy.</li>
</ul>


We analyse the changes of A-H premium on 169 stocks over the last week. The average A-H premium was 58.5% as of Jan 23rd.
The average A-H premium changed by -3.0ppt week-on-week, led by information technology, energy, materials and offset by financials, health care.
We highlight weekly changes in A-H premium for Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron &amp; Steel, China Tourism, Sinopec, Sany Heavy.


A-H Premium Weekly (Jan 23rd): Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron & Steel

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 9th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Xiaomi, China Mobile, Ping An Insurance, Tencent, China Life, Alibaba, Kuaishou, Zijin Mining.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 9th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Xiaomi, China Mobile, Ping An Insurance, Tencent, China Life, Alibaba, Kuaishou, Zijin Mining.


HK Connect Flows Weekly (Jan 9th): Xiaomi, China Mobile, Ping An Insurance, Tencent, China Life

China

Junshi Biosciences is an innovation-driven biopharmaceutical company focused on the discovery, development, clinical research, and commercialization of innovative therapeutics. Its key products, including toripalimab injection, Etesevimab, and adalimumab injection, are used to treat malignant tumors, autoimmune diseases, chronic metabolic diseases, nervous system diseases, and infectious diseases. The company was founded in December 2012 and is headquartered in Shanghai, China.

Price Gauge
52-week Range	0.00 - 0.00
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Junshi Biosciences (1877 HK)

Pre-IPO Shenzhen Salubris Pharmaceuticals (A/H Listing) - Innovative Drug Business Has Been on Track

Salubris shift focus to innovative drug ecosystem centered on CKM,aiming to be a chronic disease management company,with potential for higher...

Xinyao (Criss) Wang

A-H Premium Weekly (Mar 13th): CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power International

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jan 30th): China Mobile, Pop Mart Intl, Tencent, Zijin Mining, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Mobile (941 HK), Pop Mart Intl (9992 HK), Tencent...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jan 23rd): Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron & Steel

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron &...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jan 9th): Xiaomi, China Mobile, Ping An Insurance, Tencent, China Life

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, China Mobile, Ping An Insurance, Tencent, China...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Shenzhen Salubris Pharmaceuticals (A/H Listing) - Innovative Drug Business Has Been on Track

​Salubris shift focus to innovative drug ecosystem centered on CKM,aiming to be a chronic disease management company,with potential for higher...

Xinyao (Criss) Wang

A-H Premium Weekly (Mar 13th): CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power International

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jan 30th): China Mobile, Pop Mart Intl, Tencent, Zijin Mining, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Mobile (941 HK), Pop Mart Intl (9992 HK), Tencent...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jan 23rd): Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron & Steel

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron &...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jan 9th): Xiaomi, China Mobile, Ping An Insurance, Tencent, China Life

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, China Mobile, Ping An Insurance, Tencent, China...

Ke Yan, CFA, FRM

Salubris shift focus to innovative drug ecosystem centered on CKM,aiming to be a chronic disease management company,with potential for higher...