Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group-co" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical Group (3692 HK)</a> granted an exclusive worldwide license to develop, manufacture, and commercialize HS-20094, an investigational dual GLP-1/GIP receptor agonist.</li>
<li>Globally, the only approved dual GLP-1/GIP receptor agonist is Eli Lilly’s Zepbound, which garnered revenue of $4.9B in 2024, with a potential of peak global sales of $27.2B by 2030.</li>
<li>Hansoh’s mainstay drug Ameile was approved for an additional indication of treatment of adult patients with stage II to IIIB NSCLC whose tumors have EGFR mutations.</li>
</ul>



Hansoh Pharmaceutical Group (3692 HK) granted an exclusive worldwide license to develop, manufacture, and commercialize HS-20094, an investigational dual GLP-1/GIP receptor agonist.
Globally, the only approved dual GLP-1/GIP receptor agonist is Eli Lilly’s Zepbound, which garnered revenue of $4.9B in 2024, with a potential of peak global sales of $27.2B by 2030.
Hansoh’s mainstay drug Ameile was approved for an additional indication of treatment of adult patients with stage II to IIIB NSCLC whose tumors have EGFR mutations.


Hansoh Pharmaceutical (3692 HK): Outlicensing and Indication Expansion Of Core Drug Augur Well

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Essentially, Genuine‘s pipeline and commercialization strategy are centered around azvudine. However, the commercialization would still rely on the indications of HIV infection and COVID-19 in the short term.</li>
<li>The COVID-19 has passed, so future revenue contribution of this indication will gradually shrink. Considering the unsustainability of its future performance, we suggest excluding COVID-19 projects when considering long-term valuation.</li>
<li>The post-investment valuation after Series B financing was RMB3.56 billion. However, we are conservative about Genuine’s outlook, and we think reasonable valuation could be below RMB2 billion.</li>
</ul>


Essentially, Genuine‘s pipeline and commercialization strategy are centered around azvudine. However, the commercialization would still rely on the indications of HIV infection and COVID-19 in the short term.
The COVID-19 has passed, so future revenue contribution of this indication will gradually shrink. Considering the unsustainability of its future performance, we suggest excluding COVID-19 projects when considering long-term valuation.
The post-investment valuation after Series B financing was RMB3.56 billion. However, we are conservative about Genuine’s outlook, and we think reasonable valuation could be below RMB2 billion.


Pre-IPO Genuine Biotech - The Current Pipeline Hardly Supports High Valuation

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 155 stocks over the last week. The average A-H premium was 71.7% as of Jun 20th.</li>
<li>The average A-H premium changed by 0.5ppt week-on-week, led by energy, health care, utilities and offset by consumer staples, real estate, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Petrochina, Shanghai Junshi Biosciences, China Oilfield Services, Shanghai Petrochemical.</li>
</ul>


We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 71.7% as of Jun 20th.
The average A-H premium changed by 0.5ppt week-on-week, led by energy, health care, utilities and offset by consumer staples, real estate, consumer discretionary.
We highlight weekly changes in A-H premium for Petrochina, Shanghai Junshi Biosciences, China Oilfield Services, Shanghai Petrochemical.


A-H Premium Weekly (Jun 20th): Petrochina, Shanghai Junshi Biosciences, China Oilfield Services

Junshi Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-junshi-biosciences-co-838d3eb3-3e0d-45f0-a9c5-ab0764709221" target="_blank" data-smartkarma-citation="entities:27760:1" rel="noopener">Shanghai Junshi Biosciences (1877 HK)</a> is placing 41M H shares for subscription at HK$25.35 per H Share.</li>
<li>Shanghai Junshi intends to use 70% of the net proceeds from the placement for innovative drug development and balance 30% for general corporate purposes such as replenishment of working capital.</li>
<li>Early green shoots in the form of lower R&amp;D expenses and narrowing losses. Junshi offers for a good long-term bet as the company turning profitable will take some time.</li>
</ul>



Shanghai Junshi Biosciences (1877 HK) is placing 41M H shares for subscription at HK$25.35 per H Share.
Shanghai Junshi intends to use 70% of the net proceeds from the placement for innovative drug development and balance 30% for general corporate purposes such as replenishment of working capital.
Early green shoots in the form of lower R&amp;D expenses and narrowing losses. Junshi offers for a good long-term bet as the company turning profitable will take some time.


Shanghai Junshi Bioscience (1877 HK): Placement Good, A Long Term Bet for Sure

<ul>
<li>We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 72.7% as of Jun 13th.</li>
<li>The average A-H premium changed by -5.0ppt week-on-week, led by consumer staples, energy, health care and offset by consumer discretionary, information technology.</li>
<li>We highlight weekly changes in A-H premium for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service, Livzon Pharmaceutical, COSCO Shipping Energy.</li>
</ul>


We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 72.7% as of Jun 13th.
The average A-H premium changed by -5.0ppt week-on-week, led by consumer staples, energy, health care and offset by consumer discretionary, information technology.
We highlight weekly changes in A-H premium for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service, Livzon Pharmaceutical, COSCO Shipping Energy.


A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

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.

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Junshi Biosciences (1877 HK)

Hansoh Pharmaceutical (3692 HK): Outlicensing and Indication Expansion Of Core Drug Augur Well

Hansoh Pharma grants license for dual GLP-1/GIP receptor agonist to Regeneron, aiming to tap global weight loss market. Flagship drug Ameile also...

Tina Banerjee

Pre-IPO Genuine Biotech - The Current Pipeline Hardly Supports High Valuation

Genuine's commercialization focuses on azvudine, but long-term valuation should exclude COVID-19 project due to unsustainability. Post money...

Xinyao (Criss) Wang

A-H Premium Weekly (Jun 20th): Petrochina, Shanghai Junshi Biosciences, China Oilfield Services

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Petrochina, Shanghai Junshi Biosciences, China Oilfield...

Ke Yan, CFA, FRM

Shanghai Junshi Bioscience (1877 HK): Placement Good, A Long Term Bet for Sure

Shanghai Junshi is raising funds through 41M H share placement to support drug development and replenishment of working capital. Lower R&D...

Tina Banerjee

A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hansoh Pharmaceutical (3692 HK): Outlicensing and Indication Expansion Of Core Drug Augur Well

​Hansoh Pharma grants license for dual GLP-1/GIP receptor agonist to Regeneron, aiming to tap global weight loss market. Flagship drug Ameile also...

Tina Banerjee

Pre-IPO Genuine Biotech - The Current Pipeline Hardly Supports High Valuation

​Genuine's commercialization focuses on azvudine, but long-term valuation should exclude COVID-19 project due to unsustainability. Post money...

Xinyao (Criss) Wang

A-H Premium Weekly (Jun 20th): Petrochina, Shanghai Junshi Biosciences, China Oilfield Services

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Petrochina, Shanghai Junshi Biosciences, China Oilfield...

Ke Yan, CFA, FRM

Shanghai Junshi Bioscience (1877 HK): Placement Good, A Long Term Bet for Sure

​Shanghai Junshi is raising funds through 41M H share placement to support drug development and replenishment of working capital. Lower R&D...

Tina Banerjee

A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service,...

Ke Yan, CFA, FRM

Hansoh Pharma grants license for dual GLP-1/GIP receptor agonist to Regeneron, aiming to tap global weight loss market. Flagship drug Ameile also...

Genuine's commercialization focuses on azvudine, but long-term valuation should exclude COVID-19 project due to unsustainability. Post money...

Shanghai Junshi is raising funds through 41M H share placement to support drug development and replenishment of working capital. Lower R&D...