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.

Equity Bottom-Up

Shanghai Henlius Biotech  / Equity Bottom-Up

<ul><li>HLX43, a global leading PD-L1 ADC targeting broad indications.</li><li>As one of the most advanced PD-L1 ADCs globally, HLX43 has demonstrated encouraging and competitive early efficacy in clinical trials for IO-resistant NSCLC patients.</li><li>Among heavily pre-treated patients (median of three prior lines), HLX43 2mg/kg monotherapy achieved an ORR of 38.1% and an mPFS of 5.4 months. </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.

HLX43, a global leading PD-L1 ADC targeting broad indications.As one of the most advanced PD-L1 ADCs globally, HLX43 has demonstrated encouraging and competitive early efficacy in clinical trials for IO-resistant NSCLC patients.Among heavily pre-treated patients (median of three prior lines), HLX43 2mg/kg monotherapy achieved an ORR of 38.1% and an mPFS of 5.4 months. 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.

Henlius Biotech (2696 HK) - Large Potential in Innovative Pipelines

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back in 2021, <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a> took 84.89%-held <a href="https://www.smartkarma.com/entities/jardine-strategic-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15081:1" rel="noopener">Jardine Strategic (JS SP)</a> private by way of an Amalgamation. As Matheson was permitted to vote, the outcome was assured. </li>
<li>Less clear are "fair value" appraisal rights afforded Strategic's dissentient shareholders, the outcome of which navigates the Bermuda/UK courts. To date, dissenters have mostly had their way.</li>
<li>Which may have precipitated Matheson opting for a (full value) Scheme for <a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental International (MAND SP)</a>, in which appraisal rights are not afforded.</li>
</ul>


Back in 2021, Jardine Matheson (JM SP) took 84.89%-held Jardine Strategic (JS SP) private by way of an Amalgamation. As Matheson was permitted to vote, the outcome was assured. 
Less clear are "fair value" appraisal rights afforded Strategic's dissentient shareholders, the outcome of which navigates the Bermuda/UK courts. To date, dissenters have mostly had their way.
Which may have precipitated Matheson opting for a (full value) Scheme for Mandarin Oriental International (MAND SP), in which appraisal rights are not afforded.


Matheson's Motive For Avoiding MAND's Dissentient Shareholders

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The rise of innovative drugs in China is actually in line with the interests of large pharmaceutical companies and MNCs. The only ones get “hurt” are small overseas startups/small biotech.</li>
<li>BeiGene's turnaround from losses to profits has entered the countdown.However, investors may not be happy with the net profit margin brought by single revenue driver Brukinsa based on our calculation.</li>
<li>Fosun has increased its stake in Henlius by acquiring additional shares at HK$24.6/share, bringing its total ownership to 63.43%.This sends positive signals. A falling stock price is a buying opportunity.</li>
</ul>


The rise of innovative drugs in China is actually in line with the interests of large pharmaceutical companies and MNCs. The only ones get “hurt” are small overseas startups/small biotech.
BeiGene's turnaround from losses to profits has entered the countdown.However, investors may not be happy with the net profit margin brought by single revenue driver Brukinsa based on our calculation.
Fosun has increased its stake in Henlius by acquiring additional shares at HK$24.6/share, bringing its total ownership to 63.43%.This sends positive signals. A falling stock price is a buying opportunity.


China Healthcare Weekly (Apr.27)- Flaws Behind BeiGene's Breakeven, Fosun Increased Stake in Henlius

<ul>
<li>Henlius has made a profit for the second year in a row.However, some investors are not satisfied with the quality of net profit growth in 2024 due to concerns behind.</li>
<li>The implementation of H Share Full Circulation has a positive impact on financing ability, shareholder returns, market valuation of Henlius.The next goal is to be included in HK Stock Connect</li>
<li>Lin Lijun’s continuous increase in Henlius holdings is an important reason for shares surge after privatization failure.Lin may keep pushing up share price so as to exit at higher price.</li>
</ul>


Henlius has made a profit for the second year in a row.However, some investors are not satisfied with the quality of net profit growth in 2024 due to concerns behind.
The implementation of H Share Full Circulation has a positive impact on financing ability, shareholder returns, market valuation of Henlius.The next goal is to be included in HK Stock Connect
Lin Lijun’s continuous increase in Henlius holdings is an important reason for shares surge after privatization failure.Lin may keep pushing up share price so as to exit at higher price.


Shanghai Henlius Biotech (2696 HK) - Thoughts on 2024 Results And the H Share Full Circulation

<ul>
<li>The NewCo model can be considered as an "intermediate state" for Chinese biotech companies when they hopes to enter overseas markets, rather than a real success in internationalization.</li>
<li>After the announcement of Pfizer-Summit cooperation, share price of Summit plunged. Pfizer is clearly the beneficiary. The possibility of Summit being acquired could be reduced, which make investors unhappy.</li>
<li>Shares of Henlius surged. Thanks to Lin Lijun's dissenting vote, investors have the opportunity to profit at a higher price.Next goal is to be included in Hong Kong Stock Connect.</li>
</ul>


The NewCo model can be considered as an "intermediate state" for Chinese biotech companies when they hopes to enter overseas markets, rather than a real success in internationalization.
After the announcement of Pfizer-Summit cooperation, share price of Summit plunged. Pfizer is clearly the beneficiary. The possibility of Summit being acquired could be reduced, which make investors unhappy.
Shares of Henlius surged. Thanks to Lin Lijun's dissenting vote, investors have the opportunity to profit at a higher price.Next goal is to be included in Hong Kong Stock Connect.


China Healthcare Weekly (Mar.2) - NewCo Model, Pfizer-Summit Deal, Henlius to Enter HK Stock Connect

China

Shanghai Henlius Biotech, Inc develops and produces drugs. The Company develops and produces monoclonal antibody biosimilar drugs, bio betters, novel monoclonal antibodys, and other drugs. Shanghai Henlius Biotech throughout China.

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Shanghai Henlius Biotech (2696 HK)

Henlius Biotech (2696 HK) - Large Potential in Innovative Pipelines

As one of the most advanced PD-L1 ADCs globally, HLX43 has demonstrated encouraging and competitive early efficacy in clinical trials for IO...

CMB International

Matheson's Motive For Avoiding MAND's Dissentient Shareholders

I see MAND trading at 2.1%/6.9% gross/annualised - assuming late Feb 2026 payment. That's not exciting. I prefer Matheson here.

David Blennerhassett

China Healthcare Weekly (Apr.27)- Flaws Behind BeiGene's Breakeven, Fosun Increased Stake in Henlius

China's rise in innovative drugs benefits MNCs, while small overseas startups may suffer. Investors cautious of BeiGene's profit margin. Fosun's...

Xinyao (Criss) Wang

China Healthcare Weekly (Mar.2) - NewCo Model, Pfizer-Summit Deal, Henlius to Enter HK Stock Connect

The NewCo model is just an "intermediate state" for Chinese Biotech. After Pfizer-Summit deal, the possibility of Summit being acquired is reduced....

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Henlius Biotech (2696 HK) - Large Potential in Innovative Pipelines

As one of the most advanced PD-L1 ADCs globally, HLX43 has demonstrated encouraging and competitive early efficacy in clinical trials for IO...

CMB International

Matheson's Motive For Avoiding MAND's Dissentient Shareholders

I see MAND trading at 2.1%/6.9% gross/annualised - assuming late Feb 2026 payment. That's not exciting. I prefer Matheson here.

David Blennerhassett

China Healthcare Weekly (Apr.27)- Flaws Behind BeiGene's Breakeven, Fosun Increased Stake in Henlius

​China's rise in innovative drugs benefits MNCs, while small overseas startups may suffer. Investors cautious of BeiGene's profit margin. Fosun's...

Xinyao (Criss) Wang