HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

BioRay Biopharmaceutical / Equity Capital Markets

<ul>
<li>Once cost control policies and biosimilars VBP continue to be deepened, the growth of established products will decline.BioRay's future hinges on whether it can achieve further innovative leaps beyond biosimilars.</li>
<li>BioRay’s business model distinguishes it from a large number of biotech companies that have not yet turned a profit. So, its valuation method is more similar to traditional pharmaceutical companies.</li>
<li>Given the concerns on growth outlook and pressure on profit margins, but with stable cash flow/potential for business transformation, valuation of BioRay would be lower than peers Henlius, Hansoh, 3SBio. </li>
</ul>


Once cost control policies and biosimilars VBP continue to be deepened, the growth of established products will decline.BioRay's future hinges on whether it can achieve further innovative leaps beyond biosimilars.
BioRay’s business model distinguishes it from a large number of biotech companies that have not yet turned a profit. So, its valuation method is more similar to traditional pharmaceutical companies.
Given the concerns on growth outlook and pressure on profit margins, but with stable cash flow/potential for business transformation, valuation of BioRay would be lower than peers Henlius, Hansoh, 3SBio. 


Pre-IPO BioRay Biopharmaceutical - The Core Business Is Facing Challenges

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 analyzed the latest HK SFC report for aggregate short position as of Apr 17th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Pop Mart Intl, Alibaba, Akeso, 3Sbio, China Life, Zijin Gold Intl, Guotai Junan I.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 17th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Pop Mart Intl, Alibaba, Akeso, 3Sbio, China Life, Zijin Gold Intl, Guotai Junan I.


HK Short Interest Weekly: Pop Mart Intl, Alibaba, Akeso, 3Sbio, China Life, Zijin Gold Intl

Chengdu Zenitar Biomedical Technology / Equity Capital Markets

Chengdu Zenitar Biomedical Technology (CZBT HK)

<ul>
<li>Unlike purely conceptual AI drug development platforms, Zenitar’s platforms have successfully produced candidates that have advanced to the later clinical stages, thereby validating the effectiveness of the closed-loop R&amp;D model.</li>
<li>The peak sales of FM in China could reach RMB1-2 billion. As a supplementary therapy targeting a specific subpopulation with differentiated safety advantages, PM’s market potential could be relatively limited. </li>
<li>The reasonable IPO valuation of Zenitar would be higher than these pure preclinical or early clinical companies, but lower than companies with mature commercial products or strong BD capabilities.</li>
</ul>


Unlike purely conceptual AI drug development platforms, Zenitar’s platforms have successfully produced candidates that have advanced to the later clinical stages, thereby validating the effectiveness of the closed-loop R&amp;D model.
The peak sales of FM in China could reach RMB1-2 billion. As a supplementary therapy targeting a specific subpopulation with differentiated safety advantages, PM’s market potential could be relatively limited. 
The reasonable IPO valuation of Zenitar would be higher than these pure preclinical or early clinical companies, but lower than companies with mature commercial products or strong BD capabilities.


Pre-IPO Chengdu Zenitar Biomedical Technology - About the Pipeline and the Concerns Behind

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Thematic (Sector/Industry)

<ul><li>From a demand perspective, Asia’s population is growing as is longevity. On the supply side, Asia’s number of doctors, nurses, hospitals and medical equipment diverge across the region, and still trail the per capita averages of the 34 OECD member countries. </li><li>For a shorter-term perspective, over the past five weeks, four Healthcare stocks (Cordlife Group, iX Biopharma, UG Healthcare Corporation &amp; Health Management International) have released Annual Reports whilst a secondary listing (Techcomp Holdings) has released an Interim Report.</li><li>Within these reports, there are examples of how the Healthcare Sector is adapting to Asia Pacific demographics, maintaining an ongoing focus on Research &amp; Development, monitoring pharmaceutical &amp; food regulation trends, collaborating with communities to build business channels, expansion of production lines and pursuing value chain management in manufacturing and distribution. </li></ul>

From a demand perspective, Asia’s population is growing as is longevity. On the supply side, Asia’s number of doctors, nurses, hospitals and medical equipment diverge across the region, and still trail the per capita averages of the 34 OECD member countries. For a shorter-term perspective, over the past five weeks, four Healthcare stocks (Cordlife Group, iX Biopharma, UG Healthcare Corporation &amp; Health Management International) have released Annual Reports whilst a secondary listing (Techcomp Holdings) has released an Interim Report.Within these reports, there are examples of how the Healthcare Sector is adapting to Asia Pacific demographics, maintaining an ongoing focus on Research &amp; Development, monitoring pharmaceutical &amp; food regulation trends, collaborating with communities to build business channels, expansion of production lines and pursuing value chain management in manufacturing and distribution. 

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

By allowing couples to have up to two children China hopes to reverse its likely population decline. But falling fertility and the pressures of urban living mean that existing policies are unlikely to deliver a baby boom.

By allowing couples to have up to two children China hopes to reverse its likely population decline. But falling fertility and the pressures of urban living mean that existing policies are unlikely to deliver a baby boom.

Falling Fertility Adds to China's Population Woes

China

3SBio is a leading biotechnology company engaged in the research, development, manufacturing, and marketing of biopharmaceutical products. The company's diverse portfolio addresses therapeutic areas such as nephrology, oncology, supportive cancer care, inflammation, infectious diseases, autoimmune diseases, metabolism, and dermatology, with key products including EPIAO and TPIAO. 3SBio was founded in 1993 and is headquartered in Shenyang, China.

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3SBio (1530 HK)

Pre-IPO BioRay Biopharmaceutical - The Core Business Is Facing Challenges

As cost control policy and biosimilar VBP deepen, BioRay's future success hinges on innovative leaps beyond biosimilars, with a valuation closer...

Xinyao (Criss) Wang

HK Short Interest Weekly: Pop Mart Intl, Alibaba, Akeso, 3Sbio, China Life, Zijin Gold Intl

We analyzed the latest HK SFC report for aggregate short position as of Apr 17th and highlight short interest changes in Pop Mart Intl, Alibaba,...

Ke Yan, CFA, FRM

Pre-IPO Chengdu Zenitar Biomedical Technology - About the Pipeline and the Concerns Behind

Zenitar's AI platforms have shown success in advancing candidates to later clinical stages. IPO valuation will be higher than early-stage...

Xinyao (Criss) Wang

Key Drivers of Asia's Healthcare Sector

From a demand perspective, Asia’s population is growing as is longevity. On the supply side, Asia’s number of doctors, nurses, hospitals and...

Singapore Exchange Ltd (SGX)

Falling Fertility Adds to China's Population Woes

By allowing couples to have up to two children China hopes to reverse its likely population decline. But falling fertility and the pressures of...

Bixmoor

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO BioRay Biopharmaceutical - The Core Business Is Facing Challenges

​As cost control policy and biosimilar VBP deepen, BioRay's future success hinges on innovative leaps beyond biosimilars, with a valuation closer...

Xinyao (Criss) Wang

HK Short Interest Weekly: Pop Mart Intl, Alibaba, Akeso, 3Sbio, China Life, Zijin Gold Intl

We analyzed the latest HK SFC report for aggregate short position as of Apr 17th and highlight short interest changes in Pop Mart Intl, Alibaba,...

Ke Yan, CFA, FRM

Pre-IPO Chengdu Zenitar Biomedical Technology - About the Pipeline and the Concerns Behind

​Zenitar's AI platforms have shown success in advancing candidates to later clinical stages. IPO valuation will be higher than early-stage...

Xinyao (Criss) Wang

Key Drivers of Asia's Healthcare Sector

From a demand perspective, Asia’s population is growing as is longevity. On the supply side, Asia’s number of doctors, nurses, hospitals and...

Singapore Exchange Ltd (SGX)

Falling Fertility Adds to China's Population Woes

By allowing couples to have up to two children China hopes to reverse its likely population decline. But falling fertility and the pressures of...

Bixmoor

As cost control policy and biosimilar VBP deepen, BioRay's future success hinges on innovative leaps beyond biosimilars, with a valuation closer...

Zenitar's AI platforms have shown success in advancing candidates to later clinical stages. IPO valuation will be higher than early-stage...