Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>As we are heading into 2023, let us look back on the performance of some of our global healthcare stocks recommended throughout 2022.</li>
<li>Four stocks on which I am bullish, generated more than 50% return since their recommendations. 10 stocks on which I am bearish plunged more than 20%.</li>
<li>For 2023, investors should continue to focus on established healthcare companies, having strong and flexible balance sheet with muti-year revenue visibility.</li>
</ul>


As we are heading into 2023, let us look back on the performance of some of our global healthcare stocks recommended throughout 2022.
Four stocks on which I am bullish, generated more than 50% return since their recommendations. 10 stocks on which I am bearish plunged more than 20%.
For 2023, investors should continue to focus on established healthcare companies, having strong and flexible balance sheet with muti-year revenue visibility.


2022 in Rear Mirror View: Top Performers From My Global Healthcare Coverage Universe

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Based on our analysis, the growth rate of China's drug spending is linked to GDP, and it would not be a high growth rate, but a stable growth rate.</li>
<li>The logic behind China and US biotech companies is different. To some extent, the lower the domestic biotech’s share price, the greater the risk.</li>
<li>In the current policy environment, the risks of VBP on anesthetics could be low because of their high barriers, strict control and potential social risks.</li>
</ul>


Based on our analysis, the growth rate of China's drug spending is linked to GDP, and it would not be a high growth rate, but a stable growth rate.
The logic behind China and US biotech companies is different. To some extent, the lower the domestic biotech’s share price, the greater the risk.
In the current policy environment, the risks of VBP on anesthetics could be low because of their high barriers, strict control and potential social risks.


China Healthcare Weekly (Jan.7)-China's Drug Spending,Logic Behind China/US Biotech, Anesthetics VBP

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Modern fast pace of life and huge work pressure make hair loss anxiety spread to all kinds of groups. Age is no longer an excuse for hair loss, and it has already been a problem for people who are under 30. In fact, when a problem cuts across groups and ages, it's a sign of the seriousness of the problem. As people pay more and more attention to hair, the awareness of hair health and management is gradually awakening. How to repair hair scientifically, protect hair correctly and restore hair health have been a concern to the public. Therefore, hair loss prevention and hair growth offer a growth potential that simply cannot be ignored.

Industry Report - Insights on Hair Loss Prevention and Hair Growth Industry

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 analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 3rd based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Li Auto (2015 HK), Xiaomi (1810 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Li Auto (2015 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 3rd based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Li Auto (2015 HK), Xiaomi (1810 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Li Auto (2015 HK).


Hong Kong Buybacks Weekly (Jul 3rd): Tencent, Li Auto, Xiaomi, Meituan

Equity Bottom-Up

Duality Biotherapeutics / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/duality-biotherapeutics-inc" target="_blank" data-smartkarma-citation="entities:43878:1" rel="noopener">Duality Biotherapeutics (9606 HK)</a> is accelerating its core product candidates toward commercialization. Although superior clinical profile enhances approval prospects, competition holds key for market adoption.</li>
<li>Duality has multiple upcoming catalysts in 2026 to drive long-term growth. These are mostly various trial readouts and regulatory submissions. No approval is expected this year.</li>
<li>The company ended 2025 with sufficient cash balance of RMB3.3B, thanks to HKEX listing and business development deals. Duality Bio has announced $40M (~RMB270M) share buyback.</li>
</ul>



Duality Biotherapeutics (9606 HK) is accelerating its core product candidates toward commercialization. Although superior clinical profile enhances approval prospects, competition holds key for market adoption.
Duality has multiple upcoming catalysts in 2026 to drive long-term growth. These are mostly various trial readouts and regulatory submissions. No approval is expected this year.
The company ended 2025 with sufficient cash balance of RMB3.3B, thanks to HKEX listing and business development deals. Duality Bio has announced $40M (~RMB270M) share buyback.


Duality Biotherapeutics (9606 HK): Core Product Pipeline Is Progressing; Share Buyback Announced

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)

2022 in Rear Mirror View: Top Performers From My Global Healthcare Coverage Universe

From my coverage universe, two Taiwanese stocks generated 59% and 71% returns in nearly six months. New product launch and geography expansion are...

Tina Banerjee

China Healthcare Weekly (Jan.7)-China's Drug Spending,Logic Behind China/US Biotech, Anesthetics VBP

The insight mainly analyzed the relationship of drug spending with GDP growth, different logic behind China/US biotech companies and related risks...

Xinyao (Criss) Wang

Industry Report - Insights on Hair Loss Prevention and Hair Growth Industry

This article analyzed China hair loss prevention and hair growth industry in terms of the market potential, the hair loss drugs, the hair...

Xinyao (Criss) Wang

Hong Kong Buybacks Weekly (Jul 3rd): Tencent, Li Auto, Xiaomi, Meituan

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2022 in Rear Mirror View: Top Performers From My Global Healthcare Coverage Universe

From my coverage universe, two Taiwanese stocks generated 59% and 71% returns in nearly six months. New product launch and geography expansion are...

Tina Banerjee

China Healthcare Weekly (Jan.7)-China's Drug Spending,Logic Behind China/US Biotech, Anesthetics VBP

The insight mainly analyzed the relationship of drug spending with GDP growth, different logic behind China/US biotech companies and related risks...

Xinyao (Criss) Wang

Industry Report - Insights on Hair Loss Prevention and Hair Growth Industry

This article analyzed China hair loss prevention and hair growth industry in terms of the market potential, the hair loss drugs, the hair...

Xinyao (Criss) Wang

Hong Kong Buybacks Weekly (Jul 3rd): Tencent, Li Auto, Xiaomi, Meituan

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Duality Biotherapeutics (9606 HK): Core Product Pipeline Is Progressing; Share Buyback Announced

​Duality Bio is advancing core products towards commercialization, but faces competition for market adoption. Amid multiple catalysts in 2026 for...

Tina Banerjee

Duality Bio is advancing core products towards commercialization, but faces competition for market adoption. Amid multiple catalysts in 2026 for...