Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Drugs / Cover Story: Chinese biotech is having a ‘deepseek moment’</li><li>Hong Kong /: Hong Kong bets on stablecoins and AI to future-proof its financial edge</li><li>Home appliances /Analysis: New U.S. tariffs mean tough times ahead for appliance-makers</li></ul>

Drugs / Cover Story: Chinese biotech is having a ‘deepseek moment’Hong Kong /: Hong Kong bets on stablecoins and AI to future-proof its financial edgeHome appliances /Analysis: New U.S. tariffs mean tough times ahead for appliance-makers

CX Daily: Chinese Biotech Is Having a ‘DeepSeek Moment’ 

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Newtrend Technology / Equity Capital Markets

<ul>
<li>Summit's chances of being sold have decreased significantly. Since Summit does not have enough funds to promote multiple large-scale Phase III trials, the outlook of Summit/Akeso will become increasingly passive.</li>
<li>The public statements of Zhao Yan from Bloomage have raised doubts in the market about the prospects of collagen and Giant Biogene. Below, we shared some differentiated views on this.</li>
<li>The IPO pricing of Newtrend is HK$18.9-20.9/share. We think Newtrend is overvalued considering the "price war" and oversupply issue. Reasonable valuation should be lower than <a href="https://www.smartkarma.com/entities/anhui-jinhe-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:4296:1" rel="noopener">Anhui Jinhe Industrial (002597 CH)</a>.</li>
</ul>


Summit's chances of being sold have decreased significantly. Since Summit does not have enough funds to promote multiple large-scale Phase III trials, the outlook of Summit/Akeso will become increasingly passive.
The public statements of Zhao Yan from Bloomage have raised doubts in the market about the prospects of collagen and Giant Biogene. Below, we shared some differentiated views on this.
The IPO pricing of Newtrend is HK$18.9-20.9/share. We think Newtrend is overvalued considering the "price war" and oversupply issue. Reasonable valuation should be lower than Anhui Jinhe Industrial (002597 CH).


China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene's Trouble, Views on Newtrend IPO Pricing

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of Tencent, Meituan, Xiaomi, CCB, China Mobile.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of Tencent, Meituan, Xiaomi, CCB, China Mobile.


Hong Kong Connect Flows (May): Inflows Slowed Down

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 23rd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Meituan (3690 HK), Bilibili (9626 HK), Kingsoft (3888 HK).</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 23rd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Meituan (3690 HK), Bilibili (9626 HK), Kingsoft (3888 HK).


HK Short Interest Weekly: Meituan, Bilibili, Kingsoft

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.

Thematic (Sector/Industry)

<ul><li>Innovent: ASCO data reinforce IBI363’s potential as a potential nextgeneration IO.</li><li>We view IBI363 as a highly promising candidate in the IOresistant sq-NSCLC space, supported by an impressive mPFS of 7.3 months in monotherapy, which is very competitive compared to other innovative agents. Innovent plans to initiate a Ph3 trial of IBI363 in IOresistant sq-NSCLC in 2H25. In 3L+ CRC, IBI363 has shown superior early efficacy signals and a more favorable safety profile.</li><li>IBI363 mono delivered an ORR of 12.7% and an mOS of 16.1 months—both significantly outperforming fruquintinib. </li></ul><p><em>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.</em></p>

Innovent: ASCO data reinforce IBI363’s potential as a potential nextgeneration IO.We view IBI363 as a highly promising candidate in the IOresistant sq-NSCLC space, supported by an impressive mPFS of 7.3 months in monotherapy, which is very competitive compared to other innovative agents. Innovent plans to initiate a Ph3 trial of IBI363 in IOresistant sq-NSCLC in 2H25. In 3L+ CRC, IBI363 has shown superior early efficacy signals and a more favorable safety profile.IBI363 mono delivered an ORR of 12.7% and an mOS of 16.1 months—both significantly outperforming fruquintinib. 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.

Healthcare - ASCO Highlights: Spotlight on Next-Gen IO & ADCs

China

3SBio, Inc. is a biotechnology company located in China. The Company focuses on mammalian cell-based biopharmaceuticals in the biotechnology industry. 3SBio also develops, manufactures and markets biopharmaceutical products globally.

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3SBio Inc (1530 HK)

CX Daily: Chinese Biotech Is Having a ‘DeepSeek Moment’

Drugs / Cover Story: Chinese biotech is having a ‘deepseek moment’ Hong Kong /: Hong Kong bets on stablecoins and AI to future-proof its financial...

Caixin Global

China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene's Trouble, Views on Newtrend IPO Pricing

Summit's chances of being sold decrease largely, so the outlook of Summit/Akeso is passive. Doubts raised about Giant Biogene's outlook after Zhao...

Xinyao (Criss) Wang

Hong Kong Connect Flows (May): Inflows Slowed Down

We analyzed the Hong Kong Connect Scheme for May and highlighted flows for Tencent, Meituan, Xiaomi, CCB, China Mobile. Inflows in May is slowed...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Meituan, Bilibili, Kingsoft

We analyzed the latest HK SFC report for aggregate short position as of May 23rd and highlight short interest changes in Meituan, Bilibili, Kingsoft.

Ke Yan, CFA, FRM

Healthcare - ASCO Highlights: Spotlight on Next-Gen IO & ADCs

Innovent: ASCO data reinforce IBI363’s potential as a potential nextgeneration IO. We view IBI363 as a highly promising candidate in the...

CMB International

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52-week Range

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P/E

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CX Daily: Chinese Biotech Is Having a ‘DeepSeek Moment’

Drugs / Cover Story: Chinese biotech is having a ‘deepseek moment’ Hong Kong /: Hong Kong bets on stablecoins and AI to future-proof its financial...

Caixin Global

China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene's Trouble, Views on Newtrend IPO Pricing

​Summit's chances of being sold decrease largely, so the outlook of Summit/Akeso is passive. Doubts raised about Giant Biogene's outlook after Zhao...

Xinyao (Criss) Wang

Hong Kong Connect Flows (May): Inflows Slowed Down

We analyzed the Hong Kong Connect Scheme for May and highlighted flows for Tencent, Meituan, Xiaomi, CCB, China Mobile. Inflows in May is slowed...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Meituan, Bilibili, Kingsoft

We analyzed the latest HK SFC report for aggregate short position as of May 23rd and highlight short interest changes in Meituan, Bilibili, Kingsoft.

Ke Yan, CFA, FRM

Healthcare - ASCO Highlights: Spotlight on Next-Gen IO & ADCs

Innovent: ASCO data reinforce IBI363’s potential as a potential nextgeneration IO. We view IBI363 as a highly promising candidate in the...

CMB International

Summit's chances of being sold decrease largely, so the outlook of Summit/Akeso is passive. Doubts raised about Giant Biogene's outlook after Zhao...