HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Ping An Healthcare and Technology / Equity Bottom-Up

<ul>
<li>In 2025, the NHSA will continue to deepen the VBP of drugs and centralized procurement of medical consumables, covering 700 drug varieties in total. </li>
<li>Valuation of the entire industry has been sluggish for three years. With the positive changes, we think it is the time to be optimistic on China healthcare in 2025.</li>
<li>Due to the craze for DeepSeek/AI, PAGD's stock price surged.Although this is a great story, the extent to which DeepSeek can bring substantial benefits to PAGD remains to be verified.</li>
</ul>


In 2025, the NHSA will continue to deepen the VBP of drugs and centralized procurement of medical consumables, covering 700 drug varieties in total. 
Valuation of the entire industry has been sluggish for three years. With the positive changes, we think it is the time to be optimistic on China healthcare in 2025.
Due to the craze for DeepSeek/AI, PAGD's stock price surged.Although this is a great story, the extent to which DeepSeek can bring substantial benefits to PAGD remains to be verified.


China Healthcare Weekly (Feb.23)-Ping An Good Doctor Shares Surge, China Healthcare Has Bottomed Out

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Event-Driven

<ul>
<li>Complete rally mode across single stocks and sectors with the 3 highest single stock option volumes of the past 3 months recorded.</li>
<li>More than 25% of issues experience more than 100% increase in options volume. </li>
<li>We highlight names with the largest increases in both Put and Call volumes including Alibaba, Alibaba Health, AIA, China telecom and Kingdee.</li>
</ul>


Complete rally mode across single stocks and sectors with the 3 highest single stock option volumes of the past 3 months recorded.
More than 25% of issues experience more than 100% increase in options volume. 
We highlight names with the largest increases in both Put and Call volumes including Alibaba, Alibaba Health, AIA, China telecom and Kingdee.


EQD | Hong Kong Single Stock Options Weekly (Feb 10 – 14):  Strong Option Volumes Fuel Rally

Thematic (Sector/Industry)

<ul>
<li>DeepSeek, as a domestically produced open-source model in China, combined with the rapid development of AI technology, is profoundly changing the landscape of pharmaceutical and medical industry.</li>
<li>AI pharmaceuticals/AI diagnosis/AI R&amp;D would benefit the most from DeepSeek. However, data security is an issue. The US has enacted legislation to restrict cooperation with Chinese companies due to DeepSeek.</li>
<li>More and more Chinese companies have announced their integration into DeepSeek, involving multiple subsectors. We listed some representative companies and they will become attractive investment targets for investors.</li>
</ul>


DeepSeek, as a domestically produced open-source model in China, combined with the rapid development of AI technology, is profoundly changing the landscape of pharmaceutical and medical industry.
AI pharmaceuticals/AI diagnosis/AI R&amp;D would benefit the most from DeepSeek. However, data security is an issue. The US has enacted legislation to restrict cooperation with Chinese companies due to DeepSeek.
More and more Chinese companies have announced their integration into DeepSeek, involving multiple subsectors. We listed some representative companies and they will become attractive investment targets for investors.


DeepSeek Ignites China Healthcare - The Investment Opportunities and Risks Behind

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (1364 HK)</a> raised US$233m in its Hong Kong IPO. Guming Holdings (Guming) sells freshly-made beverages in China.</li>
<li>Guming Holdings (Guming) sells freshly-made beverages in China. Guming focuses on the mid-priced freshly-made tea beverage market with product prices typically ranging between RMB10-18.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Guming Holdings (1364 HK) raised US$233m in its Hong Kong IPO. Guming Holdings (Guming) sells freshly-made beverages in China.
Guming Holdings (Guming) sells freshly-made beverages in China. Guming focuses on the mid-priced freshly-made tea beverage market with product prices typically ranging between RMB10-18.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Guming Holdings IPO Trading - Strong Retail Demand, with Decent Coverage on the Insti Tranche

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>In our earlier notes, we have looked at the past performance, undertaken a peer comparison and spoken about valuations. In this note, we talk about updates from its recent filings.</li>
</ul>



Mixue Group is looking to raise about US$1bn in its upcoming Hong Kong IPO.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
In our earlier notes, we have looked at the past performance, undertaken a peer comparison and spoken about valuations. In this note, we talk about updates from its recent filings.


MIXUE Pre-IPO - Refiling Updates - Slower Growth but Better Margins

China

Alibaba Health Information Technology Limited is an integrated healthcare information and content service provider. The Company uses product identification, authentication, and tracking system data for its healthcare information.

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Alibaba Health Information Tec (241 HK)

China Healthcare Weekly (Feb.23)-Ping An Good Doctor Shares Surge, China Healthcare Has Bottomed Out

NHSA to expand VBP in 2025. China healthcare has entered the stage of bottoming out from 2025.The extent to which DeepSeek can bring substantial...

Xinyao (Criss) Wang

EQD | Hong Kong Single Stock Options Weekly (Feb 10 – 14): Strong Option Volumes Fuel Rally

Powerful rally across stocks with exceptionally high option volumes indicating that the price action mya be getting frothy.

John Ley

DeepSeek Ignites China Healthcare - The Investment Opportunities and Risks Behind

DeepSeek is revolutionizing the healthcare industry, but face data security issue and US restriction on cooperation with China.Companies...

Xinyao (Criss) Wang

Guming Holdings IPO Trading - Strong Retail Demand, with Decent Coverage on the Insti Tranche

Guming Holdings (1364 HK) raised US$233m in its Hong Kong IPO. We have covered various aspects of the deal in our previous note. In this note, we...

Clarence Chu

MIXUE Pre-IPO - Refiling Updates - Slower Growth but Better Margins

Mixue Group is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we talk about the updates from its recent refiling.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

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China Healthcare Weekly (Feb.23)-Ping An Good Doctor Shares Surge, China Healthcare Has Bottomed Out

​NHSA to expand VBP in 2025. China healthcare has entered the stage of bottoming out from 2025.The extent to which DeepSeek can bring substantial...

Xinyao (Criss) Wang

EQD | Hong Kong Single Stock Options Weekly (Feb 10 – 14): Strong Option Volumes Fuel Rally

Powerful rally across stocks with exceptionally high option volumes indicating that the price action mya be getting frothy.

John Ley

DeepSeek Ignites China Healthcare - The Investment Opportunities and Risks Behind

DeepSeek is revolutionizing the healthcare industry, but face data security issue and US restriction on cooperation with China.Companies...

Xinyao (Criss) Wang

Guming Holdings IPO Trading - Strong Retail Demand, with Decent Coverage on the Insti Tranche

Guming Holdings (1364 HK) raised US$233m in its Hong Kong IPO. We have covered various aspects of the deal in our previous note. In this note, we...

Clarence Chu

MIXUE Pre-IPO - Refiling Updates - Slower Growth but Better Margins

Mixue Group is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we talk about the updates from its recent refiling.

Sumeet Singh

NHSA to expand VBP in 2025. China healthcare has entered the stage of bottoming out from 2025.The extent to which DeepSeek can bring substantial...