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Articles from Caixin Global

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Cross Asset Strategy

<ul><li>Trip.com / In Depth: Trip.com eyes post-pandemic tourism boom as rivals circle</li><li>Bonds / Sunac China seeks two-year extension on $627.85 million bond</li><li>Manufacturing / Economists explain why foreign investment in China’s manufacturing hasn’t returned to pre-pandemic levels</li></ul>

Trip.com / In Depth: Trip.com eyes post-pandemic tourism boom as rivals circleBonds / Sunac China seeks two-year extension on $627.85 million bondManufacturing / Economists explain why foreign investment in China’s manufacturing hasn’t returned to pre-pandemic levels

CX Daily: Trip.com Eyes Post-Pandemic Tourism Boom as Rivals Circle

<ul><li>In Depth: China’s tightening of online insurance sales starts to bite</li><li>Chinese regions offer rewards for tip-offs on trafficked women and children</li><li>Deutsche Bank joins global peers with link to Beijing Stock Exchange</li></ul>

In Depth: China’s tightening of online insurance sales starts to biteChinese regions offer rewards for tip-offs on trafficked women and childrenDeutsche Bank joins global peers with link to Beijing Stock Exchange

CX Daily: China’s Tightening of Online Insurance Sales Starts to Bite

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>The MPP announced that it has signed agreements with 27 generic manufacturing companies including several Chinese companies for the manufacturing of molnupiravir and supply in 105 low- and-middle-income countries.</li>
<li>The profit margin would be limited because of its public benefit purpose. Therefore, it may not be able to bring huge incremental performance to the relevant domestic pharmaceutical companies.</li>
<li>The future risks and concerns on Merck's molnupiravir should also not be neglected. So, investors are advised to view this agreement with MPP rationally.</li>
</ul>


The MPP announced that it has signed agreements with 27 generic manufacturing companies including several Chinese companies for the manufacturing of molnupiravir and supply in 105 low- and-middle-income countries.
The profit margin would be limited because of its public benefit purpose. Therefore, it may not be able to bring huge incremental performance to the relevant domestic pharmaceutical companies.
The future risks and concerns on Merck's molnupiravir should also not be neglected. So, investors are advised to view this agreement with MPP rationally.


Would the Cheap Versions of Oral COVID-19 Antiviral Bring New Opportunities for Chinese Companies?

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-limited" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical (1093 HK)</a> entered into an agreement with AstraZeneca, to jointly discover and develop siRNA preclinical candidates, with the potential to treat renal diseases across multiple indications.</li>
<li>CSPC Pharmaceutical Group (1093 HK) 1Q26 revenue dropped 8% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. License fees compensated to an extent.</li>
<li>CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices. We remain bullish on the name.</li>
</ul>



CSPC Pharmaceutical (1093 HK) entered into an agreement with AstraZeneca, to jointly discover and develop siRNA preclinical candidates, with the potential to treat renal diseases across multiple indications.
CSPC Pharmaceutical Group (1093 HK) 1Q26 revenue dropped 8% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. License fees compensated to an extent.
CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices. We remain bullish on the name.


CSPC Pharma (1093 HK): AstraZeneca SiRNA Deal Good, Approvals, New Launches Key For Future Growth

Shanghai Henlius Biotech / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc-class-h" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a> reported 10% YoY revenue growth in China to RMB1.4B for core innovative product serplulimab. Henlius is now pursuing its globalization initiatives for serplulimab.</li>
<li>Thus far, the drug has been approved in ~50 countries. With its license-out areas comprehensively covering over 100 countries and regions, the international commercialization has further growth potential.</li>
<li>With continuous indication and geography expansion, serplulimab is accelerating toward its next milestone as a domestically developed blockbuster with the potential to exceed RMB10B (~$1.5B) in annual sales before 2030.</li>
</ul>



Shanghai Henlius Biotech (2696 HK) reported 10% YoY revenue growth in China to RMB1.4B for core innovative product serplulimab. Henlius is now pursuing its globalization initiatives for serplulimab.
Thus far, the drug has been approved in ~50 countries. With its license-out areas comprehensively covering over 100 countries and regions, the international commercialization has further growth potential.
With continuous indication and geography expansion, serplulimab is accelerating toward its next milestone as a domestically developed blockbuster with the potential to exceed RMB10B (~$1.5B) in annual sales before 2030.


Shanghai Henlius Biotech (2696 HK): Serplulimab Is Gaining Traction; Approaching Blockbuster Status

China

Fosun Pharma is a global innovation-driven healthcare group with core businesses in pharmaceutical manufacturing and R&D, medical devices and diagnosis, and healthcare services. The company focuses on therapeutic areas such as oncology, immunology, and central nervous system disorders, offering products like Artesun® and Yi Kai Da. It was founded in 1994 and is headquartered in Shanghai, China.

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Fosun Pharma (2196 HK)

CX Daily: Trip.com Eyes Post-Pandemic Tourism Boom as Rivals Circle

Economists explain why foreign investment in China’s manufacturing hasn’t returned to pre-pandemic levels; Sunac China seeks two-year extension on...

Caixin Global

CX Daily: China’s Tightening of Online Insurance Sales Starts to Bite

In Depth: China’s tightening of online insurance sales starts to bite. Chinese regions offer rewards for tip-offs on trafficked women and children

Caixin Global

Would the Cheap Versions of Oral COVID-19 Antiviral Bring New Opportunities for Chinese Companies?

Some Chinese companies are allowed to make cheap versions of Merck’s molnupiravir based on the MPP agreement.We analyzed the impact and outlook,...

Xinyao (Criss) Wang

CSPC Pharma (1093 HK): AstraZeneca SiRNA Deal Good, Approvals, New Launches Key For Future Growth

CSPC Pharmaceutical partners with AstraZeneca to develop siRNA candidates for renal diseases. Licensing revenue will help compensate for revenue...

Tina Banerjee

Shanghai Henlius Biotech (2696 HK): Serplulimab Is Gaining Traction; Approaching Blockbuster Status

Shanghai Henlius Biotech is pursuing globalization for serplulimab. With continuous indication and geography expansion, serplulimab has potential...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CX Daily: Trip.com Eyes Post-Pandemic Tourism Boom as Rivals Circle

Economists explain why foreign investment in China’s manufacturing hasn’t returned to pre-pandemic levels; Sunac China seeks two-year extension on...

Caixin Global

CX Daily: China’s Tightening of Online Insurance Sales Starts to Bite

In Depth: China’s tightening of online insurance sales starts to bite. Chinese regions offer rewards for tip-offs on trafficked women and children

Caixin Global

Would the Cheap Versions of Oral COVID-19 Antiviral Bring New Opportunities for Chinese Companies?

Some Chinese companies are allowed to make cheap versions of Merck’s molnupiravir based on the MPP agreement.We analyzed the impact and outlook,...

Xinyao (Criss) Wang

CSPC Pharma (1093 HK): AstraZeneca SiRNA Deal Good, Approvals, New Launches Key For Future Growth

​CSPC Pharmaceutical partners with AstraZeneca to develop siRNA candidates for renal diseases. Licensing revenue will help compensate for revenue...

Tina Banerjee

Shanghai Henlius Biotech (2696 HK): Serplulimab Is Gaining Traction; Approaching Blockbuster Status

Shanghai Henlius Biotech is pursuing globalization for serplulimab. With continuous indication and geography expansion, serplulimab has potential...

Tina Banerjee

CSPC Pharmaceutical partners with AstraZeneca to develop siRNA candidates for renal diseases. Licensing revenue will help compensate for revenue...