Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Jiangsu Hengrui Medicine / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a> received conditional marketing approval for its self-developed Class 1 innovative drug, Trastuzumab Rezetecan for Injection (SHR-A1811).</li>
<li>In 1Q25, Jiangsu Hengrui reported revenue growth of 20% YoY to RMB 7.2B. Innovative drugs and Licensing should help keep this momentum in near future.</li>
<li>The near-term trigger for the stock would be a further marketing approval from the US FDA.</li>
</ul>



Jiangsu Hengrui Medicine (600276 CH) received conditional marketing approval for its self-developed Class 1 innovative drug, Trastuzumab Rezetecan for Injection (SHR-A1811).
In 1Q25, Jiangsu Hengrui reported revenue growth of 20% YoY to RMB 7.2B. Innovative drugs and Licensing should help keep this momentum in near future.
The near-term trigger for the stock would be a further marketing approval from the US FDA.


Jiangsu Hengrui Medicine (600276 CH): ADC Drug Approval Presents Long-Term Opportunity

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

Thematic (Sector/Industry)

<ul>
<li>Eisai received approval for its insomnia drug, Dayvigo in China. Daiichi Sankyo and Merck have voluntarily withdrawn BLA seeking accelerated approval in the U.S. for patritumab deruxtecan for NSCLC.</li>
<li>Samsung Biologics secured two CMO contract worth KRW441B from unnamed pharmaceutical companies in Asia and Europe. SK Bioscience has completed a major expansion of its vaccine production facility in Andong.</li>
<li>CSPC Pharmaceutical is in negotiations regarding three potential outlicensing deals. Jiangsu Hengrui Pharmaceuticals received approvals for three drugs in China. Hansoh’s third BLA for Xinyue has been accepted by NMPA.</li>
</ul>


Eisai received approval for its insomnia drug, Dayvigo in China. Daiichi Sankyo and Merck have voluntarily withdrawn BLA seeking accelerated approval in the U.S. for patritumab deruxtecan for NSCLC.
Samsung Biologics secured two CMO contract worth KRW441B from unnamed pharmaceutical companies in Asia and Europe. SK Bioscience has completed a major expansion of its vaccine production facility in Andong.
CSPC Pharmaceutical is in negotiations regarding three potential outlicensing deals. Jiangsu Hengrui Pharmaceuticals received approvals for three drugs in China. Hansoh’s third BLA for Xinyue has been accepted by NMPA.


APAC Healthcare Weekly (June 1)- Eisai, Daiichi, Samsung Bio, SK Bioscience, CSPC, Hengrui Pharma

<ul>
<li>We analyse the changes of A-H premium on 154 stocks over the last week. The average A-H premium was 79.2% as of May 30th.</li>
<li>The average A-H premium changed by -1.3ppt week-on-week, led by health care, information technology, utilities and offset by consumer staples, materials.</li>
<li>We highlight weekly changes in A-H premium for Tigermed, Fosun Pharma, Cosco Shipping, CSSC O&amp;M Engineering, Joinn Lab, Livzon Pharmaceutical.</li>
</ul>


We analyse the changes of A-H premium on 154 stocks over the last week. The average A-H premium was 79.2% as of May 30th.
The average A-H premium changed by -1.3ppt week-on-week, led by health care, information technology, utilities and offset by consumer staples, materials.
We highlight weekly changes in A-H premium for Tigermed, Fosun Pharma, Cosco Shipping, CSSC O&amp;M Engineering, Joinn Lab, Livzon Pharmaceutical.


A-H Premium Weekly (May 30th): Tigermed, Fosun Pharma, Cosco Shipping, CSSC O&M Engineering

CSPC Pharmaceutical Group / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a> 1Q25 revenue dropped 22% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. Bulk products and license fees compensated to an extent.</li>
<li>Operating margin (23.7%) remained stable despite 11% higher R&amp;D expenses at RMB 1.3B.</li>
<li>License and collaboration in relation to the development, manufacturing, and commercialization of certain products of the company augur well in terms of future revenue visibility.</li>
</ul>



CSPC Pharmaceutical Group (1093 HK) 1Q25 revenue dropped 22% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. Bulk products and license fees compensated to an extent.
Operating margin (23.7%) remained stable despite 11% higher R&amp;D expenses at RMB 1.3B.
License and collaboration in relation to the development, manufacturing, and commercialization of certain products of the company augur well in terms of future revenue visibility.


CSPC Pharmaceutical (1093 HK): Finished Drugs Drag 1Q25; Out Licensing And New Launches To Be Key

China

Shanghai Fosun Pharmaceutical (Group) Co., Ltd. is a pharmaceutical company. Through its subsidiaries, the Company manufactures genetic medicines, Chinese traditional medicines, diagnostic products, and medical instruments, provides technology, marketing, and advertising services, as well as invests in import and export trading.

Shanghai Fosun Pharmaceutical (Group) (2196 HK)

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Shanghai Fosun Pharmaceutical (Group) (2196 HK)

Jiangsu Hengrui Medicine (600276 CH): ADC Drug Approval Presents Long-Term Opportunity

Jiangsu Hengrui receives conditional approval for Trastuzumab Rezetecan for NSCLC. In 1Q25, the company reported sales growth of 20%. Innovative...

Tina Banerjee

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

APAC Healthcare Weekly (June 1)- Eisai, Daiichi, Samsung Bio, SK Bioscience, CSPC, Hengrui Pharma

Eisai's Dayvigo approved in China. Daiichi Sankyo withdrew BLA in US. Samsung Bio secures CMO contracts. SK Bioscience expands vaccine...

Tina Banerjee

A-H Premium Weekly (May 30th): Tigermed, Fosun Pharma, Cosco Shipping, CSSC O&M Engineering

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tigermed, Fosun Pharma, Cosco Shipping, CSSC O&M...

Ke Yan, CFA, FRM

CSPC Pharmaceutical (1093 HK): Finished Drugs Drag 1Q25; Out Licensing And New Launches To Be Key

CSPC Pharmaceutical's 1Q25 revenue dropped 22% YoY, but operating margin remained stable. License and collaboration for pipeline products should...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jiangsu Hengrui Medicine (600276 CH): ADC Drug Approval Presents Long-Term Opportunity

​Jiangsu Hengrui receives conditional approval for Trastuzumab Rezetecan for NSCLC. In 1Q25, the company reported sales growth of 20%. Innovative...

Tina Banerjee

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

APAC Healthcare Weekly (June 1)- Eisai, Daiichi, Samsung Bio, SK Bioscience, CSPC, Hengrui Pharma

​Eisai's Dayvigo approved in China. Daiichi Sankyo withdrew BLA in US. Samsung Bio secures CMO contracts. SK Bioscience expands vaccine...

Tina Banerjee

A-H Premium Weekly (May 30th): Tigermed, Fosun Pharma, Cosco Shipping, CSSC O&M Engineering

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tigermed, Fosun Pharma, Cosco Shipping, CSSC O&M...

Ke Yan, CFA, FRM

CSPC Pharmaceutical (1093 HK): Finished Drugs Drag 1Q25; Out Licensing And New Launches To Be Key

​CSPC Pharmaceutical's 1Q25 revenue dropped 22% YoY, but operating margin remained stable. License and collaboration for pipeline products should...

Tina Banerjee

Jiangsu Hengrui receives conditional approval for Trastuzumab Rezetecan for NSCLC. In 1Q25, the company reported sales growth of 20%. Innovative...

Eisai's Dayvigo approved in China. Daiichi Sankyo withdrew BLA in US. Samsung Bio secures CMO contracts. SK Bioscience expands vaccine...

CSPC Pharmaceutical's 1Q25 revenue dropped 22% YoY, but operating margin remained stable. License and collaboration for pipeline products should...