HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>Recently, Premier Li Keqiang delivered the government work report, which mentioned 2022 pharmaceutical industry's priorities. We summarized the key points below.</li>
<li>The skyrocketed experimental monkey price should be noticed, which would put more pressure on biotech companies. CXO also needs to control costs, both its own personnel and the monkeys.</li>
<li>The market value of a pharmaceutical enterprise is not determined by technology patent,but by the market competitiveness of products, which is based on R&amp;D capabilities and deep technology accumulation.</li>
</ul>


Recently, Premier Li Keqiang delivered the government work report, which mentioned 2022 pharmaceutical industry's priorities. We summarized the key points below.
The skyrocketed experimental monkey price should be noticed, which would put more pressure on biotech companies. CXO also needs to control costs, both its own personnel and the monkeys.
The market value of a pharmaceutical enterprise is not determined by technology patent,but by the market competitiveness of products, which is based on R&amp;D capabilities and deep technology accumulation.


China Healthcare Weekly (Mar.11) - 2022 Government Work Report, Expensive Monkeys, Technology Patent

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

Shenton Research

Shenton 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.

Index Rebalance

<ul>
<li>We screen HK stocks ahead of the HSCI September 2026 half-yearly review, with 44 ADD candidates and 26 DELETE candidates.</li>
<li>ADD candidates are mostly new listings and prior constituents, including seven A+H names already in Connect.</li>
<li>DELETE candidates include 21 MV DELETEs, three retention-line borderline names, and two velocity cases.</li>
</ul>


We screen HK stocks ahead of the HSCI September 2026 half-yearly review, with 44 ADD candidates and 26 DELETE candidates.
ADD candidates are mostly new listings and prior constituents, including seven A+H names already in Connect.
DELETE candidates include 21 MV DELETEs, three retention-line borderline names, and two velocity cases.


HSCI / HK Connect Sep 2026 Rebalance Forecast

<ul>
<li>Last week, Guangdong province issued a volume-based purchase (VBP) document, among which recombinant human growth hormone (rhGH) and blood products are included, causing widespread concern in the market.</li>
<li>The survival problem of listed biotech companies is becoming more urgent. In primary market, investment banks have started recommending CEOs of unlisted biotech companies to “reconsider” their IPO plans.</li>
<li>In terms of internationalization, companies with three characteristics are likely to become international pharmaceutical enterprises in 10 years.</li>
</ul>


Last week, Guangdong province issued a volume-based purchase (VBP) document, among which recombinant human growth hormone (rhGH) and blood products are included, causing widespread concern in the market.
The survival problem of listed biotech companies is becoming more urgent. In primary market, investment banks have started recommending CEOs of unlisted biotech companies to “reconsider” their IPO plans.
In terms of internationalization, companies with three characteristics are likely to become international pharmaceutical enterprises in 10 years.


China Healthcare Weekly (Jan.21)-Growth Hormone VBP,Biotech Survival,Internationalization Conditions

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alphamab-oncology" target="_blank" data-smartkarma-citation="entities:28213:1" rel="noopener">Alphamab Co Ltd (9966 HK)</a> 's NDA of KN026 (anbenitamab) in combination with chemotherapy for the treatment of patients with HER2+ gastric or gastroesophageal junction cancer was accepted by NMPA.</li>
<li>Alphamab has four major products at this moment, one of them commercialized (KN035) and the rest (KN026, JSKN003 and KN046) in the advanced stages of trial or regulatory approval.</li>
<li>In 1H25, company reported an increase of 84% YoY in revenue mainly driven by licensing income. The strong Phase III line up provides a fair bit of revenue visibility.</li>
</ul>



Alphamab Co Ltd (9966 HK) 's NDA of KN026 (anbenitamab) in combination with chemotherapy for the treatment of patients with HER2+ gastric or gastroesophageal junction cancer was accepted by NMPA.
Alphamab has four major products at this moment, one of them commercialized (KN035) and the rest (KN026, JSKN003 and KN046) in the advanced stages of trial or regulatory approval.
In 1H25, company reported an increase of 84% YoY in revenue mainly driven by licensing income. The strong Phase III line up provides a fair bit of revenue visibility.


Alphamab Oncology (9966 HK): Phase III Candidates Hold Opportunity Beyond KN035 (Envafolimab)

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 Aug 8th 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 HSB (11 HK), Xinyi Glass (868 HK), Yum China (9987 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Tencent (700 HK), Wuxi Biologics (2269 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 8th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were HSB (11 HK), Xinyi Glass (868 HK), Yum China (9987 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Tencent (700 HK), Wuxi Biologics (2269 HK).


Hong Kong Buybacks Weekly (Aug 8th): Hang Seng Bank, Xinyi Glass, Yum China

China

Abbisko Cayman Limited is a clinical-stage biopharmaceutical company focused on discovering and developing innovative small molecule oncology therapies. Its pipeline includes core product candidates like ABSK011 (Irpagratinib) for hepatocellular carcinoma and ABSK091 (Fexagratinib) for urothelial and gastric cancers, along with Pimicotinib (ABSK021) for tenosynovial giant cell tumors. The company was founded in 2016 and is headquartered in Shanghai, China.

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Abbisko (2256 HK)

China Healthcare Weekly (Mar.11) - 2022 Government Work Report, Expensive Monkeys, Technology Patent

We listed the key points about healthcare industry in 2022 government work report. Companies should notice the skyrocketed experimental monkey...

Xinyao (Criss) Wang

HSCI / HK Connect Sep 2026 Rebalance Forecast

We forecast 44 ADD candidates and 26 DELETE candidates for the HSCI September review, with the announcement expected on 21 Aug 2026.

Ke Yan, CFA, FRM

China Healthcare Weekly (Jan.21)-Growth Hormone VBP,Biotech Survival,Internationalization Conditions

We analyzed the impact of growth hormone/blood products VBP; the "reconsideration" of biotech IPO in primary market, survival problem of listed...

Xinyao (Criss) Wang

Alphamab Oncology (9966 HK): Phase III Candidates Hold Opportunity Beyond KN035 (Envafolimab)

Alphamab's NDA for KN026 in combo with chemo for HER2+ cancer accepted by NMPA. 1H25 revenue growth driven by licensing income. Robust Phase III...

Tina Banerjee

Hong Kong Buybacks Weekly (Aug 8th): Hang Seng Bank, Xinyi Glass, Yum China

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Hang Seng Bank (11...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Healthcare Weekly (Mar.11) - 2022 Government Work Report, Expensive Monkeys, Technology Patent

We listed the key points about healthcare industry in 2022 government work report. Companies should notice the skyrocketed experimental monkey...

Xinyao (Criss) Wang

HSCI / HK Connect Sep 2026 Rebalance Forecast

We forecast 44 ADD candidates and 26 DELETE candidates for the HSCI September review, with the announcement expected on 21 Aug 2026.

Ke Yan, CFA, FRM

China Healthcare Weekly (Jan.21)-Growth Hormone VBP,Biotech Survival,Internationalization Conditions

We analyzed the impact of growth hormone/blood products VBP; the "reconsideration" of biotech IPO in primary market, survival problem of listed...

Xinyao (Criss) Wang

Alphamab Oncology (9966 HK): Phase III Candidates Hold Opportunity Beyond KN035 (Envafolimab)

​Alphamab's NDA for KN026 in combo with chemo for HER2+ cancer accepted by NMPA. 1H25 revenue growth driven by licensing income. Robust Phase III...

Tina Banerjee

Hong Kong Buybacks Weekly (Aug 8th): Hang Seng Bank, Xinyi Glass, Yum China

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Hang Seng Bank (11...

Ke Yan, CFA, FRM

Alphamab's NDA for KN026 in combo with chemo for HER2+ cancer accepted by NMPA. 1H25 revenue growth driven by licensing income. Robust Phase III...