HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>Abbisko’s share price has fallen since its IPO.Although Abbisko has been buying back shares and LAV has begun to increase its holdings, none of this would brighten the Company's prospects.</li>
<li>FGFR and CSF-1R are not very likely to generate blockbuster products.Even with the cooperation of MNCs, peak sales of Abbisko’s products could still be low due to “flaws” on targets.</li>
<li>There would be very limited imagination of Abbisko’s future valuation expansion. This may largely explain why stock price continues to decline. Investors're advised to make rational judgments about the Company.</li>
</ul>


Abbisko’s share price has fallen since its IPO.Although Abbisko has been buying back shares and LAV has begun to increase its holdings, none of this would brighten the Company's prospects.
FGFR and CSF-1R are not very likely to generate blockbuster products.Even with the cooperation of MNCs, peak sales of Abbisko’s products could still be low due to “flaws” on targets.
There would be very limited imagination of Abbisko’s future valuation expansion. This may largely explain why stock price continues to decline. Investors're advised to make rational judgments about the Company.


Abbisko Cayman (2256.HK) - The Pipeline Lacks Investment Value, Leading to Valuation Collapse

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Brilliance China Automotive / Equity Bottom-Up

<ul>
<li>With the Hang Seng Index dipping below the 15,000 mark earlier this week, it's time to dust off some old school perspective.</li>
<li>This insight looks at Benjamin Graham's Net Nets, (current assets less current liabilities), then subtract any debt not included in current liabilities. More simply, current assets less total liabilities.</li>
<li>Graham would conclude these stocks are priced for liquidation.  Stocks discussed include <a href="https://www.smartkarma.com/entities/brilliance-china-automotive" target="_blank" data-smartkarma-citation="entities:469:1" rel="noopener">Brilliance China (1114 HK)</a>, <a href="https://www.smartkarma.com/entities/ming-yuan-cloud-group" target="_blank" data-smartkarma-citation="entities:29268:1" rel="noopener">Ming Yuan (909 HK)</a>, <a href="https://www.smartkarma.com/entities/yidu-tech-inc" target="_blank" data-smartkarma-citation="entities:29245:1" rel="noopener">Yidu Tech (2158 HK)</a>, and <a href="https://www.smartkarma.com/entities/a-living-smart-city-services-c" target="_blank" data-smartkarma-citation="entities:26728:1" rel="noopener">A-Living Smart City (3319 HK)</a>.</li>
</ul>


With the Hang Seng Index dipping below the 15,000 mark earlier this week, it's time to dust off some old school perspective.
This insight looks at Benjamin Graham's Net Nets, (current assets less current liabilities), then subtract any debt not included in current liabilities. More simply, current assets less total liabilities.
Graham would conclude these stocks are priced for liquidation.  Stocks discussed include Brilliance China (1114 HK), Ming Yuan (909 HK), Yidu Tech (2158 HK), and A-Living Smart City (3319 HK).


More Hong Kong Stocks Priced For Liquidation

Shanghai Haohai Biological Tec / Equity Bottom-Up

<ul>
<li>The General Office of the State Council issued favorable policy for TCM industry. However, TCM still has to face VBP, therefore <a href="https://www.smartkarma.com/entities/zhangzhou-pientzehuang-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:15709:1" rel="noopener">Zhangzhou Pientzehuang Pharmaceutical Co. (600436 CH)</a> and Gushengtang are our top picks..</li>
<li>Pfizer is in talks to acquire Seagen in a deal worth over US$30 billion, but we remain conservative about whether this transaction would ultimately bring expected contributions to Pfizer.</li>
<li>Haohai’s business model fails to bring ideal performance. Increasing competition/declining gross margin cast doubts on the outlook of medical aesthetics business. We’re not optimistic about its potential valuation upside.</li>
</ul>


The General Office of the State Council issued favorable policy for TCM industry. However, TCM still has to face VBP, therefore Zhangzhou Pientzehuang Pharmaceutical Co. (600436 CH) and Gushengtang are our top picks..
Pfizer is in talks to acquire Seagen in a deal worth over US$30 billion, but we remain conservative about whether this transaction would ultimately bring expected contributions to Pfizer.
Haohai’s business model fails to bring ideal performance. Increasing competition/declining gross margin cast doubts on the outlook of medical aesthetics business. We’re not optimistic about its potential valuation upside.


China Healthcare Weekly (March.3) - TCM New Policy, Pfizer to Acquire Seagen, Haohai Biological

<ul>
<li>Mismatch between blood products supply and demand is intensifying, but there’s little way to increase production capacity in short time, which offers a good time to invest blood products companies. </li>
<li>Investors should not be too greedy in front of every rally and rebound, but the proportion of medical expenditure and pension expenditure in China's GDP would still increase.</li>
<li>
<a href="https://www.smartkarma.com/entities/cansino-biologics-inc-cc0c90b7-e854-4ba3-929b-914be1bd0d89" target="_blank" data-smartkarma-citation="entities:32181:1" rel="noopener">CanSino Biologics Inc (688185 CH)</a> intends to IPO in Swiss. We think share price of CanSino would bounce back. It’s time to keep an eye on CanSino again. </li>
</ul>


Mismatch between blood products supply and demand is intensifying, but there’s little way to increase production capacity in short time, which offers a good time to invest blood products companies. 
Investors should not be too greedy in front of every rally and rebound, but the proportion of medical expenditure and pension expenditure in China's GDP would still increase.

CanSino Biologics Inc (688185 CH) intends to IPO in Swiss. We think share price of CanSino would bounce back. It’s time to keep an eye on CanSino again. 


China Healthcare Weekly (Feb.3)- CanSino, Blood Products Shortage, Don't Be Greedy in Front of Rally

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

China

Abbisko Cayman Limited operates as a biopharmaceutical company. The Company dedicated to the discovery and development of innovative and differentiated small molecule incology therapies. Abbisko Cayman provides services in China.

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Abbisko Cayman (2256 HK)