HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>The NDRC issued the “14th Five-Year Plan For Bioeconomy”. This marks bio-economy has become a new economic form. With diversified resources and capital, a trillion-level market would develop rapidly.</li>
<li>The third centralized procurement in Fujian Province officially opened, involving five medical consumables. The bidding rule is milder than drugs VBP. Investors could pay more attention to medical device sector.</li>
<li>Akeso's 2021 PD-1 sales enlightened us that innovative drugs could still achieve good sales performance even without entering NRDL. So, companies could choose to give up NRDL negotiation strategically.</li>
</ul>


The NDRC issued the “14th Five-Year Plan For Bioeconomy”. This marks bio-economy has become a new economic form. With diversified resources and capital, a trillion-level market would develop rapidly.
The third centralized procurement in Fujian Province officially opened, involving five medical consumables. The bidding rule is milder than drugs VBP. Investors could pay more attention to medical device sector.
Akeso's 2021 PD-1 sales enlightened us that innovative drugs could still achieve good sales performance even without entering NRDL. So, companies could choose to give up NRDL negotiation strategically.


China Healthcare Weekly (May13)-New Bioeconomy Plan,Rational Withdrawal from NRDL,Medical Device VBP

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.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jul 17th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Hua Hong Semi, Knowledge Atlas, Ntes, China Resources Land, Weichai Power, CCB, China Life, Minimax.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 17th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Hua Hong Semi, Knowledge Atlas, Ntes, China Resources Land, Weichai Power, CCB, China Life, Minimax.


HK Short Interest Weekly: Hua Hong Semi, Knowledge Atlas, Ntes, China Resources Land, Weichai Power

<ul>
<li>The successful approval of Legend Biotech's CAR-T therapy indicates the FDA is objective. But we can judge FDA's attitude and globalization logic more clearly through Junshi’s PD-1 result in April.</li>
<li>Let's talk about the cyclical nature of innovative drugs. Humans, they repeat history all the time.</li>
<li>The current pet vaccine market in China is in the blue ocean, with a huge space for growth. This market has become an investment option that cannot be ignored.</li>
</ul>


The successful approval of Legend Biotech's CAR-T therapy indicates the FDA is objective. But we can judge FDA's attitude and globalization logic more clearly through Junshi’s PD-1 result in April.
Let's talk about the cyclical nature of innovative drugs. Humans, they repeat history all the time.
The current pet vaccine market in China is in the blue ocean, with a huge space for growth. This market has become an investment option that cannot be ignored.


China Healthcare Weekly (Mar.4)-Innovative Drug Cyclical Nature, Pet Vaccine Mkt, Legend Bio, Junshi

<ul>
<li>Recently, the “14th Five-year Plan” for the construction of China's medical beauty standard system was released. We analyzed the impact on related companies.</li>
<li>As <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a> was included in "unverified list", its share price tumbled. So, it’s extremely urgent for China to realize autonomous control of important upstream raw materials and equipment. </li>
<li>
<a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a> should hold additional clinical trials to back its biologics application for Sintilimab (PD-1), indicating that the FDA’s attitude has changed.</li>
</ul>


Recently, the “14th Five-year Plan” for the construction of China's medical beauty standard system was released. We analyzed the impact on related companies.
As Wuxi Biologics (2269 HK) was included in "unverified list", its share price tumbled. So, it’s extremely urgent for China to realize autonomous control of important upstream raw materials and equipment. 

Innovent Biologics Inc (1801 HK) should hold additional clinical trials to back its biologics application for Sintilimab (PD-1), indicating that the FDA’s attitude has changed.


China Healthcare Weekly (Feb.11)- “14th Five-Year Plan” For Medical Beauty, Wuxi Biologics, Innovent

<ul>
<li>The expansion of the scope of positioning directly reflects the change in the importance of pharmaceutical industry in the minds of the top level, which is very pivotal.</li>
<li>The determination to abandon old development mode, and promote real innovation and high-quality internationalization remains unchanged. So, companies need to develop at a higher level and a larger stage.</li>
<li>Once achieved, it means that China's pharmaceutical industry will have another radical change after 2015, leading the industry to another new phase of growth.</li>
</ul>


The expansion of the scope of positioning directly reflects the change in the importance of pharmaceutical industry in the minds of the top level, which is very pivotal.
The determination to abandon old development mode, and promote real innovation and high-quality internationalization remains unchanged. So, companies need to develop at a higher level and a larger stage.
Once achieved, it means that China's pharmaceutical industry will have another radical change after 2015, leading the industry to another new phase of growth.


Interpretation of The "14th Five-Year Plan" For the Development of China Pharmaceutical Industry

China

Akeso is a biopharmaceutical company focused on the research, development, manufacturing, and commercialization of innovative antibody drugs. It develops treatments for major diseases such as cancer, autoimmune diseases, inflammation, and metabolic diseases, with key products including cadonilimab, ivonescimab, and penpulimab. The company was founded in 2012 and is headquartered in Zhongshan, Guangdong, China.

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Akeso (9926 HK)

China Healthcare Weekly (May13)-New Bioeconomy Plan,Rational Withdrawal from NRDL,Medical Device VBP

The 14th Five-Year Bioeconomy plan indicates a new economic form and a trillion-level market.Medical device will be a better investment if...

Xinyao (Criss) Wang

HK Short Interest Weekly: Hua Hong Semi, Knowledge Atlas, Ntes, China Resources Land, Weichai Power

We analyzed the latest HK SFC report for aggregate short position as of Jul 17th and highlight short interest changes in Hua Hong Semi (1347 HK),...

Ke Yan, CFA, FRM

China Healthcare Weekly (Mar.4)-Innovative Drug Cyclical Nature, Pet Vaccine Mkt, Legend Bio, Junshi

Junshi’s PD-1 result in April is more representative to judge FDA's attitude and globalization logic. We probably are at the tail end of mab drug...

Xinyao (Criss) Wang

China Healthcare Weekly (Feb.11)- “14th Five-Year Plan” For Medical Beauty, Wuxi Biologics, Innovent

We analyzed the “14th Five-year Plan” for medical beauty, the impact of WuXi Bio after being included in "unverified list" and the prospects of...

Xinyao (Criss) Wang

Interpretation of The "14th Five-Year Plan" For the Development of China Pharmaceutical Industry

For the newly released "14th Five-year Plan" of China pharmaceutical industry, we analyzed key points and our interpretation. Once achieved, it...

Xinyao (Criss) Wang

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