External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Promising Ph3 data of cadonilimab in 1L GC, especially for patients with low PD-L1 expression.</li><li>The interim Ph3 (NCT05008783) data of cadonilimab in 1L GC was recently released at the AACR meeting.</li><li>With a median follow-up of 18.7 months, cadonilimab + chemo (XELOX) extended the mOS by 4.2 months for the 610 ITT patients and reduced the risk of death by 38% (mOS 15.0 vs 10.8 months, HR=0.62, P&lt;0.001).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Promising Ph3 data of cadonilimab in 1L GC, especially for patients with low PD-L1 expression.The interim Ph3 (NCT05008783) data of cadonilimab in 1L GC was recently released at the AACR meeting.With a median follow-up of 18.7 months, cadonilimab + chemo (XELOX) extended the mOS by 4.2 months for the 610 ITT patients and reduced the risk of death by 38% (mOS 15.0 vs 10.8 months, HR=0.62, P&lt;0.001).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Akeso (9926 HK) - Promising Ph3 Data of Cadonilimab in 1L GC

Global Healthcare Analyst

Tina Banerjee

Hansoh Pharmaceutical Group  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group-co" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical Group (3692 HK)</a> reported a whopping 55% YoY net profit growth to RMB3 billion on just 13% YoY revenue growth to RMB6 billion in 2H23.</li>
<li>Revenue from innovative drugs zoomed 52% YoY to RMB4 billion and its proportion to total revenue increased to 73% in 2H23 from 54% in 2H22 and 62% in 1H23.</li>
<li>Although Hansoh is not expected to receive marketing approval for any in-house innovative product in 2024, existing portfolio of innovative drugs will continue to drive the growth of the company.</li>
</ul>



Hansoh Pharmaceutical Group (3692 HK) reported a whopping 55% YoY net profit growth to RMB3 billion on just 13% YoY revenue growth to RMB6 billion in 2H23.
Revenue from innovative drugs zoomed 52% YoY to RMB4 billion and its proportion to total revenue increased to 73% in 2H23 from 54% in 2H22 and 62% in 1H23.
Although Hansoh is not expected to receive marketing approval for any in-house innovative product in 2024, existing portfolio of innovative drugs will continue to drive the growth of the company.


Hansoh Pharmaceutical (3692 HK): Performance Improves in 2H23; Innovative Drugs to Continue to Roar

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 weekly Hong Kong Connect flows with our data engine for holding position as of March 28th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Tencent, Bank Of China, China Mobile, Xiaomi, CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 28th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Bank Of China, China Mobile, Xiaomi, CNOOC.


Hong Kong Connect Flows (Mar 28th): Tencent, Bank Of China, China Mobile, Xiaomi, CNOOC

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Tata Consultancy Svcs / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> ended up doing better than we expected, while Hong Kong finally got its first US$100m+ listing for the year.</li>
<li>For placements, India was again at the forefront, this time with a not-so-pleasant results of <a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a>. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Trial Holdings (5882 JP) ended up doing better than we expected, while Hong Kong finally got its first US$100m+ listing for the year.
For placements, India was again at the forefront, this time with a not-so-pleasant results of Tata Consultancy Svcs (TCS IN). 


ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>300274SZ/300750SZ/LI/NIO/1211HK: Jan+Feb new energy export data show that wind power is picking up, and inverters has reached inflection point, while lithium batteries and electric vehicles are exchanging prices for volume(+/-/-/-/-)</li>
<li>Huazhu/Atour: Huazhu guided conservative RevPAR outlook for 2024, citing weak business travel demand.（-）</li>
<li>LI/1211 HK/XPEV/NIO: In 2024’s 11th week, BYD continued to accelerate while fell back, yet the overall acceleration of new energy vehicles bodes well for the whole year (/)</li>
</ul>


300274SZ/300750SZ/LI/NIO/1211HK: Jan+Feb new energy export data show that wind power is picking up, and inverters has reached inflection point, while lithium batteries and electric vehicles are exchanging prices for volume(+/-/-/-/-)
Huazhu/Atour: Huazhu guided conservative RevPAR outlook for 2024, citing weak business travel demand.（-）
LI/1211 HK/XPEV/NIO: In 2024’s 11th week, BYD continued to accelerate while fell back, yet the overall acceleration of new energy vehicles bodes well for the whole year (/)


[Blue Lotus Daily]300274SZ/300750SZ/LI/NIO/1211HK/Huazhu/Atour/XPEV/9926 HK

China

Akeso Inc. operates operatesa s a biotech company. The compnay develops treatments and therapies for various types of diseases. Akeso serves cutomers worldwide

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Akeso Biopharma Inc (9926 HK)

Akeso (9926 HK) - Promising Ph3 Data of Cadonilimab in 1L GC

Promising Ph3 data of cadonilimab in 1L GC, especially for patients with low PD-L1 expression. The interim Ph3 (NCT05008783) data of cadonilimab in...

CMB International

Hansoh Pharmaceutical (3692 HK): Performance Improves in 2H23; Innovative Drugs to Continue to Roar

Hansoh Pharmaceutical reported an impressive 55% YoY net profit growth in 2H23, driven by revenue from innovative drugs, which grew 52% YoY and...

Tina Banerjee

Hong Kong Connect Flows (Mar 28th): Tencent, Bank Of China, China Mobile, Xiaomi, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent, Bank Of China, China Mobile, Xiaomi, CNOOC.

Ke Yan, CFA, FRM

ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

[Blue Lotus Daily]300274SZ/300750SZ/LI/NIO/1211HK/Huazhu/Atour/XPEV/9926 HK

New energy export data shows wind power growth,inverters at inflection point.BYD accelerates in 11th week,positive outlook for new energy vehicles...

Blue Lotus Research Institute

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52-week Range

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Akeso (9926 HK) - Promising Ph3 Data of Cadonilimab in 1L GC

Promising Ph3 data of cadonilimab in 1L GC, especially for patients with low PD-L1 expression. The interim Ph3 (NCT05008783) data of cadonilimab in...

CMB International

Hansoh Pharmaceutical (3692 HK): Performance Improves in 2H23; Innovative Drugs to Continue to Roar

​Hansoh Pharmaceutical reported an impressive 55% YoY net profit growth in 2H23, driven by revenue from innovative drugs, which grew 52% YoY and...

Tina Banerjee

Hong Kong Connect Flows (Mar 28th): Tencent, Bank Of China, China Mobile, Xiaomi, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent, Bank Of China, China Mobile, Xiaomi, CNOOC.

Ke Yan, CFA, FRM

ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

[Blue Lotus Daily]300274SZ/300750SZ/LI/NIO/1211HK/Huazhu/Atour/XPEV/9926 HK

​New energy export data shows wind power growth,inverters at inflection point.BYD accelerates in 11th week,positive outlook for new energy vehicles...

Blue Lotus Research Institute

Hansoh Pharmaceutical reported an impressive 55% YoY net profit growth in 2H23, driven by revenue from innovative drugs, which grew 52% YoY and...

New energy export data shows wind power growth,inverters at inflection point.BYD accelerates in 11th week,positive outlook for new energy vehicles...