Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>China's AI-driven drug discovery (AIDD) sector is growing rapidly, with leading drug and biotech companies entering R&amp;D and drug-development partnerships with global pharmaceutical companies.</li>
<li>Over 30% of new drugs were developed using AI tools in 2025, with discovery timelines reduced by 25–50%, and the industry is projected to grow by 25%/year through 2033.</li>
<li>
<a href="https://www.smartkarma.com/entities/insilico-medicine-cayman-topco" target="_blank" data-smartkarma-citation="entities:39890:1" rel="noopener">Insilico Medicine (3696 HK)</a> is a pure-play AIDD company. Insilico operates an end-to-end AI drug discovery platform (Pharma.AI) spanning target identification, molecule generation, and clinical trial outcome prediction. 
</li>
</ul>


China's AI-driven drug discovery (AIDD) sector is growing rapidly, with leading drug and biotech companies entering R&amp;D and drug-development partnerships with global pharmaceutical companies.
Over 30% of new drugs were developed using AI tools in 2025, with discovery timelines reduced by 25–50%, and the industry is projected to grow by 25%/year through 2033.

Insilico Medicine (3696 HK) is a pure-play AIDD company. Insilico operates an end-to-end AI drug discovery platform (Pharma.AI) spanning target identification, molecule generation, and clinical trial outcome prediction. 



Healthcare Analyst

Wilfred Yuen

<ul>
<li>
Wuxi Apptec 2Q26 results beat on strong QoQ growth in TIDES. BeOne 2Q26 results driven by robust Brukinsa revenue (+14% QoQ to USD1.2bn). Zai 2Q26 +11% QoQ in product revenue</li>
<li>
Innovent robust 2Q26 product revenue +60% YoY (or +13% QoQ) to RMB4.3bn; RemeGen 1H26 results preview: strong revenue growth + turnaround in profit; Alphamab licensed-out TROP2/HER3 ADC to Pathos AI.</li>
<li>Other updates include Hengrui, Wuxi Biologics, Metis Techbio, CSPC, and Akeso.</li>
</ul>



Wuxi Apptec 2Q26 results beat on strong QoQ growth in TIDES. BeOne 2Q26 results driven by robust Brukinsa revenue (+14% QoQ to USD1.2bn). Zai 2Q26 +11% QoQ in product revenue

Innovent robust 2Q26 product revenue +60% YoY (or +13% QoQ) to RMB4.3bn; RemeGen 1H26 results preview: strong revenue growth + turnaround in profit; Alphamab licensed-out TROP2/HER3 ADC to Pathos AI.
Other updates include Hengrui, Wuxi Biologics, Metis Techbio, CSPC, and Akeso.


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 Oct 2nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight.


HK Short Interest Weekly: Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight

<ul>
<li>Akeso-Partner Summit Therapeutics released 2Q26 results. See our takeaways published earlier Akeso (9926.HK): SMMT 2Q26 Call Takeaways on Ivonescimab 
</li>
<li>
Harbour Bio, MicroPort MedBot, and Shanghai HeartCare released positive profit alerts; Wuxi Bio reached 10,000 molecules milestone; Ribo Life released positive Europe phase 2a study in its siRNA FXI inhibitor</li>
<li>
China's NMPA become the first approved Takeda's orexin narcolepsy drug; Science and Retraction Watch reported a girl death from a brain base-editing trial in Shanghai
</li>
</ul>


Akeso-Partner Summit Therapeutics released 2Q26 results. See our takeaways published earlier Akeso (9926.HK): SMMT 2Q26 Call Takeaways on Ivonescimab 


Harbour Bio, MicroPort MedBot, and Shanghai HeartCare released positive profit alerts; Wuxi Bio reached 10,000 molecules milestone; Ribo Life released positive Europe phase 2a study in its siRNA FXI inhibitor

China's NMPA become the first approved Takeda's orexin narcolepsy drug; Science and Retraction Watch reported a girl death from a brain base-editing trial in Shanghai



China Healthcare Weekly Wrap (20-24 July)

Cross Asset Strategy

<ul>
<li>The HSI broke support at the 24500 level as market breadth and momentum declined.  Southbound net buying turned negative in June as the Beijing strengthened enforcement efforts on overseas investments.</li>
<li>The industrials sector is the top performing sector in Hong Kong YTD, up 16%. <a href="https://www.smartkarma.com/entities/kingboard-holdings-limited" target="_blank" data-smartkarma-citation="entities:8122:1" rel="noopener">Kingboard (148 HK)</a> is the best performing stock in the sector since the Iran war ceasefire.</li>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> rallied along with the entire biotech sector as investors scooped up shares in the IPO of Alebund Pharmaceuticals Jiangsu (APJ HK), which doubled on its debut.
</li>
</ul>


The HSI broke support at the 24500 level as market breadth and momentum declined.  Southbound net buying turned negative in June as the Beijing strengthened enforcement efforts on overseas investments.
The industrials sector is the top performing sector in Hong Kong YTD, up 16%. Kingboard (148 HK) is the best performing stock in the sector since the Iran war ceasefire.

WuXi AppTec (2359 HK) rallied along with the entire biotech sector as investors scooped up shares in the IPO of Alebund Pharmaceuticals Jiangsu (APJ HK), which doubled on its debut.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (June 2026)

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/HK: AI & RX - Together At Last !!

China's AI-driven drug discovery (AIDD) sector is growing rapidly, with leading drug and biotech companies entering R&D and drug-development...

David Mudd

China Healthcare Weekly Wrap (3-7 Aug)

Wuxi Apptec 2Q results beat; BeOne 2Q driven by robust Brukinsa; Innovent robust 2Q product revenue +13% QoQ; Alphamab licensed-out TROP2/HER3 ADC...

Wilfred Yuen

HK Short Interest Weekly: Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight

We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd and highlight short interest changes in Lenovo, Baba, Meituan,...

Ke Yan, CFA, FRM

China Healthcare Weekly Wrap (20-24 July)

SMMT 2Q26 on Akeso-partnered ivonescimab; positive profit alerts from Harbour, MicroPort MedBot, Shanghai HeartCare; Wuxi Bio hit 10,000 molecules;...

Wilfred Yuen

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (June 2026)

WuXi AppTec (2359 HK) rallied along with the entire biotech sector as investors scooped up shares in the IPO of Alebund Pharmaceuticals Jiangsu...

David Mudd

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