HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

Industry viewpoints:<ul>
<li>Medical institutions in 10 provinces (municipalities and autonomous regions) have implemented the alliance volume-based purchase (VBP) of commonly used drugs and drugs that in short supply.</li>
<li>The COVID-19 vaccine has entered the second half of development.</li>
<li>From January to April this year, the number of CDE acceptance increased significantly compared with the same period last year</li>
</ul>Company news:News about the updated M&amp;A deal and new progress on drugs of <a href="https://www.smartkarma.com/entities/hygeia-healthcare-group" target="_blank" data-smartkarma-citation="entities:28875:1" rel="noopener">Hygeia Healthcare Group (6078 HK)</a>, <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>, <a href="https://www.smartkarma.com/entities/luye-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:488:1" rel="noopener">Luye Pharma (2186 HK)</a> and <a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a>.Market review:Last week, stock price for healthcare sector in A share increased 0.9%, while CSI 300 increased 3.64% over the same period of time. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
Medical institutions in 10 provinces (municipalities and autonomous regions) have implemented the alliance volume-based purchase (VBP) of commonly used drugs and drugs that in short supply.
The COVID-19 vaccine has entered the second half of development.
From January to April this year, the number of CDE acceptance increased significantly compared with the same period last year
Company news:News about the updated M&amp;A deal and new progress on drugs of Hygeia Healthcare Group (6078 HK), Innovent Biologics Inc (1801 HK), Luye Pharma (2186 HK) and CSPC Pharmaceutical Group (1093 HK).Market review:Last week, stock price for healthcare sector in A share increased 0.9%, while CSI 300 increased 3.64% over the same period of time. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

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.

Equity Capital Markets

Sichuan Kelun-Biotech Biopharmaceutical / Equity Capital Markets

Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-kelun-biotech-biopharmaceutical-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:40071:1" rel="noopener">Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)</a> is looking to raise up to US$350m from a primary placement.</li>
<li>Kelun is a China-based biopharmaceutical company focused on developing and commercializing innovative oncology therapies, with a particular emphasis on antibody-drug conjugates (ADCs), bispecific antibodies, and other biologics.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Sichuan Kelun-Biotech Biopharmaceutical (6990 HK) is looking to raise up to US$350m from a primary placement.
Kelun is a China-based biopharmaceutical company focused on developing and commercializing innovative oncology therapies, with a particular emphasis on antibody-drug conjugates (ADCs), bispecific antibodies, and other biologics.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Kelun-Biotech Placement - Steady Performance; Valuation May Temper Appeal

Industry viewpoints:<ul>
<li>At present, the market is too enthusiastic about innovative drugs, which could result in a serious decline in the rate of return on investment and output.</li>
<li>The demand of CDMO of cell and gene therapy would be higher than that of biological drug CDMO in the future.</li>
<li>China's meal replacement market is currently the fastest growing in the world.</li>
</ul>Company news:News about the updated progress on new drugs of <a href="https://www.smartkarma.com/entities/shanghai-junshi-bioscience-h" target="_blank" data-smartkarma-citation="entities:27760:1" rel="noopener">Shanghai Junshi Bioscience Co. Ltd. (1877 HK), </a><a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a>, <a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a> and <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene Ltd (6160 HK)</a>.Market review:Last week, stock price for healthcare sector in A share increased (+4.72%), while CSI 300 decreased (-0.23%) over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
At present, the market is too enthusiastic about innovative drugs, which could result in a serious decline in the rate of return on investment and output.
The demand of CDMO of cell and gene therapy would be higher than that of biological drug CDMO in the future.
China's meal replacement market is currently the fastest growing in the world.
Company news:News about the updated progress on new drugs of Shanghai Junshi Bioscience Co. Ltd. (1877 HK), Jiangsu Hengrui Medicine (600276 CH), Akeso Biopharma Inc (9926 HK) and BeiGene Ltd (6160 HK).Market review:Last week, stock price for healthcare sector in A share increased (+4.72%), while CSI 300 decreased (-0.23%) over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

With the gradual marketing of biological drugs, almost all of the world's top ten blockbuster drugs were dominated by biological drugs. From the global total sales of blockbuster drugs announced in 2020, the top three were AbbVie's Humira ($19,832 million sales in 2020), Merck’s Keytruda ($14,380 million sales in 2020) and BMS’s Revlimid ($12,106 million sales in 2020). Throughout the world, biological drugs have become the main direction of future development. In China, domestic pharmaceutical enterprises have also laid out biological drug products in their pipelines. The following mainly analyzed the development situation and investment opportunities in this market.

With the gradual marketing of biological drugs, almost all of the world's top ten blockbuster drugs were dominated by biological drugs. From the global total sales of blockbuster drugs announced in 2020, the top three were AbbVie's Humira ($19,832 million sales in 2020), Merck’s Keytruda ($14,380 million sales in 2020) and BMS’s Revlimid ($12,106 million sales in 2020). Throughout the world, biological drugs have become the main direction of future development. In China, domestic pharmaceutical enterprises have also laid out biological drug products in their pipelines. The following mainly analyzed the development situation and investment opportunities in this market. 

Industry Report - Insights on China Biological Drug Market

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Hong Kong equities found firmer footing as global semiconductor volatility picked up amid an ongoing rotation.</li>
<li>Index and single stock implied vols continue to diverge and are nearing levels normally seen in periods of distress.</li>
<li>Health Care was the standout sector this week, with gains spread across the full group.</li>
</ul>


Hong Kong equities found firmer footing as global semiconductor volatility picked up amid an ongoing rotation.
Index and single stock implied vols continue to diverge and are nearing levels normally seen in periods of distress.
Health Care was the standout sector this week, with gains spread across the full group.


Hong Kong Single Stock Options Weekly June 29–July 03: Semi Rotation Drives a Shift in Tone

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 (May.28)

This article mainly analyzed the two new alliance volume-based purchase documents, COVID-19 vaccine development, CDE acceptance of biological...

Xinyao (Criss) Wang

Aequitas: Kelun-Biotech Placement - Steady Performance; Valuation May Temper Appeal

Sichuan Kelun-Biotech Biopharmaceutical Co is looking to raise up to US$350m from a primary placement. In this note, we will talk about the...

Akshat Shah

China Healthcare Weekly (Apr.30)

The insight analyzed industry viewpoints including the concerns on ROE of innovative drugs, the demand of CDMO of cell and gene therapy, China's...

Xinyao (Criss) Wang

Industry Report - Insights on China Biological Drug Market

The article analyzed China biological drug market in terms of monoclonal antibody, bispecific antibody,ADC,domestic application to NMPA and also...

Xinyao (Criss) Wang

Hong Kong Single Stock Options Weekly June 29–July 03: Semi Rotation Drives a Shift in Tone

Semi rotation, firmer Hong Kong equities, elevated single stock implied vols, and broad Health Care strength shaped the week in Hong Kong options.

John Ley

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