HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Zhejiang Jingxin Pharmaceutical Co., / Equity Capital Markets

Zhejiang Jingxin Pharmaceutical Co., (002020 CH)

<ul>
<li>Jingxin isn’t a purely innovative drug company. Instead, it adopts a "generic + innovative" approach.Its competitive advantage doesn’t lie in disruptive technologies, but deep market penetration in specific therapeutic areas.</li>
<li>Due to VBP, profit margin is not satisfactory, but as Dimdazenil has been included in the NRDL, this product is expected to become an important growth point in the future.</li>
<li>Peers include CSPC, <a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical (2096 HK)</a>, <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Hengrui (1276 HK)</a>, <a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical (1177 HK)</a>. Based on our analysis, we think valuation of Jingxin would be lower than these four companies.</li>
</ul>


Jingxin isn’t a purely innovative drug company. Instead, it adopts a "generic + innovative" approach.Its competitive advantage doesn’t lie in disruptive technologies, but deep market penetration in specific therapeutic areas.
Due to VBP, profit margin is not satisfactory, but as Dimdazenil has been included in the NRDL, this product is expected to become an important growth point in the future.
Peers include CSPC, Simcere Pharmaceutical (2096 HK), Hengrui (1276 HK), Sino Biopharmaceutical (1177 HK). Based on our analysis, we think valuation of Jingxin would be lower than these four companies.


Pre-IPO Zhejiang Jingxin Pharmaceutical (A/H Listing) - Growth Path Returns as VBP Will Subside

Global Healthcare Analyst

Tina Banerjee

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> has announced 2025 result, with net profit increasing 27% YoY to RMB6B, beating market expectations, on 23% YoY revenue growth to RMB15B.</li>
<li>In 2025, revenue of innovative medicines increased 30% YoY to RMB12B and accounted for 82% (2024: 77%) of the revenue, becoming a core driver for sustainable growth.</li>
<li>Along with providing long-term revenue visibility, innovative pipeline is well-positioned to proactively seize opportunities for out-licensing and collaboration, enabling the company to explore the ex-China commercialization potential of its pipeline.</li>
</ul>



Hansoh Pharmaceutical Group (3692 HK) has announced 2025 result, with net profit increasing 27% YoY to RMB6B, beating market expectations, on 23% YoY revenue growth to RMB15B.
In 2025, revenue of innovative medicines increased 30% YoY to RMB12B and accounted for 82% (2024: 77%) of the revenue, becoming a core driver for sustainable growth.
Along with providing long-term revenue visibility, innovative pipeline is well-positioned to proactively seize opportunities for out-licensing and collaboration, enabling the company to explore the ex-China commercialization potential of its pipeline.


Hansoh Pharmaceutical (3692 HK): Innovative Drugs and BD Momentum Drive 2025 Performance

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we have presented our final expectations for ADDs/DELs for the HSCEI index for the June 2026 index rebal event.</li>
<li>In our last insight, one of the expected DELs were close to escaping deletion. However, according to our latest estimates, it has failed to escape deletion.</li>
<li>We see two ADDs/DELs and we estimate there to be capping flows of around US$194mn one-way. The capping flow expectations can change until early-June 2026, and indeed should increase.</li>
</ul>


In this insight, we have presented our final expectations for ADDs/DELs for the HSCEI index for the June 2026 index rebal event.
In our last insight, one of the expected DELs were close to escaping deletion. However, according to our latest estimates, it has failed to escape deletion.
We see two ADDs/DELs and we estimate there to be capping flows of around US$194mn one-way. The capping flow expectations can change until early-June 2026, and indeed should increase.


Quiddity Leaderboard HSCEI Jun26: Final Expectations for ADDs/DELs; US$194mn One-Way

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>Weak index performance and range break coincided with rising volatility and weak breadth across single stocks.</li>
<li>Option activity picked up sharply, with flows suggesting a more defensive tone emerging during the week.</li>
<li>A variety of metrics point towards a sharp increase in hedging.</li>
</ul>


Weak index performance and range break coincided with rising volatility and weak breadth across single stocks.
Option activity picked up sharply, with flows suggesting a more defensive tone emerging during the week.
A variety of metrics point towards a sharp increase in hedging.


Hong Kong Single Stock Options Weekly (Mar 23–27): Volatility Rises Amid Increased Hedging Activity

<ul>
<li>The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.</li>
<li>In this insight, we take a look at the rankings of potential ADDs/DELs and the resultant capping flow expectations for the June 2026 index rebal event.</li>
<li>At present, we see two changes based on the latest data but the rankings can change until 31st March 2026. One current "expected DELETE" name is close to escaping deletion.</li>
</ul>


The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.
In this insight, we take a look at the rankings of potential ADDs/DELs and the resultant capping flow expectations for the June 2026 index rebal event.
At present, we see two changes based on the latest data but the rankings can change until 31st March 2026. One current "expected DELETE" name is close to escaping deletion.


Quiddity Leaderboard HSCEI Jun26: Two ADDs/DELs Likely but One Name Close to Escaping Deletion

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Akeso (9926 HK)

Pre-IPO Zhejiang Jingxin Pharmaceutical (A/H Listing) - Growth Path Returns as VBP Will Subside

Jingxin's "generic + innovative" approach focus on market penetration rather than disruptive technology. Dimdazenil's inclusion in NRDL will drive...

Xinyao (Criss) Wang

Hansoh Pharmaceutical (3692 HK): Innovative Drugs and BD Momentum Drive 2025 Performance

Hansoh beats expectations with 27% YoY net profit growth to RMB6B in 2025, on 23% YoY revenue growth to RMB15B. Innovative medicines revenue...

Tina Banerjee

Quiddity Leaderboard HSCEI Jun26: Final Expectations for ADDs/DELs; US$194mn One-Way

The expected ADDs/DELs have roughly 0.4x-1.1x ADV to trade. Their individual flow sizes are in the range of US$30mn-US$73mn.

Janaghan Jeyakumar, CFA

Hong Kong Single Stock Options Weekly (Mar 23–27): Volatility Rises Amid Increased Hedging Activity

Rising volatility and weaker breadth set the tone for the week, with option flows and ETF activity pointing to a clear shift toward increased hedging.

John Ley

Quiddity Leaderboard HSCEI Jun26: Two ADDs/DELs Likely but One Name Close to Escaping Deletion

We see one high-conviction ADD/DEL and one low-conviction ADD/DEL. Since the reference period is not over yet, our expectations can still change.

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Zhejiang Jingxin Pharmaceutical (A/H Listing) - Growth Path Returns as VBP Will Subside

​Jingxin's "generic + innovative" approach focus on market penetration rather than disruptive technology. Dimdazenil's inclusion in NRDL will drive...

Xinyao (Criss) Wang

Hansoh Pharmaceutical (3692 HK): Innovative Drugs and BD Momentum Drive 2025 Performance

​Hansoh beats expectations with 27% YoY net profit growth to RMB6B in 2025, on 23% YoY revenue growth to RMB15B. Innovative medicines revenue...

Tina Banerjee

Quiddity Leaderboard HSCEI Jun26: Final Expectations for ADDs/DELs; US$194mn One-Way

The expected ADDs/DELs have roughly 0.4x-1.1x ADV to trade. Their individual flow sizes are in the range of US$30mn-US$73mn.

Janaghan Jeyakumar, CFA

Hong Kong Single Stock Options Weekly (Mar 23–27): Volatility Rises Amid Increased Hedging Activity

Rising volatility and weaker breadth set the tone for the week, with option flows and ETF activity pointing to a clear shift toward increased hedging.

John Ley

Quiddity Leaderboard HSCEI Jun26: Two ADDs/DELs Likely but One Name Close to Escaping Deletion

We see one high-conviction ADD/DEL and one low-conviction ADD/DEL. Since the reference period is not over yet, our expectations can still change.

Janaghan Jeyakumar, CFA

Jingxin's "generic + innovative" approach focus on market penetration rather than disruptive technology. Dimdazenil's inclusion in NRDL will drive...

Hansoh beats expectations with 27% YoY net profit growth to RMB6B in 2025, on 23% YoY revenue growth to RMB15B. Innovative medicines revenue...