HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Jiangsu Hengrui Medicine / Equity Bottom-Up

<ul>
<li>We analyzed the logic and the potential impact of the deal with CStone for CS1002 as well as the accounting estimate change related to R&amp;D spending.</li>
<li>There could be some share price rebound due to the short-term catalyst, and investors could choose to take advantage of it.</li>
<li>However, Hengrui has not been in its best time yet, and the Company still needs time for rebalancing. So, we remain conservative about the outlook at the current stage.</li>
</ul>


We analyzed the logic and the potential impact of the deal with CStone for CS1002 as well as the accounting estimate change related to R&amp;D spending.
There could be some share price rebound due to the short-term catalyst, and investors could choose to take advantage of it.
However, Hengrui has not been in its best time yet, and the Company still needs time for rebalancing. So, we remain conservative about the outlook at the current stage.


Jiangsu Hengrui Medicine (600276.CH)-The Deal with Cstone,the Accounting Estimate Change and Outlook

Thematic (Sector/Industry)

<ul>
<li>While the final results of 2021 national medical insurance negotiation have yet to be announced, here are what's circulating in the market.</li>
<li>The centralized procurement on spring coil in Hebei province would start soon, which means that the centralized procurement in the field of neuro-intervention in China has officially begun.</li>
<li>There is a phenomenon of "valuation upside down" in the primary and secondary market of healthcare investment, so we recommend investors to be more cautious and rational.</li>
</ul>


While the final results of 2021 national medical insurance negotiation have yet to be announced, here are what's circulating in the market.
The centralized procurement on spring coil in Hebei province would start soon, which means that the centralized procurement in the field of neuro-intervention in China has officially begun.
There is a phenomenon of "valuation upside down" in the primary and secondary market of healthcare investment, so we recommend investors to be more cautious and rational.


China Healthcare Weekly (Nov.12)-Medical Insurance Negotiation,Spring Coil VBP,Valuation Upside Down

Equity Capital Markets

Beijing Mabworks Biotech / Equity Capital Markets

On July 18, 2021, <a href="https://www.smartkarma.com/entities/beijing-mabworks-biotech-company-limited" target="_blank" data-smartkarma-citation="entities:33816:1" rel="noopener">Beijing Mabworks Biotech (MWB HK) </a>formally submitted its application to the HKEX for listing on the main board. It should be noted that Mabworks's application for listing on the SSE STAR Market was accepted in September last year, but the Company voluntarily withdrew its application in March this year. Mabworks is a clinical-stage biopharmaceutical company in China focusing on the discovery and development of differentiated antibody drugs. This insight mainly analyzed the clinical-stage drug candidates and related concerns of the Company.

On July 18, 2021, Beijing Mabworks Biotech (MWB HK) formally submitted its application to the HKEX for listing on the main board. It should be noted that Mabworks's application for listing on the SSE STAR Market was accepted in September last year, but the Company voluntarily withdrew its application in March this year. Mabworks is a clinical-stage biopharmaceutical company in China focusing on the discovery and development of differentiated antibody drugs. This insight mainly analyzed the clinical-stage drug candidates and related concerns of the Company.

Pre-IPO Beijing Mabworks Biotech - MIL62 Alone Cannot Save the Situation

In August, 2021, after <a href="https://www.smartkarma.com/entities/remegen-co-ltd" target="_blank" data-smartkarma-citation="entities:29191:1" rel="noopener">Remegen Co Ltd (9995 HK)</a> announced that the Company and Seagen Inc. had entered into an exclusive worldwide licensing agreement to develop and commercialize disitamab vedotin (RC48), the share price of RemeGen rose to HK$145.50/share, its second-highest ever. Meanwhile, in June, RemeGen submitted a prospectus to the SSE STAR Market, which was its second IPO application after its listing on the HKEX in November 2020. In September, RemeGen completed its reply to the first round enquiry by Shanghai Stock Exchange. Although RemeGen always seems to inadvertently bring "stimulation" to the market, from this enquiry and the business analysis, we could still find some concerns that worth investors’ attention.

In August, 2021, after Remegen Co Ltd (9995 HK) announced that the Company and Seagen Inc. had entered into an exclusive worldwide licensing agreement to develop and commercialize disitamab vedotin (RC48), the share price of RemeGen rose to HK$145.50/share, its second-highest ever. Meanwhile, in June, RemeGen submitted a prospectus to the SSE STAR Market, which was its second IPO application after its listing on the HKEX in November 2020. In September, RemeGen completed its reply to the first round enquiry by Shanghai Stock Exchange. Although RemeGen always seems to inadvertently bring "stimulation" to the market, from this enquiry and the business analysis, we could still find some concerns that worth investors’ attention. 

Remegen Co Ltd (9995.HK) - Insights About the First Round Enquiry by Shanghai Stock Exchange

Sihuan Pharmaceutical Hldgs / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/sihuan-pharmaceutical-hldgs" target="_blank" data-smartkarma-citation="entities:33:1" rel="noopener">Sihuan Pharmaceutical Hldgs (460 HK)</a>’s share price fell for two consecutive days on Sep.27 and Sep.28, decreasing 11% and 17.98%, respectively. According to public news, recently, Sihuan filed a lawsuit against CBC Group for infringement of trade secrets and such lawsuit has been formally accepted by the Beijing Intellectual Property Court. Meanwhile, there are also concerns on the acquisition of Hugel by CBC Group that may affect Sihuan’s exclusive distribution rights in China for Botulinum Toxin Type A (Letybo) and Hyaluronic Acid. On Sep.30, Sihuan made an announcement to claim that the Company does not expect its exclusive distribution rights will be affected by the Hugel Acquisition. This insight mainly analyzed the potential impact of the acquisition, the business and the outlook of the Company.

Sihuan Pharmaceutical Hldgs (460 HK)’s share price fell for two consecutive days on Sep.27 and Sep.28, decreasing 11% and 17.98%, respectively. According to public news, recently, Sihuan filed a lawsuit against CBC Group for infringement of trade secrets and such lawsuit has been formally accepted by the Beijing Intellectual Property Court. Meanwhile, there are also concerns on the acquisition of Hugel by CBC Group that may affect Sihuan’s exclusive distribution rights in China for Botulinum Toxin Type A (Letybo) and Hyaluronic Acid. On Sep.30, Sihuan made an announcement to claim that the Company does not expect its exclusive distribution rights will be affected by the Hugel Acquisition. This insight mainly analyzed the potential impact of the acquisition, the business and the outlook of the Company.

Sihuan Pharmaceutical (460.HK) - The Dispute with CBC Group, the Business and the Outlook

China

Alphamab Oncology produces and sells drugs. The Company manufactures and sells tumor immunobiology macromolecular targeted drug and other products. Alphamab Oncology provides services worldwide.

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Alphamab Co Ltd (9966 HK)

Jiangsu Hengrui Medicine (600276.CH)-The Deal with Cstone,the Accounting Estimate Change and Outlook

The article analyzed Hengrui in terms of the logic and the potential impact of the deal with CStone and the accounting estimate change,the short...

Xinyao (Criss) Wang

China Healthcare Weekly (Nov.12)-Medical Insurance Negotiation,Spring Coil VBP,Valuation Upside Down

This insight mainly analyzed some news circulating about 2021 national medical insurance negotiation results, VBP on spring coil in Hebei and...

Xinyao (Criss) Wang

Pre-IPO Beijing Mabworks Biotech - MIL62 Alone Cannot Save the Situation

This article mainly analyzed Mabworks Biotech in terms of the important clinical-stage drug candidates (MIL62, MIL93, MBS301, MIL97, MIL95, MIL86,...

Xinyao (Criss) Wang

Remegen Co Ltd (9995.HK) - Insights About the First Round Enquiry by Shanghai Stock Exchange

This article mainly analyzed RemeGen in terms of its reply to Shanghai Stock Exchange’s first round enquiry, the core products, the pipeline, the...

Xinyao (Criss) Wang

Sihuan Pharmaceutical (460.HK) - The Dispute with CBC Group, the Business and the Outlook

This article mainly analyzed the dispute between Sihuan and CBC Group, the potential impact of the Hugel Acquisition, Sihuan's medical beauty...

Xinyao (Criss) Wang

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