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

DZT Research

DZT 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.

Event-Driven

<ul>
<li>We review the HSLMI universe for potential candidates for the upcoming HSI May 2026 review.</li>
<li>Two stocks stand out as high-conviction candidates for index inclusion this cycle.</li>
<li>The rest of the shortlist looks more marginal and more dependent on committee discretion.</li>
</ul>


We review the HSLMI universe for potential candidates for the upcoming HSI May 2026 review.
Two stocks stand out as high-conviction candidates for index inclusion this cycle.
The rest of the shortlist looks more marginal and more dependent on committee discretion.


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.

Index Rebalance

Zijin Gold International / Index Rebalance

<ul>
<li>We screen for HSI ADD candidates ahead of the review result, due on 20 Nov 2026 after market close.</li>
<li>Four stocks are screened as mid-conviction ADD candidates this cycle.</li>
<li>Three of the four are in the most underweight industry group, and the fourth is in Healthcare.</li>
</ul>


We screen for HSI ADD candidates ahead of the review result, due on 20 Nov 2026 after market close.
Four stocks are screened as mid-conviction ADD candidates this cycle.
Three of the four are in the most underweight industry group, and the fourth is in Healthcare.


Healthcare Analyst

Wilfred Yuen

Thematic (Sector/Industry)

<ul>
<li>
Hutchmed licensed out ex-China rights of KRAS-EGFR cancer asset to GSK for US$1.3bn and Simcere licensed out a B-cell targeting trispecific to Roche for US$1.5bn. Both assets are preclinical</li>
<li>
Hengrui presented phase 3 results of SHR-1918 (ANGPTL3) and phase 2 results of HRS-5346 (Lp(a)) at ESC Congress. Separately, for Lp(a), Novartis yesterday said pelacarsen failed in a phase 3</li>
<li>Other updates/news include BeOne, Sino Biopharma, Genscript, Akeso, Hansoh, MediLink...
</li>
</ul>



Hutchmed licensed out ex-China rights of KRAS-EGFR cancer asset to GSK for US$1.3bn and Simcere licensed out a B-cell targeting trispecific to Roche for US$1.5bn. Both assets are preclinical

Hengrui presented phase 3 results of SHR-1918 (ANGPTL3) and phase 2 results of HRS-5346 (Lp(a)) at ESC Congress. Separately, for Lp(a), Novartis yesterday said pelacarsen failed in a phase 3
Other updates/news include BeOne, Sino Biopharma, Genscript, Akeso, Hansoh, MediLink...



China Healthcare Weekly Wrap (31 Aug - 4 Sep)

<ul>
<li>We track 36 major commercial-stage biotech/pharma companies in China to analyse the following key trends: 1) innovative drugs sales growth, 2) BD contribution (upfront + milestone payments), 3) upcoming catalysts/readouts</li>
<li>Key 1H26 results takeaways: 1) Innovent new revenue target of RMB30-35bn by 2030, 2) Hengrui 2Q26 missed by oncology and generics; 3) CSPC: highest BD income; 4) Hansoh robust 1H26...</li>
<li>Upcoming catalysts through early 2027: 1) ESMO data in October eg. sac-TMT's Lung06 data, 2) SMMT/Akeso: Harmoni-3 sqNSCLC: final PFS/interim OS, 3) Innovent IBI363 China pivotal melanoma/ PoC NSCLC data...</li>
</ul>


We track 36 major commercial-stage biotech/pharma companies in China to analyse the following key trends: 1) innovative drugs sales growth, 2) BD contribution (upfront + milestone payments), 3) upcoming catalysts/readouts
Key 1H26 results takeaways: 1) Innovent new revenue target of RMB30-35bn by 2030, 2) Hengrui 2Q26 missed by oncology and generics; 3) CSPC: highest BD income; 4) Hansoh robust 1H26...
Upcoming catalysts through early 2027: 1) ESMO data in October eg. sac-TMT's Lung06 data, 2) SMMT/Akeso: Harmoni-3 sqNSCLC: final PFS/interim OS, 3) Innovent IBI363 China pivotal melanoma/ PoC NSCLC data...


China Biotech/Pharma Sector: 1H26 Results Wrap and Pipeline Catalyst Table

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene (6160 HK)</a> reported 2025 revenues of $5.3B, up 40% YoY driven primarily by growth in Brukinsa (zanubrutinib) sales in the U.S. and Europe.</li>
<li>In 2025, sale of Brukinsa was $3.9B, up 49% YoY. For five consequtive quarters now, Brukinsa outpaced its closest competitor Calquence which reported global revenue of $3.5B in 2025.</li>
<li>The company’s second CLL drug candidate, Sonrotoclax has received first global approval in China for relapsed/refractory (R/R) MCL, CLL &amp; SLL.</li>
</ul>



BeiGene (6160 HK) reported 2025 revenues of $5.3B, up 40% YoY driven primarily by growth in Brukinsa (zanubrutinib) sales in the U.S. and Europe.
In 2025, sale of Brukinsa was $3.9B, up 49% YoY. For five consequtive quarters now, Brukinsa outpaced its closest competitor Calquence which reported global revenue of $3.5B in 2025.
The company’s second CLL drug candidate, Sonrotoclax has received first global approval in China for relapsed/refractory (R/R) MCL, CLL &amp; SLL.


BeiGene (6160 HK): Brukinsa Growth Momentum Lifts 2025, 2026 Guidance Announced

China

BeiGene, Ltd. operates as a commercial stage biopharmaceutical company. The Company focuses on discovery, development, and commercialization of molecularly targeted and immuno-oncology drugs for the treatment of cancer. BeiGene serves patients worldwide.

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

BeOne (ONC US)

HSI May 2026 Index Review Forecast

HSI May 2026 forecast: we expect BeOne and Zijin Gold to enter, no delete, with Healthcare and EMIC still the clearest sector gaps.

Ke Yan, CFA, FRM

HSI Dec 2026 Index Rebalance Forecast

We expect 4 mid-conviction ADDs with no DELETE, and Energy, Materials, Industrials, Conglomerates remains the most underweight industry group in...

Ke Yan, CFA, FRM

China Healthcare Weekly Wrap (31 Aug - 4 Sep)

Key news this week: 1) licensing deals from Hutchmed and Simcere; 2) Hengrui's data of heart drugs in ESC. Separately, pelacarsen from Novartis...

Wilfred Yuen

China Biotech/Pharma Sector: 1H26 Results Wrap and Pipeline Catalyst Table

We track 36 major commercial-stage biotech/pharma companies in China for key takeaways/readthroughs and updated sector's major pipeline catalysts...

Wilfred Yuen

BeiGene (6160 HK): Brukinsa Growth Momentum Lifts 2025, 2026 Guidance Announced

BeiGene reported strong 2025 revenues of $5.3B, driven by growth in Brukinsa. Sonrotoclax received first global approval in China. 2026 Revenue...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSI May 2026 Index Review Forecast

HSI May 2026 forecast: we expect BeOne and Zijin Gold to enter, no delete, with Healthcare and EMIC still the clearest sector gaps.

Ke Yan, CFA, FRM

HSI Dec 2026 Index Rebalance Forecast

We expect 4 mid-conviction ADDs with no DELETE, and Energy, Materials, Industrials, Conglomerates remains the most underweight industry group in...

Ke Yan, CFA, FRM

China Healthcare Weekly Wrap (31 Aug - 4 Sep)

Key news this week: 1) licensing deals from Hutchmed and Simcere; 2) Hengrui's data of heart drugs in ESC. Separately, pelacarsen from Novartis...

Wilfred Yuen

China Biotech/Pharma Sector: 1H26 Results Wrap and Pipeline Catalyst Table

We track 36 major commercial-stage biotech/pharma companies in China for key takeaways/readthroughs and updated sector's major pipeline catalysts...

Wilfred Yuen

BeiGene (6160 HK): Brukinsa Growth Momentum Lifts 2025, 2026 Guidance Announced

​BeiGene reported strong 2025 revenues of $5.3B, driven by growth in Brukinsa. Sonrotoclax received first global approval in China. 2026 Revenue...

Tina Banerjee

BeiGene reported strong 2025 revenues of $5.3B, driven by growth in Brukinsa. Sonrotoclax received first global approval in China. 2026 Revenue...