HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Ascletis Pharma Inc / Equity Capital Markets

<ul>
<li>The 25H1 results of JD Health beat expectations. Due to the strong financial position/positive growth outlook, reasonable valuation of JD Health is P/S of 3 to 4x.</li>
<li>Ascletis announced Share Placing.If ASC30's Phase IIa data remain excellent, potential BD/licensing deal would drive valuation to HK$25bn. However, if clinical data is disappointing, valuation may fall below HK$12 billion.</li>
<li>Reasonable valuation of Hansoh is about RMB108-111 billion. So, the Placing Price of HK$36.30 per Placing Share is expensive. We think the valuation of Hansoh should be lower than BeiGene.</li>
</ul>


The 25H1 results of JD Health beat expectations. Due to the strong financial position/positive growth outlook, reasonable valuation of JD Health is P/S of 3 to 4x.
Ascletis announced Share Placing.If ASC30's Phase IIa data remain excellent, potential BD/licensing deal would drive valuation to HK$25bn. However, if clinical data is disappointing, valuation may fall below HK$12 billion.
Reasonable valuation of Hansoh is about RMB108-111 billion. So, the Placing Price of HK$36.30 per Placing Share is expensive. We think the valuation of Hansoh should be lower than BeiGene.


China Healthcare Weekly (Aug.24)-JD Health 25H1 Results, Hansoh Placement, Ascletis Pharma Placement

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Hansoh Pharmaceutical Group  / Equity Capital Markets

<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> aims to raise around US$500m via a primary placement.</li>
<li>The stock has done exceptionally well this year but is now trading at near its all-time highs and it doesn’t really need the cash.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Hansoh Pharmaceutical Group (3692 HK) aims to raise around US$500m via a primary placement.
The stock has done exceptionally well this year but is now trading at near its all-time highs and it doesn’t really need the cash.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Hansoh Pharma Placement - Somewhat Expected but Still Opportunistic

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Hang Seng Index is the main benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to predict index changes.</li>
<li>In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes during the next review in September 2025.</li>
<li>The index changes are expected to be confirmed on 22nd August 2025.</li>
</ul>


The Hang Seng Index is the main benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to predict index changes.
In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes during the next review in September 2025.
The index changes are expected to be confirmed on 22nd August 2025.


Quiddity Leaderboard Hang Seng Index Sep25: BeOne, TME, and Pop Mart Among Our Top Picks

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 8th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in BYD, Tencent, Wuxi Apptec, China Shenhua Energy, Beigene.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 8th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in BYD, Tencent, Wuxi Apptec, China Shenhua Energy, Beigene.


HK Short Interest Weekly: BYD, Tencent, Wuxi Apptec, China Shenhua Energy, Beigene

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 15th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Xiaomi, Kuaishou, Wuxi Biologics, Alibaba, BYD Electronic, Anta, China Mobile, China Life, Zai Lab.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 15th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Xiaomi, Kuaishou, Wuxi Biologics, Alibaba, BYD Electronic, Anta, China Mobile, China Life, Zai Lab.


HK Connect Flows Weekly (Aug 15th): Xiaomi, Kuaishou, Wuxi Biologics, Alibaba, BYD Electronic, Anta

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.

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BeiGene (6160 HK)

China Healthcare Weekly (Aug.24)-JD Health 25H1 Results, Hansoh Placement, Ascletis Pharma Placement

JD Health 25H1 strong financial position and positive growth outlook support 3-4x P/S.Ascletis' potential valuation hinges on ASC30's clinical...

Xinyao (Criss) Wang

Hansoh Pharma Placement - Somewhat Expected but Still Opportunistic

Hansoh Pharmaceutical Group (3692 HK) aims to raise around US$500m via a primary placement. In this note, we talk about the deal dynamics.

Sumeet Singh

Quiddity Leaderboard Hang Seng Index Sep25: BeOne, TME, and Pop Mart Among Our Top Picks

The official index change results for the Hang Seng index Sep25 review will be announced publicly on Friday (after market close). This might be a...

Janaghan Jeyakumar, CFA

HK Short Interest Weekly: BYD, Tencent, Wuxi Apptec, China Shenhua Energy, Beigene

We analyzed the latest HK SFC report for aggregate short position as of Aug 8th and highlight short interest changes in BYD, Tencent, Wuxi Apptec,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Aug 15th): Xiaomi, Kuaishou, Wuxi Biologics, Alibaba, BYD Electronic, Anta

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, Kuaishou, Wuxi Biologics, Alibaba, BYD...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Healthcare Weekly (Aug.24)-JD Health 25H1 Results, Hansoh Placement, Ascletis Pharma Placement

​JD Health 25H1 strong financial position and positive growth outlook support 3-4x P/S.Ascletis' potential valuation hinges on ASC30's clinical...

Xinyao (Criss) Wang

Hansoh Pharma Placement - Somewhat Expected but Still Opportunistic

Hansoh Pharmaceutical Group (3692 HK) aims to raise around US$500m via a primary placement. In this note, we talk about the deal dynamics.

Sumeet Singh

Quiddity Leaderboard Hang Seng Index Sep25: BeOne, TME, and Pop Mart Among Our Top Picks

The official index change results for the Hang Seng index Sep25 review will be announced publicly on Friday (after market close). This might be a...

Janaghan Jeyakumar, CFA

HK Short Interest Weekly: BYD, Tencent, Wuxi Apptec, China Shenhua Energy, Beigene

We analyzed the latest HK SFC report for aggregate short position as of Aug 8th and highlight short interest changes in BYD, Tencent, Wuxi Apptec,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Aug 15th): Xiaomi, Kuaishou, Wuxi Biologics, Alibaba, BYD Electronic, Anta

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, Kuaishou, Wuxi Biologics, Alibaba, BYD...

Ke Yan, CFA, FRM

JD Health 25H1 strong financial position and positive growth outlook support 3-4x P/S.Ascletis' potential valuation hinges on ASC30's clinical...