External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Zanubrutinib continued to show PFS superiority vs ibrutinib with longer follow-up.</li><li>Sonrotoclax (BCL2i) could be a game changer.</li><li>BTK-CDAC to solve the BTKi-resistant issues.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zanubrutinib continued to show PFS superiority vs ibrutinib with longer follow-up.Sonrotoclax (BCL2i) could be a game changer.BTK-CDAC to solve the BTKi-resistant issues.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BeiGene (BGNE US) – Three Synergistic Haematology BIC/FIC Molecules Showing Promising Data

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>With the review period complete, <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene (6160 HK)</a> could replace <a href="https://www.smartkarma.com/entities/anhui-conch-cement-co-ltd" target="_blank" data-smartkarma-citation="entities:159:1" rel="noopener">Anhui Conch Cement (914 HK)</a> in the <a href="https://www.smartkarma.com/entities/ishares-china-large-cap-etf" target="_blank" data-smartkarma-citation="entities:766:1" rel="noopener">iShares China Large-Cap (FXI) (FXI US)</a> in December.</li>
<li>There will be over 2 days of ADV to buy in <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene (6160 HK)</a> and nearly 2 days of ADV to sell in <a href="https://www.smartkarma.com/entities/anhui-conch-cement-co-ltd" target="_blank" data-smartkarma-citation="entities:159:1" rel="noopener">Anhui Conch Cement (914 HK)</a>. </li>
<li>Short interest has been increasing in <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene (6160 HK)</a> and dropping in <a href="https://www.smartkarma.com/entities/anhui-conch-cement-co-ltd" target="_blank" data-smartkarma-citation="entities:159:1" rel="noopener">Anhui Conch Cement (914 HK)</a> over the last few months.</li>
</ul>


With the review period complete, BeiGene (6160 HK) could replace Anhui Conch Cement (914 HK) in the iShares China Large-Cap (FXI) (FXI US) in December.
There will be over 2 days of ADV to buy in BeiGene (6160 HK) and nearly 2 days of ADV to sell in Anhui Conch Cement (914 HK). 
Short interest has been increasing in BeiGene (6160 HK) and dropping in Anhui Conch Cement (914 HK) over the last few months.


FXI Rebalance Preview: One Potential Change in December

<ul><li>Strong sales of zanubrutinib continued. In 3Q23, BeiGene recorded product sales of US$595mn (+8% QoQ or +70% YoY).</li><li>Zanubrutinib (zanu) maintained a strong sales momentum, with revenue increasing 16% QoQ or 130% YoY to US$358mn in 3Q23 (vs +46% QoQ growth in 2Q23), mainly driven by sales growth in the US.</li><li>In 3Q23, zanu sales in the US increased 21% QoQ to US$270mn (vs +61% QoQ in 2Q23), thanks to the continuous adoption among CLL/SLL patients. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong sales of zanubrutinib continued. In 3Q23, BeiGene recorded product sales of US$595mn (+8% QoQ or +70% YoY).Zanubrutinib (zanu) maintained a strong sales momentum, with revenue increasing 16% QoQ or 130% YoY to US$358mn in 3Q23 (vs +46% QoQ growth in 2Q23), mainly driven by sales growth in the US.In 3Q23, zanu sales in the US increased 21% QoQ to US$270mn (vs +61% QoQ in 2Q23), thanks to the continuous adoption among CLL/SLL patients. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BeiGene (BGNE US) – Strong Sales Momentum Continued in 3Q

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>BeiGene performed well in 23Q3. Product sales maintained strong growth momentum. Together with effective cost control measures, net loss significantly narrowed (close to breakeven), which exceeds expectation.</li>
<li>BeiGene plans to rely primarily on BRUKINSA/tislelizumab to achieve breakeven, which means BRUKINSA needs to contribute about US$2 billion revenue. Given prescriptions volume, however, Astrazeneca’s Calquence is the biggest holdup.</li>
<li>Whether BeiGene's overall revenue can reach US$4 billion is the key point of marginal change in logic. How to further reduce SG&amp;A/R&amp;D expenses has become important topic at this stage.</li>
</ul>


BeiGene performed well in 23Q3. Product sales maintained strong growth momentum. Together with effective cost control measures, net loss significantly narrowed (close to breakeven), which exceeds expectation.
BeiGene plans to rely primarily on BRUKINSA/tislelizumab to achieve breakeven, which means BRUKINSA needs to contribute about US$2 billion revenue. Given prescriptions volume, however, Astrazeneca’s Calquence is the biggest holdup.
Whether BeiGene's overall revenue can reach US$4 billion is the key point of marginal change in logic. How to further reduce SG&amp;A/R&amp;D expenses has become important topic at this stage.


BeiGene (6160.HK/​BGNE.US) 23Q3 - Beautiful Story Is About to Happen

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.

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

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)

BeiGene (BGNE US) – Three Synergistic Haematology BIC/FIC Molecules Showing Promising Data

Additional studies presented at ASH indicated that zanu provided meaningful benefits for acalabrutinib-intolerant patients, which could lead to...

CMB International

FXI Rebalance Preview: One Potential Change in December

Beigene could replace Anhui Conch Cement in the FXI ETF in Dec. Passives will need to trade around 2x ADV in both stocks. Shorts have increased in...

Brian Freitas

BeiGene (BGNE US) – Strong Sales Momentum Continued in 3Q

In 3Q23, zanu sales in the US increased 21% QoQ to US$270mn (vs +61% QoQ in 2Q23), thanks to the continuous adoption among CLL/SLL patients.

CMB International

BeiGene (6160.HK/BGNE.US) 23Q3 - Beautiful Story Is About to Happen

BeiGene’s 23Q3 results exceed expectation as the Company is close to breakeven. Total revenue of US$4 billion is the next 'fortress' for BeiGene to...

Xinyao (Criss) Wang

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BeiGene (BGNE US) – Three Synergistic Haematology BIC/FIC Molecules Showing Promising Data

Additional studies presented at ASH indicated that zanu provided meaningful benefits for acalabrutinib-intolerant patients, which could lead to...

CMB International

FXI Rebalance Preview: One Potential Change in December

Beigene could replace Anhui Conch Cement in the FXI ETF in Dec. Passives will need to trade around 2x ADV in both stocks. Shorts have increased in...

Brian Freitas

BeiGene (BGNE US) – Strong Sales Momentum Continued in 3Q

In 3Q23, zanu sales in the US increased 21% QoQ to US$270mn (vs +61% QoQ in 2Q23), thanks to the continuous adoption among CLL/SLL patients.

CMB International

BeiGene (6160.HK/​BGNE.US) 23Q3 - Beautiful Story Is About to Happen

BeiGene’s 23Q3 results exceed expectation as the Company is close to breakeven. Total revenue of US$4 billion is the next 'fortress' for BeiGene to...

Xinyao (Criss) Wang

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

BeiGene (6160.HK/BGNE.US) 23Q3 - Beautiful Story Is About to Happen