HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The recent surge in Eurozone sovereign yields, particularly for France, has created pressure on the outlook for some HK-listed companies. </li>
<li>While the 100 largest companies generated an average of only 6% of revenue from Europe, 10 companies derived over 20%.</li>
<li>
<a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison (1 HK)</a> group, <a href="https://www.smartkarma.com/entities/shein-global-holdings-limited" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global (625 HK)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corporation-class-b" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi (1810 HK)</a>, <a href="https://www.smartkarma.com/entities/lenovo-group-limited" target="_blank" data-smartkarma-citation="entities:13359:1" rel="noopener">Lenovo (992 HK)</a>, <a href="https://www.smartkarma.com/entities/wuxi-biologics-cayman-inc" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a> group, and <a href="https://www.smartkarma.com/entities/cosco-shipping-holdings-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:286:1" rel="noopener">COSCO SHIPPING Holdings (1919 HK)</a> are the top. </li>
</ul>


The recent surge in Eurozone sovereign yields, particularly for France, has created pressure on the outlook for some HK-listed companies. 
While the 100 largest companies generated an average of only 6% of revenue from Europe, 10 companies derived over 20%.

CK Hutchison (1 HK) group, SHEIN Global (625 HK), Xiaomi (1810 HK), Lenovo (992 HK), Wuxi Biologics (2269 HK) group, and COSCO SHIPPING Holdings (1919 HK) are the top. 


HK Strategy: Exposure to Europe - Who Are at Risk?

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

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Equity Bottom-Up

<ul><li>BeOne Medicines reported strong financial and operational results for the second quarter of 2026, demonstrating growth across its commercial portfolio alongside significant pipeline advancements.</li><li>Total revenues increased by 30% year-over-year to $1.7 billion, driven primarily by BRUKINSA, their flagship BTK inhibitor, which achieved over $1.2 billion in global sales—a 31% increase compared to the prior year.</li><li>Notably, BRUKINSA maintained market leadership in both the U.S. and globally and expanded its use across five approved B-cell malignancy indications.</li></ul>

BeOne Medicines reported strong financial and operational results for the second quarter of 2026, demonstrating growth across its commercial portfolio alongside significant pipeline advancements.Total revenues increased by 30% year-over-year to $1.7 billion, driven primarily by BRUKINSA, their flagship BTK inhibitor, which achieved over $1.2 billion in global sales—a 31% increase compared to the prior year.Notably, BRUKINSA maintained market leadership in both the U.S. and globally and expanded its use across five approved B-cell malignancy indications.

BeOne Medicines Is Not Just A BRUKINSA Story — Its Oncology Pipeline Is Expanding!

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beone-medicines-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeOne Medicines (6160 HK)</a> better-than-expected 2Q26 results, with total revenue of $1.7B, up 30% YoY, driven by 31% revenue growth of Brukinsa. Both operating and net incomes recorded triple-digit growth.</li>
<li>BeOne raised 2026 guidance for the second time this year. The company has raised revenue outlook by $300M to $6.6–6.8B, reflecting continued strength seen across the portfolio.</li>
<li>BeOne has established its innovation prowess, which lends visibility beyond Brukinsa. 2026 is a pivotal year with new approvals, label expansions, and late-stage trial data readouts.</li>
</ul>



BeOne Medicines (6160 HK) better-than-expected 2Q26 results, with total revenue of $1.7B, up 30% YoY, driven by 31% revenue growth of Brukinsa. Both operating and net incomes recorded triple-digit growth.
BeOne raised 2026 guidance for the second time this year. The company has raised revenue outlook by $300M to $6.6–6.8B, reflecting continued strength seen across the portfolio.
BeOne has established its innovation prowess, which lends visibility beyond Brukinsa. 2026 is a pivotal year with new approvals, label expansions, and late-stage trial data readouts.


BeOne Medicines (6160 HK): Brukinsa Drives Robust 2Q Performance; Consecutive Guidance Raise

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

<ul><li>BeOne Medicines (6160 HK, NR) announced that its 1H26 revenues of US$3.2bn increased 32% y/y, driven primarily by growth in BRUKINSA product sales in the US and Europe.</li><li>The GAAP net income increased from US$95.6mn in 1H25 to US$464.4mn in 1H26.</li><li>We expect BeOne Medicines to maintain a high growth rate, driven by the successful marketing of BRUKINSA in the US and EU, with additional indications approved in overseas markets.</li></ul>

BeOne Medicines (6160 HK, NR) announced that its 1H26 revenues of US$3.2bn increased 32% y/y, driven primarily by growth in BRUKINSA product sales in the US and Europe.The GAAP net income increased from US$95.6mn in 1H25 to US$464.4mn in 1H26.We expect BeOne Medicines to maintain a high growth rate, driven by the successful marketing of BRUKINSA in the US and EU, with additional indications approved in overseas markets.

Quam Morning Note (6 Aug) - BeOne Medicines

Healthcare Analyst

Wilfred Yuen

<ul>
<li>2Q26 results driven by continued growth of Brukinsa (+31% YoY or +14% QoQ to US$1.2bn); 2026 guidance upgrade: operating income revised up 29-33% to US$1-1.1bn on 5% raise on topline</li>
<li>2H26 key catalysts: ESMO data on PRMT5, CEA ADC, and GPC3 x 4-1BB bsAb; Mangrove (Brukinsa + rituximab in 1L MCL) global submission; multiple phase 3 initiations</li>
<li>See inside for key takeaways, upcoming events/catalysts, and company's quarterly financials.</li>
</ul>


2Q26 results driven by continued growth of Brukinsa (+31% YoY or +14% QoQ to US$1.2bn); 2026 guidance upgrade: operating income revised up 29-33% to US$1-1.1bn on 5% raise on topline
2H26 key catalysts: ESMO data on PRMT5, CEA ADC, and GPC3 x 4-1BB bsAb; Mangrove (Brukinsa + rituximab in 1L MCL) global submission; multiple phase 3 initiations
See inside for key takeaways, upcoming events/catalysts, and company's quarterly financials.


BeOne (ONC.US): 2Q Results Call Takeaway; 2026 Guidance Raised on Strength of Brukinsa; Next up ESMO

Switzerland

BeOne Medicines is a global oncology biotechnology company focused on the discovery, development, and commercialization of cancer medicines. Its portfolio includes commercial-stage products like BRUKINSA, TEVIMBRA, and PARTRUVIX, which target various blood cancers and solid tumors. The company was founded in 2010 and is headquartered in Basel, Switzerland.

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BeOne Medicines (6160 HK)

HK Strategy: Exposure to Europe - Who Are at Risk?

A recent surge in Eurozone sovereign yields will put pressure on some companies. The 100 largest HK companies have only 6% of their revenue from...

Osbert Tang, CFA

BeOne Medicines Is Not Just A BRUKINSA Story — Its Oncology Pipeline Is Expanding!

BeOne Medicines reported strong financial and operational results for the second quarter of 2026, demonstrating growth across its commercial...

Baptista Research