HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

1.Industry viewpoints:<ul>
<li>Recently, the National Medical Products Administration has released a new policy (draft version) about the online drug sales.</li>
<li>Vaccine is a hot topic in 2020, so let’s talk about vaccine.</li>
<li>The upsurge in the application of AI in medical imaging in China provides a new direction for the development, which may be the most promising field for China to surpass foreign countries.</li>
</ul>2. Company news:News about the updated progress of new drugs and the marketing approval of new products from <a href="https://www.smartkarma.com/entities/betta-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:25883:1" rel="noopener">Betta Pharmaceuticals (300558 CH)</a>, <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene Ltd (6160 HK)</a> , Kangpu Biopharmaceuticals, and <a href="https://www.smartkarma.com/entities/venus-medtech-hangzhou-inc" target="_blank" data-smartkarma-citation="entities:28257:1" rel="noopener">Venus MedTech (2500 HK).</a>3. Market review:Last week, stock price for healthcare sector in A share decreased 1.43%, while CSI 300 increased 1.78% over the same period of time.4. Risk Disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

1.Industry viewpoints:
Recently, the National Medical Products Administration has released a new policy (draft version) about the online drug sales.
Vaccine is a hot topic in 2020, so let’s talk about vaccine.
The upsurge in the application of AI in medical imaging in China provides a new direction for the development, which may be the most promising field for China to surpass foreign countries.
2. Company news:News about the updated progress of new drugs and the marketing approval of new products from Betta Pharmaceuticals (300558 CH), BeiGene Ltd (6160 HK) , Kangpu Biopharmaceuticals, and Venus MedTech (2500 HK).3. Market review:Last week, stock price for healthcare sector in A share decreased 1.43%, while CSI 300 increased 1.78% over the same period of time.4. Risk Disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Positive news flow surrounding COVID-19 is encouraging on many fronts. Still, despite encouraging news and the relief rally in global equities, history tells us that this is a fairly standard bear market rally in terms of its magnitude, making us believe the global equity market is not yet out of the woods. We are watching for signs of a turn of the tide. There has been significant damage inflicted and that damage is going to take time to repair. Actionable Themes in this report have representation in Staples, Health Care, Technology, and a collection of bottom-up ideas.

Positive news flow surrounding COVID-19 is encouraging on many fronts. Still, despite encouraging news and the relief rally in global equities, history tells us that this is a fairly standard bear market rally in terms of its magnitude, making us believe the global equity market is not yet out of the woods. We are watching for signs of a turn of the tide. There has been significant damage inflicted and that damage is going to take time to repair. Actionable Themes in this report have representation in Staples, Health Care, Technology, and a collection of bottom-up ideas. 

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Goke Microelectronics Co Ltd / Index Rebalance

<ul>
<li>The June 2026 index review results for the ChiNext and ChiNext 50 indices were announced after market close on Friday 29th May 2026.</li>
<li>There will be ten changes for the ChiNext index and five changes for the ChiNext 50 index.</li>
<li>The ChiNext and ChiNext 50 index rebal events could trigger US$1.7bn and US$328mn in one-way flows respectively.</li>
</ul>


The June 2026 index review results for the ChiNext and ChiNext 50 indices were announced after market close on Friday 29th May 2026.
There will be ten changes for the ChiNext index and five changes for the ChiNext 50 index.
The ChiNext and ChiNext 50 index rebal events could trigger US$1.7bn and US$328mn in one-way flows respectively.


Quiddity ChiNext & ChiNext 50 Jun26 Results: Negative Post-Announcement Reaction; US$2bn+ One-Way

<ul>
<li>The ChiNext index represents 100 leading liquid stocks on the ChiNext market while the ChiNext 50 index is its subset, comprising the 50 stocks with the highest average daily turnover.</li>
<li>In this insight, we have presented our final expectations for ADDs/DELs for the upcoming index review. </li>
<li>The ChiNext and ChiNext 50 index rebal events could trigger US$981mn and US$315mn in one-way flows, respectively.</li>
</ul>


The ChiNext index represents 100 leading liquid stocks on the ChiNext market while the ChiNext 50 index is its subset, comprising the 50 stocks with the highest average daily turnover.
In this insight, we have presented our final expectations for ADDs/DELs for the upcoming index review. 
The ChiNext and ChiNext 50 index rebal events could trigger US$981mn and US$315mn in one-way flows, respectively.


Quiddity Leaderboard ChiNext & ChiNext 50 Jun26: Final Expectations; US$1bn+ Combined One-Way Flows

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ascentage-pharma-group-inter" target="_blank" data-smartkarma-citation="entities:27824:1" rel="noopener">Ascentage Pharma Group Corp (6855 HK)</a> reported revenue of RMB 574.1M in 2025, down 41.5%, because of high base effect, as the company had received intellectual property payments in 2024.</li>
<li>In 2025, the revenue from olverembatinib was RMB 435.3M (RMB 241M in 2024), up 81% YoY. Lisaftoclax, approved in July 2025, garnered RMB 70.6M in sales.</li>
<li>Ascentage is currently conducting a number of global registrational Phase III trials across its pipeline. 2026 will be crucial, losses will continue and is not expected turnaround atleast before 2027.</li>
</ul>



Ascentage Pharma Group Corp (6855 HK) reported revenue of RMB 574.1M in 2025, down 41.5%, because of high base effect, as the company had received intellectual property payments in 2024.
In 2025, the revenue from olverembatinib was RMB 435.3M (RMB 241M in 2024), up 81% YoY. Lisaftoclax, approved in July 2025, garnered RMB 70.6M in sales.
Ascentage is currently conducting a number of global registrational Phase III trials across its pipeline. 2026 will be crucial, losses will continue and is not expected turnaround atleast before 2027.


Ascentage Pharma (6855 HK): 2026 Will Be Crucial, Olverembatinib and Lisaftoclax To Gain Momentum

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Betta Pharmaceuticals (BETTA HK)

China Healthcare Weekly (Nov. 20)

The article summarized the new healthcare policy released, major industry viewpoints, company news and capital market review in China healthcare...

Xinyao (Criss) Wang

Major Indexes Testing Resistance

Positive news flow surrounding COVID-19 is encouraging on many fronts. Still, despite encouraging news and the relief rally in global equities,...

Vermilion Research

Quiddity ChiNext & ChiNext 50 Jun26 Results: Negative Post-Announcement Reaction; US$2bn+ One-Way

The ADDs have underperformed the DELs for both the ChiNext and ChiNext 50 indices on day one post-announcement (1st June 2026).

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ChiNext & ChiNext 50 Jun26: Final Expectations; US$1bn+ Combined One-Way Flows

The ChiNext/ChiNext 50 Jun26 index review results will be announced publicly in the next few days. In this insight, we have presented our final...

Janaghan Jeyakumar, CFA

Ascentage Pharma (6855 HK): 2026 Will Be Crucial, Olverembatinib and Lisaftoclax To Gain Momentum

Ascentage Pharma reported revenue decline in 2025 due to high base effect. Olverembatinib and Lisaftoclax shine. Focus is on global Phase III...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Healthcare Weekly (Nov. 20)

The article summarized the new healthcare policy released, major industry viewpoints, company news and capital market review in China healthcare...

Xinyao (Criss) Wang

Major Indexes Testing Resistance

Positive news flow surrounding COVID-19 is encouraging on many fronts. Still, despite encouraging news and the relief rally in global equities,...

Vermilion Research

Quiddity ChiNext & ChiNext 50 Jun26 Results: Negative Post-Announcement Reaction; US$2bn+ One-Way

The ADDs have underperformed the DELs for both the ChiNext and ChiNext 50 indices on day one post-announcement (1st June 2026).

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ChiNext & ChiNext 50 Jun26: Final Expectations; US$1bn+ Combined One-Way Flows

The ChiNext/ChiNext 50 Jun26 index review results will be announced publicly in the next few days. In this insight, we have presented our final...

Janaghan Jeyakumar, CFA

Ascentage Pharma (6855 HK): 2026 Will Be Crucial, Olverembatinib and Lisaftoclax To Gain Momentum

​Ascentage Pharma reported revenue decline in 2025 due to high base effect. Olverembatinib and Lisaftoclax shine. Focus is on global Phase III...

Tina Banerjee

Ascentage Pharma reported revenue decline in 2025 due to high base effect. Olverembatinib and Lisaftoclax shine. Focus is on global Phase III...