HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>The biggest expectation on CARsgen is to break through solid tumor technology (from zero to one).However, it depends on the choices of doctors/patients to see how much clinical benefits would be.</li>
<li>The investment value of CARsgen has been transferred from R&amp;D progress of pipeline to its future commercialization outlook/market potential, which however, are the major concerns that investors have for CARsgen.</li>
<li>Due to "practical obstacles" in the application of CAR-T therapy, CARsgen’s commercialization prospects are still vague. Share price could remain weak, but its valuation should be higher than JW Therapeutics. </li>
</ul>


The biggest expectation on CARsgen is to break through solid tumor technology (from zero to one).However, it depends on the choices of doctors/patients to see how much clinical benefits would be.
The investment value of CARsgen has been transferred from R&amp;D progress of pipeline to its future commercialization outlook/market potential, which however, are the major concerns that investors have for CARsgen.
Due to "practical obstacles" in the application of CAR-T therapy, CARsgen’s commercialization prospects are still vague. Share price could remain weak, but its valuation should be higher than JW Therapeutics. 


CARSgen Therapeutics (2171.HK) - Pain Points Have Not Been Effectively Resolved

<ul>
<li>The 2022 NRDL negotiation results were released. We analyzed some points worth investor's attention.</li>
<li>The "safety pad" brought by medical insurance is difficult to ensure products future sales.Even after entering NRDL, how to improve patient/doctor coverage is an important problem for enterprises to consider.</li>
<li>Here are some companies that investors are interested in. We mainly analyzed some key points of them, including <a href="https://www.smartkarma.com/entities/sirnaomics-inc" target="_blank" data-smartkarma-citation="entities:33804:1" rel="noopener">Sirnaomics (2257 HK)</a>, <a href="https://www.smartkarma.com/entities/jw-therapeutics" target="_blank" data-smartkarma-citation="entities:29679:1" rel="noopener">JW Therapeutics (2126 HK)</a>, <a href="https://www.smartkarma.com/entities/antengene-corp-ltd" target="_blank" data-smartkarma-citation="entities:29705:1" rel="noopener">Antengene (6996 HK)</a>. </li>
</ul>


The 2022 NRDL negotiation results were released. We analyzed some points worth investor's attention.
The "safety pad" brought by medical insurance is difficult to ensure products future sales.Even after entering NRDL, how to improve patient/doctor coverage is an important problem for enterprises to consider.
Here are some companies that investors are interested in. We mainly analyzed some key points of them, including Sirnaomics (2257 HK), JW Therapeutics (2126 HK), Antengene (6996 HK). 


China Healthcare Weekly (Jan.20) - NRDL Negotiation Results, JW Therapeutics, Sirnaomics, Antengene

Thematic (Sector/Industry)

<ul>
<li>Fujian will lead 27 provinces to launch the centralized procurement of electrophysiological medical consumables. Its scale is comparable to the national VBP. Unlike many people's optimism, we see potential concerns.</li>
<li>The centralized procurement of orthodontic materials and brackets led by Shaanxi Province has made new progress, which is beyond the expectations of many people since invisible braces are included.</li>
<li>We analyzed China HPV market potential and valuation logic. We expected that the valuation of related companies would have a significant downward space ahead.</li>
</ul>


Fujian will lead 27 provinces to launch the centralized procurement of electrophysiological medical consumables. Its scale is comparable to the national VBP. Unlike many people's optimism, we see potential concerns.
The centralized procurement of orthodontic materials and brackets led by Shaanxi Province has made new progress, which is beyond the expectations of many people since invisible braces are included.
We analyzed China HPV market potential and valuation logic. We expected that the valuation of related companies would have a significant downward space ahead.


China Healthcare Weekly (Oct.21) - Electrophysiology VBP; Orthodontics VBP New Progress; HPV Vaccine

<ul>
<li>China attaches great importance to gene therapy and related products, which would be a leader of the third industrial revolution in biomedicine and have broad prospects for future development.</li>
<li>With obvious strength in this field,<a href="https://www.smartkarma.com/entities/genscript-biotech-corp" target="_blank" data-smartkarma-citation="entities:21041:1" rel="noopener">Genscript Biotech (1548 HK)</a>’s businesses are in line with the future trend and the outlook is also quite promising, indicating exponential growth potential in valuation.</li>
<li>However, the potential risks on deterioration of international relations and the concerns on CAR-T commercialization should not be neglected by investors.</li>
</ul>


China attaches great importance to gene therapy and related products, which would be a leader of the third industrial revolution in biomedicine and have broad prospects for future development.
With obvious strength in this field,Genscript Biotech (1548 HK)’s businesses are in line with the future trend and the outlook is also quite promising, indicating exponential growth potential in valuation.
However, the potential risks on deterioration of international relations and the concerns on CAR-T commercialization should not be neglected by investors.


Genscript Biotech (1548.HK) - The Strength and the Concerns

Equity Capital Markets

Beijing Mabworks Biotech / Equity Capital Markets

<p>On July 18, 2021, <a href="https://www.smartkarma.com/entities/beijing-mabworks-biotech-company-limited" target="_blank" data-smartkarma-citation="entities:33816:1" rel="noopener">Beijing Mabworks Biotech (MWB HK) </a>formally submitted its application to the HKEX for listing on the main board. It should be noted that Mabworks's application for listing on the SSE STAR Market was accepted in September last year, but the Company voluntarily withdrew its application in March this year. Mabworks is a clinical-stage biopharmaceutical company in China focusing on the discovery and development of differentiated antibody drugs. This insight mainly analyzed the clinical-stage drug candidates and related concerns of the Company.</p>

On July 18, 2021, Beijing Mabworks Biotech (MWB HK) formally submitted its application to the HKEX for listing on the main board. It should be noted that Mabworks's application for listing on the SSE STAR Market was accepted in September last year, but the Company voluntarily withdrew its application in March this year. Mabworks is a clinical-stage biopharmaceutical company in China focusing on the discovery and development of differentiated antibody drugs. This insight mainly analyzed the clinical-stage drug candidates and related concerns of the Company.

Pre-IPO Beijing Mabworks Biotech - MIL62 Alone Cannot Save the Situation

China

CARsgen is a leading immunotherapy company focused on the development of new chimeric antigen receptor T (CAR-T) cell therapeutics for liver, lung, stomach and brain cancers. The company has relationships with Shanghai Cancer Institute and Shanghai Renji Hospital, plans to initiate clinical trials for KJgpc3-001, a glypican-3 (GPC3)-directed CAR-T cell therapy.

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CARSgen Therapeutics (2171 HK)