Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oneness-biotech-co-ltd" target="_blank" data-smartkarma-citation="entities:6357:1" rel="noopener">Oneness Biotech (4743 TT)</a> entered into an exclusive agreement with <a href="https://www.smartkarma.com/entities/china-resources-dubl-crne-phrmctl-co-ltd" target="_blank" data-smartkarma-citation="entities:16578:1" rel="noopener">China Resources Dubl Crne Phrmctl (600062 CH)</a> for commercialization of Fespixon in China, Hong Kong, and Macau.</li>
<li>Fespixon is approved in China as the first new drug for diabetic foot ulcer. Inclusion of the drug in NRDL is the next important milestone.</li>
<li>During 1H24, Oneness Biotech reported revenue of NT$57M, up 36% YoY. With expanding scale of operation, gross profit margin is improving (1Q24: 62.5% vs. 1Q23: 47.9%). Net loss is decreasing.</li>
</ul>



Oneness Biotech (4743 TT) entered into an exclusive agreement with China Resources Dubl Crne Phrmctl (600062 CH) for commercialization of Fespixon in China, Hong Kong, and Macau.
Fespixon is approved in China as the first new drug for diabetic foot ulcer. Inclusion of the drug in NRDL is the next important milestone.
During 1H24, Oneness Biotech reported revenue of NT$57M, up 36% YoY. With expanding scale of operation, gross profit margin is improving (1Q24: 62.5% vs. 1Q23: 47.9%). Net loss is decreasing.


Oneness Biotech (4743 TT): Marketing Progress of Fespixon in China Opens a New Revenue Stream

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.

Equity Capital Markets

China Resources Beverage / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage</a> is looking to raise US$1bn in its upcoming Hong Kong IPO.</li>
<li>China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



China Resources Beverage is looking to raise US$1bn in its upcoming Hong Kong IPO.
China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.
In this note, we talk about the positive aspects of the deal.


China Resources Beverage Pre-IPO - The Positives - Strong Position in Its Main Market

<ul>
<li>China Resources Beverage (Holdings) Company Limited is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are BofA, BOCI, Citic, and UBS.</li>
<li>China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages  in China.</li>
<li>According CIC, it was the second largest company in the packaged drinking water market in China and the largest company in the purified drinking water market in 2023.</li>
</ul>


China Resources Beverage (Holdings) Company Limited is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are BofA, BOCI, Citic, and UBS.
China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages  in China.
According CIC, it was the second largest company in the packaged drinking water market in China and the largest company in the purified drinking water market in 2023.


China Resources Beverage (Holdings) Pre-IPO Tearsheet

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

Index Rebalance

<ul>
<li>There are 18 changes for the SSE180 Index that will be implemented at the close of trading on 9 June.</li>
<li>The impact on the stocks is small but this is not a widely tracked index, so there could still be opportunities for some high risk/reward basket trades.</li>
<li>With Northbound Stock Connect eligibility no longer drawing on the SSE180 Index constituents, the index could lose relevance over time.</li>
</ul>


There are 18 changes for the SSE180 Index that will be implemented at the close of trading on 9 June.
The impact on the stocks is small but this is not a widely tracked index, so there could still be opportunities for some high risk/reward basket trades.
With Northbound Stock Connect eligibility no longer drawing on the SSE180 Index constituents, the index could lose relevance over time.


SSE180 Index Rebalance: Small Impact but Not Widely Tracked

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

China Resources Pharmaceutical Group / Equity Bottom-Up

China Resources Pharmaceutical Group (3320 HK)

<ul>
<li>The distribution business is stable, but it’s difficult to achieve high growth/profits due to industry trend. Therefore, the valuation of this business is hard to increase.</li>
<li>The performance of pharmaceutical manufacturing business is important, which largely determines the overall profit margin. But it actually depends on what the subsidiaries can contribute, who are facing different challenges.</li>
<li>China Resources Pharmaceutical may need to improve its vision of asset selection and its ability to judge and grasp the long-term trend of the industry. The current valuation isn’t attractive.</li>
</ul>


The distribution business is stable, but it’s difficult to achieve high growth/profits due to industry trend. Therefore, the valuation of this business is hard to increase.
The performance of pharmaceutical manufacturing business is important, which largely determines the overall profit margin. But it actually depends on what the subsidiaries can contribute, who are facing different challenges.
China Resources Pharmaceutical may need to improve its vision of asset selection and its ability to judge and grasp the long-term trend of the industry. The current valuation isn’t attractive.


China Resources Pharmaceutical (3320.HK) - Here Are the Concerns

China

China Resources Double-Crane Pharmaceutical Co., Ltd. develops, manufactures and markets a variety of medical products.  The Company's products include anti-influenza,  antihypertensives, and antibiotics.

China Resources Dubl Crne Phrmctl (600062 CH)

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China Resources Dubl Crne Phrmctl (600062 CH)

Oneness Biotech (4743 TT): Marketing Progress of Fespixon in China Opens a New Revenue Stream

Oneness Biotech partners with CR Double Crane for exclusive commercialization of Fespixon in China, Hong Kong, and Macau. Fespixon is approved in...

Tina Banerjee

China Resources Beverage Pre-IPO - The Positives - Strong Position in Its Main Market

China Resources Beverage is looking to raise US$1bn in its upcoming Hong Kong IPO. In this ntoe, we talk about the positive aspects of the deal.

Sumeet Singh

China Resources Beverage (Holdings) Pre-IPO Tearsheet

China Resources Beverage (Holdings) Company Limited is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are BofA,...

Sumeet Singh

SSE180 Index Rebalance: Small Impact but Not Widely Tracked

There are 18 changes for the SSE180 Index in June. The index is not widely tracked and there could be opportunities for long/short basket trades...

Brian Freitas

China Resources Pharmaceutical (3320.HK) - Here Are the Concerns

Pharmaceutical manufacturing business is the key to drive valuation,but the subsidiaries face challenge.CR Pharma should improve its vision of...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Oneness Biotech (4743 TT): Marketing Progress of Fespixon in China Opens a New Revenue Stream

​Oneness Biotech partners with CR Double Crane for exclusive commercialization of Fespixon in China, Hong Kong, and Macau. Fespixon is approved in...

Tina Banerjee

China Resources Beverage Pre-IPO - The Positives - Strong Position in Its Main Market

China Resources Beverage is looking to raise US$1bn in its upcoming Hong Kong IPO. In this ntoe, we talk about the positive aspects of the deal.

Sumeet Singh

China Resources Beverage (Holdings) Pre-IPO Tearsheet

China Resources Beverage (Holdings) Company Limited is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are BofA,...

Sumeet Singh

SSE180 Index Rebalance: Small Impact but Not Widely Tracked

There are 18 changes for the SSE180 Index in June. The index is not widely tracked and there could be opportunities for long/short basket trades...

Brian Freitas

China Resources Pharmaceutical (3320.HK) - Here Are the Concerns

Pharmaceutical manufacturing business is the key to drive valuation,but the subsidiaries face challenge.CR Pharma should improve its vision of...

Xinyao (Criss) Wang

Oneness Biotech partners with CR Double Crane for exclusive commercialization of Fespixon in China, Hong Kong, and Macau. Fespixon is approved in...