HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

Industry viewpoints:<ul>
<li>Recently, a new document was released by the National Health Care Security Administration about the centralized procurement of high-value medical consumables.</li>
<li>The bidding of the 5th national volume-based purchase (VBP) will be officially opened on June 23, 2021.</li>
<li>The scale of China's rehabilitation therapy industry is growing rapidly.</li>
</ul>Company news:News about the new ultrasound system and updated progress on drugs of <a href="https://www.smartkarma.com/entities/remegen-co-ltd" target="_blank" data-smartkarma-citation="entities:29191:1" rel="noopener">Remegen Co Ltd (9995 HK)</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>, <a href="https://www.smartkarma.com/entities/shenzhen-mindray-bio-medic-a" target="_blank" data-smartkarma-citation="entities:28017:1" rel="noopener">Shenzhen Mindray Bio-Medical Electronics (300760 CH)</a> and <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a>.Market review:Last week, stock price for healthcare sector in A share decreased 0.81%, while CSI 300 decreased 1.09% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
Recently, a new document was released by the National Health Care Security Administration about the centralized procurement of high-value medical consumables.
The bidding of the 5th national volume-based purchase (VBP) will be officially opened on June 23, 2021.
The scale of China's rehabilitation therapy industry is growing rapidly.
Company news:News about the new ultrasound system and updated progress on drugs of Remegen Co Ltd (9995 HK), BeiGene Ltd (6160 HK), Shenzhen Mindray Bio-Medical Electronics (300760 CH) and Jiangsu Hengrui Medicine (600276 CH).Market review:Last week, stock price for healthcare sector in A share decreased 0.81%, while CSI 300 decreased 1.09% over the same period of time.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

The weight of the evidence continues to support our mixed, but overall constructive outlook. Below we outline the basis for our outlook, and we also highlight opportunities within Real Estate and Health Care.

The weight of the evidence continues to support our mixed, but overall constructive outlook. Below we outline the basis for our outlook, and we also highlight opportunities within Real Estate and Health Care.

Global Equity Strategy: Opportunities In Real Estate and Health Care

Industry viewpoints:
<ul class="">
<li>China released a new policy to support couples having a third child as the population ages.</li>
<li>A joint procurement office on behalf of medical institutions in 12 provinces was formed to carry out centralized procurement of orthopedic trauma medical consumables.</li>
<li>With the increasing incidence of diseases that directly cause skull defects, the skull defect repair material industry in China has developed rapidly.</li>
</ul>
Company news:
News about the updated license-in agreement and new progress on drugs of <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK), </a><a href="https://www.smartkarma.com/entities/zai-lab-ltd" target="_blank" data-smartkarma-citation="entities:25877:1" rel="noopener">Zai Lab Ltd (ZLAB US)</a>, <a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK),</a> and <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a>.
Market review: 
Last week, stock price for healthcare sector in A share increased 0.69%, while CSI 300 decreased 0.73% over the same period of time.
Risk disclosure:
Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:

China released a new policy to support couples having a third child as the population ages.
A joint procurement office on behalf of medical institutions in 12 provinces was formed to carry out centralized procurement of orthopedic trauma medical consumables.
With the increasing incidence of diseases that directly cause skull defects, the skull defect repair material industry in China has developed rapidly.

Company news:
News about the updated license-in agreement and new progress on drugs of Innovent Biologics Inc (1801 HK), Zai Lab Ltd (ZLAB US), CSPC Pharmaceutical Group (1093 HK), and Jiangsu Hengrui Medicine (600276 CH).
Market review: 
Last week, stock price for healthcare sector in A share increased 0.69%, while CSI 300 decreased 0.73% over the same period of time.
Risk disclosure:
Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Shenzhen Salubris Pharmaceuticals A / Equity Capital Markets

Shenzhen Salubris Pharmaceuticals A (002294 CH)

<ul>
<li>Salubris, a CKM-focused innovative pharmaceutical company, is seeking an A+H listing. Goldman Sachs, Citi, and CITIC are the sponsors.</li>
<li>We look at the company's core segments: innovative drugs and other pharmaceuticals.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on A-H premium.</li>
</ul>


Salubris, a CKM-focused innovative pharmaceutical company, is seeking an A+H listing. Goldman Sachs, Citi, and CITIC are the sponsors.
We look at the company's core segments: innovative drugs and other pharmaceuticals.
We discuss our preliminary thoughts on the company's valuation based on A-H premium.


Salubris (信立泰) A+H Pre-IPO: Early Thoughts

Industry viewpoints:<ul>
<li>Medical institutions in 10 provinces (municipalities and autonomous regions) have implemented the alliance volume-based purchase (VBP) of commonly used drugs and drugs that in short supply.</li>
<li>The COVID-19 vaccine has entered the second half of development.</li>
<li>From January to April this year, the number of CDE acceptance increased significantly compared with the same period last year</li>
</ul>Company news:News about the updated M&amp;A deal and new progress on drugs of <a href="https://www.smartkarma.com/entities/hygeia-healthcare-group" target="_blank" data-smartkarma-citation="entities:28875:1" rel="noopener">Hygeia Healthcare Group (6078 HK)</a>, <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, <a href="https://www.smartkarma.com/entities/luye-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:488:1" rel="noopener">Luye Pharma (2186 HK)</a> and <a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a>.Market review:Last week, stock price for healthcare sector in A share increased 0.9%, while CSI 300 increased 3.64% over the same period of time. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
Medical institutions in 10 provinces (municipalities and autonomous regions) have implemented the alliance volume-based purchase (VBP) of commonly used drugs and drugs that in short supply.
The COVID-19 vaccine has entered the second half of development.
From January to April this year, the number of CDE acceptance increased significantly compared with the same period last year
Company news:News about the updated M&amp;A deal and new progress on drugs of Hygeia Healthcare Group (6078 HK), Innovent Biologics Inc (1801 HK), Luye Pharma (2186 HK) and CSPC Pharmaceutical Group (1093 HK).Market review:Last week, stock price for healthcare sector in A share increased 0.9%, while CSI 300 increased 3.64% over the same period of time. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

China

CSPC Pharmaceutical Group Limited is a prominent Chinese pharmaceutical company engaged in the research, development, manufacturing, and sale of pharmaceutical products, including innovative drugs and bulk drugs. Its key products include innovative drugs for nervous system diseases, oncology, anti-infectives, and cardiovascular diseases, as well as bulk products like vitamin C, antibiotics, and caffeine. The company was formally established in 1997 and is headquartered in Shijiazhuang, Hebei Province, China.

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CSPC Pharmaceutical (1093 HK)

China Healthcare Weekly (Jun.11)

The article analyzed the new document about centralized procurement of high-value consumables,the opening of bidding of 5th volume-based...

Xinyao (Criss) Wang

Global Equity Strategy: Opportunities In Real Estate and Health Care

The weight of the evidence continues to support our mixed, but overall constructive outlook. We outline the basis for our outlook and also...

Vermilion Research

China Healthcare Weekly (Jun.4)

This insight mainly analyzed the three-child new policy, centralized procurement of orthopedic trauma medical consumables, skull defect repair...

Xinyao (Criss) Wang

Salubris (信立泰) A+H Pre-IPO: Early Thoughts

Salubris is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thought on valuation.

Ke Yan, CFA, FRM

China Healthcare Weekly (May.28)

This article mainly analyzed the two new alliance volume-based purchase documents, COVID-19 vaccine development, CDE acceptance of biological...

Xinyao (Criss) Wang

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