Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<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> maintains momentum as preliminary 1H26 revenue grows over 50% YoY. In 2025, the company had recorded its maiden net profit of RMB 813M.</li>
<li>Despite an overcrowded PD-1 inhibitor market in China, core oncology product, Tyvyt maintained good growth momentum. Tyvyt is under NDA review for its tenth indications.</li>
<li>Ongoing product launches and robust pipeline will support the growth momentum of the company. In the coming years, Innovent aims to achieve RMB 20B product revenue in 2027.</li>
</ul>



Innovent Biologics Inc (1801 HK) maintains momentum as preliminary 1H26 revenue grows over 50% YoY. In 2025, the company had recorded its maiden net profit of RMB 813M.
Despite an overcrowded PD-1 inhibitor market in China, core oncology product, Tyvyt maintained good growth momentum. Tyvyt is under NDA review for its tenth indications.
Ongoing product launches and robust pipeline will support the growth momentum of the company. In the coming years, Innovent aims to achieve RMB 20B product revenue in 2027.


Innovent Biologics Inc (1801 HK): 2025 Momentum Continues in 1Q26, Pipeline Strength Promising

Equity Capital Markets

LongBio Pharma (Suzhou) / Equity Capital Markets

<ul>
<li>LongBio Pharma, a clinical-stage biopharmaceutical company, has launched its HK IPO consisting of 14M H shares. The offer price has been fixed at HK$96.06 per share.</li>
<li>The company intends to raise HK$1,345M, primarily for the R&amp;D and commercialization of core product and key product, and further development of other pre-clinical pipeline products and R&amp;D platforms.</li>
<li>The subscription period will close on June 2, 2026, with the shares expected to make trading debut on June 5, 2026.</li>
</ul>


LongBio Pharma, a clinical-stage biopharmaceutical company, has launched its HK IPO consisting of 14M H shares. The offer price has been fixed at HK$96.06 per share.
The company intends to raise HK$1,345M, primarily for the R&amp;D and commercialization of core product and key product, and further development of other pre-clinical pipeline products and R&amp;D platforms.
The subscription period will close on June 2, 2026, with the shares expected to make trading debut on June 5, 2026.


LongBio Pharma IPO: Not Enough Prospective Yet to Prevent Investor Allergy

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 22nd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, China Life, China Mobile, PICC P&amp;C, SMIC, Tencent, Geely Automobile, Xiaomi, Meituan, AIA.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 22nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, China Life, China Mobile, PICC P&amp;C, SMIC, Tencent, Geely Automobile, Xiaomi, Meituan, AIA.


HK Connect Flows Weekly (May 22nd): Alibaba, China Life, China Mobile, PICC P&C, SMIC, Tencent

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<p>Emerging Market Health Care allocations sit towards the lower end of their 7-year range. Current levels are off their 2015 highs by a margin, with the percentage of EM funds with exposure dropping by 11% and average holding weights down by 1.4%. However, in recent months there has been evidence the downward trend is meeting resistance. Ownership statistics are above the lows seen at the start of the year and in certain countries are on an upward trend. We take a look at the sector in detail to determine current positioning and what is driving the reversal.</p>

Emerging Market Health Care allocations sit towards the lower end of their 7-year range. Current levels are off their 2015 highs by a margin, with the percentage of EM funds with exposure dropping by 11% and average holding weights down by 1.4%. However, in recent months there has been evidence the downward trend is meeting resistance. Ownership statistics are above the lows seen at the start of the year and in certain countries are on an upward trend. We take a look at the sector in detail to determine current positioning and what is driving the reversal.

Index Rebalance

<ul>
<li>We screen the HSCEI eligible universe for the upcoming May 2026 review.</li>
<li>Two exclusions and two inclusions, all rule-driven under the rank &gt; 60 / rank &lt;= 40 boundaries.</li>
<li>WuXi Bio is a mandatory top-40 add; Hansoh Pharma is the contingent buffer-zone fill.</li>
</ul>


We screen the HSCEI eligible universe for the upcoming May 2026 review.
Two exclusions and two inclusions, all rule-driven under the rank &gt; 60 / rank &lt;= 40 boundaries.
WuXi Bio is a mandatory top-40 add; Hansoh Pharma is the contingent buffer-zone fill.


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)

Innovent Biologics Inc (1801 HK): 2025 Momentum Continues in 1Q26, Pipeline Strength Promising

Innovent entered into a strategic global licensing and collaboration agreement with Pfizer for the R&D of 12 promising breakthrough early-stage and...

Tina Banerjee

LongBio Pharma IPO: Not Enough Prospective Yet to Prevent Investor Allergy

LongBio has launched its HK IPO consisting of 14M H shares at HK$96.06 per share to fund R&D and commercialization of its core product candidate....

Tina Banerjee

HK Connect Flows Weekly (May 22nd): Alibaba, China Life, China Mobile, PICC P&C, SMIC, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, China Life, China Mobile, PICC P&C, SMIC,...

Ke Yan, CFA, FRM

EM Health Care: Late Cycle Rotation

Emerging Market Health Care allocations sit towards the lower end of their 7-year range. Current levels are off their 2015 highs by a margin, with...

Steven Holden

HSCEI May 2026 Index Review Forecast

HSCEI May 2026 rebalance announcement due after market close today: a good time to revisit our review forecast as the decision approaches.

Ke Yan, CFA, FRM

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