HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Fujian Haixi Pharmaceuticals / Equity Capital Markets

<ul>
<li>Sales of generic drugs are the largest performance contributor. However, due to VBP and the price reduction, Haixi’s generic drug business may shrink and is hard to drive future growth.</li>
<li>Haixi’s valuation outlook would be mainly based on innovative drug pipeline. The primary goal is to address the issue of druggability of C019199. Haixi needs to provide convincing clinical data.</li>
<li>Valuation of Haixi was about RMB1.948 billion in 2022. Considering the VBP, R&amp;D failure risk of C019199, no licensing cooperation with MNCs, we think valuation could be lower than peers.  </li>
</ul>


Sales of generic drugs are the largest performance contributor. However, due to VBP and the price reduction, Haixi’s generic drug business may shrink and is hard to drive future growth.
Haixi’s valuation outlook would be mainly based on innovative drug pipeline. The primary goal is to address the issue of druggability of C019199. Haixi needs to provide convincing clinical data.
Valuation of Haixi was about RMB1.948 billion in 2022. Considering the VBP, R&amp;D failure risk of C019199, no licensing cooperation with MNCs, we think valuation could be lower than peers.  


Pre-IPO Fujian Haixi Pharmaceuticals - The Concerns on the Pipeline and the Outlook

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Ono Pharmaceutical received FDA approval for Romvimza for the treatment of symptomatic tenosynovial giant cell tumor. Shionogi obtains domestic approval for digital therapeutic app, Endeavorride for ADHD.</li>
<li>Samsung Biologics received FDA and European Commission approval for Prolia biosimilar. Celltrion received European approval for Prolia and Eylea biosimilars. Cosette Pharmaceuticals is acquiring Mayne Pharma for A$7.40 per share.</li>
<li>CSPC Pharmaceutical granted an exclusive license to Radiance Biopharma to develop and commercialize antibody drug conjugates SYS6005 in selected geographies. Cipla received FDA approval for anti-cancer drug Nilotinib capsules.</li>
</ul>


Ono Pharmaceutical received FDA approval for Romvimza for the treatment of symptomatic tenosynovial giant cell tumor. Shionogi obtains domestic approval for digital therapeutic app, Endeavorride for ADHD.
Samsung Biologics received FDA and European Commission approval for Prolia biosimilar. Celltrion received European approval for Prolia and Eylea biosimilars. Cosette Pharmaceuticals is acquiring Mayne Pharma for A$7.40 per share.
CSPC Pharmaceutical granted an exclusive license to Radiance Biopharma to develop and commercialize antibody drug conjugates SYS6005 in selected geographies. Cipla received FDA approval for anti-cancer drug Nilotinib capsules.


APAC Healthcare Weekly (Feb 23)- Ono Pharma, Shionogi, Samsung Biologics, Celltrion, CSPC, Mayne

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

<ul>
<li>Genuine Biotech is looking to raise at least US$100 million via a Hong Kong listing.</li>
<li>Genuine Biotech has commercialized product and is expanding indication of its core product from HIV to cancer.</li>
<li>The company's founder has experience of R&amp;D in the relevant area in leading NMCs.</li>
</ul>


Genuine Biotech is looking to raise at least US$100 million via a Hong Kong listing.
Genuine Biotech has commercialized product and is expanding indication of its core product from HIV to cancer.
The company's founder has experience of R&amp;D in the relevant area in leading NMCs.


Genuine Biotech (真实生物) Pre-IPO Tearsheet

Jiangsu Hengrui Medicine / Equity Capital Markets

<ul>
<li>Jiangsu Hengrui Medicine (600276 CH) a China-based pharmaceutical company, aims to raise around US$2bn in its H-share listing.</li>
<li>Given its similarity to Hong Kong-listed Hansoh Pharma, we think it is worth a comparison between the two.</li>
<li>Both companies are decent biopharma players and are trading at a premium to other pharmaceutical company peers. Upon comparison, we think Hengrui’s H should be at a premium to Hansoh.</li>
</ul>


Jiangsu Hengrui Medicine (600276 CH) a China-based pharmaceutical company, aims to raise around US$2bn in its H-share listing.
Given its similarity to Hong Kong-listed Hansoh Pharma, we think it is worth a comparison between the two.
Both companies are decent biopharma players and are trading at a premium to other pharmaceutical company peers. Upon comparison, we think Hengrui’s H should be at a premium to Hansoh.


Hengrui (恒瑞医药) A/H Listing: A Worthy Comparison with Hansoh Pharma

<ul>
<li>PegBio is looking to raise at least USD 100m via its Hong Kong IPO.</li>
<li>In this note, we looked at the company’s fundamentals, particularly its core product PB-117.</li>
<li>We think the story might look simple as a straightforward GLP-1 challenger but there are quite a number of concerns as we dig into the company’s story.</li>
</ul>


PegBio is looking to raise at least USD 100m via its Hong Kong IPO.
In this note, we looked at the company’s fundamentals, particularly its core product PB-117.
We think the story might look simple as a straightforward GLP-1 challenger but there are quite a number of concerns as we dig into the company’s story.


PegBio 派格生物 IPO: A (Supposedly) Straightforward GLP-1 Challenger Story

China

CSPC Pharmaceutical Group Limited, through its subsidiaries, manufactures and sells pharmaceutical products.  The Company's products include vitamin C, antibiotics and common generic drugs. The Company is also engages in the development of innovative drugs and antibiotics.

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CSPC Pharmaceutical Group (1093 HK)

Pre-IPO Fujian Haixi Pharmaceuticals - The Concerns on the Pipeline and the Outlook

Generic drugs sales are key for Haixi's performance, but future growth will be hindered by VBP. Considering R&D failure risk of C019199, no...

Xinyao (Criss) Wang

APAC Healthcare Weekly (Feb 23)- Ono Pharma, Shionogi, Samsung Biologics, Celltrion, CSPC, Mayne

APAC healthcare companies continued to get approvals for new products and initiates clinical trials. The companies continued with acquisitions and...

Tina Banerjee

Genuine Biotech (真实生物) Pre-IPO Tearsheet

Genuine Biotech seeks US$100 million in Hong Kong IPO. We summarize the key facts, including its core products, management and pre-IPO investors...

Ke Yan, CFA, FRM

Hengrui (恒瑞医药) A/H Listing: A Worthy Comparison with Hansoh Pharma

China's Jiangsu Hengrui Medicine plans to raise $2bn in H-share listing. We did a worthy comparison between it and Hansoh Pharma.

Ke Yan, CFA, FRM

PegBio 派格生物 IPO: A (Supposedly) Straightforward GLP-1 Challenger Story

PegBio plans to raise $100m in Hong Kong IPO, with focus on core product PB-117 as a GLP-1 challenger, but concerns arise upon closer examination...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Fujian Haixi Pharmaceuticals - The Concerns on the Pipeline and the Outlook

Generic drugs ​sales are key for Haixi's performance, but future growth will be hindered by VBP. Considering R&D failure risk of C019199, no...

Xinyao (Criss) Wang

APAC Healthcare Weekly (Feb 23)- Ono Pharma, Shionogi, Samsung Biologics, Celltrion, CSPC, Mayne

APAC healthcare companies continued to get approvals for new products and initiates clinical trials. The companies continued with acquisitions and...

Tina Banerjee

Genuine Biotech (真实生物) Pre-IPO Tearsheet

​Genuine Biotech seeks US$100 million in Hong Kong IPO. We summarize the key facts, including its core products, management and pre-IPO investors...

Ke Yan, CFA, FRM

Hengrui (恒瑞医药) A/H Listing: A Worthy Comparison with Hansoh Pharma

​China's Jiangsu Hengrui Medicine plans to raise $2bn in H-share listing. We did a worthy comparison between it and Hansoh Pharma.

Ke Yan, CFA, FRM

PegBio 派格生物 IPO: A (Supposedly) Straightforward GLP-1 Challenger Story

​PegBio plans to raise $100m in Hong Kong IPO, with focus on core product PB-117 as a GLP-1 challenger, but concerns arise upon closer examination...

Ke Yan, CFA, FRM

Generic drugs sales are key for Haixi's performance, but future growth will be hindered by VBP. Considering R&D failure risk of C019199, no...

Genuine Biotech seeks US$100 million in Hong Kong IPO. We summarize the key facts, including its core products, management and pre-IPO investors...

China's Jiangsu Hengrui Medicine plans to raise $2bn in H-share listing. We did a worthy comparison between it and Hansoh Pharma.

PegBio plans to raise $100m in Hong Kong IPO, with focus on core product PB-117 as a GLP-1 challenger, but concerns arise upon closer examination...