Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

CSPC Pharmaceutical Group / Equity Bottom-Up

<ul>
<li>
<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> reported 11% YoY revenue growth in 2022. The finished drug business maintained steady growth in 2022, with a continued increase in contribution from new products.</li>
<li>Within the next 5 years, more than 40 innovative drugs are expected to be approved, which will provide continuous momentum for the company’s development.</li>
<li>In March 2023, CSPC’s COVID-19 mRNA vaccine SYS6006 has become the first independently developed mRNA vaccine product in China that has been granted for emergency use.</li>
</ul>



CSPC Pharmaceutical Group (1093 HK) reported 11% YoY revenue growth in 2022. The finished drug business maintained steady growth in 2022, with a continued increase in contribution from new products.
Within the next 5 years, more than 40 innovative drugs are expected to be approved, which will provide continuous momentum for the company’s development.
In March 2023, CSPC’s COVID-19 mRNA vaccine SYS6006 has become the first independently developed mRNA vaccine product in China that has been granted for emergency use.


CSPC Pharmaceutical (1093 HK): Double-Digit Sales and Profit Growth in 2022; MRNA Vaccine Approval

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hanall-biopharma-co-ltd" target="_blank" data-smartkarma-citation="entities:8854:1" rel="noopener">Hanall Biopharma (009420 KS)</a>'s partner Harbour BioMed reported positive top-line results from Phase 3 trial of batoclimab in myasthenia gravis in China. 250K people suffer from myasthenia gravis in China.  </li>
<li>Harbour BioMed plans to file for marketing approval of batoclimab this year. Hanall is eligible for high-single-digits to mid-teen percentage royalties on net sales of batoclimab.</li>
<li>Hanall reported record high revenue of KRW110 billion in 2022. However, net profit plunged 78% to KRW2 billion due to increased investments in R&amp;D.</li>
</ul>



Hanall Biopharma (009420 KS)'s partner Harbour BioMed reported positive top-line results from Phase 3 trial of batoclimab in myasthenia gravis in China. 250K people suffer from myasthenia gravis in China.  
Harbour BioMed plans to file for marketing approval of batoclimab this year. Hanall is eligible for high-single-digits to mid-teen percentage royalties on net sales of batoclimab.
Hanall reported record high revenue of KRW110 billion in 2022. However, net profit plunged 78% to KRW2 billion due to increased investments in R&amp;D.


Hanall Biopharma (009420 KS): Lead Pipeline Asset Moved a Step Closer to Commercialization in China

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Keymed is one of the few enterprises we believe have the strength to develop FIC in the future. Keymed's "pragmatic" in terms of commercialization,which set it apart from other biotech.</li>
<li>The current valuation is expensive based on our forecast. The expansion potential of future valuation depends on the progress of overseas R&amp;D/commercialization. This is where Keymed really takes off.</li>
<li>One big reason we've been positive about Keymed is because of its founder, Chen Bo. The down-to-earth style of management makes us full of expectations for <a href="https://www.smartkarma.com/entities/keymed-biosciences-inc" target="_blank" data-smartkarma-citation="entities:33011:1" rel="noopener">Keymed Biosciences (2162 HK)</a>.</li>
</ul>


Keymed is one of the few enterprises we believe have the strength to develop FIC in the future. Keymed's "pragmatic" in terms of commercialization,which set it apart from other biotech.
The current valuation is expensive based on our forecast. The expansion potential of future valuation depends on the progress of overseas R&amp;D/commercialization. This is where Keymed really takes off.
One big reason we've been positive about Keymed is because of its founder, Chen Bo. The down-to-earth style of management makes us full of expectations for Keymed Biosciences (2162 HK).


Keymed Biosciences (2162.HK) - We Have High Hopes for Keymed, but Valuation Is Expensive

Thematic (Sector/Industry)

<ul>
<li>The newly released national medical insurance account reform will undoubtedly have a big impact on the development of China healthcare industry. We analyzed related impact on companies.</li>
<li>In 2023, we think that CXO is not suitable for long-term hold any more but only for short-term trade. Comparatively speaking, the situation of pharmaceutical companies is better.</li>
<li>Investment is a process of constantly recognizing and breaking through oneself. In fact, it is to use a large number of “certain costs” to exchange for a few “fuzzy earnings”.</li>
</ul>


The newly released national medical insurance account reform will undoubtedly have a big impact on the development of China healthcare industry. We analyzed related impact on companies.
In 2023, we think that CXO is not suitable for long-term hold any more but only for short-term trade. Comparatively speaking, the situation of pharmaceutical companies is better.
Investment is a process of constantly recognizing and breaking through oneself. In fact, it is to use a large number of “certain costs” to exchange for a few “fuzzy earnings”.


China Healthcare Weekly (Feb.17) - CXO Vs Pharma, Medical Insurance Account Reform, Time to Reflect

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 20th.</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 China Mobile, Tencent, Meituan, China Construction Bank, Hong Kong Exchanges And Clearing.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 20th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, Tencent, Meituan, China Construction Bank, Hong Kong Exchanges And Clearing.


Hong Kong Connect Flows (Jan 20th): China Mobile, Tencent, Meituan, CCB, HKEX

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)

CSPC Pharmaceutical (1093 HK): Double-Digit Sales and Profit Growth in 2022; MRNA Vaccine Approval

During 2022, CSPC reported 11% and 13% revenue and net profit growth, respectively. The company’s self-developed mRNA COVID-19 vaccine has won...

Tina Banerjee

Hanall Biopharma (009420 KS): Lead Pipeline Asset Moved a Step Closer to Commercialization in China

Hanall’s partner has reported positive top-line results from Phase 3 trial of batoclimab in myasthenia gravis in China. The partner plans to file...

Tina Banerjee

Keymed Biosciences (2162.HK) - We Have High Hopes for Keymed, but Valuation Is Expensive

Keymed is pragmatic in R&D/commercialization, which set it apart from other biotech. We have high hopes for Keymed due to Chen Bo and his...

Xinyao (Criss) Wang

China Healthcare Weekly (Feb.17) - CXO Vs Pharma, Medical Insurance Account Reform, Time to Reflect

The medical insurance account reform will have a big impact on China healthcare. In 2023, we think CXO is not suitable for long-term hold but only...

Xinyao (Criss) Wang

Hong Kong Connect Flows (Jan 20th): China Mobile, Tencent, Meituan, CCB, HKEX

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for China Mobile, Tencent, Meituan, China Construction Bank,...

Ke Yan, CFA, FRM

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