Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alphamab-oncology" target="_blank" data-smartkarma-citation="entities:28213:1" rel="noopener">Alphamab Co Ltd (9966 HK)</a> 's NDA of KN026 (anbenitamab) in combination with chemotherapy for the treatment of patients with HER2+ gastric or gastroesophageal junction cancer was accepted by NMPA.</li>
<li>Alphamab has four major products at this moment, one of them commercialized (KN035) and the rest (KN026, JSKN003 and KN046) in the advanced stages of trial or regulatory approval.</li>
<li>In 1H25, company reported an increase of 84% YoY in revenue mainly driven by licensing income. The strong Phase III line up provides a fair bit of revenue visibility.</li>
</ul>



Alphamab Co Ltd (9966 HK) 's NDA of KN026 (anbenitamab) in combination with chemotherapy for the treatment of patients with HER2+ gastric or gastroesophageal junction cancer was accepted by NMPA.
Alphamab has four major products at this moment, one of them commercialized (KN035) and the rest (KN026, JSKN003 and KN046) in the advanced stages of trial or regulatory approval.
In 1H25, company reported an increase of 84% YoY in revenue mainly driven by licensing income. The strong Phase III line up provides a fair bit of revenue visibility.


Alphamab Oncology (9966 HK): Phase III Candidates Hold Opportunity Beyond KN035 (Envafolimab)

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

Simcere Pharmaceutical / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical Group (2096 HK)</a> is looking to raise around US$200m via a top-up placement.</li>
<li>This is the first primary raising by the company since its listing. There have been a few secondary deals, with mixed results.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Simcere Pharmaceutical Group (2096 HK) is looking to raise around US$200m via a top-up placement.
This is the first primary raising by the company since its listing. There have been a few secondary deals, with mixed results.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Simcere Pharma Placement - First Primary Raising, past Deals Have Been Mixed

CStone Pharmaceuticals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cstone-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:27882:1" rel="noopener">CStone Pharmaceuticals (2616 HK)</a> reported 80.5% YoY decrease in revenue to RMB 49.4M as sales of pralsetinib decreased substantially due to price adjustments in preparation for the NRDL negotiation.</li>
<li>R&amp;D expenses surged 59% YoY to RMB 105M primarily attributable to ongoing clinical trials. In 1H25, the company’s loss stood at RMB 270M vs profit of RMB 15.7M in 1H24.</li>
<li>Expanded indications of sugemalimab, the successive data readouts, approvals and continuous commercialization expansion efforts into global markets are near term triggers, but concerns remain.</li>
</ul>



CStone Pharmaceuticals (2616 HK) reported 80.5% YoY decrease in revenue to RMB 49.4M as sales of pralsetinib decreased substantially due to price adjustments in preparation for the NRDL negotiation.
R&amp;D expenses surged 59% YoY to RMB 105M primarily attributable to ongoing clinical trials. In 1H25, the company’s loss stood at RMB 270M vs profit of RMB 15.7M in 1H24.
Expanded indications of sugemalimab, the successive data readouts, approvals and continuous commercialization expansion efforts into global markets are near term triggers, but concerns remain.


CStone Pharma (2616 HK): 1H25 Revenue Drop Seems Temporary Hiccup; Sugemalimab Trigger Awaited

Hansoh Pharmaceutical / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group-co" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical Group (3692 HK)</a> aims to raise around US$500m via a primary placement.</li>
<li>The stock has done exceptionally well this year but is now trading at near its all-time highs and it doesn’t really need the cash.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Hansoh Pharmaceutical Group (3692 HK) aims to raise around US$500m via a primary placement.
The stock has done exceptionally well this year but is now trading at near its all-time highs and it doesn’t really need the cash.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Hansoh Pharma Placement - Somewhat Expected but Still Opportunistic

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 August 1st.</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 CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi, Pop Mart Intl, BYD, Anta, ABC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 1st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi, Pop Mart Intl, BYD, Anta, ABC.


HK Connect Flows Weekly (Aug 1st): CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi

China

Everest Medicines is a biopharmaceutical company focused on discovering, developing, manufacturing, and commercializing innovative pharmaceutical products and vaccines. The company has a product pipeline across renal, anti-infective, autoimmune, critical care, cardiovascular, and ophthalmic diseases, including products like Nefecon (TarpeyoTM) and Eravacycline (Xerava). Everest Medicines was founded in 2017 and is headquartered in Shanghai, China.

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Everest Medicines (1952 HK)

Alphamab Oncology (9966 HK): Phase III Candidates Hold Opportunity Beyond KN035 (Envafolimab)

Alphamab's NDA for KN026 in combo with chemo for HER2+ cancer accepted by NMPA. 1H25 revenue growth driven by licensing income. Robust Phase III...

Tina Banerjee

Simcere Pharma Placement - First Primary Raising, past Deals Have Been Mixed

Simcere Pharmaceutical Group (2096 HK) is looking to raise around US$200m via a top-up placement. In this note, we talk about the deal dynamics.

Sumeet Singh

CStone Pharma (2616 HK): 1H25 Revenue Drop Seems Temporary Hiccup; Sugemalimab Trigger Awaited

CStone Pharmaceuticals reported 81% revenue decrease in 1H25 due to price adjustments. Surging R&D expenses led loss for 1H25. Indication and...

Tina Banerjee

Hansoh Pharma Placement - Somewhat Expected but Still Opportunistic

Hansoh Pharmaceutical Group (3692 HK) aims to raise around US$500m via a primary placement. In this note, we talk about the deal dynamics.

Sumeet Singh

HK Connect Flows Weekly (Aug 1st): CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Alphamab Oncology (9966 HK): Phase III Candidates Hold Opportunity Beyond KN035 (Envafolimab)

​Alphamab's NDA for KN026 in combo with chemo for HER2+ cancer accepted by NMPA. 1H25 revenue growth driven by licensing income. Robust Phase III...

Tina Banerjee

Simcere Pharma Placement - First Primary Raising, past Deals Have Been Mixed

Simcere Pharmaceutical Group (2096 HK) is looking to raise around US$200m via a top-up placement. In this note, we talk about the deal dynamics.

Sumeet Singh

CStone Pharma (2616 HK): 1H25 Revenue Drop Seems Temporary Hiccup; Sugemalimab Trigger Awaited

​CStone Pharmaceuticals reported 81% revenue decrease in 1H25 due to price adjustments. Surging R&D expenses led loss for 1H25. Indication and...

Tina Banerjee

Hansoh Pharma Placement - Somewhat Expected but Still Opportunistic

Hansoh Pharmaceutical Group (3692 HK) aims to raise around US$500m via a primary placement. In this note, we talk about the deal dynamics.

Sumeet Singh

HK Connect Flows Weekly (Aug 1st): CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi,...

Ke Yan, CFA, FRM

Alphamab's NDA for KN026 in combo with chemo for HER2+ cancer accepted by NMPA. 1H25 revenue growth driven by licensing income. Robust Phase III...

CStone Pharmaceuticals reported 81% revenue decrease in 1H25 due to price adjustments. Surging R&D expenses led loss for 1H25. Indication and...