HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Tyligand Bioscience / Equity Capital Markets

<ul>
<li>The difficulty of developing KRAS G12D has been recognized by the industry. Investors will be more cautious about any early and unverified G12D projects, demanding higher risk premiums.</li>
<li>Without data validation, the market cannot assess whether the efficacy/safety of TSN1611 are competitive. The “good safety” data of TSN222 still needs to be validated through larger clinical trials.</li>
<li>We think Tyligand’s valuation may not exceed the valuations of comparable companies such as <a href="https://www.smartkarma.com/entities/jacobio-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:29696:1" rel="noopener">Jacobio Pharmaceuticals (1167 HK)</a> and <a href="https://www.smartkarma.com/entities/genfleet-therapeutics" target="_blank" data-smartkarma-citation="entities:44187:1" rel="noopener">GenFleet Therapeutics (GENFL12 HK)</a>.</li>
</ul>


The difficulty of developing KRAS G12D has been recognized by the industry. Investors will be more cautious about any early and unverified G12D projects, demanding higher risk premiums.
Without data validation, the market cannot assess whether the efficacy/safety of TSN1611 are competitive. The “good safety” data of TSN222 still needs to be validated through larger clinical trials.
We think Tyligand’s valuation may not exceed the valuations of comparable companies such as Jacobio Pharmaceuticals (1167 HK) and GenFleet Therapeutics (GENFL12 HK).


Pre-IPO Tyligand Bioscience - Concerns on KRAS Will Directly Limit the Valuation Ceiling

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 July 3rd.</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 Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile, Hua Hong Semi, Knowledge Atlas, Xiaomi, Meituan, Ping An.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 3rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile, Hua Hong Semi, Knowledge Atlas, Xiaomi, Meituan, Ping An.


HK Connect Flows Weekly (Jul 3rd): Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>We studied 43 HK IPO cornerstone deals from the Jan to Nov 2025 listing cohort to measure price action around the IPO+6M lock-up expiry.</li>
<li>We note that selling pressure from cornerstone selling overhang is deal-size dependent.</li>
<li>Sponsor mix further refines the screen. Pure international-sponsored deals underperformed other cohorts.</li>
</ul>


We studied 43 HK IPO cornerstone deals from the Jan to Nov 2025 listing cohort to measure price action around the IPO+6M lock-up expiry.
We note that selling pressure from cornerstone selling overhang is deal-size dependent.
Sponsor mix further refines the screen. Pure international-sponsored deals underperformed other cohorts.


HK IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

IMPACT Therapeutics / Equity Capital Markets

<ul>
<li>Impact Therapeutics raised HKD 759m (USD 97m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, May 15th, 2026.</li>
<li>In our previous note, we looked at the company's fundamentals and the valuation.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Impact Therapeutics raised HKD 759m (USD 97m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, May 15th, 2026.
In our previous note, we looked at the company's fundamentals and the valuation.
In this note, we provide an update for the IPO before its trading debut.


Impact Therapeutics (英派药业) IPO Trading

Index Rebalance

<ul>
<li>We analyzed the performance of Hong Kong Connect implementation in March 2026.</li>
<li>ADD stocks reversed their bridge window drawdown at implementation. The bounce faded by week 3 to 4.</li>
<li>DELETE stocks fell through first week, exceeding Sep 2025. Within the DELETE basket, the names where connect investors sold the most also fell the most.</li>
</ul>


We analyzed the performance of Hong Kong Connect implementation in March 2026.
ADD stocks reversed their bridge window drawdown at implementation. The bounce faded by week 3 to 4.
DELETE stocks fell through first week, exceeding Sep 2025. Within the DELETE basket, the names where connect investors sold the most also fell the most.


HSCI / HK Connect (March 2026) Post-Event Review: What Worked, What Didn't

China

Genfleet Therapeutics is a biopharmaceutical company focused on developing innovative treatments for oncology, including various solid tumors, and autoimmune and inflammatory diseases. The company's pipeline includes products like GFH925 (fulzerasib) for advanced non-small cell lung cancer and GFH375, a KRAS G12C inhibitor. Genfleet Therapeutics was incorporated in 2017 and is headquartered in Shanghai, China.

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Genfleet Therapeutics (2595 HK)

Pre-IPO Tyligand Bioscience - Concerns on KRAS Will Directly Limit the Valuation Ceiling

Investors wary of early KRAS G12D projects, demand higher risk premiums. Validation needed for TSN1611 and TSN222. Tyligand's valuation may not...

Xinyao (Criss) Wang

HK Connect Flows Weekly (Jul 3rd): Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Kingboard Laminates (1888 HK), Smic (981 HK), Alibaba...

Ke Yan, CFA, FRM

HK IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

HK IPO Essential Stat: We studied 43 HK IPO cornerstone deals listed in 2025 to quantify the selling pressure upon lock-up expiry.

Ke Yan, CFA, FRM

Impact Therapeutics (英派药业) IPO Trading

Impact Therapeutics raised USD 97m to list on HKEX on Friday May 14. We see strong subscription profile supports a positive debut but our valuation...

Ke Yan, CFA, FRM

HSCI / HK Connect (March 2026) Post-Event Review: What Worked, What Didn't

HK Connect Mar 2026 implementation cycle is completing. ADD reversed the WAI drawdown at implementation. DELETE continuation worked post...

Ke Yan, CFA, FRM

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Pre-IPO Tyligand Bioscience - Concerns on KRAS Will Directly Limit the Valuation Ceiling

​Investors wary of early KRAS G12D projects, demand higher risk premiums. Validation needed for TSN1611 and TSN222. Tyligand's valuation may not...

Xinyao (Criss) Wang

HK Connect Flows Weekly (Jul 3rd): Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Kingboard Laminates (1888 HK), Smic (981 HK), Alibaba...

Ke Yan, CFA, FRM

HK IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

HK IPO Essential Stat: We studied 43 HK IPO cornerstone deals listed in 2025 to quantify the selling pressure upon lock-up expiry.

Ke Yan, CFA, FRM

Impact Therapeutics (英派药业) IPO Trading

Impact Therapeutics raised USD 97m to list on HKEX on Friday May 14. We see strong subscription profile supports a positive debut but our valuation...

Ke Yan, CFA, FRM

HSCI / HK Connect (March 2026) Post-Event Review: What Worked, What Didn't

HK Connect Mar 2026 implementation cycle is completing. ADD reversed the WAI drawdown at implementation. DELETE continuation worked post...

Ke Yan, CFA, FRM

Investors wary of early KRAS G12D projects, demand higher risk premiums. Validation needed for TSN1611 and TSN222. Tyligand's valuation may not...