HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>Genscript doesn’t equal to CGT CXO or cell therapy company,although these two businesses have attracted a lot of attention. It’s inappropriate to look at Genscript only from these two perspectives.</li>
<li>Genscript’s strength and core basic business is gene synthesis,which would remain promising growth. We’re also optimistic about Bestzyme. The chaos in CGT field won’t have a material impact on Genscript. </li>
<li>Investing a company/stock is essentially investing the people. Although Genscript has its core competence, our concern about this company lies in the management. Short-term trading is more appropriate for Genscript.</li>
</ul>


Genscript doesn’t equal to CGT CXO or cell therapy company,although these two businesses have attracted a lot of attention. It’s inappropriate to look at Genscript only from these two perspectives.
Genscript’s strength and core basic business is gene synthesis,which would remain promising growth. We’re also optimistic about Bestzyme. The chaos in CGT field won’t have a material impact on Genscript. 
Investing a company/stock is essentially investing the people. Although Genscript has its core competence, our concern about this company lies in the management. Short-term trading is more appropriate for Genscript.


Genscript Biotech (1548.HK) - Inadequate Cognition Will Lead to Bad Investment Decisions

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

JD Health International  / Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI INDEX)</a> in March 2023.</li>
<li>We believe Healthcare names could be given top priority when selecting additions for the upcoming rebalance.</li>
<li>The final index changes along with indicative capping and index weights could be published in Mid/Late-February 2023 and implemented in early-March 2023.</li>
</ul>


In this insight, we take a look at the potential index changes for the Hang Seng Index (HSI INDEX) in March 2023.
We believe Healthcare names could be given top priority when selecting additions for the upcoming rebalance.
The final index changes along with indicative capping and index weights could be published in Mid/Late-February 2023 and implemented in early-March 2023.


Quiddity Leaderboard for Hang Seng Index Mar 23: Healthcare Names Could Dominate

Thematic (Sector/Industry)

<ul>
<li>Centralized procurement of interprovincial dental implants would open the bid on Jan.11. Korean brands and European brands are all included. There is “no safe haven” for products with consumption attributes.</li>
<li>In 2023, we are optimistic that China healthcare would gain more household expenditure in the “Long COVID” effect, thus generating excess returns under the logic of expanding domestic demand.</li>
<li>2023 should be better than 2022. There’re strong expectations but weak realities in 2023Q1-Q2, during which more trading opportunities occur. However, in Q3-Q4, investors may need to be careful.</li>
</ul>


Centralized procurement of interprovincial dental implants would open the bid on Jan.11. Korean brands and European brands are all included. There is “no safe haven” for products with consumption attributes.
In 2023, we are optimistic that China healthcare would gain more household expenditure in the “Long COVID” effect, thus generating excess returns under the logic of expanding domestic demand.
2023 should be better than 2022. There’re strong expectations but weak realities in 2023Q1-Q2, during which more trading opportunities occur. However, in Q3-Q4, investors may need to be careful.


China Healthcare Weekly (Jan.6) - Dental Implant VBP, “Long COVID” Effect, 2023 Is Better than 2022

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>Currently at 69 index members, we just could reach 80 constituents at the December rebalance. That would leave the index committee to plan the move to 100 constituents in 2023.</li>
<li>We list 10 potential inclusions to the index in December. One-way turnover is just under 4% and inclusions of all stocks will increase index market cap coverage significantly.</li>
<li>Shorts are more than 3% of free float on five of the potential inclusions and these stocks could see some short covering ahead of the announcement of the changes.</li>
</ul>


Currently at 69 index members, we just could reach 80 constituents at the December rebalance. That would leave the index committee to plan the move to 100 constituents in 2023.
We list 10 potential inclusions to the index in December. One-way turnover is just under 4% and inclusions of all stocks will increase index market cap coverage significantly.
Shorts are more than 3% of free float on five of the potential inclusions and these stocks could see some short covering ahead of the announcement of the changes.


HSI Index Rebalance Preview: Small Step or Giant Leap?

<ul>
<li>Genscript’s four business segments are the horizontal and vertical extension based on gene synthesis technology. There is also synergy between Genscript and its subsidiaries, which can promote each other's development.</li>
<li>If only from the business level, GenScript is a worthy target for investment. It has the exponential growth potential in valuation and could reach a new high in the future.</li>
<li>However, our biggest worry lies in the “black swans events” . We don't know what “new surprises” GenScript will bring us in the future. </li>
</ul>


Genscript’s four business segments are the horizontal and vertical extension based on gene synthesis technology. There is also synergy between Genscript and its subsidiaries, which can promote each other's development.
If only from the business level, GenScript is a worthy target for investment. It has the exponential growth potential in valuation and could reach a new high in the future.
However, our biggest worry lies in the “black swans events” . We don't know what “new surprises” GenScript will bring us in the future. 


Genscript Biotech (1548.HK) 22H1 - The Outlook and the Risks Behind

Hong Kong

Genscript Biotech Corp is biotech service company. The Company provides life science services and products and pre-clinical drug development services.

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Genscript Biotech (1548 HK)