Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Eli Lilly announced positive topline results from Phase 3 trial, evaluating orforglipron, discovered by Chugai. Hisamitsu Pharmaceutical initiated Phase 3 trial of HP-6050, a transdermal formulation for sedation in Japan.</li>
<li>WuXi XDC completed GMP release of its new drug product facility in China. CSPC Pharmaceutical’s application for marketing approval of Semaglutide Injection has been accepted by the NMPA of China.</li>
<li>Junshi Biosciences’s indication expansion application for toripalimab for treatment of urothelial carcinoma has been accepted in China. Hanmi Pharma advances HM17321, a first-in-class obesity therapy, into global Phase 1 trials.</li>
</ul>


Eli Lilly announced positive topline results from Phase 3 trial, evaluating orforglipron, discovered by Chugai. Hisamitsu Pharmaceutical initiated Phase 3 trial of HP-6050, a transdermal formulation for sedation in Japan.
WuXi XDC completed GMP release of its new drug product facility in China. CSPC Pharmaceutical’s application for marketing approval of Semaglutide Injection has been accepted by the NMPA of China.
Junshi Biosciences’s indication expansion application for toripalimab for treatment of urothelial carcinoma has been accepted in China. Hanmi Pharma advances HM17321, a first-in-class obesity therapy, into global Phase 1 trials.


APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>China biotech has become the biggest valuation driver for the entire healthcare sector based on strong expectations on licensing cooperations. Other subsectors may still underperform due to lack of logic.</li>
<li>The primary market still lacks confidence in long-term outlook. Some founders/shareholders have already reduced holdings and cash out. Valuation bubble may burst when turning point occurs.We analyzed the possible scenarios.</li>
<li>At this stage, stock picking logic may need to focus on three directions. The next stage of the rise may come more from A-share market. We shared our top picks.</li>
</ul>


China biotech has become the biggest valuation driver for the entire healthcare sector based on strong expectations on licensing cooperations. Other subsectors may still underperform due to lack of logic.
The primary market still lacks confidence in long-term outlook. Some founders/shareholders have already reduced holdings and cash out. Valuation bubble may burst when turning point occurs.We analyzed the possible scenarios.
At this stage, stock picking logic may need to focus on three directions. The next stage of the rise may come more from A-share market. We shared our top picks.


What Happens to China Healthcare? - The Soaring Shares, the Turning Point, and the Top Picks

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $120-$121 (up from 5500 and $115).</li>
<li>We are upgrading Korea(KOSPI) to overweight; we discussed May 30 several Financials and other stocks to buy. KOSPI has exploded higher since, and is now reversing its 2-year RS downtrend.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $120-$121 (up from 5500 and $115).
We are upgrading Korea(KOSPI) to overweight; we discussed May 30 several Financials and other stocks to buy. KOSPI has exploded higher since, and is now reversing its 2-year RS downtrend.


Upgrading Korea to Overweight; MSCI ACWI and Emerging Market Breakouts

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

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/shenzhen-longsys-electronics-co-ltd-9ad6ee79-c403-4819-a5df-de95777ae2a7" target="_blank" data-smartkarma-citation="entities:55525:1" rel="noopener">Shenzhen Longsys Electronics (9976 HK)</a> didn't do much at listing and had one of the lowest institutional coverage ratios yet for large A/H listings.</li>
<li>On the placement front, the week wasn't as busy but we did look at a few deals and upcoming lockups.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Shenzhen Longsys Electronics (9976 HK) didn't do much at listing and had one of the lowest institutional coverage ratios yet for large A/H listings.
On the placement front, the week wasn't as busy but we did look at a few deals and upcoming lockups.


Aequitas ECM Weekly (14 September 2026)-Longsys, GCash, NSE, Ligent, Kingwong, Elice, Hosin, Z.AI

<ul>
<li>GenScript Biotech established operations site and logistics center in Australia. Eisai has received positive opinion from CHMP recommending approval of lecanemab. Otsuka forms JV to boost IV supply in US.</li>
<li>Lunit formed strategic alliance in France to expand AI solution deployment. Daiichi Sankyo and AstraZeneca submitted a new BLA for accelerated approval in the U.S. for datopotamab deruxtecan for NSCLC.</li>
<li>Cellid has completed recruiting and dosing all participants in its Phase 3 clinical trial of COVID-19 vaccine targeting Omicron variant. Alembic Pharmaceutical received FDA approval for hypertension drug.</li>
</ul>


GenScript Biotech established operations site and logistics center in Australia. Eisai has received positive opinion from CHMP recommending approval of lecanemab. Otsuka forms JV to boost IV supply in US.
Lunit formed strategic alliance in France to expand AI solution deployment. Daiichi Sankyo and AstraZeneca submitted a new BLA for accelerated approval in the U.S. for datopotamab deruxtecan for NSCLC.
Cellid has completed recruiting and dosing all participants in its Phase 3 clinical trial of COVID-19 vaccine targeting Omicron variant. Alembic Pharmaceutical received FDA approval for hypertension drug.


APAC Healthcare Weekly (Nov 17)- GenScript Biotech, Eisai, Otsuka, Daiichi Sankyo, Cellid, and Lunit

China

GenScript Biotech is a global biotechnology company providing life science research services and products, including gene synthesis, peptide synthesis, protein production, and antibody development. It also offers biologics contract development and manufacturing (CDMO) services and industrial synthetic biology products. The company was founded in 2002 and is headquartered in Nanjing, China.

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GenScript Biotech (1548 HK)

APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

Obesity treatment related development dominated the week, with Chugai’s drug candidate meeting Phase 3 trial goals, CSPC is a step ahead for...

Tina Banerjee

What Happens to China Healthcare? - The Soaring Shares, the Turning Point, and the Top Picks

Hengrui has entered into agreements with GSK for HRS-9821 and up to 11 programs, with high upfront payment of US$500 million and total amount of...

Xinyao (Criss) Wang

Upgrading Korea to Overweight; MSCI ACWI and Emerging Market Breakouts

MSCI $ACWI and Emerging Market $EEM Breakouts; Upgrading Korea $EWY to Overweight; Downgrading Broad Europe, but staying Overweight Germany,...

Vermilion Research

Aequitas ECM Weekly (14 September 2026)-Longsys, GCash, NSE, Ligent, Kingwong, Elice, Hosin, Z.AI

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

APAC Healthcare Weekly (Nov 17)- GenScript Biotech, Eisai, Otsuka, Daiichi Sankyo, Cellid, and Lunit

Biotech companies expand operations globally with new sites and drug approvals, advancing healthcare solutions and treatments. A phase 3 trial for...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

Obesity treatment related development dominated the week, with Chugai’s drug candidate meeting Phase 3 trial goals, CSPC is a step ahead for...

Tina Banerjee

What Happens to China Healthcare? - The Soaring Shares, the Turning Point, and the Top Picks

Hengrui has entered into agreements with GSK for HRS-9821 and up to 11 programs, with high upfront payment of US$500 million and total amount of...

Xinyao (Criss) Wang

Upgrading Korea to Overweight; MSCI ACWI and Emerging Market Breakouts

MSCI $ACWI and Emerging Market $EEM Breakouts; Upgrading Korea $EWY to Overweight; Downgrading Broad Europe, but staying Overweight Germany,...

Vermilion Research

Aequitas ECM Weekly (14 September 2026)-Longsys, GCash, NSE, Ligent, Kingwong, Elice, Hosin, Z.AI

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

APAC Healthcare Weekly (Nov 17)- GenScript Biotech, Eisai, Otsuka, Daiichi Sankyo, Cellid, and Lunit

​Biotech companies expand operations globally with new sites and drug approvals, advancing healthcare solutions and treatments. A phase 3 trial for...

Tina Banerjee

Biotech companies expand operations globally with new sites and drug approvals, advancing healthcare solutions and treatments. A phase 3 trial for...