HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

Industry viewpoints:<ul>
<li>The National Health Commission and three other departments issued new document to promote the coordinated development of TCM and western medicine.</li>
<li>After the completion of the volume-based purchase (VBP) of chemical drugs commonly used in clinical practice, biosimilar drugs and Chinese patent medicine will gradually be included in the framework of the VBP.</li>
<li>The National Health Commission of PRC issued relevant policies and continued emphasis on the diagnosis of autoimmune diseases, which is expected to promote the rapid development of the autoimmune disease diagnosis market in China.</li>
</ul>Company news:News about the updated progress on drugs of <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, <a href="https://www.smartkarma.com/entities/innocare-pharma-ltd" target="_blank" data-smartkarma-citation="entities:28355:1" rel="noopener">InnoCare Pharma Ltd (9969 HK)</a>, <a href="https://www.smartkarma.com/entities/cstone-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:27882:1" rel="noopener">CStone Pharmaceuticals (2616 HK)</a> and <a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a>. Market review:Last week, stock price for healthcare sector in A share decreased 0.8%, while CSI 300 decreased 3.03% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
The National Health Commission and three other departments issued new document to promote the coordinated development of TCM and western medicine.
After the completion of the volume-based purchase (VBP) of chemical drugs commonly used in clinical practice, biosimilar drugs and Chinese patent medicine will gradually be included in the framework of the VBP.
The National Health Commission of PRC issued relevant policies and continued emphasis on the diagnosis of autoimmune diseases, which is expected to promote the rapid development of the autoimmune disease diagnosis market in China.
Company news:News about the updated progress on drugs of Innovent Biologics Inc (1801 HK), InnoCare Pharma Ltd (9969 HK), CStone Pharmaceuticals (2616 HK) and Akeso Biopharma Inc (9926 HK). Market review:Last week, stock price for healthcare sector in A share decreased 0.8%, while CSI 300 decreased 3.03% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

<a target="_blank"></a>In recent years, China digital healthcare industry has grown rapidly. The increasing cost of diseases and traditional medical treatment provides potential impetus for the long-term development of digital medicine. Especially during the epidemic, digital medical tools have helped people make full use of existing medical resources. Methods such as real-time epidemic information broadcast, Internet diagnosis and treatment platform, and remote drug purchase have all played an important role in the epidemic. Comprehensive intelligent digital healthcare treatment is gradually accepted and recognized by people, and will become the new direction of the development in the post-epidemic era (Related companies: <a href="https://www.smartkarma.com/entities/jd-health-international" target="_blank" data-smartkarma-citation="entities:29677:1" rel="noopener">JD Health (6618 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-health-information-technology-ltd" target="_blank" data-smartkarma-citation="entities:453:1" rel="noopener">Alibaba Health Information Technology (241 HK)</a>, and <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology Company Limited (1833 HK)).</a>

In recent years, China digital healthcare industry has grown rapidly. The increasing cost of diseases and traditional medical treatment provides potential impetus for the long-term development of digital medicine. Especially during the epidemic, digital medical tools have helped people make full use of existing medical resources. Methods such as real-time epidemic information broadcast, Internet diagnosis and treatment platform, and remote drug purchase have all played an important role in the epidemic. Comprehensive intelligent digital healthcare treatment is gradually accepted and recognized by people, and will become the new direction of the development in the post-epidemic era (Related companies: JD Health (6618 HK), Alibaba Health Information Technology (241 HK), and Ping An Healthcare and Technology Company Limited (1833 HK)).

Industry Report - Insights on China Digital Healthcare Industry

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.

Index Rebalance

Yangtze Optical Fibre & Cable / Index Rebalance

Yangtze Optical Fibre & Cable (601869 CH)

<ul>
<li>MSCI announced the quarterly review results on 12 May 2026. As the cycle enters implementation, this note updates the stock setup.</li>
<li>ADD weakness is broad, with CH Mid-vel and CH Low-vel both failing to build bridge support.</li>
<li>DELETEs already sold off, but HK High-vel DELETE still has the weakest first-week implementation profile.</li>
</ul>


MSCI announced the quarterly review results on 12 May 2026. As the cycle enters implementation, this note updates the stock setup.
ADD weakness is broad, with CH Mid-vel and CH Low-vel both failing to build bridge support.
DELETEs already sold off, but HK High-vel DELETE still has the weakest first-week implementation profile.


MS-China June 2026 Rebalance: Pre-Implementation Update

<ul>
<li>We analyzed the post-announcement return pattern of MSCI China June 2026 rebalance stocks, separating A-share (CH) and H-share (HK) cohorts within both ADD and DELETE groups.</li>
<li>DELETE: pre announcement was positive, but CH and HK High-vel history still supports shorts.</li>
<li>ADD: CH High-vel was stretched; bridging window's history is positive but inconsistent.</li>
</ul>


We analyzed the post-announcement return pattern of MSCI China June 2026 rebalance stocks, separating A-share (CH) and H-share (HK) cohorts within both ADD and DELETE groups.
DELETE: pre announcement was positive, but CH and HK High-vel history still supports shorts.
ADD: CH High-vel was stretched; bridging window's history is positive but inconsistent.


MS-China June 2026 Rebalance: Post-Announcement Trading Pattern Analysis

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ABC, ZHONGJI INNOLIGHT, PING AN INSURANCE, SUZHOU DONGSHAN PRECISION MANUFACTURING, GUANGZHOU AUTOMOBILE, Xinjiang Daqo, JIANGSU ZHONGTIAN TECHNOLOGY, NATIONAL SILICON INDUSTRY.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ABC, ZHONGJI INNOLIGHT, PING AN INSURANCE, SUZHOU DONGSHAN PRECISION MANUFACTURING, GUANGZHOU AUTOMOBILE, Xinjiang Daqo, JIANGSU ZHONGTIAN TECHNOLOGY, NATIONAL SILICON INDUSTRY.


CSI 300 Index Earning Revision (Dec): ABC, ZHONGJI INNOLIGHT, PING AN INSURANCE

China

Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. manufactures and sells Chinese patent medicine. The Company also wholesales, retails, imports, and exports Western and Chinese pharmaceutical products and various medical apparatus.

Guangzhou Baiyunshan Pharmaceu (600332 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Guangzhou Baiyunshan Pharmaceu (600332 CH)

China Healthcare Weekly (July.2)

The article analyzed the new document about the development of TCM and western medicine,potential start time of VBP on biosimilar...

Xinyao (Criss) Wang

Industry Report - Insights on China Digital Healthcare Industry

The article analyzed China digital healthcare industry in terms of market potential, regional development, main business models(online...

Xinyao (Criss) Wang

MS-China June 2026 Rebalance: Pre-Implementation Update

MSCI China enters implementation phase on June 1st. We provides an update to stock's performance and discussed implementation trades.

Ke Yan, CFA, FRM

MS-China June 2026 Rebalance: Post-Announcement Trading Pattern Analysis

Following MSCI May 2026 announcement, we a look at the trading pattern of affected stocks for MSCI-China from historical perspective by overlaying...

Ke Yan, CFA, FRM

CSI 300 Index Earning Revision (Dec): ABC, ZHONGJI INNOLIGHT, PING AN INSURANCE

We analyzed CSI 300's consensus for Dec 2025 and highlighted changes of EPS in ABC (601288 CH), ZHONGJI INNOLIGHT (300308 CH), PING AN INSURANCE...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)