HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

1. Industry viewpoints:<ul>
<li>The official document about the 4th volume-based purchase (VBP) was issued to clarify the relevant varieties and rules, and the bidding will start on February 3rd, 2021.</li>
<li>Biobanks and vaccines are the main driving force for the overall cryogenic storage market to continue to grow at a high rate in the future.</li>
<li>Currently, the “AI + medical” industry is in a period of rapid growth.</li>
</ul>2. Company news:News about the progress of innovative medical device, new drugs and new licensing agreement from <a href="https://www.smartkarma.com/entities/venus-medtech-hangzhou-inc" target="_blank" data-smartkarma-citation="entities:28257:1" rel="noopener">Venus MedTech (2500 HK)</a>, <a href="https://www.smartkarma.com/entities/gracell-biotechnologies-inc" target="_blank" data-smartkarma-citation="entities:31108:1" rel="noopener">Gracell Biotechnologies Inc (GRCL US)</a>, <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>, and <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>.3. Market review: Last week, stock price for healthcare sector in A share increased 7.79%, while CSI 300 increased 2.05% over the same period of time.4. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

1. Industry viewpoints:
The official document about the 4th volume-based purchase (VBP) was issued to clarify the relevant varieties and rules, and the bidding will start on February 3rd, 2021.
Biobanks and vaccines are the main driving force for the overall cryogenic storage market to continue to grow at a high rate in the future.
Currently, the “AI + medical” industry is in a period of rapid growth.
2. Company news:News about the progress of innovative medical device, new drugs and new licensing agreement from Venus MedTech (2500 HK), Gracell Biotechnologies Inc (GRCL US), Innovent Biologics Inc (1801 HK), and Alphamab Co Ltd (9966 HK).3. Market review: Last week, stock price for healthcare sector in A share increased 7.79%, while CSI 300 increased 2.05% over the same period of time.4. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

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 analysed the earning revision of component stocks of HSCEI 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 HAIER SMARTHOME, BOC, AKESO, Kuaishou, XPENG, ZIJIN MINING, MEITUAN, Pop Mart Intl.</li>
</ul>


We analysed the earning revision of component stocks of HSCEI 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 HAIER SMARTHOME, BOC, AKESO, Kuaishou, XPENG, ZIJIN MINING, MEITUAN, Pop Mart Intl.


HSCEI Index Earning Revision (Jun): HAIER SMARTHOME, BOC, AKESO, Kuaishou, XPENG, ZIJIN MINING

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 29th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Lenovo, CCB, Tencent, Catl, Alibaba, Kingboard Laminates, AIA, Wharf, Hansoh Pharmaceutical.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 29th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Lenovo, CCB, Tencent, Catl, Alibaba, Kingboard Laminates, AIA, Wharf, Hansoh Pharmaceutical.


HK Short Interest Weekly: Lenovo, CCB, Tencent, Catl, Alibaba, Kingboard Laminates, AIA, Wharf

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Duality Biotherapeutics / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/duality-biotherapeutics-inc" target="_blank" data-smartkarma-citation="entities:43878:1" rel="noopener">Duality Biotherapeutics (9606 HK)</a> is accelerating its core product candidates toward commercialization. Although superior clinical profile enhances approval prospects, competition holds key for market adoption.</li>
<li>Duality has multiple upcoming catalysts in 2026 to drive long-term growth. These are mostly various trial readouts and regulatory submissions. No approval is expected this year.</li>
<li>The company ended 2025 with sufficient cash balance of RMB3.3B, thanks to HKEX listing and business development deals. Duality Bio has announced $40M (~RMB270M) share buyback.</li>
</ul>



Duality Biotherapeutics (9606 HK) is accelerating its core product candidates toward commercialization. Although superior clinical profile enhances approval prospects, competition holds key for market adoption.
Duality has multiple upcoming catalysts in 2026 to drive long-term growth. These are mostly various trial readouts and regulatory submissions. No approval is expected this year.
The company ended 2025 with sufficient cash balance of RMB3.3B, thanks to HKEX listing and business development deals. Duality Bio has announced $40M (~RMB270M) share buyback.


Duality Biotherapeutics (9606 HK): Core Product Pipeline Is Progressing; Share Buyback Announced

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-limited" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical (1093 HK)</a> 1Q26 revenue dropped 8% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. License fees compensated to an extent.</li>
<li>CSPC received upfront payment of US$ 1.2B from AstraZeneca for agreement entered to develop innovative long-acting peptide medicines, utilising the CSPC’s proprietary delivery technology platform and AI-driven drug discovery platform.</li>
<li>CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices. We remain bullish on the name.</li>
</ul>



CSPC Pharmaceutical (1093 HK) 1Q26 revenue dropped 8% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. License fees compensated to an extent.
CSPC received upfront payment of US$ 1.2B from AstraZeneca for agreement entered to develop innovative long-acting peptide medicines, utilising the CSPC’s proprietary delivery technology platform and AI-driven drug discovery platform.
CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices. We remain bullish on the name.


CSPC Pharma (1093 HK): 1Q26 Revenue Down, Regular Approvals and New Launches Hold Key For Future

China

Hansoh Pharmaceutical is a pharmaceutical company that researches, develops, manufactures, and sells a diverse portfolio of medicines. It focuses on therapeutic areas such as oncology, anti-infectives, central nervous system diseases, metabolic disorders, and autoimmune diseases. The company was founded in 1995 and is headquartered in Shanghai, China.

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Hansoh Pharmaceutical (3692 HK)

China Healthcare Weekly (Jan.22)

The article analyzed the new official document for the volume-based purchase,industry viewpoints on China cryogenic storage market and “AI +...

Xinyao (Criss) Wang

HSCEI Index Earning Revision (Jun): HAIER SMARTHOME, BOC, AKESO, Kuaishou, XPENG, ZIJIN MINING

We analyzed HSCEI's consensus for Jun 2026 and highlighted changes of EPS in HAIER SMARTHOME, BOC, AKESO, Kuaishou, XPENG, ZIJIN MINING, MEITUAN,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Lenovo, CCB, Tencent, Catl, Alibaba, Kingboard Laminates, AIA, Wharf

We analyzed the latest HK SFC report for aggregate short position as of May 29th and highlight short interest changes in Lenovo (992 HK), CCB (939...

Ke Yan, CFA, FRM

CSPC Pharma (1093 HK): 1Q26 Revenue Down, Regular Approvals and New Launches Hold Key For Future

CSPC Pharma's 1Q26 revenue declined as finished drugs dragged. Recent $1.2B upfront payment from AstraZeneca will help boost upcoming quarters....

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Healthcare Weekly (Jan.22)

The article analyzed the new official document for the volume-based purchase,industry viewpoints on China cryogenic storage market and “AI +...

Xinyao (Criss) Wang

HSCEI Index Earning Revision (Jun): HAIER SMARTHOME, BOC, AKESO, Kuaishou, XPENG, ZIJIN MINING

We analyzed HSCEI's consensus for Jun 2026 and highlighted changes of EPS in HAIER SMARTHOME, BOC, AKESO, Kuaishou, XPENG, ZIJIN MINING, MEITUAN,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Lenovo, CCB, Tencent, Catl, Alibaba, Kingboard Laminates, AIA, Wharf

We analyzed the latest HK SFC report for aggregate short position as of May 29th and highlight short interest changes in Lenovo (992 HK), CCB (939...

Ke Yan, CFA, FRM

Duality Biotherapeutics (9606 HK): Core Product Pipeline Is Progressing; Share Buyback Announced

​Duality Bio is advancing core products towards commercialization, but faces competition for market adoption. Amid multiple catalysts in 2026 for...

Tina Banerjee

CSPC Pharma (1093 HK): 1Q26 Revenue Down, Regular Approvals and New Launches Hold Key For Future

​CSPC Pharma's 1Q26 revenue declined as finished drugs dragged. Recent $1.2B upfront payment from AstraZeneca will help boost upcoming quarters....

Tina Banerjee

Duality Bio is advancing core products towards commercialization, but faces competition for market adoption. Amid multiple catalysts in 2026 for...

CSPC Pharma's 1Q26 revenue declined as finished drugs dragged. Recent $1.2B upfront payment from AstraZeneca will help boost upcoming quarters....