HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Despite the recovery of financing situation, vast majority of small/ medium-sized Biotech companies are still in long and cold winter. The “wealth gap” within industry has been further widened.</li>
<li>If based on the threshold of HK$9 billion, the companies with a relatively high probability of entering the Hong Kong Stock Connect program at present include <a href="https://www.smartkarma.com/entities/carsgen-therapeutics-ltd" target="_blank" data-smartkarma-citation="entities:32213:1" rel="noopener">CARSgen </a>and <a href="https://www.smartkarma.com/entities/ascletis-pharma-inc" target="_blank" data-smartkarma-citation="entities:27265:1" rel="noopener">Ascletis</a>.</li>
<li>WuXi Bio plans to place 150 million existing shares at a price of HK$38.52 each. However, the reduction in holdings by major shareholders is usually interpreted as a negative signal.</li>
</ul>


Despite the recovery of financing situation, vast majority of small/ medium-sized Biotech companies are still in long and cold winter. The “wealth gap” within industry has been further widened.
If based on the threshold of HK$9 billion, the companies with a relatively high probability of entering the Hong Kong Stock Connect program at present include CARSgen and Ascletis.
WuXi Bio plans to place 150 million existing shares at a price of HK$38.52 each. However, the reduction in holdings by major shareholders is usually interpreted as a negative signal.


China Healthcare Weekly (Jan.18)-Biotechs to Enter Hong Kong Stock Connect, Wuxi Biologics Placement

Asia Pac ECM and Index Rebal, DZT 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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 9th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), China Hongqiao (1378 HK), Cosco Shipping (1919 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Tencent (700 HK), China Hongqiao (1378 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 9th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), China Hongqiao (1378 HK), Cosco Shipping (1919 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Tencent (700 HK), China Hongqiao (1378 HK).


Hong Kong Buybacks Weekly (May 9th): AIA, China Hongqiao, Cosco Shipping

Duality Biotherapeutics / Equity Capital Markets

<ul>
<li>Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$300m via a Hong Kong listing.</li>
<li>The company has passed the hearing for the listing and filed a new version of the prospectus.</li>
<li>We look at the difference between previous filing and current filing.</li>
</ul>


Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$300m via a Hong Kong listing.
The company has passed the hearing for the listing and filed a new version of the prospectus.
We look at the difference between previous filing and current filing.


Duality Biotherapeutics (映恩生物) Pre-IPO: PHIP Updates Show Slight Improvements

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hanall-biopharma-co-ltd" target="_blank" data-smartkarma-citation="entities:8854:1" rel="noopener">Hanall Biopharma (009420 KS)</a>'s licensed partner Harbour BioMed announced that the China’s NMPA has officially accepted the Biologics License Application for batoclimab for the treatment of generalized myasthenia gravis.  </li>
<li>Immunovant announced positive initial result from the single-ascending dose portion of the Phase 1 trial of IMVT-1402. Initial data from the multiple-ascending dose cohorts are expected in October/ November 2023.</li>
<li>Hanall and Daewoong have initiated phase 1 clinical trial of HL192 for the treatment of Parkinson's disease, and dosed the first subject. The initial results are expected in 2H24.</li>
</ul>



Hanall Biopharma (009420 KS)'s licensed partner Harbour BioMed announced that the China’s NMPA has officially accepted the Biologics License Application for batoclimab for the treatment of generalized myasthenia gravis.  
Immunovant announced positive initial result from the single-ascending dose portion of the Phase 1 trial of IMVT-1402. Initial data from the multiple-ascending dose cohorts are expected in October/ November 2023.
Hanall and Daewoong have initiated phase 1 clinical trial of HL192 for the treatment of Parkinson's disease, and dosed the first subject. The initial results are expected in 2H24.


Hanall Biopharma (009420 KS): Pipeline Progress and New Deal Depict Brighter Outlook

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hanall-biopharma-co-ltd" target="_blank" data-smartkarma-citation="entities:8854:1" rel="noopener">Hanall Biopharma (009420 KS)</a>'s partner Harbour BioMed reported positive top-line results from Phase 3 trial of batoclimab in myasthenia gravis in China. 250K people suffer from myasthenia gravis in China.  </li>
<li>Harbour BioMed plans to file for marketing approval of batoclimab this year. Hanall is eligible for high-single-digits to mid-teen percentage royalties on net sales of batoclimab.</li>
<li>Hanall reported record high revenue of KRW110 billion in 2022. However, net profit plunged 78% to KRW2 billion due to increased investments in R&amp;D.</li>
</ul>



Hanall Biopharma (009420 KS)'s partner Harbour BioMed reported positive top-line results from Phase 3 trial of batoclimab in myasthenia gravis in China. 250K people suffer from myasthenia gravis in China.  
Harbour BioMed plans to file for marketing approval of batoclimab this year. Hanall is eligible for high-single-digits to mid-teen percentage royalties on net sales of batoclimab.
Hanall reported record high revenue of KRW110 billion in 2022. However, net profit plunged 78% to KRW2 billion due to increased investments in R&amp;D.


Hanall Biopharma (009420 KS): Lead Pipeline Asset Moved a Step Closer to Commercialization in China

China

Engages in research and development of therapeutics in the fields of immuno-oncology and immunology diseases

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HBM Holdings Limited (2142 HK)

China Healthcare Weekly (Jan.18)-Biotechs to Enter Hong Kong Stock Connect, Wuxi Biologics Placement

We shared our views about the biotechs that would be included in Hong Kong Stock Connect. WuXi Bio's Placement is interpreted negative as its...

Xinyao (Criss) Wang

Hong Kong Buybacks Weekly (May 9th): AIA, China Hongqiao, Cosco Shipping

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK),...

Ke Yan, CFA, FRM

Duality Biotherapeutics (映恩生物) Pre-IPO: PHIP Updates Show Slight Improvements

China's Duality Biotherapeutics aims to raise $300m through a Hong Kong listing. We looked at the changes between previous filing and the PHIP...

Ke Yan, CFA, FRM

Hanall Biopharma (009420 KS): Pipeline Progress and New Deal Depict Brighter Outlook

China NMPA has accepted BLA filed by Hanall's partner for batoclimab to treat generalized myasthenia gravis. Hanall initiated phase 1 clinical...

Tina Banerjee

Hanall Biopharma (009420 KS): Lead Pipeline Asset Moved a Step Closer to Commercialization in China

Hanall’s partner has reported positive top-line results from Phase 3 trial of batoclimab in myasthenia gravis in China. The partner plans to file...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Healthcare Weekly (Jan.18)-Biotechs to Enter Hong Kong Stock Connect, Wuxi Biologics Placement

We shared our views about the biotechs that would be included in Hong Kong Stock Connect. WuXi Bio's Placement is interpreted negative as its...

Xinyao (Criss) Wang

Hong Kong Buybacks Weekly (May 9th): AIA, China Hongqiao, Cosco Shipping

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK),...

Ke Yan, CFA, FRM

Duality Biotherapeutics (映恩生物) Pre-IPO: PHIP Updates Show Slight Improvements

​China's Duality Biotherapeutics aims to raise $300m through a Hong Kong listing. We looked at the changes between previous filing and the PHIP...

Ke Yan, CFA, FRM

Hanall Biopharma (009420 KS): Pipeline Progress and New Deal Depict Brighter Outlook

​China NMPA has accepted BLA filed by Hanall's partner for batoclimab to treat generalized myasthenia gravis. Hanall initiated phase 1 clinical...

Tina Banerjee

Hanall Biopharma (009420 KS): Lead Pipeline Asset Moved a Step Closer to Commercialization in China

Hanall’s partner has reported positive top-line results from Phase 3 trial of batoclimab in myasthenia gravis in China. The partner plans to file...

Tina Banerjee

China's Duality Biotherapeutics aims to raise $300m through a Hong Kong listing. We looked at the changes between previous filing and the PHIP...

China NMPA has accepted BLA filed by Hanall's partner for batoclimab to treat generalized myasthenia gravis. Hanall initiated phase 1 clinical...