HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Sainte Nutritional / Equity Capital Markets

<ul>
<li>Allergy prevention and treatment products are core business. Although proportion of allergic children is increasing, it's not enough to offset the decline in demand caused by the decrease in newborns.</li>
<li>Due to fierce market competition and inadequate adult FSMP education, the non-infant FSMP market is not easy to operate. The acceleration of registration for FSMP will lead to fierce competition.</li>
<li>Our 2025 forecast is revenue could be up 20% YoY, reaching RMB1 billion.Valuation of Sainte Nutritional should be higher than peers due to higher profit margin and performance growth rate.</li>
</ul>


Allergy prevention and treatment products are core business. Although proportion of allergic children is increasing, it's not enough to offset the decline in demand caused by the decrease in newborns.
Due to fierce market competition and inadequate adult FSMP education, the non-infant FSMP market is not easy to operate. The acceleration of registration for FSMP will lead to fierce competition.
Our 2025 forecast is revenue could be up 20% YoY, reaching RMB1 billion.Valuation of Sainte Nutritional should be higher than peers due to higher profit margin and performance growth rate.


Pre-IPO Sainte Nutritional - The Core Business Is Facing Risks

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Shanghai Conant Optical / Index Rebalance

<ul>
<li>On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Healthcare Index for the September 2025 rebalance. That takes us to 73 constituents.</li>
<li>Team Quiddity had expected 6 ADDs+1 DEL. We got 10 ADDs and 4 DELs. Our 7 names were correct and the other three DELs were our next three choices.</li>
<li>This is a smallish index, so we see US$300+mm to trade but there are a couple of big buys in terms of ADV.</li>
</ul>


On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Healthcare Index for the September 2025 rebalance. That takes us to 73 constituents.
Team Quiddity had expected 6 ADDs+1 DEL. We got 10 ADDs and 4 DELs. Our 7 names were correct and the other three DELs were our next three choices.
This is a smallish index, so we see US$300+mm to trade but there are a couple of big buys in terms of ADV.


[Quiddity Index] Sep25 HS Healthcare Index Review Announced; 10 ADDs, 4 DELs, 1 More Member Net

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 8th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 8th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile.


HK Connect Flows Weekly (Aug 8th): Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 1st.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi, Pop Mart Intl, BYD, Anta, ABC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 1st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi, Pop Mart Intl, BYD, Anta, ABC.


HK Connect Flows Weekly (Aug 1st): CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Debt Capital Markets

Asia High Yield Bond Index / Debt Capital Markets

<ul>
<li>Inflation will remain sticky but we expect the recession headline to keep a lid on consumer spending which should also limit the possibility of a future rate hike.</li>
<li>We believe fixed rate bonds should be the instrument of choice toward the end of this year. </li>
<li>Rising default and a lack of growth in developed markets should also bode well for Asian US Dollar (USD) bonds.</li>
</ul>


Inflation will remain sticky but we expect the recession headline to keep a lid on consumer spending which should also limit the possibility of a future rate hike.
We believe fixed rate bonds should be the instrument of choice toward the end of this year. 
Rising default and a lack of growth in developed markets should also bode well for Asian US Dollar (USD) bonds.


Asian Bond Monitor: Asian Bonds for the Upcoming Recession

China

Health and Happiness H&H International Holdings Ltd provides health care supplements. The Company offers pediatric nutritional and baby care products. Health and Happiness H&H International Holdings serves nutrition and wellness industries worldwide.

Price Gauge
52-week Range	0.00 - 0.00
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Health And Happiness (H&H) (1112 HK)

Pre-IPO Sainte Nutritional - The Core Business Is Facing Risks

The decline in newborns is impacting the demand for allergy prevention products. Non-infant FSMP market is challenging due to lack of...

Xinyao (Criss) Wang

[Quiddity Index] Sep25 HS Healthcare Index Review Announced; 10 ADDs, 4 DELs, 1 More Member Net

The Hang Seng Healthcare Index Review was announced Friday post-close. We expected 6 ADDs 1 DEL but got 10 ADDs 4 DELs. Broad changes announced but...

Travis Lundy

HK Connect Flows Weekly (Aug 8th): Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Aug 1st): CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi,...

Ke Yan, CFA, FRM

Asian Bond Monitor: Asian Bonds for the Upcoming Recession

Inflation remains high but recession fears will limit consumer spending and future rate hikes. Fixed rate bonds and Asian USD bonds are...

Bondcritic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Sainte Nutritional - The Core Business Is Facing Risks

The decline in newborns is impacting the demand for allergy prevention products. Non-infant FSMP market is challenging due to lack of...

Xinyao (Criss) Wang

[Quiddity Index] Sep25 HS Healthcare Index Review Announced; 10 ADDs, 4 DELs, 1 More Member Net

The Hang Seng Healthcare Index Review was announced Friday post-close. We expected 6 ADDs 1 DEL but got 10 ADDs 4 DELs. Broad changes announced but...

Travis Lundy

HK Connect Flows Weekly (Aug 8th): Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Aug 1st): CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi,...

Ke Yan, CFA, FRM

Asian Bond Monitor: Asian Bonds for the Upcoming Recession

​Inflation remains high but recession fears will limit consumer spending and future rate hikes. Fixed rate bonds and Asian USD bonds are...

Bondcritic

Inflation remains high but recession fears will limit consumer spending and future rate hikes. Fixed rate bonds and Asian USD bonds are...