HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>Many people aren't optimistic about CD47 because there is no sufficient evidence to solve blood toxicity. Although I-MAB’s problem-solving idea has no obvious flaws in logic, risks remain.</li>
<li>CD73 is still at a relatively “shallow level”, which can be understood as a low level of verification. I-MAB has to make a last-ditch effort on CD47.</li>
<li>At such low market cap, Investors could make an "entertaining bet". If CD47 is successful, you can earn several times. If not, then admit the defeat.</li>
</ul>


Many people aren't optimistic about CD47 because there is no sufficient evidence to solve blood toxicity. Although I-MAB’s problem-solving idea has no obvious flaws in logic, risks remain.
CD73 is still at a relatively “shallow level”, which can be understood as a low level of verification. I-MAB has to make a last-ditch effort on CD47.
At such low market cap, Investors could make an "entertaining bet". If CD47 is successful, you can earn several times. If not, then admit the defeat.


I-Mab (IMAB.US) - An "Entertaining Bet": To Be a Dark Horse or to Fail Completely

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>On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas regulators to China ADRs audits.</li>
<li>On 8th Mar 2022, Securities Exchange Commission (SEC) had added five China ADR names to its provisional list of issuers under HFCAA, which set the clock ticking for their delisting.</li>
<li>In this note, we'll talk about the latest developments and its implications.</li>
</ul>


On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas regulators to China ADRs audits.
On 8th Mar 2022, Securities Exchange Commission (SEC) had added five China ADR names to its provisional list of issuers under HFCAA, which set the clock ticking for their delisting.
In this note, we'll talk about the latest developments and its implications.


China ADRs Delisting - Tide Is Turning with CSRC Showing Signs of a Compromise

Global Healthcare Analyst

Tina Banerjee

Sinopharm Group Co Ltd H / Equity Bottom-Up

<ul>
<li>With its nationwide distribution and delivery network, <a href="https://www.smartkarma.com/entities/sinopharm-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:32:1" rel="noopener">Sinopharm Group Co Ltd H (1099 HK)</a> remains a beneficiary of increasing adoption of China’s VBP scheme for drug procurement.</li>
<li>Despite decreasing demand for Sinopharm’s COVID-19 vaccine, its pharmaceutical distribution business is expected to remain stable, driven by the steady recovery in China’s healthcare industry.</li>
<li>The company is successfully promoting fast-growing oncology products. Its strategic partnership with <a href="https://www.smartkarma.com/entities/i-mab" target="_blank" data-smartkarma-citation="entities:28384:1" rel="noopener">I-Mab (IMAB US)</a> further strengthens competitive edge, as I-Mab has a robust pipeline for China market.</li>
</ul>


With its nationwide distribution and delivery network, Sinopharm Group Co Ltd H (1099 HK) remains a beneficiary of increasing adoption of China’s VBP scheme for drug procurement.
Despite decreasing demand for Sinopharm’s COVID-19 vaccine, its pharmaceutical distribution business is expected to remain stable, driven by the steady recovery in China’s healthcare industry.
The company is successfully promoting fast-growing oncology products. Its strategic partnership with I-Mab (IMAB US) further strengthens competitive edge, as I-Mab has a robust pipeline for China market.


Sinopharm Group (1099 HK): Stable Pharma Distribution Business Despite Weak Demand for Vaccine

<ul>
<li>
<a href="https://www.smartkarma.com/entities/i-mab" target="_blank" data-smartkarma-citation="entities:28384:1" rel="noopener">I-Mab (IMAB US)</a> shares gained 19% in last 10 days after the company announced commercial partnering deal for its pediatric growth hormone deficiency drug candidate, Eftansomatropin Alfa in China.</li>
<li>Oncology drug, felzartamab is expected to be I-Mab’s first drug in China. Last month, I-Mab entered into a partnership with Sinopharm to extend coverage and enhance accessibility of its pipeline.</li>
<li>To expand its investor base, I-Mab is expected to complete dual listing on the STAR Market of the Shanghai Stock Exchange by the end of 2022.</li>
</ul>



I-Mab (IMAB US) shares gained 19% in last 10 days after the company announced commercial partnering deal for its pediatric growth hormone deficiency drug candidate, Eftansomatropin Alfa in China.
Oncology drug, felzartamab is expected to be I-Mab’s first drug in China. Last month, I-Mab entered into a partnership with Sinopharm to extend coverage and enhance accessibility of its pipeline.
To expand its investor base, I-Mab is expected to complete dual listing on the STAR Market of the Shanghai Stock Exchange by the end of 2022.


I-Mab (IMAB US): Expanding Commercialization Footprint in China for Innovative Late-Stage Assets

Thematic (Sector/Industry)

<ul>
<li>While the final results of 2021 national medical insurance negotiation have yet to be announced, here are what's circulating in the market.</li>
<li>The centralized procurement on spring coil in Hebei province would start soon, which means that the centralized procurement in the field of neuro-intervention in China has officially begun.</li>
<li>There is a phenomenon of "valuation upside down" in the primary and secondary market of healthcare investment, so we recommend investors to be more cautious and rational.</li>
</ul>


While the final results of 2021 national medical insurance negotiation have yet to be announced, here are what's circulating in the market.
The centralized procurement on spring coil in Hebei province would start soon, which means that the centralized procurement in the field of neuro-intervention in China has officially begun.
There is a phenomenon of "valuation upside down" in the primary and secondary market of healthcare investment, so we recommend investors to be more cautious and rational.


China Healthcare Weekly (Nov.12)-Medical Insurance Negotiation,Spring Coil VBP,Valuation Upside Down

China

I-Mab operates as a clinical stage biopharmaceutical company. The Company focuses on the discovery, development, and commercialization of novel biologics to treat diseases with significant unmet medical needs, particularly cancers and autoimmune disorders. I-Mab conducts business in China.

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I-Mab (IMAB US)

I-Mab (IMAB.US) - An "Entertaining Bet": To Be a Dark Horse or to Fail Completely

Since CD73 has a low level of verification, the key point for I-MAB to reverse the situation is still CD47, which is I-MAB's last hope.Investors...

Xinyao (Criss) Wang

China ADRs Delisting - Tide Is Turning with CSRC Showing Signs of a Compromise

On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas...

Sumeet Singh

Sinopharm Group (1099 HK): Stable Pharma Distribution Business Despite Weak Demand for Vaccine

The company's core business of drug distribution should remain on a stable path driven by the recovery in the broader market post pandemic and...

Tina Banerjee

I-Mab (IMAB US): Expanding Commercialization Footprint in China for Innovative Late-Stage Assets

I-Mab entered into commercialization partnership in China ahead of its innovative and differentiated product launch. Shares are also expected to...

Tina Banerjee

China Healthcare Weekly (Nov.12)-Medical Insurance Negotiation,Spring Coil VBP,Valuation Upside Down

This insight mainly analyzed some news circulating about 2021 national medical insurance negotiation results, VBP on spring coil in Hebei and...

Xinyao (Criss) Wang

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