HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

NovaBridge Biosciences / 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.

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

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

<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

China

NovaBridge Biosciences is a biopharmaceutical company. The Company specializes in discovery, development, and commercialization of novel biologics to treat diseases with significant unmet medical needs, particularly cancers and autoimmune disorders. NovaBridge Biosciences operates globally.

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NovaBridge Biosciences (NBP 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 - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

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

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