HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

Industry viewpoints:
<ul>
<li>This year, the underlying logic of China's economy is being restructured.</li>
<li>Whether drugs or medical devices, once they are included in the scope of centralized procurement, there could be only two strategies.</li>
<li>There are still many uncertainties in regulation approval and commercialization of AI medical imaging products in China.</li>
</ul>
Company news:
News about the updated progress on new drugs, new cooperation agreement and M&amp;A deal of <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><a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</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>, <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH) </a>and <a href="https://www.smartkarma.com/entities/wenzhou-kangning-hospital" target="_blank" data-smartkarma-citation="entities:1100:1" rel="noopener">Wenzhou Kangning Hospital (2120 HK)</a>.
Market review:
Last week, stock price for healthcare sector in A share increased 0.61%, while CSI 300 increased 1.21% over the same period of time.
Risk disclosure:
Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:

This year, the underlying logic of China's economy is being restructured.
Whether drugs or medical devices, once they are included in the scope of centralized procurement, there could be only two strategies.
There are still many uncertainties in regulation approval and commercialization of AI medical imaging products in China.

Company news:
News about the updated progress on new drugs, new cooperation agreement and M&amp;A deal of Alphamab Co Ltd (9966 HK), Akeso Biopharma Inc (9926 HK), Innovent Biologics Inc (1801 HK), Jiangsu Hengrui Medicine (600276 CH) and Wenzhou Kangning Hospital (2120 HK).
Market review:
Last week, stock price for healthcare sector in A share increased 0.61%, while CSI 300 increased 1.21% over the same period of time.
Risk disclosure:
Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Equity Capital Markets

CANbridge Pharmaceuticals / Equity Capital Markets

Since June this year, there have been more and more topics about rare diseases in China. On June 30, Shaanxi Provincial Medical Insurance Bureau included 7 drugs for rare diseases such as Gaucher disease, Fabry disease and others into Shaanxi Provincial medical insurance coverage. On July 5, Jiangsu Province also added five rare diseases including Pompe disease, Spinal Muscular Atrophy and others to its medical insurance coverage. As rare diseases gradually attract government’s attention, related companies would also come into people’s vision. On June 30, <a href="https://www.smartkarma.com/entities/canbridge-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:33783:1" rel="noopener">CANbridge Pharmaceuticals (CAN HK)</a>, a leading China-based, global rare disease-focused biopharmaceutical company, submitted its prospectus to the HKEX. This insight mainly analyzed the industry characteristics, the commercialized products, the pipeline, and the concerns of the Company.

Since June this year, there have been more and more topics about rare diseases in China. On June 30, Shaanxi Provincial Medical Insurance Bureau included 7 drugs for rare diseases such as Gaucher disease, Fabry disease and others into Shaanxi Provincial medical insurance coverage. On July 5, Jiangsu Province also added five rare diseases including Pompe disease, Spinal Muscular Atrophy and others to its medical insurance coverage. As rare diseases gradually attract government’s attention, related companies would also come into people’s vision. On June 30, CANbridge Pharmaceuticals (CAN HK), a leading China-based, global rare disease-focused biopharmaceutical company, submitted its prospectus to the HKEX. This insight mainly analyzed the industry characteristics, the commercialized products, the pipeline, and the concerns of the Company.

Pre-IPO CANbridge Pharmaceuticals - Insights on Products, Pipeline and the Concerns

Equity Bottom-Up

Changchun High & New Tech A / Equity Bottom-Up

Recently, <a href="https://www.smartkarma.com/entities/changchun-high-new-technology-industry-group-inc-a" target="_blank" data-smartkarma-citation="entities:1371:1" rel="noopener">Changchun High &amp; New Tech A (000661 CH)</a> (CCHT) is quite “popular”, because there is news about the growth hormone abuse and the possibility of volume-based purchase (VBP) on growth hormone, resulting in the continuous correction of CCHT’s share price. As of August 13, 2021, the Company’s share price has fallen by over 31% this year. So, does the logic of this Company change? This insight mainly analyzed the business performance, the potential risks and the outlook of CCHT.

Recently, Changchun High &amp; New Tech A (000661 CH) (CCHT) is quite “popular”, because there is news about the growth hormone abuse and the possibility of volume-based purchase (VBP) on growth hormone, resulting in the continuous correction of CCHT’s share price. As of August 13, 2021, the Company’s share price has fallen by over 31% this year. So, does the logic of this Company change? This insight mainly analyzed the business performance, the potential risks and the outlook of CCHT.

Changchun High & New Tech (000661.CH) - Logic Change?

Recently, according to the official website, <a href="https://www.smartkarma.com/entities/everest-medicines-ltd" target="_blank" data-smartkarma-citation="entities:29224:1" rel="noopener">Everest Medicines (1952 HK)</a> announced that its sacituzumab govitecan-hziy (SG, Trodelvy) was granted Priority Review by the Center for Drug Evaluation (CDE) of the China National Medical Products Administration (NMPA). This marks another progress following the Company's announcement that the NMPA accepted its Biologics License Application (BLA) for SG for the treatment of adult patients with unresectable locally advanced or metastatic triple-negative breast cancer (TNBC) who have received two or more prior systemic therapies, at least one of them for metastatic disease. The BLA submission of Trodelvy, the core product candidate of Everest Medicines, was substantially earlier than the Company's previous guidance and our expectations, so it is expected that Trodelvy would contribute sales revenue much earlier, and the Company’s commercialization prospect has reshaped.

Recently, according to the official website, Everest Medicines (1952 HK) announced that its sacituzumab govitecan-hziy (SG, Trodelvy) was granted Priority Review by the Center for Drug Evaluation (CDE) of the China National Medical Products Administration (NMPA). This marks another progress following the Company's announcement that the NMPA accepted its Biologics License Application (BLA) for SG for the treatment of adult patients with unresectable locally advanced or metastatic triple-negative breast cancer (TNBC) who have received two or more prior systemic therapies, at least one of them for metastatic disease. The BLA submission of Trodelvy, the core product candidate of Everest Medicines, was substantially earlier than the Company's previous guidance and our expectations, so it is expected that Trodelvy would contribute sales revenue much earlier, and the Company’s commercialization prospect has reshaped.

Everest Medicines (1952.HK) - The Commercialization Prospect Has Reshaped

As a well-known clinical-stage biopharmaceutical company in China, <a href="https://www.smartkarma.com/entities/i-mab" target="_blank" data-smartkarma-citation="entities:28384:1" rel="noopener">I-Mab (IMAB US)</a> has been developing rapidly in recent years. Meanwhile, its share price skyrocketed from the issue price of $14/share in the beginning of 2020 to $46.62/share on March 26, 2021, up about 233% in more than a year and with the market value of $3.35 billion. The reason why I-MAB is worth investors' attention in 2021 is that the Company has come to a key phase from R&amp;D to commercialization. The following mainly included insights on its core products TJC4, TJ202 and TJ101.

As a well-known clinical-stage biopharmaceutical company in China, I-Mab (IMAB US) has been developing rapidly in recent years. Meanwhile, its share price skyrocketed from the issue price of $14/share in the beginning of 2020 to $46.62/share on March 26, 2021, up about 233% in more than a year and with the market value of $3.35 billion. The reason why I-MAB is worth investors' attention in 2021 is that the Company has come to a key phase from R&amp;D to commercialization. The following mainly included insights on its core products TJC4, TJ202 and TJ101.

I-Mab (IMAB US) - Insights On Core Products TJC4, TJ202 and TJ101

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)

China Healthcare Weekly (Aug.27)

This article analyzed the logic of China's healthcare sector while its economy is being restructured, two strategies to deal with centralized...

Xinyao (Criss) Wang

Pre-IPO CANbridge Pharmaceuticals - Insights on Products, Pipeline and the Concerns

This article mainly analyzed CANbridge Pharmaceuticals in terms of its commercialized products, the pipeline, and the concerns, and the outlook of...

Xinyao (Criss) Wang

Changchun High & New Tech (000661.CH) - Logic Change?

The article analyzed Changchun High & New Tech in terms of its 2021/1H financial results,media exposure of growth hormone abuse, possibility of...

Xinyao (Criss) Wang

Everest Medicines (1952.HK) - The Commercialization Prospect Has Reshaped

After the BLA submission of Trodelvy, the commercialization prospect of Everest Medicines has reshaped. This article mainly analyzed the business...

Xinyao (Criss) Wang

I-Mab (IMAB US) - Insights On Core Products TJC4, TJ202 and TJ101

As I-MAB has come to a key phase from R&D to commercialization, this article analyzed both the strength and the concerns for its core products...

Xinyao (Criss) Wang

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