HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Inmyshow Digital Technology (Group) / Equity Capital Markets

Inmyshow Digital Technology (Group) (600556 CH)

<ul>
<li>The accumulated data from over a decade of continuous operations form the core competitive barrier. New entrants find it difficult to obtain high-quality data. This is the highest entry barrier.</li>
<li>The concern is as AIGC tools become homogeneous, self-built celebrity marketing system can integrate data at a lower cost, and the technical barriers of Inmyshow face the risk of erosion.</li>
<li>The IPO of HK stocks usually has a discount of 20%-30% compared to A-shares. Considering Inmyshow has weak profitability/high risks in accounts receivable, A/H discount may be close to 35%-45%.</li>
</ul>


The accumulated data from over a decade of continuous operations form the core competitive barrier. New entrants find it difficult to obtain high-quality data. This is the highest entry barrier.
The concern is as AIGC tools become homogeneous, self-built celebrity marketing system can integrate data at a lower cost, and the technical barriers of Inmyshow face the risk of erosion.
The IPO of HK stocks usually has a discount of 20%-30% compared to A-shares. Considering Inmyshow has weak profitability/high risks in accounts receivable, A/H discount may be close to 35%-45%.


Pre-IPO Inmyshow Digital Technology (A/H Listing) - The Business Model and the Concerns Behind

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Inmyshow Digital Technology (Group) / Equity Bottom-Up

<ul>
  <li>Inmyshow Digital Technology is a key player in China's rapidly growing influencer and digital marketing sector, connecting content creators with brands through its proprietary big data and technology platforms.</li>
  <li>The company is facing significant headwinds, evidenced by a sharp decline in revenue and net income over the past three years, alongside deteriorating margins, reflecting intense competition and potential operational challenges.</li>
  <li>Despite contracting profitability, the company has demonstrated a remarkably strong and improving ability to generate operating and free cash flow, suggesting efficient working capital management.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Inmyshow Digital Technology is a key player in China's rapidly growing influencer and digital marketing sector, connecting content creators with brands through its proprietary big data and technology platforms.
  The company is facing significant headwinds, evidenced by a sharp decline in revenue and net income over the past three years, alongside deteriorating margins, reflecting intense competition and potential operational challenges.
  Despite contracting profitability, the company has demonstrated a remarkably strong and improving ability to generate operating and free cash flow, suggesting efficient working capital management.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Inmyshow Digital Technology (Group) (600556 CH) - Feb 2026

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Western Superconducting Techno / Index Rebalance

Western Superconducting Techno (688122 CH)

<ul>
<li>Over 85% of the way through the review period for the December rebalance of the <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI500 Index</a>, we forecast 50 changes (the maximum permitted) at the close on 8 December.</li>
<li>There is a big sector skew in the potential changes. We estimate a one-way turnover of 9.4% at the December rebalance resulting in a one-way trade of CNY 7.22bn.</li>
<li>With the market being stabilised through the ETF route, the index constituents have outperformed the non-index constituents over the last 6-7 weeks. That could reverse over the near term.</li>
</ul>


Over 85% of the way through the review period for the December rebalance of the CSI500 Index, we forecast 50 changes (the maximum permitted) at the close on 8 December.
There is a big sector skew in the potential changes. We estimate a one-way turnover of 9.4% at the December rebalance resulting in a one-way trade of CNY 7.22bn.
With the market being stabilised through the ETF route, the index constituents have outperformed the non-index constituents over the last 6-7 weeks. That could reverse over the near term.


CSI500 Index Rebalance Preview: ETF Inflows Lead to Performance Skew

<ul>
<li>Two thirds of the way through the review period for the June rebalance of the CSI500 Index, we forecast 50 changes (the maximum permitted) at the close on 8 December.</li>
<li>There is a big sector skew in the potential changes. We estimate a one-way turnover of 10.1% at the December rebalance resulting in a one-way trade of CNY 6.75bn.</li>
<li>The potential adds have outperformed the potential deletes and the CSI500 Index over the last six weeks. There could be more outperformance till nearer the end of the review period.</li>
</ul>


Two thirds of the way through the review period for the June rebalance of the CSI500 Index, we forecast 50 changes (the maximum permitted) at the close on 8 December.
There is a big sector skew in the potential changes. We estimate a one-way turnover of 10.1% at the December rebalance resulting in a one-way trade of CNY 6.75bn.
The potential adds have outperformed the potential deletes and the CSI500 Index over the last six weeks. There could be more outperformance till nearer the end of the review period.


CSI500 Index Rebalance Preview: Potential Adds Outperforming Potential Deletes

China and US Equity Analyst

Roger Xie

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weibo-corp-adr" target="_blank" data-smartkarma-citation="entities:3826:1" rel="noopener">Weibo Corp (WB US)</a> delivered robust 1Q22 results with ad revenue growing 10% year-over-year and outperforming other Chinese social networks, which underscores Weibo's prominent position for advertisers.</li>
<li>However, widespread lockdowns in China and economic slowdown could pressure Weibo in 2Q, and we expect a gradual recovery in 3Q-4Q with limited visibility. </li>
<li>We like Weibo attractive valuation at 10x forward P/E; it has amassed MAU 582 million till March 2022 and user engagement has been improving.</li>
</ul>



Weibo Corp (WB US) delivered robust 1Q22 results with ad revenue growing 10% year-over-year and outperforming other Chinese social networks, which underscores Weibo's prominent position for advertisers.
However, widespread lockdowns in China and economic slowdown could pressure Weibo in 2Q, and we expect a gradual recovery in 3Q-4Q with limited visibility. 
We like Weibo attractive valuation at 10x forward P/E; it has amassed MAU 582 million till March 2022 and user engagement has been improving.


Weibo (WB US): Ad Growth Clouded by Pandemic and Macro Slowdown

China

Inmyshow Digital Technology (Group) Co., Ltd. researches, develops, and produces blood, biochemical, and dermatological pharmaceuticals. The Company's main products include blood albumin, interferon, and thymus peptides.

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Inmyshow Digital Technology (Group) (600556 CH)

Pre-IPO Inmyshow Digital Technology (A/H Listing) - The Business Model and the Concerns Behind

The core strength of Inmyshow lies in high-quality data, making it hard for new entrant to compete.But risk of erosion in technical barriers/weak...

Xinyao (Criss) Wang

Primer: Inmyshow Digital Technology (Group) (600556 CH) - Feb 2026

Inmyshow Digital Technology is a key player in China's rapidly growing influencer and digital marketing sector, connecting content creators with...

αSK Primers

CSI500 Index Rebalance Preview: ETF Inflows Lead to Performance Skew

There should be 50 changes in Dec with a big sector skew. Turnover is ~10% and 31 stocks will have 1x ADV to trade. Huge ETF inflows have led to...

Brian Freitas

CSI500 Index Rebalance Preview: Potential Adds Outperforming Potential Deletes

We see 50 changes a side for the CSI500 in Dec. The Industrials sector could take a lot of index spots from Materials as one-way turnover exceeds...

Brian Freitas

Weibo (WB US): Ad Growth Clouded by Pandemic and Macro Slowdown

Widespread lockdowns in China could pressure Weibo earning in 2Q. Now valuation is more attractive at 10x forward P/E with improving user engagement.

Roger Xie

Price Gauge

52-week Range

Market Cap (USDm)

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Pre-IPO Inmyshow Digital Technology (A/H Listing) - The Business Model and the Concerns Behind

​The core strength of Inmyshow lies in high-quality data, making it hard for new entrant to compete.But risk of erosion in technical barriers/weak...

Xinyao (Criss) Wang

Primer: Inmyshow Digital Technology (Group) (600556 CH) - Feb 2026

Inmyshow Digital Technology is a key player in China's rapidly growing influencer and digital marketing sector, connecting content creators with...

αSK Primers

CSI500 Index Rebalance Preview: ETF Inflows Lead to Performance Skew

There should be 50 changes in Dec with a big sector skew. Turnover is ~10% and 31 stocks will have 1x ADV to trade. Huge ETF inflows have led to...

Brian Freitas

CSI500 Index Rebalance Preview: Potential Adds Outperforming Potential Deletes

We see 50 changes a side for the CSI500 in Dec. The Industrials sector could take a lot of index spots from Materials as one-way turnover exceeds...

Brian Freitas

Weibo (WB US): Ad Growth Clouded by Pandemic and Macro Slowdown

Widespread lockdowns in China could pressure Weibo earning in 2Q. Now valuation is more attractive at 10x forward P/E with improving user engagement.

Roger Xie

The core strength of Inmyshow lies in high-quality data, making it hard for new entrant to compete.But risk of erosion in technical barriers/weak...