External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>InnoCare recorded total revenue of RMB189mn in 1Q23, including RMB151mn sales from orelabrutinib (-9% QoQ, +44% YoY).</li><li>The QoQ decrease in sales of orelabrutinib was mainly due to the COVID-19 outbreak and Chinese New Year break in 1Q.</li><li>InnoCare continued to improve its cost efficiency in 1Q23. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

InnoCare recorded total revenue of RMB189mn in 1Q23, including RMB151mn sales from orelabrutinib (-9% QoQ, +44% YoY).The QoQ decrease in sales of orelabrutinib was mainly due to the COVID-19 outbreak and Chinese New Year break in 1Q.InnoCare continued to improve its cost efficiency in 1Q23. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

InnoCare Pharma (9969 HK) – Eyes on Next Steps of Orelabrutinib for MS

<ul><li>InnoCare recorded total revenue of RMB625mn in FY22, including RMB566mn sales from orelabrutinib (+164% YoY vs RMB215mn in FY21).</li><li>Sales of orelabrutinib in 4Q22 was RMB166mn, slightly lower compared to RMB183mn in 3Q22 mainly due to COVID-19 interruptions.</li><li>The strong sales growth of orelabrutinib in FY22 was mainly driven by the increasing market penetration of the drug after NRDL inclusion effective since Jan 2022.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

InnoCare recorded total revenue of RMB625mn in FY22, including RMB566mn sales from orelabrutinib (+164% YoY vs RMB215mn in FY21).Sales of orelabrutinib in 4Q22 was RMB166mn, slightly lower compared to RMB183mn in 3Q22 mainly due to COVID-19 interruptions.The strong sales growth of orelabrutinib in FY22 was mainly driven by the increasing market penetration of the drug after NRDL inclusion effective since Jan 2022.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

InnoCare Pharma (9969 HK) – Positive PoC data of orelabrutinib for MS

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 24th.</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 China Mobile, Tencent, Byd, China Construction Bank.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 24th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, Tencent, Byd, China Construction Bank.


Hong Kong Connect Flows (Feb 24th): China Mobile, Tencent, Byd, CCB

<ul><li>Biogen terminated partnership with InnoCare. On 15 Feb, Biogen terminated the collaboration with InnoCare on orelabrutinib for the treatment of multiple sclerosis (MS) and other autoimmune diseases.</li><li>The two parties started the collaboration in Jul 2021, and since then, InnoCare has received US$125mn upfront payment, and was eligible to receive up to US$812.5mn milestone payment and future sales royalties according to the original agreement.</li><li>However, due to the current termination, future payment will not happen, while InnoCare doesn’t need to return the upfront payment. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Biogen terminated partnership with InnoCare. On 15 Feb, Biogen terminated the collaboration with InnoCare on orelabrutinib for the treatment of multiple sclerosis (MS) and other autoimmune diseases.The two parties started the collaboration in Jul 2021, and since then, InnoCare has received US$125mn upfront payment, and was eligible to receive up to US$812.5mn milestone payment and future sales royalties according to the original agreement.However, due to the current termination, future payment will not happen, while InnoCare doesn’t need to return the upfront payment. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

InnoCare Pharma (9969 HK) – Breakup with Biogen on Orelabrutinib

<ul><li>InnoCare recorded total revenue of RMB196mn in 3Q22, including RMB183mn sales from orelabrutinib (+64% QoQ, +147 YoY).</li><li>Sales of orelabrutinib during 9M22 reached RMB400mn, representing +129% YoY growth.</li><li>The strong sales growth was mainly driven by the increasing market penetration after NRDL inclusion effective since Jan 2022. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

InnoCare recorded total revenue of RMB196mn in 3Q22, including RMB183mn sales from orelabrutinib (+64% QoQ, +147 YoY).Sales of orelabrutinib during 9M22 reached RMB400mn, representing +129% YoY growth.The strong sales growth was mainly driven by the increasing market penetration after NRDL inclusion effective since Jan 2022. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

InnoCare Pharma (9969 HK) – Strong sales of orelabrutinib in 3Q22

China

InnoCare Pharma is a commercial-stage biopharmaceutical company dedicated to discovering, developing, and commercializing drugs for cancer and autoimmune diseases. Its pipeline includes key products like orelabrutinib, tafasitamab, and ICP-332. The company was co-founded in 2015 and is headquartered in Beijing, China.

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InnoCare Pharma (9969 HK)