HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Innovent Biologics Inc / Equity Bottom-Up

<ul>
<li>Innovent has launched head-to-head phase III clinical trial of Mazdutide and Semaglutide. If the challenge is successful, it will have milestone significance. Domestic sales of Mazdutide will look very promising.</li>
<li>Innovent received negative news on CEACAM5 ADC/KRAS G12C.When independent R&amp;D cannot be relied upon, Innovent has to seek new sources of growth to make up for the remaining sales gap.</li>
<li>There’s nothing wrong with Innovent’s development strategy by balancing both success rate and efficiency, although Innovent is hard to become a leader in cutting-edge R&amp;D. We remain optimistic on Innovent.</li>
</ul>


Innovent has launched head-to-head phase III clinical trial of Mazdutide and Semaglutide. If the challenge is successful, it will have milestone significance. Domestic sales of Mazdutide will look very promising.
Innovent received negative news on CEACAM5 ADC/KRAS G12C.When independent R&amp;D cannot be relied upon, Innovent has to seek new sources of growth to make up for the remaining sales gap.
There’s nothing wrong with Innovent’s development strategy by balancing both success rate and efficiency, although Innovent is hard to become a leader in cutting-edge R&amp;D. We remain optimistic on Innovent.


2024 High Conviction Update: Innovent (1801.HK)- New Business Progress Reinforces Optimistic Outlook

<ul>
<li>WuXi XDC remains our top pick in China healthcare. We're optimistic about its share price performance. Cansino is stronger than imagined, and we recommend investors to be patient with it.</li>
<li>The future competitive landscape of GLP-1s would present very different situation from traditional drugs. Innovent’s Mazdutide could be a "dark horse" if the head-to-head trial against Semaglutide is successful.</li>
<li>For GLP-1s, it will be difficult to shake the first-mover position of the first two giants (Semaglutide and Tirzepatide) unless latecomers are able to show higher marginal benefits.</li>
</ul>


WuXi XDC remains our top pick in China healthcare. We're optimistic about its share price performance. Cansino is stronger than imagined, and we recommend investors to be patient with it.
The future competitive landscape of GLP-1s would present very different situation from traditional drugs. Innovent’s Mazdutide could be a "dark horse" if the head-to-head trial against Semaglutide is successful.
For GLP-1s, it will be difficult to shake the first-mover position of the first two giants (Semaglutide and Tirzepatide) unless latecomers are able to show higher marginal benefits.


China Healthcare Weekly (Jan.5) - WuXi XDC, GLP-1s New Game Rule, Innovent, Cansino, A-Share Outlook

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND flows showing momentum tendencies this past week on a single-stock basis. Hs up vs As quite strongly. Liquid Hs even better.</li>
<li>SOUTHBOUND saw HK$1.2bn of net IN-flows in the 3-day week to 29 Dec. Total flows were HK$88bn.</li>
<li>Bullish end to year for SOUTHBOUND owners but they did not mark the close. They were, however, big buyers of high-div SOEs.</li>
</ul>


SOUTHBOUND flows showing momentum tendencies this past week on a single-stock basis. Hs up vs As quite strongly. Liquid Hs even better.
SOUTHBOUND saw HK$1.2bn of net IN-flows in the 3-day week to 29 Dec. Total flows were HK$88bn.
Bullish end to year for SOUTHBOUND owners but they did not mark the close. They were, however, big buyers of high-div SOEs.


HK Connect SOUTHBOUND Flows (To 29Dec23); CNOOC & Telcos to the BUY Side, Tracker Fund Sold Bigly

<ul>
<li>SOUTHBOUND flows showing reversion tendencies still. Hs up vs As only slightly. Liquid Hs were down vs As. </li>
<li>SOUTHBOUND saw HK$144bn of net INflows on the week to 22 Dec, which was HK$4bn of Tencent net sales and net buying of a bunch of ETFs.</li>
<li>Some banks and energy names were top net inflows as a percentage of ADV. This week was heavy for SOUTHBOUND, quiet for foreigners, next week may be quiet for both.</li>
</ul>


SOUTHBOUND flows showing reversion tendencies still. Hs up vs As only slightly. Liquid Hs were down vs As. 
SOUTHBOUND saw HK$144bn of net INflows on the week to 22 Dec, which was HK$4bn of Tencent net sales and net buying of a bunch of ETFs.
Some banks and energy names were top net inflows as a percentage of ADV. This week was heavy for SOUTHBOUND, quiet for foreigners, next week may be quiet for both.


HK Connect SOUTHBOUND Flows (To 22Dec23); CNOOC/Energy To The Buy Side; Tencent Heavily Sold, Again.

<ul>
<li>SOUTHBOUND flows showing reversion tendencies continues for a fourth week. Hs rebound vs their As on the week - especially the liquid ones.</li>
<li>SOUTHBOUND saw HK$9.9bn of OUTflows on the week to 15 Dec, ALL of which was net sales of <a href="https://www.smartkarma.com/entities/tracker-fund-of-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:29257:1" rel="noopener">Tracker Fund of Hong Kong (2800 HK)</a> and <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>. </li>
<li>High-Div SOEs again saw action. This time with both CNOOC Ltd (883 HK) <em>and</em> China Telecom (728 HK) seeing net buying as a percentage of volume. </li>
</ul>


SOUTHBOUND flows showing reversion tendencies continues for a fourth week. Hs rebound vs their As on the week - especially the liquid ones.
SOUTHBOUND saw HK$9.9bn of OUTflows on the week to 15 Dec, ALL of which was net sales of Tracker Fund of Hong Kong (2800 HK) and Tencent (700 HK). 
High-Div SOEs again saw action. This time with both CNOOC Ltd (883 HK) and China Telecom (728 HK) seeing net buying as a percentage of volume. 


HK Connect SOUTHBOUND Flows (To 15Dec23); CNOOC/Telecom/Mobile All Now To The Buy Side, Tencent NOT

China

Innovent Biologics, Inc. operates as a biopharmaceutical company. The Company develops, manufactures, and distributes monoclonal antibody drug candidates for the treatment of oncology, ophthalmology, autoimmune, cardiovascular, and other diseases. Innovent Biologics serves customers in China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Innovent Biologics Inc (1801 HK)

2024 High Conviction Update: Innovent (1801.HK)- New Business Progress Reinforces Optimistic Outlook

Innovent has made a series of new business progress that deserves investors' attention. We have confidence that Innovent would ultimately achieve...

Xinyao (Criss) Wang

HK Connect SOUTHBOUND Flows (To 29Dec23); CNOOC & Telcos to the BUY Side, Tracker Fund Sold Bigly

HK Connect SOUTHBOUND Flows this week were light on a shortened 3-day week. High-div SOEs like Energy names and the large telcos were significantly...

Travis Lundy

HK Connect SOUTHBOUND Flows (To 22Dec23); CNOOC/Energy To The Buy Side; Tencent Heavily Sold, Again.

In HK Connect, SOUTHBOUND flows this week were slightly positive but the big story was a big sell of Tencent and buying of ETFs. On average, liquid...

Travis Lundy

HK Connect SOUTHBOUND Flows (To 15Dec23); CNOOC/Telecom/Mobile All Now To The Buy Side, Tencent NOT

SOUTHBOUND HK Connect Flows were lower than previous weeks in stock-picking but flows on ETFs were significant. NET flows were HK$9.9bn to the sell...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2024 High Conviction Update: Innovent (1801.HK)- New Business Progress Reinforces Optimistic Outlook

Innovent has made a series of new business progress that deserves investors' attention. We have confidence that Innovent would ultimately achieve...

Xinyao (Criss) Wang

China Healthcare Weekly (Jan.5) - WuXi XDC, GLP-1s New Game Rule, Innovent, Cansino, A-Share Outlook

WuXi XDC remains our top pick.We're optimistic about its share price.Game rule of GLP-1 will be different from traditional drugs.Investors should...

Xinyao (Criss) Wang

HK Connect SOUTHBOUND Flows (To 29Dec23); CNOOC & Telcos to the BUY Side, Tracker Fund Sold Bigly

HK Connect SOUTHBOUND Flows this week were light on a shortened 3-day week. High-div SOEs like Energy names and the large telcos were significantly...

Travis Lundy

HK Connect SOUTHBOUND Flows (To 22Dec23); CNOOC/Energy To The Buy Side; Tencent Heavily Sold, Again.

In HK Connect, SOUTHBOUND flows this week were slightly positive but the big story was a big sell of Tencent and buying of ETFs. On average, liquid...

Travis Lundy

HK Connect SOUTHBOUND Flows (To 15Dec23); CNOOC/Telecom/Mobile All Now To The Buy Side, Tencent NOT

SOUTHBOUND HK Connect Flows were lower than previous weeks in stock-picking but flows on ETFs were significant. NET flows were HK$9.9bn to the sell...

Travis Lundy