HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>Globalization and innovation are two core paths for companies’ development, but with completely different effects.Instead of rushing to go global, it’s better to calm down to focus on R&amp;D first.</li>
<li>Many domestic companies choose Me-Too strategy, which is considered a “shortcut”. However, Me-Too strategy is not always successful. We analyzed different scenarios to help investors better distinguish valuable Me-Too strategies.</li>
<li>There could be a potential short-term correction in healthcare sector. Since trading opportunities remain, rebound would come next, but stock-picking would not be the same as in the past.</li>
</ul>


Globalization and innovation are two core paths for companies’ development, but with completely different effects.Instead of rushing to go global, it’s better to calm down to focus on R&amp;D first.
Many domestic companies choose Me-Too strategy, which is considered a “shortcut”. However, Me-Too strategy is not always successful. We analyzed different scenarios to help investors better distinguish valuable Me-Too strategies.
There could be a potential short-term correction in healthcare sector. Since trading opportunities remain, rebound would come next, but stock-picking would not be the same as in the past.


China Healthcare Weekly (Nov.3)-Share Price Correction,Valuable Shortcut,Globalization Vs Innovation

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

Innovent Biologics Inc / Equity Bottom-Up

<ul><li>Mazdutide (9mg) continues to show its BIC potential with 48-week results. Innovent released the 48-week results of mazdutide (9mg) in Ph2 study in Chinese obesity patients.</li><li>After 48 weeks of treatment, the placebo-adjusted mean percent change in body weight from baseline was -18.6% (-17.8kg) in 59 of the 80 enrolled patients with treatment extended.</li><li>Recall in May 2023, mazdutide (9mg) met the primary endpoint of its Ph2 trial in Chinese obesity patients, showing 15.4% placebo-adjusted weight loss at week 24 (vs 12.0% of tirzepatide 15mg and 8.0% of semaglutide, CMBI report. </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.

Mazdutide (9mg) continues to show its BIC potential with 48-week results. Innovent released the 48-week results of mazdutide (9mg) in Ph2 study in Chinese obesity patients.After 48 weeks of treatment, the placebo-adjusted mean percent change in body weight from baseline was -18.6% (-17.8kg) in 59 of the 80 enrolled patients with treatment extended.Recall in May 2023, mazdutide (9mg) met the primary endpoint of its Ph2 trial in Chinese obesity patients, showing 15.4% placebo-adjusted weight loss at week 24 (vs 12.0% of tirzepatide 15mg and 8.0% of semaglutide, CMBI report. 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.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This is the somewhat brand-spanking-new Quiddity HK Connect SOUTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and Mainland Connect NORTHBOUND Monitor.</li>
<li>The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).</li>
<li>We like the nifty interactive tables+charts (please play with them!) and we welcome feedback. This 5-day week saw HKD 3.9bn+ of net buying. That makes 13 weeks of net inflows.</li>
</ul>


This is the somewhat brand-spanking-new Quiddity HK Connect SOUTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and Mainland Connect NORTHBOUND Monitor.
The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).
We like the nifty interactive tables+charts (please play with them!) and we welcome feedback. This 5-day week saw HKD 3.9bn+ of net buying. That makes 13 weeks of net inflows.


Quiddity HK Connect SOUTHBOUND Flows (To 20 Oct 23): Meituan, SMIC, Great Wall!

Equity Capital Markets

Innovent Biologics Inc / Equity Capital Markets

<ul>
<li>Innovent is actually not short of money, so the Placing this time looks “strange”.If Innovent is unable to deliver performance that matches expectations, investors would reconsider its future financing needs.</li>
<li>Innovent is undergoing important transition from quantitative change to qualitative change as turning losses into profits is within reach. So, the "concept validation" of Innovent's business model has been completed.</li>
<li>Innovent decides to place the shares at this moment reflects that its stock price is already high. Based on our forecast, there could be limited upside room for share price.  </li>
</ul>


Innovent is actually not short of money, so the Placing this time looks “strange”.If Innovent is unable to deliver performance that matches expectations, investors would reconsider its future financing needs.
Innovent is undergoing important transition from quantitative change to qualitative change as turning losses into profits is within reach. So, the "concept validation" of Innovent's business model has been completed.
Innovent decides to place the shares at this moment reflects that its stock price is already high. Based on our forecast, there could be limited upside room for share price.  


Innovent Biologics Placement (1801.HK) - There Is No Such Thing as a Free Lunch

Quantitative Analysis

<ul>
<li>This is the brand spanking new Quiddity HK Connect SOUTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and Mainland Connect NORTHBOUND Monitor.</li>
<li>The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).</li>
<li>We like the nifty interactive tables+charts (please play with them!) and we welcome feedback. This 4-day week saw HKD 9bn+ of net buying. That makes 12 weeks of net inflows.</li>
</ul>


This is the brand spanking new Quiddity HK Connect SOUTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and Mainland Connect NORTHBOUND Monitor.
The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).
We like the nifty interactive tables+charts (please play with them!) and we welcome feedback. This 4-day week saw HKD 9bn+ of net buying. That makes 12 weeks of net inflows.


Quiddity HK Connect SOUTHBOUND Flows (Week to 13Oct23) :  Meituan Bought, Tencent Sold

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)

Innovent Biologics (1801 HK)

Mazdutide (9mg) continues to show its BIC potential with 48-week results. Innovent released the 48-week results of mazdutide (9mg) in Ph2 study in...

CMB International

Quiddity HK Connect SOUTHBOUND Flows (To 20 Oct 23): Meituan, SMIC, Great Wall!

SOUTHBOUND flows last week were still mildly positive making it 13 weeks in a row. Great Wall Motors is finally a large net buy.

Travis Lundy

Innovent Biologics Placement (1801.HK) - There Is No Such Thing as a Free Lunch

Innovent's recent strong share price performance reflects the market's enthusiasm for weight loss drugs. Compared with weight loss pipeline of...

Xinyao (Criss) Wang

Quiddity HK Connect SOUTHBOUND Flows (Week to 13Oct23) : Meituan Bought, Tencent Sold

SOUTHBOUND Connect Flows this week saw net buying for the 12th week in a row. Meituan was the top net buy. Tencent the top net sell. Banks saw...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Healthcare Weekly (Nov.3)-Share Price Correction,Valuable Shortcut,Globalization Vs Innovation

Success of globalization ultimately relies on strong innovative capabilities. Here's how to distinguish valuable shortcuts - Me-Too strategy....

Xinyao (Criss) Wang

Innovent Biologics (1801 HK)

Mazdutide (9mg) continues to show its BIC potential with 48-week results. Innovent released the 48-week results of mazdutide (9mg) in Ph2 study in...

CMB International

Quiddity HK Connect SOUTHBOUND Flows (To 20 Oct 23): Meituan, SMIC, Great Wall!

SOUTHBOUND flows last week were still mildly positive making it 13 weeks in a row. Great Wall Motors is finally a large net buy.

Travis Lundy

Innovent Biologics Placement (1801.HK) - There Is No Such Thing as a Free Lunch

Innovent's recent strong share price performance reflects the market's enthusiasm for weight loss drugs. Compared with weight loss pipeline of...

Xinyao (Criss) Wang

Quiddity HK Connect SOUTHBOUND Flows (Week to 13Oct23) : Meituan Bought, Tencent Sold

SOUTHBOUND Connect Flows this week saw net buying for the 12th week in a row. Meituan was the top net buy. Tencent the top net sell. Banks saw...

Travis Lundy