Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes and the resultant capping flows for HSCEI in September 2023.</li>
<li>Based on the latest available data, I expect two ADDs and two DELs for HSCEI in the September 2023 Rebalance.</li>
<li>I estimate one-way flow to be US$276mn. Only the two ADDs and two DELs involved in the index changes are likely to have more than one day to trade. </li>
</ul>


In this insight, we take a look at the potential index changes and the resultant capping flows for HSCEI in September 2023.
Based on the latest available data, I expect two ADDs and two DELs for HSCEI in the September 2023 Rebalance.
I estimate one-way flow to be US$276mn. Only the two ADDs and two DELs involved in the index changes are likely to have more than one day to trade. 


Quiddity HSCEI Sep 23 Flow Expectations: Two Changes Likely, US$276mn One-Way

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>1801HK:  Innovent licensed in KRAS G12C drug obtained NMPA BTD designation but is a late comer（/）</li>
<li>1810 HK: Oppo abruptly abandons development of self-developed chips (-)</li>
<li>3690.HK: A review of Meituan’s Dazhong Dianping in-store business strategy </li>
</ul>


1801HK:  Innovent licensed in KRAS G12C drug obtained NMPA BTD designation but is a late comer（/）
1810 HK: Oppo abruptly abandons development of self-developed chips (-)
3690.HK: A review of Meituan’s Dazhong Dianping in-store business strategy 


China TMT Update (May.16) - 1801HK/1810HK/3690HK: A Review of Meituan’s In-Store Business Strategy

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Shanghai Bio-Heart Biological Technology / Equity Bottom-Up

<ul>
<li>There are three main ways for Chinese pharmaceutical companies to enter global markets, but the results are completely different. Investors are advised to make cautious judgments based on different cases. </li>
<li>Speed is a crucial factor in the competition for drug development, but there’re precedents in history that late-comers are still able to turn things around, such as GLP-1/weight loss drugs.</li>
<li>We remain conservative about the future commercialization performance of Bio-Heart's BRS and Iberis 2nd. However, the product launch is a catalyst for share price, which provides a good short-term trade opportunity.</li>
</ul>


There are three main ways for Chinese pharmaceutical companies to enter global markets, but the results are completely different. Investors are advised to make cautious judgments based on different cases. 
Speed is a crucial factor in the competition for drug development, but there’re precedents in history that late-comers are still able to turn things around, such as GLP-1/weight loss drugs.
We remain conservative about the future commercialization performance of Bio-Heart's BRS and Iberis 2nd. However, the product launch is a catalyst for share price, which provides a good short-term trade opportunity.


China Healthcare Weekly (May.12) - Three Globalization Strategies, GLP-1/Weight Loss Drug, Bio-Heart

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.

Innovent Biologics Inc / Equity Bottom-Up

<ul><li>Ph2 study of IBI362 (9mg) for obesity met primary endpoint.</li><li>Innovent reported positive results of Ph2 study of higher-dose (9mg) IBI362 (GLP1R/GCGR) for the treatment of subjects with moderate to severe obesity (link).</li><li>The Ph2 study enrolled 80 Chinese subjects with a baseline mean weight of 96.9kg and mean BMI of 34.3kg/m2 , for which people metabolic surgery is the current main treatment option.</li></ul><p><em>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.</em></p>

Ph2 study of IBI362 (9mg) for obesity met primary endpoint.Innovent reported positive results of Ph2 study of higher-dose (9mg) IBI362 (GLP1R/GCGR) for the treatment of subjects with moderate to severe obesity (link).The Ph2 study enrolled 80 Chinese subjects with a baseline mean weight of 96.9kg and mean BMI of 34.3kg/m2 , for which people metabolic surgery is the current main treatment option.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.

Innovent Biologics (1801 HK) – Mazdutide (IBI362) to become the best GLP-1 drug for obesity in China

<ul>
<li>1877HK：JUNSHI and Dr. Reddy signed low ball license out agreement for India, Latin America, South Africa and Oceania (-)</li>
<li>BIDU : Baidu's Xiaodu will enter smart phone industry (+)</li>
<li>1801HK： Innovent and Lilly will fight in obesity/diabetes drug. Positive for Innovent but not positive enough (+)</li>
</ul>


1877HK：JUNSHI and Dr. Reddy signed low ball license out agreement for India, Latin America, South Africa and Oceania (-)
BIDU : Baidu's Xiaodu will enter smart phone industry (+)
1801HK： Innovent and Lilly will fight in obesity/diabetes drug. Positive for Innovent but not positive enough (+)


China TMT Update (May.9) - 1877.HK/Bidu/1801.HK - JUNSHI and Dr. Reddy Signed Agreement

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.

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Innovent Biologics Inc (1801 HK)

Quiddity HSCEI Sep 23 Flow Expectations: Two Changes Likely, US$276mn One-Way

I see BeiGene Ltd (6160 HK) and Trip.com (9961 HK) as ADDs and Country Garden Services (6098 HK) and Zhongsheng Group (881 HK) as DELs.

Janaghan Jeyakumar, CFA

China TMT Update (May.16) - 1801HK/1810HK/3690HK: A Review of Meituan’s In-Store Business Strategy

1801HK: Innovent licensed in KRAS G12C drug obtained NMPA BTD designation（/）；1810 HK: Oppo abruptly abandons development of self-developed chips (...

Blue Lotus Research Institute

China Healthcare Weekly (May.12) - Three Globalization Strategies, GLP-1/Weight Loss Drug, Bio-Heart

There're three ways for companies to enter global markets, but the results are different.Late-comers can still turn things around, such as GLP-1...

Xinyao (Criss) Wang

Innovent Biologics (1801 HK) – Mazdutide (IBI362) to become the best GLP-1 drug for obesity in China

Innovent reported positive results of Ph2 study of higher-dose (9mg) IBI362 (GLP1R/GCGR) for the treatment of subjects with moderate to severe...

CMB International

China TMT Update (May.9) - 1877.HK/Bidu/1801.HK - JUNSHI and Dr. Reddy Signed Agreement

1877HK：JUNSHI and Dr. Reddy signed low ball license out agreement (-)； BIDU : Baidu's Xiaodu will enter smart phone industry (+)；1801HK： Innovent...

Blue Lotus Research Institute

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