HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

Industry viewpoints:<ul>
<li>After all the companies in China healthcare industry released their 2021 interim reports, here are the summary and the enlightenment. </li>
<li>With the continuous advancement of medical reform, the reform of public hospital compensation system is an inevitable trend.</li>
<li>The regulated market represented by the United States is the main destination of export of China's varieties of injection.</li>
</ul>Company news:News about the updated progress on new drugs of <a href="https://www.smartkarma.com/entities/kintor-pharmaceutical" target="_blank" data-smartkarma-citation="entities:28884:1" rel="noopener">Kintor Pharmaceutical (9939 HK)</a>, <a href="https://www.smartkarma.com/entities/luye-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:488:1" rel="noopener">Luye Pharma (2186 HK)</a>, <a href="https://www.smartkarma.com/entities/brii-biosciences" target="_blank" data-smartkarma-citation="entities:33014:1" rel="noopener">Brii Biosciences (2137 HK)</a> and <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>. Market review:Last week, stock price for healthcare sector in A share increased 3.00%, while CSI 300 increased 3.52% over the same period of time.Risk disclosure: Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
After all the companies in China healthcare industry released their 2021 interim reports, here are the summary and the enlightenment. 
With the continuous advancement of medical reform, the reform of public hospital compensation system is an inevitable trend.
The regulated market represented by the United States is the main destination of export of China's varieties of injection.
Company news:News about the updated progress on new drugs of Kintor Pharmaceutical (9939 HK), Luye Pharma (2186 HK), Brii Biosciences (2137 HK) and Innovent Biologics Inc (1801 HK). Market review:Last week, stock price for healthcare sector in A share increased 3.00%, while CSI 300 increased 3.52% over the same period of time.Risk disclosure: Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

China Healthcare Weekly (Sep10)-2021H1 Results Summary,Hospital Compensation Reform,Injection Export

Industry viewpoints:
<ul>
<li>This year, the underlying logic of China's economy is being restructured.</li>
<li>Whether drugs or medical devices, once they are included in the scope of centralized procurement, there could be only two strategies.</li>
<li>There are still many uncertainties in regulation approval and commercialization of AI medical imaging products in China.</li>
</ul>
Company news:
News about the updated progress on new drugs, new cooperation agreement and M&amp;A deal of <a href="https://www.smartkarma.com/entities/alphamab-oncology" target="_blank" data-smartkarma-citation="entities:28213:1" rel="noopener">Alphamab Co Ltd (9966 HK), </a><a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a>, <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH) </a>and <a href="https://www.smartkarma.com/entities/wenzhou-kangning-hospital" target="_blank" data-smartkarma-citation="entities:1100:1" rel="noopener">Wenzhou Kangning Hospital (2120 HK)</a>.
Market review:
Last week, stock price for healthcare sector in A share increased 0.61%, while CSI 300 increased 1.21% over the same period of time.
Risk disclosure:
Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:

This year, the underlying logic of China's economy is being restructured.
Whether drugs or medical devices, once they are included in the scope of centralized procurement, there could be only two strategies.
There are still many uncertainties in regulation approval and commercialization of AI medical imaging products in China.

Company news:
News about the updated progress on new drugs, new cooperation agreement and M&amp;A deal of Alphamab Co Ltd (9966 HK), Akeso Biopharma Inc (9926 HK), Innovent Biologics Inc (1801 HK), Jiangsu Hengrui Medicine (600276 CH) and Wenzhou Kangning Hospital (2120 HK).
Market review:
Last week, stock price for healthcare sector in A share increased 0.61%, while CSI 300 increased 1.21% over the same period of time.
Risk disclosure:
Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

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 analyse the changes of A-H premium on 190 stocks over the last week. The average A-H premium was 85.5% as of Jul 10th.</li>
<li>The average A-H premium changed by 0.3ppt week-on-week, led by real estate, information technology, communication services and offset by utilities, health care, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare.</li>
</ul>


We analyse the changes of A-H premium on 190 stocks over the last week. The average A-H premium was 85.5% as of Jul 10th.
The average A-H premium changed by 0.3ppt week-on-week, led by real estate, information technology, communication services and offset by utilities, health care, consumer discretionary.
We highlight weekly changes in A-H premium for Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare.


A-H Premium Weekly (Jul 10th): Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare

Industry viewpoints:<ul>
<li>Considering the importance of blood products, the 14th Five-Year Plan will accelerate the construction of plasma stations in China so as to achieve the self-sufficiency in blood products.</li>
<li>Public health is the focus of the 14th Five-Year Plan for medical reform. Among them, due to the strong demand from the downstream, the medical IT industry is expected to usher in a faster development.</li>
<li>The outbreak of COVID-19 in 2020 would accelerate Chinese consumers' awareness and attention of immunonutrition products, such as the probiotics products.</li>
</ul>Company news:News about the updated progress on drugs and new cooperation agreements of <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a>, <a href="https://www.smartkarma.com/entities/innocare-pharma-ltd" target="_blank" data-smartkarma-citation="entities:28355:1" rel="noopener">InnoCare Pharma Ltd (9969 HK) </a>and <a href="https://www.smartkarma.com/entities/remegen-co-ltd" target="_blank" data-smartkarma-citation="entities:29191:1" rel="noopener">Remegen Co Ltd (9995 HK)</a>.Market review:Last week, stock price for healthcare sector in A share increased 2.61%, while CSI 300 increased 0.50% over the same period of timeRisk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
Considering the importance of blood products, the 14th Five-Year Plan will accelerate the construction of plasma stations in China so as to achieve the self-sufficiency in blood products.
Public health is the focus of the 14th Five-Year Plan for medical reform. Among them, due to the strong demand from the downstream, the medical IT industry is expected to usher in a faster development.
The outbreak of COVID-19 in 2020 would accelerate Chinese consumers' awareness and attention of immunonutrition products, such as the probiotics products.
Company news:News about the updated progress on drugs and new cooperation agreements of Innovent Biologics Inc (1801 HK), Jiangsu Hengrui Medicine (600276 CH), InnoCare Pharma Ltd (9969 HK) and Remegen Co Ltd (9995 HK).Market review:Last week, stock price for healthcare sector in A share increased 2.61%, while CSI 300 increased 0.50% over the same period of timeRisk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:<ul>
<li>Recently, the CDE issued a new document about the guidelines for clinical R&amp;D of anti-tumor drugs based on clinical value, which is expected to bring changes to the industry.</li>
<li>The NDRC issued the implementation plan for the construction of a high-quality and efficient medical and healthcare service system during the 14th Five-Year Plan period.</li>
<li>There is a high possibility that the PD-1 price reduction in 2021 negotiation could be larger than that in the negotiations of the previous two years.</li>
</ul>Company news: News about the updated progress on drugs of <a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a>, <a href="https://www.smartkarma.com/entities/cstone-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:27882:1" rel="noopener">CStone Pharmaceuticals (2616 HK)</a>, <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, and <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene Ltd (6160 HK)</a>.Market review:Last week, stock price for healthcare sector in A share decreased 4.05%, while CSI 300 decreased 0.23% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
Recently, the CDE issued a new document about the guidelines for clinical R&amp;D of anti-tumor drugs based on clinical value, which is expected to bring changes to the industry.
The NDRC issued the implementation plan for the construction of a high-quality and efficient medical and healthcare service system during the 14th Five-Year Plan period.
There is a high possibility that the PD-1 price reduction in 2021 negotiation could be larger than that in the negotiations of the previous two years.
Company news: News about the updated progress on drugs of Akeso Biopharma Inc (9926 HK), CStone Pharmaceuticals (2616 HK), Innovent Biologics Inc (1801 HK), and BeiGene Ltd (6160 HK).Market review:Last week, stock price for healthcare sector in A share decreased 4.05%, while CSI 300 decreased 0.23% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

China

Jiangsu Hengrui Medicine Co., Ltd. develops, manufactures, and markets a variety of medicines and medicine packing materials. The Company's products include anti-tumor medicines, pain-killers, anti-infection medicines, aluminum foil, and other related products.

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Jiangsu Hengrui Medicine (600276 CH)

China Healthcare Weekly (Sep10)-2021H1 Results Summary,Hospital Compensation Reform,Injection Export

The article analyzed the summary and enlightenment of 2021H1 reports of healthcare companies, reform of public hospital compensation system, export...

Xinyao (Criss) Wang

China Healthcare Weekly (Aug.27)

This article analyzed the logic of China's healthcare sector while its economy is being restructured, two strategies to deal with centralized...

Xinyao (Criss) Wang

A-H Premium Weekly (Jul 10th): Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare.

Ke Yan, CFA, FRM

China Healthcare Weekly (July.16)

The article mainly analyzed China's plan to accelerate the construction of plasma stations, promising outlook of medical IT industry...

Xinyao (Criss) Wang

China Healthcare Weekly (July.9)

The article analyzed the new policy about R&D of anti-tumor drugs based on clinical value, construction of high-quality medical service system, and...

Xinyao (Criss) Wang

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