HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Sciclone Pharmaceuticals / Equity Capital Markets

On February 1, 2021, according to the disclosure of the HKEX, <a href="https://www.smartkarma.com/entities/sciclone-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:17351:1" rel="noopener">Sciclone Pharmaceuticals, Inc (SCLN US)</a> passed the hearing of HKEX and will be listed on the main board. SciClone is a biopharmaceutical company with an integrated platform for product development and commercialization, focusing on therapeutic areas including oncology and severe infections. SciClone is reportedly looking to raise $400 million, which would be primarily used to acquire or license-in new drug candidates in China or other global markets, repay existing debt, and drive the development and commercialization of clinical drug candidates.

On February 1, 2021, according to the disclosure of the HKEX, Sciclone Pharmaceuticals, Inc (SCLN US) passed the hearing of HKEX and will be listed on the main board. SciClone is a biopharmaceutical company with an integrated platform for product development and commercialization, focusing on therapeutic areas including oncology and severe infections. SciClone is reportedly looking to raise $400 million, which would be primarily used to acquire or license-in new drug candidates in China or other global markets, repay existing debt, and drive the development and commercialization of clinical drug candidates.

Pre-IPO SciClone Pharmaceuticals - Here Are the Strength and the Concerns

Since China planned to pilot registration-based IPO system, more and more eligible unprofitable biotech companies are allowed to go public. <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene Ltd (6160 HK)</a> would be the next one. The Company is going to list on the STAR market. Founded in Beijing in 2010, BeiGene is the most representative of the early biotech companies, and it has become a giant now, with a market value of about HK$254 billion on February 1, or less than half of that of <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>(around RMB550 billion). Meanwhile, different from Hengrui’s strategy, which adheres more to the independent R&amp;D and control of core technology and related rights, BeiGene is better at capital operation - Most of the products in pipeline are from license-in mode, and the Company is continuously suffering from losses. So, would the IPO on the STAR market be the last hurrah?

Since China planned to pilot registration-based IPO system, more and more eligible unprofitable biotech companies are allowed to go public. BeiGene Ltd (6160 HK) would be the next one. The Company is going to list on the STAR market. Founded in Beijing in 2010, BeiGene is the most representative of the early biotech companies, and it has become a giant now, with a market value of about HK$254 billion on February 1, or less than half of that of Jiangsu Hengrui Medicine (600276 CH) (around RMB550 billion). Meanwhile, different from Hengrui’s strategy, which adheres more to the independent R&amp;D and control of core technology and related rights, BeiGene is better at capital operation - Most of the products in pipeline are from license-in mode, and the Company is continuously suffering from losses. So, would the IPO on the STAR market be the last hurrah?

Pre-IPO BeiGene - Would the IPO on the STAR Market Be the Last Hurrah?

Thematic (Sector/Industry)

1. Industry viewpoints:<ul>
<li>The official document about the 4th volume-based purchase (VBP) was issued to clarify the relevant varieties and rules, and the bidding will start on February 3rd, 2021.</li>
<li>Biobanks and vaccines are the main driving force for the overall cryogenic storage market to continue to grow at a high rate in the future.</li>
<li>Currently, the “AI + medical” industry is in a period of rapid growth.</li>
</ul>2. Company news:News about the progress of innovative medical device, new drugs and new licensing agreement from <a href="https://www.smartkarma.com/entities/venus-medtech-hangzhou-inc" target="_blank" data-smartkarma-citation="entities:28257:1" rel="noopener">Venus MedTech (2500 HK)</a>, <a href="https://www.smartkarma.com/entities/gracell-biotechnologies-inc" target="_blank" data-smartkarma-citation="entities:31108:1" rel="noopener">Gracell Biotechnologies Inc (GRCL US)</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/alphamab-oncology" target="_blank" data-smartkarma-citation="entities:28213:1" rel="noopener">Alphamab Co Ltd (9966 HK)</a>.3. Market review: Last week, stock price for healthcare sector in A share increased 7.79%, while CSI 300 increased 2.05% over the same period of time.4. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

1. Industry viewpoints:
The official document about the 4th volume-based purchase (VBP) was issued to clarify the relevant varieties and rules, and the bidding will start on February 3rd, 2021.
Biobanks and vaccines are the main driving force for the overall cryogenic storage market to continue to grow at a high rate in the future.
Currently, the “AI + medical” industry is in a period of rapid growth.
2. Company news:News about the progress of innovative medical device, new drugs and new licensing agreement from Venus MedTech (2500 HK), Gracell Biotechnologies Inc (GRCL US), Innovent Biologics Inc (1801 HK), and Alphamab Co Ltd (9966 HK).3. Market review: Last week, stock price for healthcare sector in A share increased 7.79%, while CSI 300 increased 2.05% over the same period of time.4. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

The presentation for Webinar: 2021 High Conviction - Investment Opportunities in China Healthcare Industry would mainly include the following parts:<ul>
<li>Stock performance review</li>
<li>Market review</li>
<li>Logic behind the rally of the stock price </li>
<li>Investment trend in 2021</li>
<li>Q&amp;A</li>
</ul>

The presentation for Webinar: 2021 High Conviction - Investment Opportunities in China Healthcare Industry would mainly include the following parts:
Stock performance review
Market review
Logic behind the rally of the stock price 
Investment trend in 2021
Q&amp;A


Presentation for Webinar: 2021 High Conviction-Investment Opportunities in China Healthcare Industry

Bio-Thera Solutions Ltd / Equity Capital Markets

In February 2020, <a href="https://www.smartkarma.com/entities/bio-thera-solutions-ltd" target="_blank" data-smartkarma-citation="entities:29127:1" rel="noopener">Bio-Thera Solutions Ltd (688177 CH)</a> completed its listing on the SSE STAR Market. Then in 2020/2H, Bio-Thera planned to list on the Hong Kong Stock Exchange, becoming another biopharmaceutical company with "A+H" listing. Currently the Company’s market value was about RMB13.5 billion. So how about this company? The following provides the insights on its pipeline and related competitive landscape.

In February 2020, Bio-Thera Solutions Ltd (688177 CH) completed its listing on the SSE STAR Market. Then in 2020/2H, Bio-Thera planned to list on the Hong Kong Stock Exchange, becoming another biopharmaceutical company with "A+H" listing. Currently the Company’s market value was about RMB13.5 billion. So how about this company? The following provides the insights on its pipeline and related competitive landscape. 

Pre-IPO Bio-Thera Solutions - Insights on Pipeline and the Competitive Landscape

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)

Pre-IPO SciClone Pharmaceuticals - Here Are the Strength and the Concerns

This article analyzed SciClone Pharmaceuticals in terms of its core product Zadaxin, products in the pipeline, financial position and also include...

Xinyao (Criss) Wang

Pre-IPO BeiGene - Would the IPO on the STAR Market Be the Last Hurrah?

This article analyzed BeiGene in terms of its current pipeline, products on the market, competitive landscape, financial position, and the concerns...

Xinyao (Criss) Wang

China Healthcare Weekly (Jan.22)

The article analyzed the new official document for the volume-based purchase,industry viewpoints on China cryogenic storage market and “AI +...

Xinyao (Criss) Wang

Presentation for Webinar: 2021 High Conviction-Investment Opportunities in China Healthcare Industry

This article summarized the content for the presentation in Smartkarma Webinar about the topic "2021 High Conviction - Investment opportunities in...

Xinyao (Criss) Wang

Pre-IPO Bio-Thera Solutions - Insights on Pipeline and the Competitive Landscape

This article summarized the insights on major products of Bio-Thera Solutions in the pipeline and related competitive landscape with other key...

Xinyao (Criss) Wang

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