Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Australia has recommended against the approval of Eisai Alzheimer’s disease drug Leqembi. Daiichi Sankyo’s Enhertu received conditional approval in China for the treatment of non-small cell lung cancer.</li>
<li>Nihon Kohden has revised its financial forecasts for H1FY25. Shanghai Junshi Biosciences’ toripalimab has been approved for marketing in India for treatment of recurrent or metastatic nasopharyngeal carcinoma.</li>
<li>Akeso Biopharma raised ~$250M, for funding its R&amp;D activities. Celltrion has filed phase 3 clinical trial application in Europe for Cosentyx biosimilar in patients with moderate to severe plaque psoriasis.</li>
</ul>


Australia has recommended against the approval of Eisai Alzheimer’s disease drug Leqembi. Daiichi Sankyo’s Enhertu received conditional approval in China for the treatment of non-small cell lung cancer.
Nihon Kohden has revised its financial forecasts for H1FY25. Shanghai Junshi Biosciences’ toripalimab has been approved for marketing in India for treatment of recurrent or metastatic nasopharyngeal carcinoma.
Akeso Biopharma raised ~$250M, for funding its R&amp;D activities. Celltrion has filed phase 3 clinical trial application in Europe for Cosentyx biosimilar in patients with moderate to severe plaque psoriasis.


APAC Healthcare Weekly (Oct 20)- Eisai, Daiichi Sankyo, Junshi Bioscience, Akeso, Celltrion, Neuren

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Eoptolink Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eoptolink-technology-inc-ltd" target="_blank" data-smartkarma-citation="entities:29558:1" rel="noopener">Eoptolink Technology (300502 CH)</a> one of the world’s largest optical transceiver manufacturers, aims to raise over &gt;US$3bn in its H-share listing.</li>
<li>Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over &gt;US$3bn in its H-share listing.
Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Eoptolink A/H Listing - Early Look - At What Could Be HK’s Largest 4Q Listing at >US$3bn

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

Shenton Research

Shenton 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 196 stocks over the last week. The average A-H premium was 81.4% as of Aug 28th.</li>
<li>The average A-H premium changed by 1.6ppt week-on-week, led by consumer discretionary, energy, real estate and offset by utilities, financials.</li>
<li>We highlight weekly changes in A-H premium for Gwmotor, China Mobile, Remegen, Fuyao Glass, Minsheng Bank.</li>
</ul>


We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 81.4% as of Aug 28th.
The average A-H premium changed by 1.6ppt week-on-week, led by consumer discretionary, energy, real estate and offset by utilities, financials.
We highlight weekly changes in A-H premium for Gwmotor, China Mobile, Remegen, Fuyao Glass, Minsheng Bank.


A-H Premium Weekly (Aug 28th): Gwmotor, China Mobile, Remegen, Fuyao Glass, Minsheng Bank

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>A document titled "<em>Soliciting Opinions on the Implementation Plan for Supporting the Development of Innovative Drugs throughout the Whole Chain</em>" attracted widespread attention, which is significantly different from past policies. </li>
<li>Restrictions on payment end and deteriorating investment and financing situations will be improved, marking a new starting point for China’s innovative drug business. We have reasons to start being optimistic.</li>
<li>If approved and implemented, it would be a significant reversal of the previous expectation and investment logic of innovative drugs. So, investors should not overlook the importance of this document.</li>
</ul>


A document titled "Soliciting Opinions on the Implementation Plan for Supporting the Development of Innovative Drugs throughout the Whole Chain" attracted widespread attention, which is significantly different from past policies. 
Restrictions on payment end and deteriorating investment and financing situations will be improved, marking a new starting point for China’s innovative drug business. We have reasons to start being optimistic.
If approved and implemented, it would be a significant reversal of the previous expectation and investment logic of innovative drugs. So, investors should not overlook the importance of this document.


Important New Policy for China’s Innovative Drugs – The Game Rule Is About to Change Radically

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> is looking to raise around US$300m via selling some of its stake in <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC (2268 HK)</a>.</li>
<li>Wuxi AppTec has sold a number of times before, although all the past secondary deals since 2025 haven’t done much.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



WuXi AppTec (2359 HK) is looking to raise around US$300m via selling some of its stake in WuXi XDC (2268 HK).
Wuxi AppTec has sold a number of times before, although all the past secondary deals since 2025 haven’t done much.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: WuXi XDC Placement - Past Deals Have Been Mixed but Has Strong Momentum

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.

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

Jiangsu Hengrui Medicine (600276 CH)

APAC Healthcare Weekly (Oct 20)- Eisai, Daiichi Sankyo, Junshi Bioscience, Akeso, Celltrion, Neuren

This insight collates key news in APAC healthcare last week. With the earnings season beginning to unfold along with major pharma and healthcare...

Tina Banerjee

Aequitas: Eoptolink A/H Listing - Early Look - At What Could Be HK’s Largest 4Q Listing at >US$3bn

Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over >US$3bn in its H-share listing....

Sumeet Singh

A-H Premium Weekly (Aug 28th): Gwmotor, China Mobile, Remegen, Fuyao Glass, Minsheng Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Gwmotor, China Mobile, Remegen, Fuyao Glass, Minsheng Bank.

Ke Yan, CFA, FRM

Important New Policy for China’s Innovative Drugs – The Game Rule Is About to Change Radically

A new document about China's innovative drugs would change the game rule/outlook radically. We have reasons to start being optimistic that the...

Xinyao (Criss) Wang

Aequitas: WuXi XDC Placement - Past Deals Have Been Mixed but Has Strong Momentum

WuXi AppTec (2359 HK) is looking to raise around US$300m via selling some of its stake in WuXi XDC (2268 HK). In this note, we talk about the deal...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)