HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Biocytogen Pharmaceuticals / Equity Capital Markets

<ul>
<li>The candidates in Biocytogen’s pipeline do not have advantages in development progress and also have to face fierce competition, so continuous large R&amp;D investment in the future would be inevitable.</li>
<li>However, the development model of Biocytogen is very novel and special, which could make it a rare target in the market if it is successfully listed.  </li>
<li>Therefore, the certainty of Biocytogen’s future growth is expected to improve gradually, and the mid- and long-term investment value would continue to increase due to the high moat.</li>
</ul>


The candidates in Biocytogen’s pipeline do not have advantages in development progress and also have to face fierce competition, so continuous large R&amp;D investment in the future would be inevitable.
However, the development model of Biocytogen is very novel and special, which could make it a rare target in the market if it is successfully listed.  
Therefore, the certainty of Biocytogen’s future growth is expected to improve gradually, and the mid- and long-term investment value would continue to increase due to the high moat.


Pre-IPO Biocytogen Pharmaceuticals - The Novel Development Model Offset the Pipeline's Shortcomings

Equity Bottom-Up

Shenzhen Chipscreen Bioscience / Equity Bottom-Up

Shenzhen Chipscreen Bioscience (688321 CH)

<ul>
<li>The small market space of peripheral T-cell lymphoma indication and the fierce market competition of other indications, products and candidates make the Company’s future commercialization performance uncertain. </li>
<li>The continuous large investment in R&amp;D, high selling expenses, and declining R&amp;D expending capitalization would further drag down profitability.</li>
<li>So, our view is that we are conservative about Chipscreen Biosciences’s outlook at the current stage.</li>
</ul>


The small market space of peripheral T-cell lymphoma indication and the fierce market competition of other indications, products and candidates make the Company’s future commercialization performance uncertain. 
The continuous large investment in R&amp;D, high selling expenses, and declining R&amp;D expending capitalization would further drag down profitability.
So, our view is that we are conservative about Chipscreen Biosciences’s outlook at the current stage.


Shenzhen Chipscreen Biosciences (688321.CH) - Risks Outweigh Opportunities

Betta Pharmaceuticals   / Equity Capital Markets

<ul>
<li>If the R&amp;D pipeline projects are not recognized by international capital,the main reason could be either the product development progress is lagging behind or the projects are not good enough.</li>
<li>The real innovative drugs would not be affected by generics that easily, and are to overturn the size of the old drug market.</li>
<li>The real risk of Betta would be revealed in the next few years as VBP promotes. So, we are conservative about the Company’s outlook at the current stage.</li>
</ul>


If the R&amp;D pipeline projects are not recognized by international capital,the main reason could be either the product development progress is lagging behind or the projects are not good enough.
The real innovative drugs would not be affected by generics that easily, and are to overturn the size of the old drug market.
The real risk of Betta would be revealed in the next few years as VBP promotes. So, we are conservative about the Company’s outlook at the current stage.


Pre-IPO Betta Pharmaceuticals - Lack of Staying Power

Shanghai Junshi Biosciences  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-junshi-bioscience-h" target="_blank" data-smartkarma-citation="entities:27760:1" rel="noopener">Shanghai Junshi Bioscience Co. Ltd. (1877 HK)</a> announced that it has terminated its PD-1 commercialization partnership with AstraZeneca. Lower-than-expected sales performance is seen as the key reason.</li>
<li>Junshi's commercialization team is the weakest among the domestic Top Four.As the FDA's attitude may have changed, the logic of exporting innovative domestic drugs to foreign markets could be shaken.</li>
<li>Given the poor financing environment,it's challenging for Junshi to afford large investment in R&amp;D and licensing deals by just relying on cash in hand and cashflow generating from commercialized products.</li>
</ul>



Shanghai Junshi Bioscience Co. Ltd. (1877 HK) announced that it has terminated its PD-1 commercialization partnership with AstraZeneca. Lower-than-expected sales performance is seen as the key reason.
Junshi's commercialization team is the weakest among the domestic Top Four.As the FDA's attitude may have changed, the logic of exporting innovative domestic drugs to foreign markets could be shaken.
Given the poor financing environment,it's challenging for Junshi to afford large investment in R&amp;D and licensing deals by just relying on cash in hand and cashflow generating from commercialized products.


Shanghai Junshi Bioscience (1877.HK/688180.CH) - Behind the “break Up” with AstraZeneca

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zai-lab-ltd" target="_blank" data-smartkarma-citation="entities:25877:1" rel="noopener">Zai Lab Ltd (ZLAB US)</a> is famous for its license-in mode, but the biggest highlight is its strong vision and high success rate in the process, forming a distinctive pipeline.</li>
<li>The concerns such as the changes of pattern in license-in mode, attitude of the regulatory authorities, fierce competition and commercialization outlook also deserve attention.</li>
<li>Investing a company is actually investing in its people. We have confidence that Zai Lab would find its way out.</li>
</ul>



Zai Lab Ltd (ZLAB US) is famous for its license-in mode, but the biggest highlight is its strong vision and high success rate in the process, forming a distinctive pipeline.
The concerns such as the changes of pattern in license-in mode, attitude of the regulatory authorities, fierce competition and commercialization outlook also deserve attention.
Investing a company is actually investing in its people. We have confidence that Zai Lab would find its way out.


Zai Lab Ltd (ZLAB.US) - The Strength and the Concerns

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 Biocytogen Pharmaceuticals - The Novel Development Model Offset the Pipeline's Shortcomings

We analyzed the unique development strategy of Biocytogen, and also pointed out the concerns on its pipeline. However, its business model is hard...

Xinyao (Criss) Wang

Shenzhen Chipscreen Biosciences (688321.CH) - Risks Outweigh Opportunities

This insight analyzed Chipscreen Biosciences about its key products/candidates, small market space of PTCL, fierce competition, single product...

Xinyao (Criss) Wang

Pre-IPO Betta Pharmaceuticals - Lack of Staying Power

The insight analyzed Betta about key products such as Icotinib, Ensartinib, MIL60, CM082, concerns on slow product iteration,fierce...

Xinyao (Criss) Wang

Shanghai Junshi Bioscience (1877.HK/688180.CH) - Behind the “break Up” with AstraZeneca

The insight analyzed Junshi in terms of the potential reasons behind the termination of PD-1 commercialization partnership with AstraZeneca, the...

Xinyao (Criss) Wang

Zai Lab Ltd (ZLAB.US) - The Strength and the Concerns

This insight analyzes Zai Lab about its distinctive pipeline, the management team, the concerns on license-in mode, regulatory...

Xinyao (Criss) Wang

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