Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Jiangsu Hengrui Pharmaceuticals / Equity Bottom-Up

Jiangsu Hengrui Pharmaceuticals (1276 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (1276 HK)</a> entered into a license agreement with Novo Nordisk for obesity drug candidate HRS-1596, with potential for once-weekly oral dosing for total deal value of $2.6B.</li>
<li>The company is expected to launch GLP-1/GIP injectable ribupatide (HRS9531) in early 2027. If launched, injectable ribupatide will be third drug of its class in China market.</li>
<li>With near-to-market GLP-1 anchor assets, Hengrui is ready to build a leading obesity franchise in China. Although obesity market is competitive, China market is large enough to accommodate multiple players.</li>
</ul>



Jiangsu Hengrui Pharmaceuticals (1276 HK) entered into a license agreement with Novo Nordisk for obesity drug candidate HRS-1596, with potential for once-weekly oral dosing for total deal value of $2.6B.
The company is expected to launch GLP-1/GIP injectable ribupatide (HRS9531) in early 2027. If launched, injectable ribupatide will be third drug of its class in China market.
With near-to-market GLP-1 anchor assets, Hengrui is ready to build a leading obesity franchise in China. Although obesity market is competitive, China market is large enough to accommodate multiple players.


Jiangsu Hengrui Pharmaceuticals (1276 HK): Big Fat Obesity Pipeline Is At Inflection Point

Thematic (Sector/Industry)

<ul>
<li>Hengrui outlicenses once-weekly oral obesity drug candidate HRS-1596, to Novo for total deal value of $2.6B. EC revoked the EU marketing authorization for Hansoh’s lung cancer drug aumolertinib.</li>
<li>Roche halts development of obesity drug candidate emugrobart and returns all rights to Chugai. Daiichi Sankyo has withdrawn the BLA seeking accelerated approval in the U.S. for I-DXd for ES-SCLC.</li>
<li>Otsuka initiates NDA submission to the FDA for zipalertinib for the treatment of NSCLC. Sun Pharma inlicenses hypercholesterolaemia and dyslipidaemia drug lerodalcibep from LIB Therapeutics.</li>
</ul>


Hengrui outlicenses once-weekly oral obesity drug candidate HRS-1596, to Novo for total deal value of $2.6B. EC revoked the EU marketing authorization for Hansoh’s lung cancer drug aumolertinib.
Roche halts development of obesity drug candidate emugrobart and returns all rights to Chugai. Daiichi Sankyo has withdrawn the BLA seeking accelerated approval in the U.S. for I-DXd for ES-SCLC.
Otsuka initiates NDA submission to the FDA for zipalertinib for the treatment of NSCLC. Sun Pharma inlicenses hypercholesterolaemia and dyslipidaemia drug lerodalcibep from LIB Therapeutics.


APAC Healthcare Weekly (Oct 4) – Hengrui, Hansoh, Chugai Pharma, Daiichi Sankyo, Otsuka, Sun Pharma

Healthcare Analyst

Wilfred Yuen

<ul>
<li>Strong deal flows this week: 1) Abogen/Novartis on autoimmune TCE and RNA platform; 2) Scibrunch/Merck on preclinical Kras G12D, 3) Hengrui/Novo on weekly oral GLP-1/GIP, 4) Nhwa/Newco on sleep disorder</li>
<li>
Akeso's partner Summit announced US$2bn investment from AstraZeneca and clinical collaborations for ivonescimab with CLDN18.2 ADC sone-ve and TROP-2 ADC Datroway</li>
<li>Other updates from Hansoh's EU setback, Hutchmed's US NDA filing, Frontier Biotech's dual-targeting siRNA, Mindrank/3SBio deal, Beam vs. YolTech/Serapha...</li>
</ul>


Strong deal flows this week: 1) Abogen/Novartis on autoimmune TCE and RNA platform; 2) Scibrunch/Merck on preclinical Kras G12D, 3) Hengrui/Novo on weekly oral GLP-1/GIP, 4) Nhwa/Newco on sleep disorder

Akeso's partner Summit announced US$2bn investment from AstraZeneca and clinical collaborations for ivonescimab with CLDN18.2 ADC sone-ve and TROP-2 ADC Datroway
Other updates from Hansoh's EU setback, Hutchmed's US NDA filing, Frontier Biotech's dual-targeting siRNA, Mindrank/3SBio deal, Beam vs. YolTech/Serapha...


China Healthcare Weekly Wrap (28 Sep - 2 Oct)

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>China exposure among GEM funds has rebounded to 26%, up from the 2024 low, but still far below the 37.5% peak. India has eased while Taiwan allocations hit new highs.</li>
<li>China remains a major EM underweight at -3.09% vs. benchmark, despite rising allocations. High Active funds stay the most underweight</li>
<li>Industrials see the strongest buying, while Utilities and Consumer sectors decline. Tencent and Alibaba dominate ownership, but many new names are entering the picture.</li>
</ul>


China exposure among GEM funds has rebounded to 26%, up from the 2024 low, but still far below the 37.5% peak. India has eased while Taiwan allocations hit new highs.
China remains a major EM underweight at -3.09% vs. benchmark, despite rising allocations. High Active funds stay the most underweight
Industrials see the strongest buying, while Utilities and Consumer sectors decline. Tencent and Alibaba dominate ownership, but many new names are entering the picture.


China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

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

<ul>
<li>2025 has seen a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024.</li>
<li>Most of the 2025 placements have been primary raising and have come from a handful of sectors/backdrops.</li>
<li>In this note, we try to identify the possible primary placements that could take place over the rest of the year.</li>
</ul>


2025 has seen a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024.
Most of the 2025 placements have been primary raising and have come from a handful of sectors/backdrops.
In this note, we try to identify the possible primary placements that could take place over the rest of the year.


Hong Kong 2025 Placements - Year so Far and Trends for Potential Primary Placements

China

Jiangsu Hengrui Pharmaceuticals is a global biopharmaceutical company engaged in the research, development, manufacturing, and commercialization of innovative and high-quality drugs. The company focuses on therapeutic areas including oncology, metabolic and cardiovascular diseases, immunological and respiratory diseases, and neuroscience. It was founded in 1970 and is headquartered in Lianyungang, Jiangsu, China.

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Jiangsu Hengrui Pharmaceuticals (1276 HK)