Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-fosun-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:8045:1" rel="noopener">Shanghai Fosun Pharmaceutical (Group) (2196 HK) </a>reported revenue of RMB 41.5B, up 1%. Revenue from innovative drugs achieved robust growth of 30% as it garnered RMB 9.9B in sales.</li>
<li>In 2025, a total of 16 indications of 7 innovative drugs were approved for launch and the NDA for 6 Innovative Drugs have been accepted successfully.</li>
<li>The simultaneous increase in the proportions of innovative drugs revenue and overseas revenue reflects gradual emergence of innovation-driven development and internationalization. We remain bullish on the name.</li>
</ul>



Shanghai Fosun Pharmaceutical (Group) (2196 HK) reported revenue of RMB 41.5B, up 1%. Revenue from innovative drugs achieved robust growth of 30% as it garnered RMB 9.9B in sales.
In 2025, a total of 16 indications of 7 innovative drugs were approved for launch and the NDA for 6 Innovative Drugs have been accepted successfully.
The simultaneous increase in the proportions of innovative drugs revenue and overseas revenue reflects gradual emergence of innovation-driven development and internationalization. We remain bullish on the name.


Shanghai Fosun Pharma (2196 HK): Innovative Drugs Drive 2025, Internationalization Key For Future

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 179 stocks over the last week. The average A-H premium was 69.0% as of Mar 20th.</li>
<li>The average A-H premium changed by -1.2ppt week-on-week, led by industrials, financials, energy and offset by materials, real estate.</li>
<li>We highlight weekly changes in A-H premium for CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer Heat, CIMC, Anhui Conch Cement.</li>
</ul>


We analyse the changes of A-H premium on 179 stocks over the last week. The average A-H premium was 69.0% as of Mar 20th.
The average A-H premium changed by -1.2ppt week-on-week, led by industrials, financials, energy and offset by materials, real estate.
We highlight weekly changes in A-H premium for CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer Heat, CIMC, Anhui Conch Cement.


A-H Premium Weekly (Mar 20th): CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer Heat, CIMC

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shenzhen Salubris Pharmaceuticals A / Equity Capital Markets

Shenzhen Salubris Pharmaceuticals A (002294 CH)

<ul>
<li>Salubris’ core business has shifted from the reliance on generic drugs to the innovative drug ecosystem centered on CKM,aiming to leverage a product portfolio that covers the entire disease cycle.</li>
<li>The negative impact of VBP on the performance has largely been eliminated. However, from the perspectives of product innovation and global layout, Salubris still has some weaknesses. </li>
<li>Considering that Salubris has a more differentiated CKM product line and a higher growth potential, the market may give it certain premium or higher valuation than <a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical </a>and CSPC.</li>
</ul>


Salubris’ core business has shifted from the reliance on generic drugs to the innovative drug ecosystem centered on CKM,aiming to leverage a product portfolio that covers the entire disease cycle.
The negative impact of VBP on the performance has largely been eliminated. However, from the perspectives of product innovation and global layout, Salubris still has some weaknesses. 
Considering that Salubris has a more differentiated CKM product line and a higher growth potential, the market may give it certain premium or higher valuation than Sino Biopharmaceutical and CSPC.


Pre-IPO Shenzhen Salubris Pharmaceuticals (A/H Listing) - Innovative Drug Business Has Been on Track

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.

Genfleet Therapeutics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/genfleet-therapeutics" target="_blank" data-smartkarma-citation="entities:44187:1" rel="noopener">GenFleet Therapeutics</a> (GFT) raised around US$240m in its Hong Kong IPO in September 2025. The lockup on its cornerstone investors is set to expire soon.</li>
<li>GFT is a biopharmaceutical company focused on developing novel treatment options in the fields of oncology.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



GenFleet Therapeutics (GFT) raised around US$240m in its Hong Kong IPO in September 2025. The lockup on its cornerstone investors is set to expire soon.
GFT is a biopharmaceutical company focused on developing novel treatment options in the fields of oncology.
In this note, we will talk about the lockup dynamics and possible placement.


GenFleet Therapeutics IPO Lockup - A Minor Prelude to a Much Bigger Release

Event-Driven

Contemporary Amperex Technology / Event-Driven

Contemporary Amperex Technology (3750 HK)

<ul>
<li>We study 27 A+H listing connect inclusion in two groups: 23 with delayed Connect inclusion (26 to 28 days after listing) and 4 with same-day inclusion.</li>
<li>The delayed group shows H underperformance versus A around inclusion (61% win rate, median +3.5% over 5D). All four same-day stocks posted positive hedged returns on day 0.</li>
<li>Actionable trades ahead: DELTON (1989 HK) pending listing on 20 March, and ESTUN (2715 HK) pending Connect inclusion.</li>
</ul>


We study 27 A+H listing connect inclusion in two groups: 23 with delayed Connect inclusion (26 to 28 days after listing) and 4 with same-day inclusion.
The delayed group shows H underperformance versus A around inclusion (61% win rate, median +3.5% over 5D). All four same-day stocks posted positive hedged returns on day 0.
Actionable trades ahead: DELTON (1989 HK) pending listing on 20 March, and ESTUN (2715 HK) pending Connect inclusion.


A+H Listing: The Connect Inclusion Stat and the Trade

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.

Jiangsu Hengrui Pharmaceuticals (1276 HK)

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Jiangsu Hengrui Pharmaceuticals (1276 HK)

Shanghai Fosun Pharma (2196 HK): Innovative Drugs Drive 2025, Internationalization Key For Future

Shanghai Fosun Pharmaceutical Group reports 1% revenue growth, with innovative drugs sales up 30% to RMB 9.9B. Strong focus on innovation and...

Tina Banerjee

A-H Premium Weekly (Mar 20th): CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer Heat, CIMC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer...

Ke Yan, CFA, FRM

Pre-IPO Shenzhen Salubris Pharmaceuticals (A/H Listing) - Innovative Drug Business Has Been on Track

Salubris shift focus to innovative drug ecosystem centered on CKM,aiming to be a chronic disease management company,with potential for higher...

Xinyao (Criss) Wang

GenFleet Therapeutics IPO Lockup - A Minor Prelude to a Much Bigger Release

GenFleet Therapeutics (GFT) raised around US$240m in its Hong Kong IPO in September 2025. The lockup on its cornerstone investors is set to expire...

Sumeet Singh

A+H Listing: The Connect Inclusion Stat and the Trade

A+H Connect inclusion study across 27 IPOs finds H underperformance at stabilization expiry. Two trades live: DELTON (20 Mar listing) and ESTUN...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shanghai Fosun Pharma (2196 HK): Innovative Drugs Drive 2025, Internationalization Key For Future

​Shanghai Fosun Pharmaceutical Group reports 1% revenue growth, with innovative drugs sales up 30% to RMB 9.9B. Strong focus on innovation and...

Tina Banerjee

A-H Premium Weekly (Mar 20th): CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer Heat, CIMC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer...

Ke Yan, CFA, FRM

Pre-IPO Shenzhen Salubris Pharmaceuticals (A/H Listing) - Innovative Drug Business Has Been on Track

​Salubris shift focus to innovative drug ecosystem centered on CKM,aiming to be a chronic disease management company,with potential for higher...

Xinyao (Criss) Wang

GenFleet Therapeutics IPO Lockup - A Minor Prelude to a Much Bigger Release

GenFleet Therapeutics (GFT) raised around US$240m in its Hong Kong IPO in September 2025. The lockup on its cornerstone investors is set to expire...

Sumeet Singh

A+H Listing: The Connect Inclusion Stat and the Trade

A+H Connect inclusion study across 27 IPOs finds H underperformance at stabilization expiry. Two trades live: DELTON (20 Mar listing) and ESTUN...

Ke Yan, CFA, FRM

Shanghai Fosun Pharmaceutical Group reports 1% revenue growth, with innovative drugs sales up 30% to RMB 9.9B. Strong focus on innovation and...

Salubris shift focus to innovative drug ecosystem centered on CKM,aiming to be a chronic disease management company,with potential for higher...