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 178 stocks over the last week. The average A-H premium was 70.2% as of Mar 13th.</li>
<li>The average A-H premium changed by 3.2ppt week-on-week, led by industrials, real estate, communication services and offset by information technology.</li>
<li>We highlight weekly changes in A-H premium for CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power International.</li>
</ul>


We analyse the changes of A-H premium on 178 stocks over the last week. The average A-H premium was 70.2% as of Mar 13th.
The average A-H premium changed by 3.2ppt week-on-week, led by industrials, real estate, communication services and offset by information technology.
We highlight weekly changes in A-H premium for CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power International.


A-H Premium Weekly (Mar 13th): CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power International

<ul>
<li>We analyse the changes of A-H premium on 176 stocks over the last week. The average A-H premium was 67.7% as of Mar 6th.</li>
<li>The average A-H premium changed by 1.0ppt week-on-week, led by materials, energy, financials and offset by communication services, utilities, health care.</li>
<li>We highlight weekly changes in A-H premium for Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC, China Oilfield Services, BYD.</li>
</ul>


We analyse the changes of A-H premium on 176 stocks over the last week. The average A-H premium was 67.7% as of Mar 6th.
The average A-H premium changed by 1.0ppt week-on-week, led by materials, energy, financials and offset by communication services, utilities, health care.
We highlight weekly changes in A-H premium for Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC, China Oilfield Services, BYD.


A-H Premium Weekly (Mar 6th): Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Sino Biopharmaceutical / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical (1177 HK)</a> announced that the rovadicitinib tablet, a national category 1 innovative drug indicated for myelofibrosis, has been approved by NMPA for marketing.</li>
<li>The other major drug for myelofibrosis available in the China market is Incyte’s Jakafi (ruxolitinib) which garnered global revenue of around $3.1B in 2025.</li>
<li>The company expects to have more than 35 marketed innovative products by 2027, with revenue from innovative products accounting for over 60% of total revenue.</li>
</ul>



Sino Biopharmaceutical (1177 HK) announced that the rovadicitinib tablet, a national category 1 innovative drug indicated for myelofibrosis, has been approved by NMPA for marketing.
The other major drug for myelofibrosis available in the China market is Incyte’s Jakafi (ruxolitinib) which garnered global revenue of around $3.1B in 2025.
The company expects to have more than 35 marketed innovative products by 2027, with revenue from innovative products accounting for over 60% of total revenue.


Sino Biopharma (1177 HK): Rovadicitinib Approved for Marketing, Outlicensing Agreement with Sanofi

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>BeiGene’s 2025 performance was in line with expectations. The management’s 2026 guidance is relatively conservative, which could be related to the potential growth slowdown of BRUKINSA, tislelizumab, other agent products.</li>
<li>Future product peak sales is expected to reach US$9 billion.However, investors may not be happy with the net profit margin brought by single revenue driver BRUKINSA based on our calculation.</li>
<li>There’s no next blockbuster that can drive BeiGene to a big step forward.This might be the reason why the market is reluctant to give BeiGene a higher than 10x P/S.  </li>
</ul>


BeiGene’s 2025 performance was in line with expectations. The management’s 2026 guidance is relatively conservative, which could be related to the potential growth slowdown of BRUKINSA, tislelizumab, other agent products.
Future product peak sales is expected to reach US$9 billion.However, investors may not be happy with the net profit margin brought by single revenue driver BRUKINSA based on our calculation.
There’s no next blockbuster that can drive BeiGene to a big step forward.This might be the reason why the market is reluctant to give BeiGene a higher than 10x P/S.  


BeiGene (6160.HK/​ONC US) 2025 Results - The Outlook and the Concerns Behind

<ul>
<li>We analyse the changes of A-H premium on 176 stocks over the last week. The average A-H premium was 66.6% as of Feb 27th.</li>
<li>The average A-H premium changed by 3.4ppt week-on-week, led by health care, financials, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for YOFC, Anhui Conch Cement, ZTE, Huaneng Power International.</li>
</ul>


We analyse the changes of A-H premium on 176 stocks over the last week. The average A-H premium was 66.6% as of Feb 27th.
The average A-H premium changed by 3.4ppt week-on-week, led by health care, financials, consumer discretionary.
We highlight weekly changes in A-H premium for YOFC, Anhui Conch Cement, ZTE, Huaneng Power International.


A-H Premium Weekly (Feb 27th): YOFC, Anhui Conch Cement, ZTE, Huaneng Power International

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)

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

Jiangsu Hengrui Pharmaceuticals (1276 HK)

A-H Premium Weekly (Mar 13th): CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power International

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power...

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 6th): Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC,...

Ke Yan, CFA, FRM

Sino Biopharma (1177 HK): Rovadicitinib Approved for Marketing, Outlicensing Agreement with Sanofi

Sino Biopharmaceutical received approval for rovadicitinib tablet for myelofibrosis and signs outlicensing agreement with Sanofi. Aims for over...

Tina Banerjee

BeiGene (6160.HK/ONC US) 2025 Results - The Outlook and the Concerns Behind

BeiGene's 2025 results met expectations, but 2026 would see potential growth slow down of key products. Due to the lack of next blockbuster...

Xinyao (Criss) Wang

A-H Premium Weekly (Feb 27th): YOFC, Anhui Conch Cement, ZTE, Huaneng Power International

We analyzed A-H premium changes in the past week and highlight A-H premium changes for YOFC, Anhui Conch Cement, ZTE, Huaneng Power International.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Mar 13th): CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power International

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power...

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 6th): Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC,...

Ke Yan, CFA, FRM

Sino Biopharma (1177 HK): Rovadicitinib Approved for Marketing, Outlicensing Agreement with Sanofi

​Sino Biopharmaceutical received approval for rovadicitinib tablet for myelofibrosis and signs outlicensing agreement with Sanofi. Aims for over...

Tina Banerjee

BeiGene (6160.HK/​ONC US) 2025 Results - The Outlook and the Concerns Behind

​BeiGene's 2025 results met expectations, but 2026 would see potential growth slow down of key products. Due to the lack of next blockbuster...

Xinyao (Criss) Wang

A-H Premium Weekly (Feb 27th): YOFC, Anhui Conch Cement, ZTE, Huaneng Power International

We analyzed A-H premium changes in the past week and highlight A-H premium changes for YOFC, Anhui Conch Cement, ZTE, Huaneng Power International.

Ke Yan, CFA, FRM

Sino Biopharmaceutical received approval for rovadicitinib tablet for myelofibrosis and signs outlicensing agreement with Sanofi. Aims for over...

BeiGene (6160.HK/ONC US) 2025 Results - The Outlook and the Concerns Behind

BeiGene's 2025 results met expectations, but 2026 would see potential growth slow down of key products. Due to the lack of next blockbuster...