Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Hengrui Pharma received indication expansion approval for trastuzumab rezetecan in China. MicroPort NeuroScientific’s Apollo Dream Rapamycin Target Eluting Stent has been granted the Breakthrough Device Designation by the FDA.</li>
<li>Celltrion signed KRW375B CMO agreement with a global pharmaceutical company for the supply of drug substance. Samsung Bioepis entered global commercialization agreement with Sandoz for five biosimilar candidates under development.</li>
<li>FDA accepted Sun Pharma’s indication expansion application for Ilumya for active psoriatic arthritis. Zydus Lifesciences entered licensing and supply agreements with Torrent Pharmaceuticals and Lupin to co-market Semaglutide in India.</li>
</ul>


Hengrui Pharma received indication expansion approval for trastuzumab rezetecan in China. MicroPort NeuroScientific’s Apollo Dream Rapamycin Target Eluting Stent has been granted the Breakthrough Device Designation by the FDA.
Celltrion signed KRW375B CMO agreement with a global pharmaceutical company for the supply of drug substance. Samsung Bioepis entered global commercialization agreement with Sandoz for five biosimilar candidates under development.
FDA accepted Sun Pharma’s indication expansion application for Ilumya for active psoriatic arthritis. Zydus Lifesciences entered licensing and supply agreements with Torrent Pharmaceuticals and Lupin to co-market Semaglutide in India.


APAC Healthcare Weekly (March 22) – Hengrui, Microport Neuro, Celltrion, Samsung Bio, Sun Pharma

<ul>
<li>Sino Biopharmaceutical’s pan-KRAS inhibitor TQB3205 got clinical trial approval in China for advanced malignant tumors. Jiangsu Hengrui Pharmaceuticals got indication expansion approval for Hetrombopag Olamine Tablets in China.</li>
<li>Astellas Pharma’s Phase3 study investigating Xospata in AML did not meet primary endpoint. Daiichi Sankyo’s indication expansion application for Enhertu has been accepted and granted Priority Review in the U.S.</li>
<li>HK inno.N  signed joint promotion contract with Tanabe Pharma for renal anemia drug Vadanem. CSL announces expansion of manufacturing facility in Illinois to expand its U.S. production presence.</li>
</ul>


Sino Biopharmaceutical’s pan-KRAS inhibitor TQB3205 got clinical trial approval in China for advanced malignant tumors. Jiangsu Hengrui Pharmaceuticals got indication expansion approval for Hetrombopag Olamine Tablets in China.
Astellas Pharma’s Phase3 study investigating Xospata in AML did not meet primary endpoint. Daiichi Sankyo’s indication expansion application for Enhertu has been accepted and granted Priority Review in the U.S.
HK inno.N  signed joint promotion contract with Tanabe Pharma for renal anemia drug Vadanem. CSL announces expansion of manufacturing facility in Illinois to expand its U.S. production presence.


APAC Healthcare Weekly (March 15) – Sino Bio, Hengrui, Astellas, Daiichi Sankyo, HK Inno, CSL

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>Since 2025, four H-share IPOs of the A-shares have been trading below their listing price.  They are either of slow growth or a light HA discount.</li>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company-ltd" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian (3288 HK)</a> and <a href="https://www.smartkarma.com/entities/kin-yat-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13688:1" rel="noopener">Fibocom Wireless (638 HK)</a> are burdened by slow earnings, while <a href="https://www.smartkarma.com/entities/seres-group" target="_blank" data-smartkarma-citation="entities:45945:1" rel="noopener">Seres Group (9927 HK)</a> and <a href="https://www.smartkarma.com/entities/car-inc" target="_blank" data-smartkarma-citation="entities:942:1" rel="noopener">Joyson Electronics (699 HK)</a> are weighted down by light discount. </li>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-longcheer-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36881:1" rel="noopener">Shanghai Longcheer Technology (603341 CH</a><a target="_blank" rel="noopener"> )</a>'s H-share IPO appears attractive, while <a href="https://www.smartkarma.com/entities/muyuan-foods" target="_blank" data-smartkarma-citation="entities:45241:1" rel="noopener">Muyuan Foods (MUYUAN HK)</a> may need a steeper discount given its weaker earnings.</li>
</ul>


Since 2025, four H-share IPOs of the A-shares have been trading below their listing price.  They are either of slow growth or a light HA discount.

Foshan Haitian (3288 HK) and Fibocom Wireless (638 HK) are burdened by slow earnings, while Seres Group (9927 HK) and Joyson Electronics (699 HK) are weighted down by light discount. 

Shanghai Longcheer Technology (603341 CH )'s H-share IPO appears attractive, while Muyuan Foods (MUYUAN HK) may need a steeper discount given its weaker earnings.


HK Strategy: What to Avoid in the H-Share IPO of A-Shares?

<ul>
<li>Jiangsu Hengrui received approval for its innovative drug Retlirafusp alfa Injection in China. Hansoh’s innovative drug Ameile got fifth indication expansion approval in China for NSCLC.</li>
<li>InSilico Medicine entered multi-year R&amp;D collaboration valued at $888M with Servier. Takeda Pharmaceutical filed NDA to the FDA seeking approval of rusfertide for the treatment of polycythemia vera.</li>
<li>Hanmi Pharmaceutical will distribute and sell Teva’s migraine preventive treatment Ajovy in Korea. Dr. Reddy’s Laboratories has launched Hevaxin vaccine for the prevention of Hepatitis E virus infection in India.</li>
</ul>


Jiangsu Hengrui received approval for its innovative drug Retlirafusp alfa Injection in China. Hansoh’s innovative drug Ameile got fifth indication expansion approval in China for NSCLC.
InSilico Medicine entered multi-year R&amp;D collaboration valued at $888M with Servier. Takeda Pharmaceutical filed NDA to the FDA seeking approval of rusfertide for the treatment of polycythemia vera.
Hanmi Pharmaceutical will distribute and sell Teva’s migraine preventive treatment Ajovy in Korea. Dr. Reddy’s Laboratories has launched Hevaxin vaccine for the prevention of Hepatitis E virus infection in India.


APAC Healthcare Weekly (January 11) – Hengrui, Hansoh, InSilico Medicine, Takeda, Hanmi Pharm

<ul>
<li>China has published 2025 National Reimbursement Drug List, which will be officially implemented nationwide on January 1, 2026. The list added 114 new drugs, including 50 Class 1 innovative drugs.</li>
<li>Fosun Pharmaceutical subsidiary inked exclusive global collaboration and license agreement with Pfizer for weight loss drug candidate YP05002. SanBio obtained partial change approval to the marketing authorization for Akuugo.</li>
<li>PeptiDream achieved milestone of nominating a clinical development candidate from collaboration program with Asahi Kasei. Zydus Lifesciences entered strategic partnership with Formycon for exclusive licensing and supply of Keytruda biosimilar.</li>
</ul>


China has published 2025 National Reimbursement Drug List, which will be officially implemented nationwide on January 1, 2026. The list added 114 new drugs, including 50 Class 1 innovative drugs.
Fosun Pharmaceutical subsidiary inked exclusive global collaboration and license agreement with Pfizer for weight loss drug candidate YP05002. SanBio obtained partial change approval to the marketing authorization for Akuugo.
PeptiDream achieved milestone of nominating a clinical development candidate from collaboration program with Asahi Kasei. Zydus Lifesciences entered strategic partnership with Formycon for exclusive licensing and supply of Keytruda biosimilar.


APAC Healthcare Weekly (December 14) – China NRDL, Fosun Pharma, SanBio, Peptidream, Zydus Life

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)

APAC Healthcare Weekly (March 22) – Hengrui, Microport Neuro, Celltrion, Samsung Bio, Sun Pharma

Celltrion signed KRW375B biologics CMO deal with a global pharma company. Samsung Bioepis expands biosimilar collaboration with Sandoz. 40+ Indian...

Tina Banerjee

APAC Healthcare Weekly (March 15) – Sino Bio, Hengrui, Astellas, Daiichi Sankyo, HK Inno, CSL

Couple of Chinese companies got clinical trials approvals for their respective drug candidates. Astellas’ Phase 3 trial failed to meet primary...

Tina Banerjee

APAC Healthcare Weekly (January 11) – Hengrui, Hansoh, InSilico Medicine, Takeda, Hanmi Pharm

Hegrui got nod for new drug and Hansoh’s Ameile secured additional indication in China. InSilico entered $888M R&D collaboration. Takeda filed for...

Tina Banerjee

APAC Healthcare Weekly (December 14) – China NRDL, Fosun Pharma, SanBio, Peptidream, Zydus Life

China published 2025 NRDL, adding 114 new drugs. Fosun Pharma inked outlicensing deal with Pfizer for obesity drug candidate. PeptiDream achieved...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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APAC Healthcare Weekly (March 22) – Hengrui, Microport Neuro, Celltrion, Samsung Bio, Sun Pharma

Celltrion signed KRW375B biologics CMO deal with a global pharma company. Samsung Bioepis expands biosimilar collaboration with Sandoz. 40+ Indian...

Tina Banerjee

APAC Healthcare Weekly (March 15) – Sino Bio, Hengrui, Astellas, Daiichi Sankyo, HK Inno, CSL

Couple of Chinese companies got clinical trials approvals for their respective drug candidates. Astellas’ Phase 3 trial failed to meet primary...

Tina Banerjee

HK Strategy: What to Avoid in the H-Share IPO of A-Shares?

​Four H-share IPOs of A-shares since 2025 are trading below the listing price due to slow growth or a light discount. Meanwhile, Shanghai Longcheer...

Osbert Tang, CFA

APAC Healthcare Weekly (January 11) – Hengrui, Hansoh, InSilico Medicine, Takeda, Hanmi Pharm

Hegrui got nod for new drug and Hansoh’s Ameile secured additional indication in China. InSilico entered $888M R&D collaboration. Takeda filed for...

Tina Banerjee

APAC Healthcare Weekly (December 14) – China NRDL, Fosun Pharma, SanBio, Peptidream, Zydus Life

China published 2025 NRDL, adding 114 new drugs. Fosun Pharma inked outlicensing deal with Pfizer for obesity drug candidate. PeptiDream achieved...

Tina Banerjee

Four H-share IPOs of A-shares since 2025 are trading below the listing price due to slow growth or a light discount. Meanwhile, Shanghai Longcheer...