HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Beijing Health Guard Biotechnology / Equity Capital Markets

<ul>
<li>The real market space of China’s HPV vaccines is much smaller-than-expected. Investment logic of vaccine companies is different from biotech - They either become large vaccine enterprises or are eliminated.</li>
<li>Low-Valent HPV vaccines would easily enter a price war or be included in National Immunization Program. 9-valent HPV vaccines would be the main battlefield, which is a highly competitive market.</li>
<li>Health Guard is facing increasing survival risks. Based on the concerns about the commercialization outlook of HPV vaccines, we’re not sure if the Company would bring expected returns to investors.</li>
</ul>


The real market space of China’s HPV vaccines is much smaller-than-expected. Investment logic of vaccine companies is different from biotech - They either become large vaccine enterprises or are eliminated.
Low-Valent HPV vaccines would easily enter a price war or be included in National Immunization Program. 9-valent HPV vaccines would be the main battlefield, which is a highly competitive market.
Health Guard is facing increasing survival risks. Based on the concerns about the commercialization outlook of HPV vaccines, we’re not sure if the Company would bring expected returns to investors.


Pre-IPO Beijing Health Guard Biotechnology - The Story of the HPV Vaccine Is Not as Good as Imagined

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Jiangsu Recbio Technology / Equity Bottom-Up

<ul><li>9-Valent HPV Vaccine, REC603: The Ph III trial of REC603 in females aged 9-45, which recruited a total of 16,050 subjects, is in process.</li><li>Recbio has completed three doses vaccination of immune-bridging trial in younger age groups and the immunogenicity comparative trial with Gardasil®9.</li><li>The Company now follows up on the subjects of primary efficacy trial. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

9-Valent HPV Vaccine, REC603: The Ph III trial of REC603 in females aged 9-45, which recruited a total of 16,050 subjects, is in process.Recbio has completed three doses vaccination of immune-bridging trial in younger age groups and the immunogenicity comparative trial with Gardasil®9.The Company now follows up on the subjects of primary efficacy trial. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Recbio (2179 HK) – Clinical Development of Core Pipeline Products Continues

<ul><li>Recbio announced positive results in the Phase II study of its COVID vaccine ReCOV which compared the immunogenicity and safety to Pfizer’s mRNA vaccine, COMIRNATY®, as a booster vaccination.</li><li>The head-to-head trial enrolled 600 subjects with basic immunization of two doses of inactive vaccines in the Philippines and the results were upon 14 days post-booster.</li><li>Statistical superiority in immunogenicity vs. COMIRNATY® against both prototype strains and Omicron strains.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Recbio announced positive results in the Phase II study of its COVID vaccine ReCOV which compared the immunogenicity and safety to Pfizer’s mRNA vaccine, COMIRNATY®, as a booster vaccination.The head-to-head trial enrolled 600 subjects with basic immunization of two doses of inactive vaccines in the Philippines and the results were upon 14 days post-booster.Statistical superiority in immunogenicity vs. COMIRNATY® against both prototype strains and Omicron strains.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Recbio (2179 HK) – Superior immunogenicity on ReCOV vs. Pfizer’s mRNA vaccine

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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.

Lygend Resources & Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lygend-resources-technology" target="_blank" data-smartkarma-citation="entities:36493:1" rel="noopener">Lygend Resources &amp; Technology (2245 HK)</a> raised US$470m in its Hong Kong IPO.</li>
<li>Lygend Resources &amp; Technology (Lygend) is a nickel trading and production firm with a portfolio covering multiple areas across the nickel industry value chain.</li>
<li>In this note we will talk about the trading dynamics.</li>
</ul>



Lygend Resources &amp; Technology (2245 HK) raised US$470m in its Hong Kong IPO.
Lygend Resources &amp; Technology (Lygend) is a nickel trading and production firm with a portfolio covering multiple areas across the nickel industry value chain.
In this note we will talk about the trading dynamics.


Lygend Resources & Technology IPO Trading - Tepid Subscription but Potential Upside Remains

Chongqing Zhifei Biological Products / Equity Bottom-Up

<ul>
<li>Due to the lack of competitiveness, Zhifei’s self-developed products cannot contribute solid performance to make up for the shrinking revenue of HPV vaccines when more competing products gradually launched.</li>
<li>The real potential of HPV vaccine market in China is not as big as imagined. So, the companies involved have the problem of inflated market values.</li>
<li>Due to low demand of COVID-19 vaccine/negative impact of pandemic on HPV vaccination, Zhifei's revenue YoY growth could be 10%-20%; Net profit YoY growth could be negative in 2022.</li>
</ul>


Due to the lack of competitiveness, Zhifei’s self-developed products cannot contribute solid performance to make up for the shrinking revenue of HPV vaccines when more competing products gradually launched.
The real potential of HPV vaccine market in China is not as big as imagined. So, the companies involved have the problem of inflated market values.
Due to low demand of COVID-19 vaccine/negative impact of pandemic on HPV vaccination, Zhifei's revenue YoY growth could be 10%-20%; Net profit YoY growth could be negative in 2022.


Zhifei Biological Products (300122.CH) - More Downside Ahead, with Untenable Logic in HPV Vaccine

China

Jiangsu Recbio Technology Co., Ltd. develops biotechnology products. The Company produces novel pharmaceuticals, pharmaceutical targets, and other products. Jiangsu Recbio Technology also operates import and export businesses.

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Jiangsu Recbio Technology (2179 HK)

Pre-IPO Beijing Health Guard Biotechnology - The Story of the HPV Vaccine Is Not as Good as Imagined

The real China’s HPV vaccine market could be smaller-than-expected.After being included in National Immunization Program, vaccine business will be...

Xinyao (Criss) Wang

Recbio (2179 HK) – Clinical Development of Core Pipeline Products Continues

9-Valent HPV Vaccine, REC603: The Ph III trial of REC603 in females aged 9-45, which recruited a total of 16,050 subjects, is in process.

CMB International

Recbio (2179 HK) – Superior immunogenicity on ReCOV vs. Pfizer’s mRNA vaccine

Recbio announced positive results in the Phase II study of its COVID vaccine ReCOV which compared the immunogenicity and safety to Pfizer’s mRNA...

CMB International

Lygend Resources & Technology IPO Trading - Tepid Subscription but Potential Upside Remains

Lygend Resources & Technology (2245 HK) raised US$470m in its Hong Kong IPO. In this note we will talk about the trading dynamics.

Clarence Chu

Zhifei Biological Products (300122.CH) - More Downside Ahead, with Untenable Logic in HPV Vaccine

Zhifei’s HPV vaccine will face real risk as competing products launch from 2024. The real potential of China HPV vaccine market is much lower than...

Xinyao (Criss) Wang

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