HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Triapex Laboratories / Equity Capital Markets

<ul>
<li>Unlike traditional CROs which act as external service providers to handle scattered tasks, TRIAPEX is strategic R&amp;D partner for clients,offering end-to-end services covering entire process from drug discovery to NDA.</li>
<li>Monkeys, as biological assets, have their fair value changes directly recorded in profit statement, acting as an "amplifier" for TRIAPEX's performance. This will lead to significant fluctuations in future performance.</li>
<li>TRIAPEX's valuation would be lower than Joinn Lab. The final valuation depends on  the price trend of laboratory monkeys and the overall valuation of biopharmaceutical sector in Hong Kong stock market.</li>
</ul>


Unlike traditional CROs which act as external service providers to handle scattered tasks, TRIAPEX is strategic R&amp;D partner for clients,offering end-to-end services covering entire process from drug discovery to NDA.
Monkeys, as biological assets, have their fair value changes directly recorded in profit statement, acting as an "amplifier" for TRIAPEX's performance. This will lead to significant fluctuations in future performance.
TRIAPEX's valuation would be lower than Joinn Lab. The final valuation depends on  the price trend of laboratory monkeys and the overall valuation of biopharmaceutical sector in Hong Kong stock market.


Pre-IPO Triapex Laboratories - Future Performance Will Lack Stability

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

Shenton Research

Shenton 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 196 stocks over the last week. The average A-H premium was 82.7% as of Aug 14th.</li>
<li>The average A-H premium changed by 1.0ppt week-on-week, led by consumer staples, health care, materials and offset by information technology, energy, real estate.</li>
<li>We highlight weekly changes in A-H premium for Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare Ict, China Telecom.</li>
</ul>


We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 82.7% as of Aug 14th.
The average A-H premium changed by 1.0ppt week-on-week, led by consumer staples, health care, materials and offset by information technology, energy, real estate.
We highlight weekly changes in A-H premium for Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare Ict, China Telecom.


A-H Premium Weekly (Aug 14th): Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare Ict

Thematic (Sector/Industry)

<ul>
<li>CXO sector plummeted after Biden has officially signed the National Biotechnology and Biomanufacturing Initiative. In our impression, all sharp declines of CXO were mostly due to geographical conflicts/overseas policy disturbances.</li>
<li>We remain conservative about CXO’s outlook. If investors still choose to invest in CXO, there are some questions to ponder based on the general environment of Sino-US confrontation.</li>
<li>As tensions between China and the US escalate, it may no longer be possible to think on the basis of "common sense". Investors are advised to think “outside the box”. </li>
</ul>


CXO sector plummeted after Biden has officially signed the National Biotechnology and Biomanufacturing Initiative. In our impression, all sharp declines of CXO were mostly due to geographical conflicts/overseas policy disturbances.
We remain conservative about CXO’s outlook. If investors still choose to invest in CXO, there are some questions to ponder based on the general environment of Sino-US confrontation.
As tensions between China and the US escalate, it may no longer be possible to think on the basis of "common sense". Investors are advised to think “outside the box”. 


About the CXO Plunge After Biden Signed National Biotechnology and Biomanufacturing Initiative

<ul>
<li>We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 79.4% as of Jul 24th.</li>
<li>The average A-H premium changed by -3.6ppt week-on-week, led by consumer staples, utilities, materials and offset by communication services, energy.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci.</li>
</ul>


We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 79.4% as of Jul 24th.
The average A-H premium changed by -3.6ppt week-on-week, led by consumer staples, utilities, materials and offset by communication services, energy.
We highlight weekly changes in A-H premium for China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci.


A-H Premium Weekly (Jul 24th): China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci

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.

<ul>
<li>We analyse the changes of A-H premium on 185 stocks over the last week. The average A-H premium was 85.6% as of Jun 26th.</li>
<li>The average A-H premium changed by 5.5ppt week-on-week, led by real estate, information technology, utilities and offset by communication services, energy.</li>
<li>We highlight weekly changes in A-H premium for Midea, Cmoc, Htsc, China Longyuan, Times Electric, Innocare.</li>
</ul>


We analyse the changes of A-H premium on 185 stocks over the last week. The average A-H premium was 85.6% as of Jun 26th.
The average A-H premium changed by 5.5ppt week-on-week, led by real estate, information technology, utilities and offset by communication services, energy.
We highlight weekly changes in A-H premium for Midea, Cmoc, Htsc, China Longyuan, Times Electric, Innocare.


A-H Premium Weekly (Jun 26th): Midea, Cmoc, Htsc, China Longyuan, Times Electric, Innocare

China

JOINN Laboratories is a specialized drug development outsourcing company (CRO) that provides non-clinical pharmacology and toxicology research and evaluation services, including drug safety assessment, pharmacodynamic, and pharmacokinetic studies. The company also offers clinical trial services and the production and sale of experimental models. Headquartered in Beijing, China, it was founded in 1995.

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

JOINN Laboratories (6127 HK)

Pre-IPO Triapex Laboratories - Future Performance Will Lack Stability

TRIAPEX offers end-to-end R&D services, with fair value changes of biological assets directly impacting performance stability. The final IPO...

Xinyao (Criss) Wang

A-H Premium Weekly (Aug 14th): Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare Ict

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare...

Ke Yan, CFA, FRM

About the CXO Plunge After Biden Signed National Biotechnology and Biomanufacturing Initiative

CXO plunged after Biden signed the National Biotechnology and Biomanufacturing Initiative. As tensions between China and US escalate, it is no...

Xinyao (Criss) Wang

A-H Premium Weekly (Jul 24th): China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci.

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 26th): Midea, Cmoc, Htsc, China Longyuan, Times Electric, Innocare

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Midea, Cmoc, Htsc, China Longyuan, Times Electric, Innocare.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Triapex Laboratories - Future Performance Will Lack Stability

​TRIAPEX offers end-to-end R&D services, with fair value changes of biological assets directly impacting performance stability. The final IPO...

Xinyao (Criss) Wang

A-H Premium Weekly (Aug 14th): Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare Ict

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare...

Ke Yan, CFA, FRM

About the CXO Plunge After Biden Signed National Biotechnology and Biomanufacturing Initiative

CXO plunged after Biden signed the National Biotechnology and Biomanufacturing Initiative. As tensions between China and US escalate, it is no...

Xinyao (Criss) Wang

A-H Premium Weekly (Jul 24th): China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci.

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 26th): Midea, Cmoc, Htsc, China Longyuan, Times Electric, Innocare

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Midea, Cmoc, Htsc, China Longyuan, Times Electric, Innocare.

Ke Yan, CFA, FRM

TRIAPEX offers end-to-end R&D services, with fair value changes of biological assets directly impacting performance stability. The final IPO...