Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.</li>
<li>Overall, the net inflow over the past week was ~US$1.3bn, split (+US$0.75bn) for Shanghai and (+US$0.58bn) for Shenzhen.</li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> and <a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC Ltd (883 HK)</a>. The largest outflows were in <a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a> and <a href="https://www.smartkarma.com/entities/industrial-and-commercial-bank-of-china-limited" target="_blank" data-smartkarma-citation="entities:1119:1" rel="noopener">ICBC (H) (1398 HK)</a>.</li>
</ul>


Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.
Overall, the net inflow over the past week was ~US$1.3bn, split (+US$0.75bn) for Shanghai and (+US$0.58bn) for Shenzhen.
The largest inflows were into Tencent (700 HK) and CNOOC Ltd (883 HK). The largest outflows were in Sunny Optical (2382 HK) and ICBC (H) (1398 HK).


Shanghai/​​​​​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (30 September 2022)

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/genuine-biotech-limited" target="_blank" data-smartkarma-citation="entities:36220:1" rel="noopener">Genuine Biotech (GBL HK)</a> has filed for HK listing. Its Azvudine received NMPA approval for the treatment of COVID-19 in July 2022 to become the first China-made oral COVID-19 drug.</li>
<li>Azvudine was conditionally approved by the NMPA for the treatment of HIV infection in July 2021. However, the drug is yet to be commercialized.</li>
<li>Genuine Biotech plans to use the IPO proceeds for the commercialization of Azvudine. The company’s current cash balance can maintain its financial viability for approximately 20 months.</li>
</ul>



Genuine Biotech (GBL HK) has filed for HK listing. Its Azvudine received NMPA approval for the treatment of COVID-19 in July 2022 to become the first China-made oral COVID-19 drug.
Azvudine was conditionally approved by the NMPA for the treatment of HIV infection in July 2021. However, the drug is yet to be commercialized.
Genuine Biotech plans to use the IPO proceeds for the commercialization of Azvudine. The company’s current cash balance can maintain its financial viability for approximately 20 months.


Genuine Biotech (GBL HK): COVID Pill No Longer Attractive Opportunity; Thin Pipeline Mars Conviction

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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 16th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight inflows into Wuxi Biologics (Cayman) Inc and CNOOC. </li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 16th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into Wuxi Biologics (Cayman) Inc and CNOOC. 


Hong Kong Connect Flows (Sep 16th): Chinese Buying Wuxi Biologics After Biden's New Executive Order

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Kintor Pharmaceutical / Equity Capital Markets

<ul>
<li>Over the past year, we've seen the stock price of Kintor fluctuate largely, which was mainly driven by its COVID-19 drug proxalutamide. However, we are not optimistic about its outlook.</li>
<li>There are big concerns about the credibility of management. The suspicion caused by mistrust leads us to suggest that investors directly enter the "show me the result" mode.</li>
<li>Shares plunged after the announcement of the Placing. Obviously, <a href="https://www.smartkarma.com/entities/kintor-pharmaceutical" target="_blank" data-smartkarma-citation="entities:28884:1" rel="noopener">Kintor Pharmaceutical (9939 HK)</a> is short of money. Considering the potential risks behind, we are bearish on Kintor. </li>
</ul>


Over the past year, we've seen the stock price of Kintor fluctuate largely, which was mainly driven by its COVID-19 drug proxalutamide. However, we are not optimistic about its outlook.
There are big concerns about the credibility of management. The suspicion caused by mistrust leads us to suggest that investors directly enter the "show me the result" mode.
Shares plunged after the announcement of the Placing. Obviously, Kintor Pharmaceutical (9939 HK) is short of money. Considering the potential risks behind, we are bearish on Kintor. 


Kintor Pharmaceutical (9939.HK) Placement - The Hidden Risks and the True Colors

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 8th. Due to public holiday in Hong Kong, the announcement was delayed by 2 days.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight property names that saw short interest increase last week: Cifi, Country Garden, Country Garden services, and Kintor which reported Phase 3 clinical trial results for COVID-19 treatment.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 8th. Due to public holiday in Hong Kong, the announcement was delayed by 2 days.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight property names that saw short interest increase last week: Cifi, Country Garden, Country Garden services, and Kintor which reported Phase 3 clinical trial results for COVID-19 treatment.


China

Kintor Pharmaceutical is a clinical-stage biotechnology company focused on developing innovative small molecule and biological therapeutics for dermatology and oncology, including treatments for androgenetic alopecia, acne vulgaris, and various cancers. The company also develops high-end cosmetics. Kintor Pharmaceutical was founded in 2009 and is headquartered in Suzhou, People's Republic of China.

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Kintor Pharmaceutical (9939 HK)

Shanghai/Shenzhen Southbound Connect: Weekly Moves (30 September 2022)

Inside is a recap of movements in the Shanghai/Shenzhen-HK Connect. Overall, the net inflow over the past week was ~US$1.3bn, split (-US$0.75bn)...

David Blennerhassett

Genuine Biotech (GBL HK): COVID Pill No Longer Attractive Opportunity; Thin Pipeline Mars Conviction

Genuine Biotech has filed for Hong Kong listing to raise funds to commercialize its newly approved drug. The company’s Azvudine is the first China...

Tina Banerjee

Hong Kong Connect Flows (Sep 16th): Chinese Buying Wuxi Biologics After Biden's New Executive Order

We analyzed Hong Connect flows last week and highlight Chinese purchase of Wuxi Biologics post new executive order signed on Monday.

Ke Yan, CFA, FRM