HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>FDA’s CRL on Hutchmed and Junshi indicates if there’s no real innovation, there’s little point in doing MRCT. Chinese companies must re-evaluate the costs of internationalization.There’s nothing related to “politics”.</li>
<li>DRGs is a policy that will have a significant impact on the development trend of the entire healthcare industry, because it would change doctors’ interest orientation and companies’ profit model.</li>
<li>However, we believe that DRGs will be a top-level policy design, which will gradually be followed by supporting policies, such as special subsidies for innovation.</li>
</ul>


FDA’s CRL on Hutchmed and Junshi indicates if there’s no real innovation, there’s little point in doing MRCT. Chinese companies must re-evaluate the costs of internationalization.There’s nothing related to “politics”.
DRGs is a policy that will have a significant impact on the development trend of the entire healthcare industry, because it would change doctors’ interest orientation and companies’ profit model.
However, we believe that DRGs will be a top-level policy design, which will gradually be followed by supporting policies, such as special subsidies for innovation.


China Healthcare Weekly (May.6)-FDA’s CRL on Junshi/HCM, Biotech Globalization, Significance of DRGs

<ul>
<li>The executive meeting of State Council has indicated the future direction of China healthcare industry- With the expansion of the VBP scope, the traditional sales mode will be hit hard.</li>
<li>The pricing system of innovative drugs in national medical insurance negotiation has its logic actually. It could provide enterprises with reasonable profits, but not significant profits or exponential growth.</li>
<li>The approval results of FDA on products of <a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech (LEGN US)</a> and Junshi could allow investors to have a better judgment on the logic of internationalization of domestic innovative drugs.</li>
</ul>


The executive meeting of State Council has indicated the future direction of China healthcare industry- With the expansion of the VBP scope, the traditional sales mode will be hit hard.
The pricing system of innovative drugs in national medical insurance negotiation has its logic actually. It could provide enterprises with reasonable profits, but not significant profits or exponential growth.
The approval results of FDA on products of Legend Biotech (LEGN US) and Junshi could allow investors to have a better judgment on the logic of internationalization of domestic innovative drugs.


China Healthcare Weekly (Feb.18)-VBP Expansion, China Drug Pricing System,FDA Approval,Junshi/Legend

<ul>
<li>The "14th Five-year Plan" for the development of pharmaceutical industry was released. China's attention to the internationalization development of the pharmaceutical industry has risen to a new height.</li>
<li>There are still many real clinical needs that need to be addressed through innovation. So, this requires a change in thinking and a broadening of cognitive boundaries.</li>
<li>For some biotech, it is very difficult to have successful commercialization without differentiating products. Companies have to know how to “define” a good product,which is the right way to innovate.</li>
</ul>


The "14th Five-year Plan" for the development of pharmaceutical industry was released. China's attention to the internationalization development of the pharmaceutical industry has risen to a new height.
There are still many real clinical needs that need to be addressed through innovation. So, this requires a change in thinking and a broadening of cognitive boundaries.
For some biotech, it is very difficult to have successful commercialization without differentiating products. Companies have to know how to “define” a good product,which is the right way to innovate.


China Healthcare Weekly (Feb.4)- "14th Five-Year Plan" Of Pharmaceuticals, the Right Way to Innovate

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 analysed the earning revision of component stocks of MS-China in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on XPENG, COSCO SHIP ENGY, MEITUAN, TENCENT, PDD, GCL TECHNOLOGY, Full Truck Alliance, KUNLUN TECH.</li>
</ul>


We analysed the earning revision of component stocks of MS-China in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on XPENG, COSCO SHIP ENGY, MEITUAN, TENCENT, PDD, GCL TECHNOLOGY, Full Truck Alliance, KUNLUN TECH.


MS-China Index Earning Revision (Jun): XPENG, COSCO SHIP ENGY, MEITUAN, TENCENT, PDD, GCL TECHNOLOGY

Equity Bottom-Up

Duality Biotherapeutics / Equity Bottom-Up

<ul>
<li>Trump said he will place import taxes on 100% of pharmaceutical drugs, which will begin on Oct.1. Below, we shared our views on this new policy.</li>
<li>Some companies continue to repurchase/increase their holdings despite the industry's significant rise this year, indicating that major shareholders truly have confidence in the outlook. We specifically listed these companies.</li>
<li>The fluctuations in Duality’s stock price are obviously driven by capital after being included in HK Stock Connect. we suggest that investors pay attention to risks as Duality faces correction.</li>
</ul>


Trump said he will place import taxes on 100% of pharmaceutical drugs, which will begin on Oct.1. Below, we shared our views on this new policy.
Some companies continue to repurchase/increase their holdings despite the industry's significant rise this year, indicating that major shareholders truly have confidence in the outlook. We specifically listed these companies.
The fluctuations in Duality’s stock price are obviously driven by capital after being included in HK Stock Connect. we suggest that investors pay attention to risks as Duality faces correction.


China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

China

Legend Biotech Corporation operates as a biopharmaceutical company. The Company engages in discovery and development of novel cell therapies for oncology and other indications. Legend Biotech serves customers in the State of New Jersey.

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Legend Biotech Corp (LEGN US)

China Healthcare Weekly (May.6)-FDA’s CRL on Junshi/HCM, Biotech Globalization, Significance of DRGs

The FDA announced its CRL on Hutchmed’s surufatinib and Junshi’s PD-1. It's time to reexamine the logic and prospects of biotech globalization. The...

Xinyao (Criss) Wang

China Healthcare Weekly (Feb.18)-VBP Expansion, China Drug Pricing System,FDA Approval,Junshi/Legend

We analyzed the VBP scope expansion and logic of drug pricing system in medical insurance negotiation.FDA's attitude on Legend Bio&Junshi's...

Xinyao (Criss) Wang

China Healthcare Weekly (Feb.4)- "14th Five-Year Plan" Of Pharmaceuticals, the Right Way to Innovate

We analyzed important points of the "14th Five-year Plan" for pharmaceutical industry. Meanwhile, the right way to innovate requires a broadening...

Xinyao (Criss) Wang

MS-China Index Earning Revision (Jun): XPENG, COSCO SHIP ENGY, MEITUAN, TENCENT, PDD, GCL TECHNOLOGY

We analyzed MS-China's consensus for Jun 2026 and highlighted changes of EPS in XPENG, COSCO SHIP ENGY, MEITUAN, TENCENT, PDD, GCL TECHNOLOGY, Full...

Ke Yan, CFA, FRM

China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Trump’s 100% pharma tariff starting Oct. 1. Major shareholders of some companies increased their holdings at high prices. Fluctuations in Duality’s...

Xinyao (Criss) Wang

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