Healthcare Analyst

Wilfred Yuen

Thematic (Sector/Industry)

<ul>
<li>BD&amp;L deal flows continue: 1) Dizal/AstraZeneca on EGFR inhibitor Zegfrovy, 2) Innovent/Spero on CD40L, 3) Insilico Medicine/Bora on AI drug discovery, 4) Hansoh/Avere on oral IL23</li>
<li>
Pharmaron and Joinn Lab provided 1H26 results previews. Hengrui's NewCo Braveheart files for IPO. Legend's Carvykti generated sales of USD657m (+49% YoY or +10% QoQ) in 2Q26.</li>
<li>
China’s outbound drug licensing deal value reached c.USD110bn in 1H26, setting another new historic high, per NMPA. Moreover, China approved 38 Class I new drug in 1H26.</li>
</ul>


BD&amp;L deal flows continue: 1) Dizal/AstraZeneca on EGFR inhibitor Zegfrovy, 2) Innovent/Spero on CD40L, 3) Insilico Medicine/Bora on AI drug discovery, 4) Hansoh/Avere on oral IL23

Pharmaron and Joinn Lab provided 1H26 results previews. Hengrui's NewCo Braveheart files for IPO. Legend's Carvykti generated sales of USD657m (+49% YoY or +10% QoQ) in 2Q26.

China’s outbound drug licensing deal value reached c.USD110bn in 1H26, setting another new historic high, per NMPA. Moreover, China approved 38 Class I new drug in 1H26.


China Healthcare Weekly Wrap (13-17 July)

<ul>
<li>
Hengrui's oral GLP-1 HRS7535 released second China phase 3 data in Type 2 diabetes. Moreover, the company's CDK4/6 inhibitor dalpiciclib secured adjuvant breast cancer indication.</li>
<li>
Harbour BioMed and Baidu-backed BioMap to establish next-generation AI-native pipeline company MegaStream, targeting global markets across cardiovascaulr, renal, oncology, and anti-aging disease areas.</li>
<li>Other news and updates include Legend Biotech, Everest Medicines, Henlius, SBP, Insilico Medicine, Novocure/Zai Lab, NovaBridge, IASO Bio, and Abogen.</li>
</ul>



Hengrui's oral GLP-1 HRS7535 released second China phase 3 data in Type 2 diabetes. Moreover, the company's CDK4/6 inhibitor dalpiciclib secured adjuvant breast cancer indication.

Harbour BioMed and Baidu-backed BioMap to establish next-generation AI-native pipeline company MegaStream, targeting global markets across cardiovascaulr, renal, oncology, and anti-aging disease areas.
Other news and updates include Legend Biotech, Everest Medicines, Henlius, SBP, Insilico Medicine, Novocure/Zai Lab, NovaBridge, IASO Bio, and Abogen.


China Healthcare Weekly Wrap (15-21 June)

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Jiangsu Hengrui Pharmaceuticals received the NMPA approval for a new indication for dalpiciclib isethionate tablets. InSilico Medicine has achieved the first clinical milestone in its co-development collaboration with Hygtia Therapeutics.</li>
<li>Chugai has filed regulatory application in Japan for sparsentan for the treatment IgA nephropathy. Shionogi has invested in IVF company Dioseve through its corporate venture capital (CVC) initiatives.</li>
<li>Lupin launched Azilsartan Medoxomil tablets in the U.S. for the treatment of hypertension. Dr. Reddy’s Laboratories launched first-to file product Bosutinib tablets, a generic equivalent of Bosulif in the U.S.</li>
</ul>


Jiangsu Hengrui Pharmaceuticals received the NMPA approval for a new indication for dalpiciclib isethionate tablets. InSilico Medicine has achieved the first clinical milestone in its co-development collaboration with Hygtia Therapeutics.
Chugai has filed regulatory application in Japan for sparsentan for the treatment IgA nephropathy. Shionogi has invested in IVF company Dioseve through its corporate venture capital (CVC) initiatives.
Lupin launched Azilsartan Medoxomil tablets in the U.S. for the treatment of hypertension. Dr. Reddy’s Laboratories launched first-to file product Bosutinib tablets, a generic equivalent of Bosulif in the U.S.


APAC Healthcare Weekly (June 21) – Hengrui, InSilico Medicine, Chugai, Shionogi, Lupin, Dr. Reddy’s

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 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 CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech, CANMAX TECHNOLOGIES.</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 CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech, CANMAX TECHNOLOGIES.


MS-China Index Earning Revision (Sep): CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The assassination of Trump in July has greatly increased the probability of his election as president this year. However, a Trump presidency is not necessarily good for healthcare industry.</li>
<li>Trump's reform in the field of healthcare has two major propositions - One is to achieve the independence of US pharmaceutical supply chain. The other is to reduce drug prices.</li>
<li>From a US national security perspective, China's APIs/CXO would be the segments with the highest sanction risk. China Biotech may also face some headwinds. The risk of "decoupling" further increases.</li>
</ul>


The assassination of Trump in July has greatly increased the probability of his election as president this year. However, a Trump presidency is not necessarily good for healthcare industry.
Trump's reform in the field of healthcare has two major propositions - One is to achieve the independence of US pharmaceutical supply chain. The other is to reduce drug prices.
From a US national security perspective, China's APIs/CXO would be the segments with the highest sanction risk. China Biotech may also face some headwinds. The risk of "decoupling" further increases.


What Does a Trump Presidency Mean for China Healthcare?

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 Wrap (13-17 July)

Key news this week 1) Dizal/AZ USD1.5bn deal on EGFR inhibitor, 2) Hengrui's NewCo BraveHeart files for IPO; 3) Pharmaron and Joinn 1H26 results...

Wilfred Yuen

China Healthcare Weekly Wrap (15-21 June)

Hengrui releases China phase 3 data for oral GLP-1 HRS7535 in T2D; Harbour/BioMap for AI- company MegaStream. Other updates: Legend, Everest,...

Wilfred Yuen

APAC Healthcare Weekly (June 21) – Hengrui, InSilico Medicine, Chugai, Shionogi, Lupin, Dr. Reddy’s

Hengrui’s dalpiciclib got label expansion approval in China. Insilico achieved first milestone for co-development collaboration with Hygtia. Chugai...

Tina Banerjee

MS-China Index Earning Revision (Sep): CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech

We analyzed MS-China's consensus for Sep 2026 and highlighted changes of EPS in CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech,...

Ke Yan, CFA, FRM

What Does a Trump Presidency Mean for China Healthcare?

Trump successfully elected as the US President. His reform in healthcare is to achieve the independence of US pharmaceutical supply chain and...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Healthcare Weekly Wrap (13-17 July)

Key news this week 1) Dizal/AZ USD1.5bn deal on EGFR inhibitor, 2) Hengrui's NewCo BraveHeart files for IPO; 3) Pharmaron and Joinn 1H26 results...

Wilfred Yuen

China Healthcare Weekly Wrap (15-21 June)

​Hengrui releases China phase 3 data for oral GLP-1 HRS7535 in T2D; Harbour/BioMap for AI- company MegaStream. Other updates: Legend, Everest,...

Wilfred Yuen

APAC Healthcare Weekly (June 21) – Hengrui, InSilico Medicine, Chugai, Shionogi, Lupin, Dr. Reddy’s

Hengrui’s dalpiciclib got label expansion approval in China. Insilico achieved first milestone for co-development collaboration with Hygtia. Chugai...

Tina Banerjee

MS-China Index Earning Revision (Sep): CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech

We analyzed MS-China's consensus for Sep 2026 and highlighted changes of EPS in CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech,...

Ke Yan, CFA, FRM

What Does a Trump Presidency Mean for China Healthcare?

Trump successfully elected as the US President. His reform in healthcare is to achieve the independence of US pharmaceutical supply chain and...

Xinyao (Criss) Wang

Hengrui releases China phase 3 data for oral GLP-1 HRS7535 in T2D; Harbour/BioMap for AI- company MegaStream. Other updates: Legend, Everest,...