HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

Industry viewpoints:<ul>
<li>Drug development and commercialization are two different logics, such as CAR-T therapy.</li>
<li>The domestic vaccine industry has entered a new stage of development, and innovation is one way out.</li>
<li>Currently, there is a big gap between China autoimmune drug market and overseas market.</li>
</ul>Company news:News about the updated progress on new drugs of <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, <a href="https://www.smartkarma.com/entities/i-mab" target="_blank" data-smartkarma-citation="entities:28384:1" rel="noopener">I-Mab (IMAB US) </a>and <a href="https://www.smartkarma.com/entities/lepu-biopharma-co-ltd" target="_blank" data-smartkarma-citation="entities:33231:1" rel="noopener">Lepu Biopharma (LBP HK)</a>.Market review: Last week, stock price for healthcare sector in A share decreased 1.52%, while CSI 300 decreased 1.03% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
Drug development and commercialization are two different logics, such as CAR-T therapy.
The domestic vaccine industry has entered a new stage of development, and innovation is one way out.
Currently, there is a big gap between China autoimmune drug market and overseas market.
Company news:News about the updated progress on new drugs of Innovent Biologics Inc (1801 HK), I-Mab (IMAB US) and Lepu Biopharma (LBP HK).Market review: Last week, stock price for healthcare sector in A share decreased 1.52%, while CSI 300 decreased 1.03% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

China Healthcare Weekly(Oct.29)-Logic of CAR-T,New Stage For Vaccine Industry,Autoimmune Drug Market

Equity Capital Markets

CSPC Innovation Pharmaceutical-A / Equity Capital Markets

CSPC Innovation Pharmaceutical-A (300765 CH)

<ul>
<li>CSPC Innovation has fallen into a growth bottleneck. It is confronted with the sluggish growth of traditional pillar businesses, but new innovative drug/vaccine businesses have yet to form effective support.</li>
<li>Valuation performance of CSPC Innovation would be jointly determined by the “defensive nature” of its traditional business and the “aggressive nature” of its innovative drug pipeline.</li>
<li>CSPC Innovation is in a stage of "transition between the old and the new model" during the transformation process. Valuation could be close to <a href="https://www.smartkarma.com/entities/lepu-biopharma-co-ltd" target="_blank" data-smartkarma-citation="entities:33231:1" rel="noopener">Lepu Biopharma</a> but lower than Biokin. </li>
</ul>


CSPC Innovation has fallen into a growth bottleneck. It is confronted with the sluggish growth of traditional pillar businesses, but new innovative drug/vaccine businesses have yet to form effective support.
Valuation performance of CSPC Innovation would be jointly determined by the “defensive nature” of its traditional business and the “aggressive nature” of its innovative drug pipeline.
CSPC Innovation is in a stage of "transition between the old and the new model" during the transformation process. Valuation could be close to Lepu Biopharma but lower than Biokin. 


Pre-IPO CSPC Innovation Pharmaceutical (A/H Listing) - The Outlook Is Not Optimistic

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 November 21st.</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 flows for Alibaba, Xiaomi, Xpeng, CCB, SMIC, China Shenhua Energy.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 21st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Xiaomi, Xpeng, CCB, SMIC, China Shenhua Energy.


HK Connect Flows Weekly (Nov 21st): Alibaba, Xiaomi, Xpeng, CCB, SMIC, China Shenhua Energy

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 17th.</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 flows for SMIC, Alibaba, Xiaomi, Tencent, Pop Mart Intl, China Mobile, Meituan, Innovent Biologics, ICBC, Wuxi Biologics.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 17th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for SMIC, Alibaba, Xiaomi, Tencent, Pop Mart Intl, China Mobile, Meituan, Innovent Biologics, ICBC, Wuxi Biologics.


HK Connect Flows Weekly (Oct 17th): SMIC, Alibaba, Xiaomi, Tencent, Pop Mart Intl, China Mobile

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The September rebalance of the Hang Seng family of indices will use today's closing prices to cap the index constituent weights.  </li>
<li>The net round-trip trade across all stocks across the five indices is estimated at HK$57.55bn (US$7.4bn). There is size to trade in a lot of stocks.</li>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a> has flipped from a net buy to a net sell following its huge rally yesterday.</li>
</ul>


The September rebalance of the Hang Seng family of indices will use today's closing prices to cap the index constituent weights.  
The net round-trip trade across all stocks across the five indices is estimated at HK$57.55bn (US$7.4bn). There is size to trade in a lot of stocks.

Alibaba (9988 HK) has flipped from a net buy to a net sell following its huge rally yesterday.


HSI, HSCEI, HSTECH, HSIII Index Rebalance: US$7.4bn of Flows Post Capping (Sep 2025)

China

Lepu Biopharma Co. Ltd. is an innovation-driven biopharmaceutical company focused on discovering, developing, and commercializing drug candidates in anti-tumor targeted therapy and oncology immunotherapy. The company's pipeline includes ADCs, immunotherapies, and oncolytic virus drugs, with commercial products like Puyouheng and Meiyouheng. It was founded in 2018 and is headquartered in Shanghai, China.

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Lepu Biopharma (2157 HK)

China Healthcare Weekly(Oct.29)-Logic of CAR-T,New Stage For Vaccine Industry,Autoimmune Drug Market

The insight analyzed the different logics of drug development and commercialization for CAR-T, a new stage of development for domestic vaccine...

Xinyao (Criss) Wang

Pre-IPO CSPC Innovation Pharmaceutical (A/H Listing) - The Outlook Is Not Optimistic

CSPC Innovation faces growth challenge with traditional business slowing down and new ventures needing stronger support. Valuation hinges on...

Xinyao (Criss) Wang

HK Connect Flows Weekly (Nov 21st): Alibaba, Xiaomi, Xpeng, CCB, SMIC, China Shenhua Energy

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Xiaomi, Xpeng, CCB, SMIC, China Shenhua Energy.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Oct 17th): SMIC, Alibaba, Xiaomi, Tencent, Pop Mart Intl, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for SMIC (981 HK), Alibaba (9988 HK), Xiaomi (1810 HK),...

Ke Yan, CFA, FRM

HSI, HSCEI, HSTECH, HSIII Index Rebalance: US$7.4bn of Flows Post Capping (Sep 2025)

The Sep rebalance of the HSI, HSCEI, HSTECH, HSIII, HSHKBIO indices will use today's closing prices for capping. The round-trip trade across the...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

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China Healthcare Weekly(Oct.29)-Logic of CAR-T,New Stage For Vaccine Industry,Autoimmune Drug Market

The insight analyzed the different logics of drug development and commercialization for CAR-T, a new stage of development for domestic vaccine...

Xinyao (Criss) Wang

Pre-IPO CSPC Innovation Pharmaceutical (A/H Listing) - The Outlook Is Not Optimistic

​CSPC Innovation faces growth challenge with traditional business slowing down and new ventures needing stronger support. Valuation hinges on...

Xinyao (Criss) Wang

HK Connect Flows Weekly (Nov 21st): Alibaba, Xiaomi, Xpeng, CCB, SMIC, China Shenhua Energy

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Xiaomi, Xpeng, CCB, SMIC, China Shenhua Energy.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Oct 17th): SMIC, Alibaba, Xiaomi, Tencent, Pop Mart Intl, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for SMIC (981 HK), Alibaba (9988 HK), Xiaomi (1810 HK),...

Ke Yan, CFA, FRM

HSI, HSCEI, HSTECH, HSIII Index Rebalance: US$7.4bn of Flows Post Capping (Sep 2025)

The Sep rebalance of the HSI, HSCEI, HSTECH, HSIII, HSHKBIO indices will use today's closing prices for capping. The round-trip trade across the...

Brian Freitas

CSPC Innovation faces growth challenge with traditional business slowing down and new ventures needing stronger support. Valuation hinges on...