HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

1. Industry viewpoints:<ul>
<li>Last week, the negotiations of volume-based purchase 2020 came to a close, and the bidding of PD-1/L1 was the most eye-catching.</li>
<li>In the future, with the rapid release of radiotherapy equipment in China, the penetration rate of radiotherapy is expected to be accelerated.</li>
<li>The use of traditional Chinese medicine in hospital is facing severe challenges.</li>
</ul>2. Company news:News about the updated progress of new drugs and cooperation from <a href="https://www.smartkarma.com/entities/ascletis-pharma-inc" target="_blank" data-smartkarma-citation="entities:27265:1" rel="noopener">Ascletis Pharma Inc (1672 HK)</a>, <a href="https://www.smartkarma.com/entities/harbour-biomed-holdings-limited" target="_blank" data-smartkarma-citation="entities:29717:1" rel="noopener">Harbour Biomed (2142 HK)</a> and <a href="https://www.smartkarma.com/entities/luye-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:488:1" rel="noopener">Luye Pharma (2186 HK)</a>.3. Market review:Last week, stock price for healthcare sector in A share increased 4.25%, while CSI 300 increased 2.26% over the same period of time.4. Risk Disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

1. Industry viewpoints:
Last week, the negotiations of volume-based purchase 2020 came to a close, and the bidding of PD-1/L1 was the most eye-catching.
In the future, with the rapid release of radiotherapy equipment in China, the penetration rate of radiotherapy is expected to be accelerated.
The use of traditional Chinese medicine in hospital is facing severe challenges.
2. Company news:News about the updated progress of new drugs and cooperation from Ascletis Pharma Inc (1672 HK), Harbour Biomed (2142 HK) and Luye Pharma (2186 HK).3. Market review:Last week, stock price for healthcare sector in A share increased 4.25%, while CSI 300 increased 2.26% over the same period of time.4. Risk Disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

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 June 26th.</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 Kingboard, Alibaba, Kingboard Laminates, Smic, Tencent, China Mobile, CNOOC, Pop Mart Intl, Hua Hong Semi, Knowledge Atlas.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 26th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Kingboard, Alibaba, Kingboard Laminates, Smic, Tencent, China Mobile, CNOOC, Pop Mart Intl, Hua Hong Semi, Knowledge Atlas.


HK Connect Flows Weekly (Jun 26th): Kingboard, Alibaba, Kingboard Laminates, Smic, Tencent, CNOOC

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> witnessed revenue growth of 94% to RMB 17.7B in 2025 on the back of payments from licensing deal with Pfizer.  Tpiao continues to loose market share.</li>
<li>The NDA of Anti-IL-17A mAb (608, for psoriasis) and Eltrombopag (SSS20, for ITP and Severe Aplastic Anemia) was approved for marketing in February 2026 and March 2026, respectively.</li>
<li>We feel that the company will face growth hurdles in the near to medium term but will recover from that. We would recommend to hold the stock for now.</li>
</ul>



3SBio Inc (1530 HK) witnessed revenue growth of 94% to RMB 17.7B in 2025 on the back of payments from licensing deal with Pfizer.  Tpiao continues to loose market share.
The NDA of Anti-IL-17A mAb (608, for psoriasis) and Eltrombopag (SSS20, for ITP and Severe Aplastic Anemia) was approved for marketing in February 2026 and March 2026, respectively.
We feel that the company will face growth hurdles in the near to medium term but will recover from that. We would recommend to hold the stock for now.


3SBio Inc (1530 HK): Licensing Boosts 2025 Revenue, Temporary Growth Hurdles Incoming

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>From a demand perspective, Asia’s population is growing as is longevity. On the supply side, Asia’s number of doctors, nurses, hospitals and medical equipment diverge across the region, and still trail the per capita averages of the 34 OECD member countries. </li><li>For a shorter-term perspective, over the past five weeks, four Healthcare stocks (Cordlife Group, iX Biopharma, UG Healthcare Corporation &amp; Health Management International) have released Annual Reports whilst a secondary listing (Techcomp Holdings) has released an Interim Report.</li><li>Within these reports, there are examples of how the Healthcare Sector is adapting to Asia Pacific demographics, maintaining an ongoing focus on Research &amp; Development, monitoring pharmaceutical &amp; food regulation trends, collaborating with communities to build business channels, expansion of production lines and pursuing value chain management in manufacturing and distribution. </li></ul>

From a demand perspective, Asia’s population is growing as is longevity. On the supply side, Asia’s number of doctors, nurses, hospitals and medical equipment diverge across the region, and still trail the per capita averages of the 34 OECD member countries. For a shorter-term perspective, over the past five weeks, four Healthcare stocks (Cordlife Group, iX Biopharma, UG Healthcare Corporation &amp; Health Management International) have released Annual Reports whilst a secondary listing (Techcomp Holdings) has released an Interim Report.Within these reports, there are examples of how the Healthcare Sector is adapting to Asia Pacific demographics, maintaining an ongoing focus on Research &amp; Development, monitoring pharmaceutical &amp; food regulation trends, collaborating with communities to build business channels, expansion of production lines and pursuing value chain management in manufacturing and distribution. 

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

By allowing couples to have up to two children China hopes to reverse its likely population decline. But falling fertility and the pressures of urban living mean that existing policies are unlikely to deliver a baby boom.

By allowing couples to have up to two children China hopes to reverse its likely population decline. But falling fertility and the pressures of urban living mean that existing policies are unlikely to deliver a baby boom.

Falling Fertility Adds to China's Population Woes

China

Luye Pharma Group is an international pharmaceutical company dedicated to the research, development, manufacturing, and sale of innovative medications. The company focuses on four main therapeutic areas: oncology, central nervous system, cardiovascular, and gastrointestinal/metabolic disorders, utilizing advanced drug delivery systems. It was founded in 1994 and is headquartered in Shanghai, China.

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Luye Pharma Group (2186 HK)

China Healthcare Weekly (Dec.18)

The article analyzed the news about the negotiation result of PD-1/L1 in China VBP, industry viewpoints about radiotherapy and traditional Chinese...

Xinyao (Criss) Wang

HK Connect Flows Weekly (Jun 26th): Kingboard, Alibaba, Kingboard Laminates, Smic, Tencent, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Kingboard (148 HK), Alibaba (9988 HK), Kingboard...

Ke Yan, CFA, FRM

3SBio Inc (1530 HK): Licensing Boosts 2025 Revenue, Temporary Growth Hurdles Incoming

3SBio Inc saw a 94% revenue increase in 2025 due to Pfizer deal. Faces market share challenges. Marketing approvals for key pipeline products is...

Tina Banerjee

Key Drivers of Asia's Healthcare Sector

From a demand perspective, Asia’s population is growing as is longevity. On the supply side, Asia’s number of doctors, nurses, hospitals and...

Singapore Exchange Ltd (SGX)

Falling Fertility Adds to China's Population Woes

By allowing couples to have up to two children China hopes to reverse its likely population decline. But falling fertility and the pressures of...

Bixmoor

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Healthcare Weekly (Dec.18)

The article analyzed the news about the negotiation result of PD-1/L1 in China VBP, industry viewpoints about radiotherapy and traditional Chinese...

Xinyao (Criss) Wang

HK Connect Flows Weekly (Jun 26th): Kingboard, Alibaba, Kingboard Laminates, Smic, Tencent, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Kingboard (148 HK), Alibaba (9988 HK), Kingboard...

Ke Yan, CFA, FRM

3SBio Inc (1530 HK): Licensing Boosts 2025 Revenue, Temporary Growth Hurdles Incoming

​3SBio Inc saw a 94% revenue increase in 2025 due to Pfizer deal. Faces market share challenges. Marketing approvals for key pipeline products is...

Tina Banerjee

Key Drivers of Asia's Healthcare Sector

From a demand perspective, Asia’s population is growing as is longevity. On the supply side, Asia’s number of doctors, nurses, hospitals and...

Singapore Exchange Ltd (SGX)

Falling Fertility Adds to China's Population Woes

By allowing couples to have up to two children China hopes to reverse its likely population decline. But falling fertility and the pressures of...

Bixmoor

3SBio Inc saw a 94% revenue increase in 2025 due to Pfizer deal. Faces market share challenges. Marketing approvals for key pipeline products is...