Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>Defining themes: Packaging, edge AI, and silicon photonics dominate SEMICON Taiwan 2025</li>
<li>Global heavyweights Applied Materials, Lam, and TEL anchor this year’s industry sponsorship</li>
<li>Taiwan’s next tier -- Zhen Ding, ASE, Advantech, ASPEED, Egis -- showcase critical AI enablers beyond TSMC</li>
</ul>


Defining themes: Packaging, edge AI, and silicon photonics dominate SEMICON Taiwan 2025
Global heavyweights Applied Materials, Lam, and TEL anchor this year’s industry sponsorship
Taiwan’s next tier -- Zhen Ding, ASE, Advantech, ASPEED, Egis -- showcase critical AI enablers beyond TSMC


From AI Packaging to AI Edge: Listed Names to Watch at SEMICON Taiwan 2025 Starting Today

Global Healthcare Analyst

Tina Banerjee

Jiangsu Hengrui Pharmaceuticals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (1276 HK)</a> entered into agreements with Braveheart Bio, to grant Braveheart an exclusive worldwide right of HRS-1893, a selective myosin inhibitor that treats hypertrophic cardiomyopathy.</li>
<li>The only approved product available worldwide is Bristol Myer Squibb’s Camzyos (mavacamten) which was approved for marketing by FDA in April 2022 for obstructive hypertrophic cardiomyopathy.</li>
<li>With Robust R&amp;D and future potential drug candidates under its belt, Jiangsu Hengrui continues to remain an attractive bet, with a long-term perspective.</li>
</ul>



Jiangsu Hengrui Pharmaceuticals (1276 HK) entered into agreements with Braveheart Bio, to grant Braveheart an exclusive worldwide right of HRS-1893, a selective myosin inhibitor that treats hypertrophic cardiomyopathy.
The only approved product available worldwide is Bristol Myer Squibb’s Camzyos (mavacamten) which was approved for marketing by FDA in April 2022 for obstructive hypertrophic cardiomyopathy.
With Robust R&amp;D and future potential drug candidates under its belt, Jiangsu Hengrui continues to remain an attractive bet, with a long-term perspective.


Jiangsu Hengrui (1276 HK): Deals Galore; This Time for Hypertrophic Cardiomyopathy with Braveheart

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

GenFleet Therapeutics / Equity Capital Markets

<ul>
<li>Genfleet, a China-based clinical-stage biotech, is looking to raise USD 250 million via a Hong Kong listing. The sole book runner is CITIC.</li>
<li>In our previous insight, we looked at the company’s core products and its management team, as well as investor backing.</li>
<li>In this note, we will provide an rNPV-based valuation for the company.</li>
</ul>


Genfleet, a China-based clinical-stage biotech, is looking to raise USD 250 million via a Hong Kong listing. The sole book runner is CITIC.
In our previous insight, we looked at the company’s core products and its management team, as well as investor backing.
In this note, we will provide an rNPV-based valuation for the company.


Genfleet (劲方医药) Pre-IPO: Thoughts on Valuation

<ul>
<li>In 1H25, Jiangsu Hengrui reported 16% YoY increase in revenue to RMB 15.8B primarily attributable to the growth of innovative drugs sales along with increase in licensing revenue.</li>
<li>R&amp;D expenses surged 6% to RMB 3.2B due to ongoing clinical trials. Net profit increased 30% YoY to RMB 4.5B resulting in net margin expanding 310bps to 28.3% in 1H25.</li>
<li>In 1H25, the company obtained marketing approvals for six Class 1 innovative drugs, including trastuzumab rezetecan injection (as second line of treatment for NSCLC with HER2 mutations).</li>
</ul>


In 1H25, Jiangsu Hengrui reported 16% YoY increase in revenue to RMB 15.8B primarily attributable to the growth of innovative drugs sales along with increase in licensing revenue.
R&amp;D expenses surged 6% to RMB 3.2B due to ongoing clinical trials. Net profit increased 30% YoY to RMB 4.5B resulting in net margin expanding 310bps to 28.3% in 1H25.
In 1H25, the company obtained marketing approvals for six Class 1 innovative drugs, including trastuzumab rezetecan injection (as second line of treatment for NSCLC with HER2 mutations).


Jiangsu Hengrui (1276 HK): Robust 1H25; Innovative Drugs Key; Out-Licensing Affirm Pipeline Strength

<ul>
<li>During Q1FY26, <a href="https://www.smartkarma.com/entities/ono-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:8979:1" rel="noopener">Ono Pharmaceutical (4528 JP)</a>  reported revenue of ¥127.5B, an increase of 8% YoY. Opdivo witnessed 8% decrease in revenue to ¥29.4B mainly due to increased competition.  </li>
<li>Opdivo is facing competition from Keytruda. Ono guided Opdivo revenue in FY26 to be ¥138.5B (Japan: ¥125B, up 4% and Overseas: ¥13.5B, up 3%), up 4% YoY.</li>
<li>In FY26, Opdivo’s revenue growth will come from indication expansion but smaller addressable patient population remains a concern for long term.</li>
</ul>


During Q1FY26, Ono Pharmaceutical (4528 JP)  reported revenue of ¥127.5B, an increase of 8% YoY. Opdivo witnessed 8% decrease in revenue to ¥29.4B mainly due to increased competition.  
Opdivo is facing competition from Keytruda. Ono guided Opdivo revenue in FY26 to be ¥138.5B (Japan: ¥125B, up 4% and Overseas: ¥13.5B, up 3%), up 4% YoY.
In FY26, Opdivo’s revenue growth will come from indication expansion but smaller addressable patient population remains a concern for long term.


Ono Pharma (4528 JP): Forxiga and Acquisition Drives 1QFY26, Opdivo Takes a Backseat on Competition

United States

Merck & Co., Inc.  is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets directly and through its joint ventures. The Company has operations in pharmaceutical, animal health, and consumer care.

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Merck & Co (MRK US)

From AI Packaging to AI Edge: Listed Names to Watch at SEMICON Taiwan 2025 Starting Today

Key themes and major industry sponsors at SEMICON Taiwan, with a focus on six lesser-known Taiwan companies showcasing new AI technology.

Vincent Fernando, CFA

Jiangsu Hengrui (1276 HK): Deals Galore; This Time for Hypertrophic Cardiomyopathy with Braveheart

Jiangsu Hengrui grants Braveheart Bio exclusive wordlwide rights for HRS-1893, an investigational drug for hypertrophic cardiomyopathy for an...

Tina Banerjee

Genfleet (劲方医药) Pre-IPO: Thoughts on Valuation

China's Genfleet seeks to raise $250 million through Hong Kong listing with CITIC as book runner. In this note we provide a rNPV based SOTP...

Ke Yan, CFA, FRM

Jiangsu Hengrui (1276 HK): Robust 1H25; Innovative Drugs Key; Out-Licensing Affirm Pipeline Strength

Jiangsu Hengrui sees16% revenue growth in 1H25. Innovative drug sales were up 15% YoY and contributed 48% of revenue. Aided by 43% jump in...

Tina Banerjee

Ono Pharma (4528 JP): Forxiga and Acquisition Drives 1QFY26, Opdivo Takes a Backseat on Competition

Ono Pharmaceutical's Q1FY26 revenue increased 8% YoY. Opdivo revenue decreased 8% YoY due to competition. Despite indication expansion, concerns...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

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From AI Packaging to AI Edge: Listed Names to Watch at SEMICON Taiwan 2025 Starting Today

​Key themes and major industry sponsors at SEMICON Taiwan, with a focus on six lesser-known Taiwan companies showcasing new AI technology.

Vincent Fernando, CFA

Jiangsu Hengrui (1276 HK): Deals Galore; This Time for Hypertrophic Cardiomyopathy with Braveheart

​Jiangsu Hengrui grants Braveheart Bio exclusive wordlwide rights for HRS-1893, an investigational drug for hypertrophic cardiomyopathy for an...

Tina Banerjee

Genfleet (劲方医药) Pre-IPO: Thoughts on Valuation

​China's Genfleet seeks to raise $250 million through Hong Kong listing with CITIC as book runner. In this note we provide a rNPV based SOTP...

Ke Yan, CFA, FRM

Jiangsu Hengrui (1276 HK): Robust 1H25; Innovative Drugs Key; Out-Licensing Affirm Pipeline Strength

​Jiangsu Hengrui sees16% revenue growth in 1H25. Innovative drug sales were up 15% YoY and contributed 48% of revenue. Aided by 43% jump in...

Tina Banerjee

Ono Pharma (4528 JP): Forxiga and Acquisition Drives 1QFY26, Opdivo Takes a Backseat on Competition

​Ono Pharmaceutical's Q1FY26 revenue increased 8% YoY. Opdivo revenue decreased 8% YoY due to competition. Despite indication expansion, concerns...

Tina Banerjee

Key themes and major industry sponsors at SEMICON Taiwan, with a focus on six lesser-known Taiwan companies showcasing new AI technology.

Jiangsu Hengrui grants Braveheart Bio exclusive wordlwide rights for HRS-1893, an investigational drug for hypertrophic cardiomyopathy for an...

China's Genfleet seeks to raise $250 million through Hong Kong listing with CITIC as book runner. In this note we provide a rNPV based SOTP...

Jiangsu Hengrui sees16% revenue growth in 1H25. Innovative drug sales were up 15% YoY and contributed 48% of revenue. Aided by 43% jump in...

Ono Pharmaceutical's Q1FY26 revenue increased 8% YoY. Opdivo revenue decreased 8% YoY due to competition. Despite indication expansion, concerns...