Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Hengrui Pharma received indication expansion approval for trastuzumab rezetecan in China. MicroPort NeuroScientific’s Apollo Dream Rapamycin Target Eluting Stent has been granted the Breakthrough Device Designation by the FDA.</li>
<li>Celltrion signed KRW375B CMO agreement with a global pharmaceutical company for the supply of drug substance. Samsung Bioepis entered global commercialization agreement with Sandoz for five biosimilar candidates under development.</li>
<li>FDA accepted Sun Pharma’s indication expansion application for Ilumya for active psoriatic arthritis. Zydus Lifesciences entered licensing and supply agreements with Torrent Pharmaceuticals and Lupin to co-market Semaglutide in India.</li>
</ul>


Hengrui Pharma received indication expansion approval for trastuzumab rezetecan in China. MicroPort NeuroScientific’s Apollo Dream Rapamycin Target Eluting Stent has been granted the Breakthrough Device Designation by the FDA.
Celltrion signed KRW375B CMO agreement with a global pharmaceutical company for the supply of drug substance. Samsung Bioepis entered global commercialization agreement with Sandoz for five biosimilar candidates under development.
FDA accepted Sun Pharma’s indication expansion application for Ilumya for active psoriatic arthritis. Zydus Lifesciences entered licensing and supply agreements with Torrent Pharmaceuticals and Lupin to co-market Semaglutide in India.


APAC Healthcare Weekly (March 22) – Hengrui, Microport Neuro, Celltrion, Samsung Bio, Sun Pharma

Global Healthcare Strategist

Vincy Ip

<ul>
<li>Brain disorders, including various neurological and mental diseases, are the hidden danger with the largest social burden among all diseases. </li>
<li>With strong government support across the globe and accelerating private financing, we identify four key areas of investment opportunities in brain science, including neurotherapeutics, neurodiagnostics, neurosurgery, and brain-computer interface (BCI).</li>
<li>Even though the concept of BCI looks promising, its scalability, application, and monetisation potential remain uncertain in the near term and hence the invesmtent risks would be high. </li>
</ul>


Brain disorders, including various neurological and mental diseases, are the hidden danger with the largest social burden among all diseases. 
With strong government support across the globe and accelerating private financing, we identify four key areas of investment opportunities in brain science, including neurotherapeutics, neurodiagnostics, neurosurgery, and brain-computer interface (BCI).
Even though the concept of BCI looks promising, its scalability, application, and monetisation potential remain uncertain in the near term and hence the invesmtent risks would be high. 


Brain Science - An Opportunity or a Trap?

Equity Bottom-Up

Zylox-Tonbridge Medical Technology / Equity Bottom-Up

Zylox-Tonbridge Medical Technology (2190 HK)

<ul>
<li>Zylox Tonbridge Medical (2190 HK) achieved a revenue of RMB 632M, up 31% YoY, primarily attributable to the high sales growth of both neurovascular and peripheral vascular interventional devices segments. </li>
<li>In 1H26, Zylox achieved success in international business with a revenue of RMB 70.6M, up 349%, primarily from Europe, Asian and Latin American regions.</li>
<li>The global growth prospects will provide the required positive impetus going forward. We feel the stock has ample room for growth and value appreciation left within.</li>
</ul>


Zylox Tonbridge Medical (2190 HK) achieved a revenue of RMB 632M, up 31% YoY, primarily attributable to the high sales growth of both neurovascular and peripheral vascular interventional devices segments. 
In 1H26, Zylox achieved success in international business with a revenue of RMB 70.6M, up 349%, primarily from Europe, Asian and Latin American regions.
The global growth prospects will provide the required positive impetus going forward. We feel the stock has ample room for growth and value appreciation left within.


Zylox Tonbridge (2190 HK): Domestic Holds, International Stellar in 1H26, Pipeline and Launches Key

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.

Index Rebalance

<ul>
<li>We screen our HSCI September 2026 review candidates for southbound Connect action, with 36 Connect ADDs and 25 DELETEs.</li>
<li>ADD candidates split into 31 ADD-NEW and 5 ADD-REJOIN, with one WVR name deferred and seven A+H names already in Connect.</li>
<li>DELETE candidates are 23 MV cases and 2 velocity cases, after one A+H name is exempt from Connect deletion.</li>
</ul>


We screen our HSCI September 2026 review candidates for southbound Connect action, with 36 Connect ADDs and 25 DELETEs.
ADD candidates split into 31 ADD-NEW and 5 ADD-REJOIN, with one WVR name deferred and seven A+H names already in Connect.
DELETE candidates are 23 MV cases and 2 velocity cases, after one A+H name is exempt from Connect deletion.


HSCI / HK Connect Sep 2026 Inclusion Forecast and Positioning

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>“Measures for the Supervision and Administration of Online Drug Sales” was released, which indicated that the online sale of prescription drugs is allowed, but there are certain restrictions and requirements.</li>
<li>The rise of China biotech is based on the historical opportunities of both alpha (individual efforts) and beta (industry development) superposition. It’s unique. Investors shouldn’t expect to “copy” similar paths.</li>
<li>We have noted that some biotech/biopharma have or are considering changing excess capacity to do CDMO. This is caused by too much “bubble” in the market, which is not logical.</li>
</ul>


“Measures for the Supervision and Administration of Online Drug Sales” was released, which indicated that the online sale of prescription drugs is allowed, but there are certain restrictions and requirements.
The rise of China biotech is based on the historical opportunities of both alpha (individual efforts) and beta (industry development) superposition. It’s unique. Investors shouldn’t expect to “copy” similar paths.
We have noted that some biotech/biopharma have or are considering changing excess capacity to do CDMO. This is caused by too much “bubble” in the market, which is not logical.


China Healthcare Weekly(Sep2)-Online Drug Sale, Biotech's Historical Opportunity, Biotech to Be CDMO

China

MicroPort NeuroScientific is engaged in the research, development, and manufacturing of neuro-interventional medical devices. The company's products address three key areas of cerebrovascular disease: hemorrhagic stroke, cerebral atherosclerotic stenosis, and acute ischemic stroke. Key products include the NUMEN coil, Tubridge flow-diverting stent, and APOLLO intracranial stent. Headquartered in Shanghai, China, the company was founded in 2012.

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MicroPort NeuroScientific (2172 HK)

APAC Healthcare Weekly (March 22) – Hengrui, Microport Neuro, Celltrion, Samsung Bio, Sun Pharma

Celltrion signed KRW375B biologics CMO deal with a global pharma company. Samsung Bioepis expands biosimilar collaboration with Sandoz. 40+ Indian...

Tina Banerjee

Brain Science - An Opportunity or a Trap?

We identify four key areas of investment opportunities in brain science, including neurotherapeutics, neurodiagnostics, neurosurgery, and brain...

Vincy Ip

Zylox Tonbridge (2190 HK): Domestic Holds, International Stellar in 1H26, Pipeline and Launches Key

Zylox TB posted 31% YoY higher sales due to growth witnessed across segments. International business was robust. Global growth prospects will...

Tina Banerjee

HSCI / HK Connect Sep 2026 Inclusion Forecast and Positioning

We expect 36 southbound Connect ADDs, 31 new and 5 returning, and 25 DELETEs from the current Connect list at the HSCI September review, effective...

Ke Yan, CFA, FRM

China Healthcare Weekly(Sep2)-Online Drug Sale, Biotech's Historical Opportunity, Biotech to Be CDMO

New policy of online drug sales is released,including certain restrictions.The rise of China biotech is based on historical opportunity of alpha...

Xinyao (Criss) Wang

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