Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Kissei Pharmaceutical initiates additional Phase III clinical trial for Rovatirelin (KPS-0373) for the treatment of spinocerebellar degeneration. Shanghai Junshi Biosciences received 11th indication approval for toripalimab in China.</li>
<li>AstraZeneca Entered into exclusive licensing agreement worth $1.35B with Alteogen to use latter’s hyaluronidase protein, ALT-B4, to develop subcutaneous versions of its “several oncology assets.”</li>
<li>Celltrion Has unveiled “Value-up Program,” whereby the company is targeting 30% revenue CAGR by 2027 to reach KRW5T revenue and 7% ROE. HLB faced another rejection from FDA for rivoceranib.</li>
</ul>


Kissei Pharmaceutical initiates additional Phase III clinical trial for Rovatirelin (KPS-0373) for the treatment of spinocerebellar degeneration. Shanghai Junshi Biosciences received 11th indication approval for toripalimab in China.
AstraZeneca Entered into exclusive licensing agreement worth $1.35B with Alteogen to use latter’s hyaluronidase protein, ALT-B4, to develop subcutaneous versions of its “several oncology assets.”
Celltrion Has unveiled “Value-up Program,” whereby the company is targeting 30% revenue CAGR by 2027 to reach KRW5T revenue and 7% ROE. HLB faced another rejection from FDA for rivoceranib.


APAC Healthcare Weekly (Mar 23)- Kissei, Alteogen, Junshi Biosciences, Celltrion, Lunit, HLB

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Triapex Laboratories / Equity Capital Markets

<ul>
<li>Unlike traditional CROs which act as external service providers to handle scattered tasks, TRIAPEX is strategic R&amp;D partner for clients,offering end-to-end services covering entire process from drug discovery to NDA.</li>
<li>Monkeys, as biological assets, have their fair value changes directly recorded in profit statement, acting as an "amplifier" for TRIAPEX's performance. This will lead to significant fluctuations in future performance.</li>
<li>TRIAPEX's valuation would be lower than Joinn Lab. The final valuation depends on  the price trend of laboratory monkeys and the overall valuation of biopharmaceutical sector in Hong Kong stock market.</li>
</ul>


Unlike traditional CROs which act as external service providers to handle scattered tasks, TRIAPEX is strategic R&amp;D partner for clients,offering end-to-end services covering entire process from drug discovery to NDA.
Monkeys, as biological assets, have their fair value changes directly recorded in profit statement, acting as an "amplifier" for TRIAPEX's performance. This will lead to significant fluctuations in future performance.
TRIAPEX's valuation would be lower than Joinn Lab. The final valuation depends on  the price trend of laboratory monkeys and the overall valuation of biopharmaceutical sector in Hong Kong stock market.


Pre-IPO Triapex Laboratories - Future Performance Will Lack Stability

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Hong Kong dollar is strengthening as demand picks up and the carry trade unwinds quickly.  Put/Call Skew declines for HSTech Index as traders sentiment reverses.</li>
<li>
<a href="https://www.smartkarma.com/entities/hengan-international-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29:1" rel="noopener">Hengan International Group (1044 HK)</a> and <a href="https://www.smartkarma.com/entities/galaxy-entertainment-group-limited" target="_blank" data-smartkarma-citation="entities:806:1" rel="noopener">Galaxy Entertainment Group (27 HK)</a> had breakouts from declining wedge patterns and have now formed new uptrends.
</li>
<li><a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a> had a breakout reversal from a U-shaped pattern indicating more upside.  The stock's 200 DMA may provide little resistance to further re-rating.</li>
</ul>


Hong Kong dollar is strengthening as demand picks up and the carry trade unwinds quickly.  Put/Call Skew declines for HSTech Index as traders sentiment reverses.

Hengan International Group (1044 HK) and Galaxy Entertainment Group (27 HK) had breakouts from declining wedge patterns and have now formed new uptrends.

Wuxi Biologics (2269 HK) had a breakout reversal from a U-shaped pattern indicating more upside.  The stock's 200 DMA may provide little resistance to further re-rating.


Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 30)

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>XPEV US/1211 HK：Didi Autonomous Driving and GAC Aion joint venture approved to launch first commercial L4 model in 2025（///）</li>
<li>3759 HK/1548 HK/9926 HK/BGNE US/9995 HK/1801 HK：U.S. biologic drug ban may spread to more CRO companies, positive to Chinese innovative drug companies（/）</li>
<li>1810 HK/1211 HK：Lei Jun announced that more than 100,000 people have ordered Xiaomi SU7, and the number of locked orders has exceeded 40,000.（///）</li>
</ul>


XPEV US/1211 HK：Didi Autonomous Driving and GAC Aion joint venture approved to launch first commercial L4 model in 2025（///）
3759 HK/1548 HK/9926 HK/BGNE US/9995 HK/1801 HK：U.S. biologic drug ban may spread to more CRO companies, positive to Chinese innovative drug companies（/）
1810 HK/1211 HK：Lei Jun announced that more than 100,000 people have ordered Xiaomi SU7, and the number of locked orders has exceeded 40,000.（///）


[Blue Lotus Daily]:XPEV/1211 HK/3759HK/1548HK/9926HK/BGNE/9995HK/1801 HK/1810HK/LKNCY/LI/NIO/MNSO US

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> is looking to raise around US$300m via selling some of its stake in <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC (2268 HK)</a>.</li>
<li>Wuxi AppTec has sold a number of times before, although all the past secondary deals since 2025 haven’t done much.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



WuXi AppTec (2359 HK) is looking to raise around US$300m via selling some of its stake in WuXi XDC (2268 HK).
Wuxi AppTec has sold a number of times before, although all the past secondary deals since 2025 haven’t done much.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: WuXi XDC Placement - Past Deals Have Been Mixed but Has Strong Momentum

China

Pharmaron is a premier life science service provider offering comprehensive research, development, and manufacturing services across the entire drug discovery, preclinical, clinical development, and commercialization process. The company's services encompass small molecules, biologics, and cell and gene therapy products. Pharmaron was founded in 2004 and is headquartered in Beijing, China.

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Pharmaron (3759 HK)

APAC Healthcare Weekly (Mar 23)- Kissei, Alteogen, Junshi Biosciences, Celltrion, Lunit, HLB

Kissei Pharma initiates additional P3 trial. Junshi Biosciences' drug got indication expansion. AstraZeneca partners with Alteogen. Celltrion aims...

Tina Banerjee

Pre-IPO Triapex Laboratories - Future Performance Will Lack Stability

TRIAPEX offers end-to-end R&D services, with fair value changes of biological assets directly impacting performance stability. The final IPO...

Xinyao (Criss) Wang

Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 30)

Hong Kong dollar strengthens to the strong end of the band. Hengan and Galaxy share prices have both broken out of Falling Wedge patterns. Wuxi...

David Mudd

[Blue Lotus Daily]:XPEV/1211 HK/3759HK/1548HK/9926HK/BGNE/9995HK/1801 HK/1810HK/LKNCY/LI/NIO/MNSO US

Didi and GAC Aion to launch first commercial L4 model in 2025, US biologic drug ban could benefit Chinese innovative drug companies, Xiaomi SU7...

Blue Lotus Research Institute

Aequitas: WuXi XDC Placement - Past Deals Have Been Mixed but Has Strong Momentum

WuXi AppTec (2359 HK) is looking to raise around US$300m via selling some of its stake in WuXi XDC (2268 HK). In this note, we talk about the deal...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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APAC Healthcare Weekly (Mar 23)- Kissei, Alteogen, Junshi Biosciences, Celltrion, Lunit, HLB

​Kissei Pharma initiates additional P3 trial. Junshi Biosciences' drug got indication expansion. AstraZeneca partners with Alteogen. Celltrion aims...

Tina Banerjee

Pre-IPO Triapex Laboratories - Future Performance Will Lack Stability

​TRIAPEX offers end-to-end R&D services, with fair value changes of biological assets directly impacting performance stability. The final IPO...

Xinyao (Criss) Wang

Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 30)

Hong Kong dollar strengthens to the strong end of the band. Hengan and Galaxy share prices have both broken out of Falling Wedge patterns. Wuxi...

David Mudd

[Blue Lotus Daily]:XPEV/1211 HK/3759HK/1548HK/9926HK/BGNE/9995HK/1801 HK/1810HK/LKNCY/LI/NIO/MNSO US

​Didi and GAC Aion to launch first commercial L4 model in 2025, US biologic drug ban could benefit Chinese innovative drug companies, Xiaomi SU7...

Blue Lotus Research Institute

Aequitas: WuXi XDC Placement - Past Deals Have Been Mixed but Has Strong Momentum

WuXi AppTec (2359 HK) is looking to raise around US$300m via selling some of its stake in WuXi XDC (2268 HK). In this note, we talk about the deal...

Sumeet Singh

Kissei Pharma initiates additional P3 trial. Junshi Biosciences' drug got indication expansion. AstraZeneca partners with Alteogen. Celltrion aims...

TRIAPEX offers end-to-end R&D services, with fair value changes of biological assets directly impacting performance stability. The final IPO...

Didi and GAC Aion to launch first commercial L4 model in 2025, US biologic drug ban could benefit Chinese innovative drug companies, Xiaomi SU7...