Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a> announced the placement of 23.6M shares for subscription at HK$149.54 per share.</li>
<li>The company intends to use most of the placement proceeds for R&amp;D of innovative pipeline, platform, building of infrastructure and facilities, and commercialization of existing approved products.  </li>
<li>Expanded indications of cadonilimab and ivonescimab, the successive positive data readouts, approvals, and continuous commercialization expansion efforts into global markets augur well.</li>
</ul>



Akeso Biopharma Inc (9926 HK) announced the placement of 23.6M shares for subscription at HK$149.54 per share.
The company intends to use most of the placement proceeds for R&amp;D of innovative pipeline, platform, building of infrastructure and facilities, and commercialization of existing approved products.  
Expanded indications of cadonilimab and ivonescimab, the successive positive data readouts, approvals, and continuous commercialization expansion efforts into global markets augur well.


Akeso Inc (9926 HK): Pipeline Prospects Shine on Positive Trial Results; Placement Looks Attractive

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Fuyao Glass Industry Group / Event-Driven

<ul>
<li>HUGE, rampaging, "Beautiful Skew"... unwinds. Big swings in H/A ratios continue, this time on average with 2.3% H underperformance vs As, 4% wider on the highest AH premia.</li>
<li>Last week's long reco on <a href="https://www.smartkarma.com/entities/guangzhou-automobile-group-co-ltd" target="_blank" data-smartkarma-citation="entities:11082:1" rel="noopener">Guangzhou Automobile Group (2238 HK)</a> was up 1 tick on the week in Hs and Hs underperformed the A by 1.5%. </li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there free for SK readers.</li>
</ul>


HUGE, rampaging, "Beautiful Skew"... unwinds. Big swings in H/A ratios continue, this time on average with 2.3% H underperformance vs As, 4% wider on the highest AH premia.
Last week's long reco on Guangzhou Automobile Group (2238 HK) was up 1 tick on the week in Hs and Hs underperformed the A by 1.5%. 
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there free for SK readers.


A/H Premium Tracker (To 22 Aug 2025):  BIG Beautiful Skew Corrects

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 analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.0% as of Aug 22nd.</li>
<li>The average A-H premium changed by 3.6ppt week-on-week, led by consumer staples, real estate, materials.</li>
<li>We highlight weekly changes in A-H premium for Air China, Cosco Shipping Development, Ganfeng Lithium, Fuyao Glass.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.0% as of Aug 22nd.
The average A-H premium changed by 3.6ppt week-on-week, led by consumer staples, real estate, materials.
We highlight weekly changes in A-H premium for Air China, Cosco Shipping Development, Ganfeng Lithium, Fuyao Glass.


A-H Premium Weekly (Aug 22nd): Air China, Cosco Shipping Development, Ganfeng Lithium, Fuyao Glass

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 22nd.</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 China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta, Geely Automobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 22nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta, Geely Automobile.


HK Connect Flows Weekly (Aug 22nd): China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta

Hansoh Pharmaceutical / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group-co" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical Group (3692 HK)</a> is placing 108M shares at the price of HK$36.30 per share. 65% of the proceeds will be used for the R&amp;D of new innovative drugs.</li>
<li>Hansoh’s late-stage pipeline seems to be interesting, as its key focus areas being oncology and metabolic diseases, which are among the fast-growing therapeutic areas, with huge addressable patient population.</li>
<li>Hansoh has announced better-than-expected 1H25 result, with both revenue and net profit beating consensus. Innovative drugs revenue increased 22% YoY to RMB6B, contributing 82.7% of total revenue.</li>
</ul>



Hansoh Pharmaceutical Group (3692 HK) is placing 108M shares at the price of HK$36.30 per share. 65% of the proceeds will be used for the R&amp;D of new innovative drugs.
Hansoh’s late-stage pipeline seems to be interesting, as its key focus areas being oncology and metabolic diseases, which are among the fast-growing therapeutic areas, with huge addressable patient population.
Hansoh has announced better-than-expected 1H25 result, with both revenue and net profit beating consensus. Innovative drugs revenue increased 22% YoY to RMB6B, contributing 82.7% of total revenue.


Hansoh Pharmaceutical (3692 HK): Placing Shares to Fund R&D Amid Stellar 1H Performance

China

RemeGen is a China-based biopharmaceutical company dedicated to the discovery, development, production, and commercialization of innovative biological drugs. The company focuses on therapeutic antibody drugs, including antibody-drug conjugates (ADCs), antibody fusion proteins, monoclonal antibodies, and bispecific antibodies, for major diseases such as autoimmune disorders, oncology, and ophthalmology. Key products include Telitacicept (RC18) and Disitamab Vedotin (RC48). RemeGen was co-founded in 2008 and is headquartered in Yantai, Shandong Province, China.

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RemeGen (9995 HK)

Akeso Inc (9926 HK): Pipeline Prospects Shine on Positive Trial Results; Placement Looks Attractive

Akeso is placing of 23.6M shares for subscription at HK$149.54 per share to raise HK$3.5B. The company manly intends to use placement proceeds for...

Tina Banerjee

A/H Premium Tracker (To 22 Aug 2025): BIG Beautiful Skew Corrects

BIG BEAUTIFUL SKEW Corrects 2.3%. Feels like more of a correction to come. A shares seeing a real push on the speculative side.

Travis Lundy

A-H Premium Weekly (Aug 22nd): Air China, Cosco Shipping Development, Ganfeng Lithium, Fuyao Glass

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Air China, Cosco Shipping Development, Ganfeng Lithium,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Aug 22nd): China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto,...

Ke Yan, CFA, FRM

Hansoh Pharmaceutical (3692 HK): Placing Shares to Fund R&D Amid Stellar 1H Performance

Hansoh Pharma is raising ~$500M for R&D of new drugs, with a focus on oncology and metabolic diseases. During 1H25, innovative drugs revenue...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Akeso Inc (9926 HK): Pipeline Prospects Shine on Positive Trial Results; Placement Looks Attractive

Akeso is placing of 23.6M shares for subscription at HK$149.54 per share to raise HK$3.5B. The company manly intends to use placement proceeds for...

Tina Banerjee

A/H Premium Tracker (To 22 Aug 2025): BIG Beautiful Skew Corrects

BIG BEAUTIFUL SKEW Corrects 2.3%. Feels like more of a correction to come. A shares seeing a real push on the speculative side.

Travis Lundy

A-H Premium Weekly (Aug 22nd): Air China, Cosco Shipping Development, Ganfeng Lithium, Fuyao Glass

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Air China, Cosco Shipping Development, Ganfeng Lithium,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Aug 22nd): China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto,...

Ke Yan, CFA, FRM

Hansoh Pharmaceutical (3692 HK): Placing Shares to Fund R&D Amid Stellar 1H Performance

​Hansoh Pharma is raising ~$500M for R&D of new drugs, with a focus on oncology and metabolic diseases. During 1H25, innovative drugs revenue...

Tina Banerjee

Hansoh Pharma is raising ~$500M for R&D of new drugs, with a focus on oncology and metabolic diseases. During 1H25, innovative drugs revenue...