HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

Industry viewpoints:<ul>
<li>The national medical insurance negotiation is coming soon.</li>
<li>Last Friday, a new document about the VBP on insulin was released, and the bidding would start on November 26.</li>
<li>At some point next year, we may see some slowdown in the growth of investment and financing transmitted from the industry and primary market as well as a slowdown in the growth of CXO orders. </li>
</ul>Company news:News about the updated progress on new drugs of <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a> and <a href="https://www.smartkarma.com/entities/antengene-corp-ltd" target="_blank" data-smartkarma-citation="entities:29705:1" rel="noopener">Antengene (6996 HK)</a>Market review:Last week, stock price for healthcare sector in A share decreased 1.35%, while CSI 300 decreased 1.35% over the same period of time.Risk disclosure: Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
The national medical insurance negotiation is coming soon.
Last Friday, a new document about the VBP on insulin was released, and the bidding would start on November 26.
At some point next year, we may see some slowdown in the growth of investment and financing transmitted from the industry and primary market as well as a slowdown in the growth of CXO orders. 
Company news:News about the updated progress on new drugs of Innovent Biologics Inc (1801 HK), Jiangsu Hengrui Medicine (600276 CH) and Antengene (6996 HK)Market review:Last week, stock price for healthcare sector in A share decreased 1.35%, while CSI 300 decreased 1.35% over the same period of time.Risk disclosure: Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

China Healthcare Weekly (Nov.5) - Final Two Domestic Policy Risks, Outlook of China CXO Industry

Industry viewpoints:<ul>
<li>The National Health Care Security Administration pointed out that the volume-based purchase (VBP) of Chinese patent medicine will be carried out.</li>
<li>The market is quite concerned about the centralized procurement of medical equipment.</li>
<li>Regarding the centralized procurement of medical devices, how can investors clearly distinguish the information and be more rational about the companies involved? We summarized some conditions that can be used for reference.</li>
</ul>Company news:News about the updated progress on cooperation agreement and new drugs of <a href="https://www.smartkarma.com/entities/remegen-co-ltd" target="_blank" data-smartkarma-citation="entities:29191:1" rel="noopener">Remegen Co Ltd (9995 HK)</a>, <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, <a href="https://www.smartkarma.com/entities/shanghai-junshi-bioscience-h" target="_blank" data-smartkarma-citation="entities:27760:1" rel="noopener">Shanghai Junshi Bioscience Co. Ltd. (1877 HK)</a> and <a href="https://www.smartkarma.com/entities/hutchmed-china-ltd" target="_blank" data-smartkarma-citation="entities:133:1" rel="noopener">Hutchmed China Ltd (13 HK).</a>Market review:Last week, stock price for healthcare sector in A share decreased 1.47%, while CSI 300 increased 0.5% over the same period of time. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
The National Health Care Security Administration pointed out that the volume-based purchase (VBP) of Chinese patent medicine will be carried out.
The market is quite concerned about the centralized procurement of medical equipment.
Regarding the centralized procurement of medical devices, how can investors clearly distinguish the information and be more rational about the companies involved? We summarized some conditions that can be used for reference.
Company news:News about the updated progress on cooperation agreement and new drugs of Remegen Co Ltd (9995 HK), Innovent Biologics Inc (1801 HK), Shanghai Junshi Bioscience Co. Ltd. (1877 HK) and Hutchmed China Ltd (13 HK).Market review:Last week, stock price for healthcare sector in A share decreased 1.47%, while CSI 300 increased 0.5% over the same period of time. 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 analyse the changes of A-H premium on 190 stocks over the last week. The average A-H premium was 85.5% as of Jul 10th.</li>
<li>The average A-H premium changed by 0.3ppt week-on-week, led by real estate, information technology, communication services and offset by utilities, health care, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare.</li>
</ul>


We analyse the changes of A-H premium on 190 stocks over the last week. The average A-H premium was 85.5% as of Jul 10th.
The average A-H premium changed by 0.3ppt week-on-week, led by real estate, information technology, communication services and offset by utilities, health care, consumer discretionary.
We highlight weekly changes in A-H premium for Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare.


A-H Premium Weekly (Jul 10th): Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 10th.</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 Tencent, Knowledge Atlas, Alibaba, Kingboard Laminates, Smic, Yangtze Optical Fibre And-H, Hua Hong Semi, Ntes, Kingboard, Biren Tech.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 10th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Knowledge Atlas, Alibaba, Kingboard Laminates, Smic, Yangtze Optical Fibre And-H, Hua Hong Semi, Ntes, Kingboard, Biren Tech.


HK Connect Flows Weekly (Jul 10th): Tencent, Knowledge Atlas, Alibaba, Kingboard Laminates, Smic

Industry viewpoints:<ul>
<li>Considering the importance of blood products, the 14th Five-Year Plan will accelerate the construction of plasma stations in China so as to achieve the self-sufficiency in blood products.</li>
<li>Public health is the focus of the 14th Five-Year Plan for medical reform. Among them, due to the strong demand from the downstream, the medical IT industry is expected to usher in a faster development.</li>
<li>The outbreak of COVID-19 in 2020 would accelerate Chinese consumers' awareness and attention of immunonutrition products, such as the probiotics products.</li>
</ul>Company news:News about the updated progress on drugs and new cooperation agreements of <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a>, <a href="https://www.smartkarma.com/entities/innocare-pharma-ltd" target="_blank" data-smartkarma-citation="entities:28355:1" rel="noopener">InnoCare Pharma Ltd (9969 HK) </a>and <a href="https://www.smartkarma.com/entities/remegen-co-ltd" target="_blank" data-smartkarma-citation="entities:29191:1" rel="noopener">Remegen Co Ltd (9995 HK)</a>.Market review:Last week, stock price for healthcare sector in A share increased 2.61%, while CSI 300 increased 0.50% over the same period of timeRisk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
Considering the importance of blood products, the 14th Five-Year Plan will accelerate the construction of plasma stations in China so as to achieve the self-sufficiency in blood products.
Public health is the focus of the 14th Five-Year Plan for medical reform. Among them, due to the strong demand from the downstream, the medical IT industry is expected to usher in a faster development.
The outbreak of COVID-19 in 2020 would accelerate Chinese consumers' awareness and attention of immunonutrition products, such as the probiotics products.
Company news:News about the updated progress on drugs and new cooperation agreements of Innovent Biologics Inc (1801 HK), Jiangsu Hengrui Medicine (600276 CH), InnoCare Pharma Ltd (9969 HK) and Remegen Co Ltd (9995 HK).Market review:Last week, stock price for healthcare sector in A share increased 2.61%, while CSI 300 increased 0.50% over the same period of timeRisk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

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)

China Healthcare Weekly (Nov.5) - Final Two Domestic Policy Risks, Outlook of China CXO Industry

The insight mainly analyzed the final two domestic policy risks (the national medical insurance negotiation & the VBP on insulin) by the end of...

Xinyao (Criss) Wang

China Healthcare Weekly (Aug.13)

The insight analyzed the VBP of Chinese patent medicine, market concerns on centralized procurement of medical equipment, and necessary conditions...

Xinyao (Criss) Wang

A-H Premium Weekly (Jul 10th): Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 10th): Tencent, Knowledge Atlas, Alibaba, Kingboard Laminates, Smic

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), Knowledge Atlas (2513 HK), Alibaba...

Ke Yan, CFA, FRM

China Healthcare Weekly (July.16)

The article mainly analyzed China's plan to accelerate the construction of plasma stations, promising outlook of medical IT industry...

Xinyao (Criss) Wang

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