Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Daiichi Sankyo’s indication expansion application for Enhertu has been accepted for review by FDA for certain types of breast cancers. Santen’s new drug application has been accepted in China.  </li>
<li>Hanmi Pharm entered into a global licensing agreement with Gilead Sciences granting Gilead the exclusive rights to develop and commercialize encequidar. Boryung is acquiring Sanofi’s cytotoxic anti-cancer drug Taxotere.</li>
<li>IHH Healthcare received SEBI approval for mandatory open offer for 26% stake in Fortis Healthcare. Lupin has launched Liraglutide prefilled pen, bioequivalent to Victoza, in the U.S.</li>
</ul>


Daiichi Sankyo’s indication expansion application for Enhertu has been accepted for review by FDA for certain types of breast cancers. Santen’s new drug application has been accepted in China.  
Hanmi Pharm entered into a global licensing agreement with Gilead Sciences granting Gilead the exclusive rights to develop and commercialize encequidar. Boryung is acquiring Sanofi’s cytotoxic anti-cancer drug Taxotere.
IHH Healthcare received SEBI approval for mandatory open offer for 26% stake in Fortis Healthcare. Lupin has launched Liraglutide prefilled pen, bioequivalent to Victoza, in the U.S.


APAC Healthcare Weekly (October 5) – Daiichi Sankyo, Santen, Hanmi Pharm, Boryung, IHH Health, Lupin

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Duality Biotherapeutics / Equity Bottom-Up

<ul>
<li>Trump said he will place import taxes on 100% of pharmaceutical drugs, which will begin on Oct.1. Below, we shared our views on this new policy.</li>
<li>Some companies continue to repurchase/increase their holdings despite the industry's significant rise this year, indicating that major shareholders truly have confidence in the outlook. We specifically listed these companies.</li>
<li>The fluctuations in Duality’s stock price are obviously driven by capital after being included in HK Stock Connect. we suggest that investors pay attention to risks as Duality faces correction.</li>
</ul>


Trump said he will place import taxes on 100% of pharmaceutical drugs, which will begin on Oct.1. Below, we shared our views on this new policy.
Some companies continue to repurchase/increase their holdings despite the industry's significant rise this year, indicating that major shareholders truly have confidence in the outlook. We specifically listed these companies.
The fluctuations in Duality’s stock price are obviously driven by capital after being included in HK Stock Connect. we suggest that investors pay attention to risks as Duality faces correction.


China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

TransThera Sciences (Nanjing) / Equity Bottom-Up

<ul>
<li>At current valuation level, leading biotech listed in Hong Kong have generally “overdrawn” their performance for the next 1 to 3 years. So, it is time to consider taking profits.</li>
<li>TransThera’s shares have been highly volatile following their inclusion in several innovative-drug ETFs. We analyzed the drivers behind this move. With valuation now diverging from fundamentals, we advise caution.</li>
<li>The fluctuations of Duality’s shares were driven by the inclusion of HSCI. However, some funds chose to take profits at high stock prices, thus Duality is under pressure of correction.</li>
</ul>


At current valuation level, leading biotech listed in Hong Kong have generally “overdrawn” their performance for the next 1 to 3 years. So, it is time to consider taking profits.
TransThera’s shares have been highly volatile following their inclusion in several innovative-drug ETFs. We analyzed the drivers behind this move. With valuation now diverging from fundamentals, we advise caution.
The fluctuations of Duality’s shares were driven by the inclusion of HSCI. However, some funds chose to take profits at high stock prices, thus Duality is under pressure of correction.


China Healthcare Weekly(Sep.21)-HK Biotechs Are Overvalued, Duality, Story Behind "Crazy" TransThera

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

China Communications Construction / Event-Driven

<ul>
<li>"Beautiful Skew" came back slightly. Not huge, but OK. On average, liquid Hs outperformed their As by 0.8%.</li>
<li>Last week's short reco on <a href="https://www.smartkarma.com/entities/remegen-co-ltd" target="_blank" data-smartkarma-citation="entities:29191:1" rel="noopener">Remegen (9995 HK)</a> gained 8.3% on the week in Hs and the H underperformed the A by 7% Friday to Friday, 4.5% if VWAPed Monday.</li>
<li>AH premia are likely still in a widening phase but weakness in speculative A-shares may dampen overall moves even if pairs are volatile. New reco this week.</li>
</ul>


"Beautiful Skew" came back slightly. Not huge, but OK. On average, liquid Hs outperformed their As by 0.8%.
Last week's short reco on Remegen (9995 HK) gained 8.3% on the week in Hs and the H underperformed the A by 7% Friday to Friday, 4.5% if VWAPed Monday.
AH premia are likely still in a widening phase but weakness in speculative A-shares may dampen overall moves even if pairs are volatile. New reco this week.


A/H Premium Tracker (To 5 Sep 2025):  AH Premia Contract Slightly, Beautiful Skew Better

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.

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 60.1% as of Sep 5th.</li>
<li>The average A-H premium changed by -0.9ppt week-on-week, led by utilities, energy, health care and offset by real estate, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for China Zheshang Bank, China Communications Construction, Goldwind, Weichai Power.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 60.1% as of Sep 5th.
The average A-H premium changed by -0.9ppt week-on-week, led by utilities, energy, health care and offset by real estate, consumer discretionary.
We highlight weekly changes in A-H premium for China Zheshang Bank, China Communications Construction, Goldwind, Weichai Power.


A-H Premium Weekly (Sep 5th): China Zheshang Bank, China Communications Construction, Goldwind

China

RemeGen Co., Ltd. operates biotechnology businesses. The Company develops therapeutic antibody drugs such as antibody drug conjugates (ADC), antibody fusion proteins, monoclonal antibodies and double antibodies. RemeGen provides solutions autoimmune diseases, tumor diseases, and ophthalmic diseases.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Remegen (9995 HK)

APAC Healthcare Weekly (October 5) – Daiichi Sankyo, Santen, Hanmi Pharm, Boryung, IHH Health, Lupin

Daiichi Sankyo’s label expansion application for Enhertu has been accepted by FDA. Hanmi Pharm entered into global licensing agreement with Gilead...

Tina Banerjee

China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Trump’s 100% pharma tariff starting Oct. 1. Major shareholders of some companies increased their holdings at high prices. Fluctuations in Duality’s...

Xinyao (Criss) Wang

China Healthcare Weekly(Sep.21)-HK Biotechs Are Overvalued, Duality, Story Behind "Crazy" TransThera

Investors in HK biotechs should consider taking profits as they are overvalued. Duality is under pressure of correction. TransThera’s shares...

Xinyao (Criss) Wang

A/H Premium Tracker (To 5 Sep 2025): AH Premia Contract Slightly, Beautiful Skew Better

AH Premia contract slightly after two big weeks of expansion after a breather in mainland shares. Some beautiful skew but still lots of cross...

Travis Lundy

A-H Premium Weekly (Sep 5th): China Zheshang Bank, China Communications Construction, Goldwind

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Zheshang Bank, China Communications Construction,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

APAC Healthcare Weekly (October 5) – Daiichi Sankyo, Santen, Hanmi Pharm, Boryung, IHH Health, Lupin

Daiichi Sankyo’s label expansion application for Enhertu has been accepted by FDA. Hanmi Pharm entered into global licensing agreement with Gilead...

Tina Banerjee

China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Trump’s 100% pharma tariff starting Oct. 1. Major shareholders of some companies increased their holdings at high prices. Fluctuations in Duality’s...

Xinyao (Criss) Wang

China Healthcare Weekly(Sep.21)-HK Biotechs Are Overvalued, Duality, Story Behind "Crazy" TransThera

​Investors in HK biotechs should consider taking profits as they are overvalued. Duality is under pressure of correction. TransThera’s shares...

Xinyao (Criss) Wang

A/H Premium Tracker (To 5 Sep 2025): AH Premia Contract Slightly, Beautiful Skew Better

AH Premia contract slightly after two big weeks of expansion after a breather in mainland shares. Some beautiful skew but still lots of cross...

Travis Lundy

A-H Premium Weekly (Sep 5th): China Zheshang Bank, China Communications Construction, Goldwind

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Zheshang Bank, China Communications Construction,...

Ke Yan, CFA, FRM

Investors in HK biotechs should consider taking profits as they are overvalued. Duality is under pressure of correction. TransThera’s shares...