Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Shanghai Bao Pharmaceuticals / Equity Capital Markets

<ul>
<li>Shanghai Bao Pharmaceuticals has launched HK IPO to raise ~$128M by offering~38M H shares at HK$26.38 per share. Subscriptions will close on December 5, with expected listing on December 10.</li>
<li>The company intends to use the IPO proceeds for R&amp;D and commercialization of core products, advancement of other existing pipeline assets, enhance and scale up manufacturing capabilities.           </li>
<li>Core products of Bao Pharmaceutical are differentiated and niche, thereby limiting competition threat. These products have demonstrated superior efficacy and safety in clinical trials and targets sizable patient population.</li>
</ul>


Shanghai Bao Pharmaceuticals has launched HK IPO to raise ~$128M by offering~38M H shares at HK$26.38 per share. Subscriptions will close on December 5, with expected listing on December 10.
The company intends to use the IPO proceeds for R&amp;D and commercialization of core products, advancement of other existing pipeline assets, enhance and scale up manufacturing capabilities.           
Core products of Bao Pharmaceutical are differentiated and niche, thereby limiting competition threat. These products have demonstrated superior efficacy and safety in clinical trials and targets sizable patient population.


Shanghai Bao Pharmaceuticals IPO: Niche Drug Candidates Entail Long-Term Growth Prospect

Thematic (Sector/Industry)

<ul>
<li>Wuxi XDC partnered with Akari Therapeutics to accelerate IND filing for Akari’s ADC program. Xuanzhu Biopharmaceutical entered licensing agreement with Boston Oncology for upfront and milestone payments of $100M+.</li>
<li>Shionogi secured $119M BARDA contract for manufacturing, procurement, and expanded development of Fetroja for biothreat-related infections. ABL Bio’s partner has received Orphan Drug Designation from the FDA for tovecimig.</li>
<li>PharmaEssentia signed an investment agreement for a new manufacturing facility in Puerto Rico. Max Healthcare Institute is acquiring 58.4% stake in 250-bedded Kalinga Hospital for INR3B.</li>
</ul>


Wuxi XDC partnered with Akari Therapeutics to accelerate IND filing for Akari’s ADC program. Xuanzhu Biopharmaceutical entered licensing agreement with Boston Oncology for upfront and milestone payments of $100M+.
Shionogi secured $119M BARDA contract for manufacturing, procurement, and expanded development of Fetroja for biothreat-related infections. ABL Bio’s partner has received Orphan Drug Designation from the FDA for tovecimig.
PharmaEssentia signed an investment agreement for a new manufacturing facility in Puerto Rico. Max Healthcare Institute is acquiring 58.4% stake in 250-bedded Kalinga Hospital for INR3B.


APAC Healthcare Weekly (April 12) – Wuxi XDC, Xuanzhu Biopharma, Shionogi, ABL Bio, PharmaEssentia

<ul>
<li>Sino Biopharmaceutical’s pan-KRAS inhibitor TQB3205 got clinical trial approval in China for advanced malignant tumors. Jiangsu Hengrui Pharmaceuticals got indication expansion approval for Hetrombopag Olamine Tablets in China.</li>
<li>Astellas Pharma’s Phase3 study investigating Xospata in AML did not meet primary endpoint. Daiichi Sankyo’s indication expansion application for Enhertu has been accepted and granted Priority Review in the U.S.</li>
<li>HK inno.N  signed joint promotion contract with Tanabe Pharma for renal anemia drug Vadanem. CSL announces expansion of manufacturing facility in Illinois to expand its U.S. production presence.</li>
</ul>


Sino Biopharmaceutical’s pan-KRAS inhibitor TQB3205 got clinical trial approval in China for advanced malignant tumors. Jiangsu Hengrui Pharmaceuticals got indication expansion approval for Hetrombopag Olamine Tablets in China.
Astellas Pharma’s Phase3 study investigating Xospata in AML did not meet primary endpoint. Daiichi Sankyo’s indication expansion application for Enhertu has been accepted and granted Priority Review in the U.S.
HK inno.N  signed joint promotion contract with Tanabe Pharma for renal anemia drug Vadanem. CSL announces expansion of manufacturing facility in Illinois to expand its U.S. production presence.


APAC Healthcare Weekly (March 15) – Sino Bio, Hengrui, Astellas, Daiichi Sankyo, HK Inno, CSL

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 53 adds and 28 deletes for the Hang Seng Composite Index (HSCI) at the March rebalance to take the number of index constituents up to 532.</li>
<li>We expect 44 of the 53 HSCI inclusions to be Stock Connect adds from the open on 9 March. 25 of the 28 deletions could be removed from Stock Connect.</li>
<li>On average, stocks that are expected to be added to Southbound Stock Connect have massively outperformed stocks that are expected to be removed from Southbound Stock Connect.</li>
</ul>


There are 53 adds and 28 deletes for the Hang Seng Composite Index (HSCI) at the March rebalance to take the number of index constituents up to 532.
We expect 44 of the 53 HSCI inclusions to be Stock Connect adds from the open on 9 March. 25 of the 28 deletions could be removed from Stock Connect.
On average, stocks that are expected to be added to Southbound Stock Connect have massively outperformed stocks that are expected to be removed from Southbound Stock Connect.


HSCI Index Rebalance: 53 Adds, 28 Deletes, Changes to Southbound Stock Connect & BIG Outperformance

<ul>
<li>There could be 49 potential inclusions and 25 potential deletions for the Hang Seng Composite Index in March. There are more stocks that are close on market cap/liquidity.</li>
<li>A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.</li>
<li>There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.</li>
</ul>


There could be 49 potential inclusions and 25 potential deletions for the Hang Seng Composite Index in March. There are more stocks that are close on market cap/liquidity.
A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.


HSCI Index Rebalance Preview and Stock Connect (Mar 2026): Many Changes Following Huge IPO Quarter

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Shanghai Bao Pharmaceuticals (SBP HK)

Shanghai Bao Pharmaceuticals IPO: Niche Drug Candidates Entail Long-Term Growth Prospect

Shanghai Bao Pharmaceuticals has launched HK IPO to raise ~$128M by offering~38M H shares at HK$26.38 per share. Subscriptions will close on...

Tina Banerjee

APAC Healthcare Weekly (April 12) – Wuxi XDC, Xuanzhu Biopharma, Shionogi, ABL Bio, PharmaEssentia

Wuxi XDC inked deal with Akari Therapeutics. Xuanzhu Bio entered licensing deal with Boston Oncology. Shionogi secured $119M BARDA contract for...

Tina Banerjee

APAC Healthcare Weekly (March 15) – Sino Bio, Hengrui, Astellas, Daiichi Sankyo, HK Inno, CSL

Couple of Chinese companies got clinical trials approvals for their respective drug candidates. Astellas’ Phase 3 trial failed to meet primary...

Tina Banerjee

HSCI Index Rebalance: 53 Adds, 28 Deletes, Changes to Southbound Stock Connect & BIG Outperformance

There are 53 adds and 28 deletes for the HSCI in March. For Stock Connect, we expect 44 adds and 25 deletes. The forecast Connect adds have...

Brian Freitas

HSCI Index Rebalance Preview and Stock Connect (Mar 2026): Many Changes Following Huge IPO Quarter

There could be 74 changes for the HSCI in March. That could result in 64 changes to the Southbound Stock Connect list and also have implications...

Brian Freitas

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