Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

CSPC Pharmaceutical Group / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a> 9M25 revenue dropped 12% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. Bulk products and license fees compensated to an extent.</li>
<li>Pressure on revenue will continue to be felt. Newly launched products, pipeline strength and out licensing opportunities would help ward off the effects of lower revenues from finished drugs.</li>
<li>CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices. Pivotal data read outs awaited.</li>
</ul>



CSPC Pharmaceutical Group (1093 HK) 9M25 revenue dropped 12% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. Bulk products and license fees compensated to an extent.
Pressure on revenue will continue to be felt. Newly launched products, pipeline strength and out licensing opportunities would help ward off the effects of lower revenues from finished drugs.
CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices. Pivotal data read outs awaited.


CSPC Pharma (1093 HK): 9M25 Remain Subdued on Finished Drugs; Key Pivotal Data Read Outs Awaited

Thematic (Sector/Industry)

<ul>
<li>3SBio will spin-off and separately list the shares of Mandi, a subsidiary of the company. Celltrion got EC approval for Remsima IV liquid, world’s first liquid formulation of IV infliximab.</li>
<li>Hanmi Pharmaceutical is acquiring all of the issued and outstanding common shares of Aptose Biosciences that are not currently owned or controlled by Hanmi.</li>
<li>Otsuka got CHMP positive opinion for donidalorsen for the prevention of recurrent attacks of HAE. CSL plans to expand U.S. presence over the next five years, with ~$1.5B U.S. capex.</li>
</ul>


3SBio will spin-off and separately list the shares of Mandi, a subsidiary of the company. Celltrion got EC approval for Remsima IV liquid, world’s first liquid formulation of IV infliximab.
Hanmi Pharmaceutical is acquiring all of the issued and outstanding common shares of Aptose Biosciences that are not currently owned or controlled by Hanmi.
Otsuka got CHMP positive opinion for donidalorsen for the prevention of recurrent attacks of HAE. CSL plans to expand U.S. presence over the next five years, with ~$1.5B U.S. capex.


APAC Healthcare Weekly (November 23) – 3SBio, Celltrion, Hanmi Pharm, HK Inno.N, Otsuka, CSL

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.

Event-Driven

Jiangsu Hengrui Pharmaceuticals / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (1276 HK)</a>, a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing in May 2025. The lockup on its cornerstone will expire soon.</li>
<li>JHP Has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Jiangsu Hengrui Pharmaceuticals (1276 HK), a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing in May 2025. The lockup on its cornerstone will expire soon.
JHP Has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.
In this note, we will talk about the lockup dynamics and possible placement.


Jiangsu Hengrui Pharma IPO Lockup - US$850m Cornerstone Release

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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 61.6% as of Nov 7th.</li>
<li>The average A-H premium changed by -0.4ppt week-on-week, led by consumer staples, communication services, health care and offset by utilities, materials.</li>
<li>We highlight weekly changes in A-H premium for Beone Medicines, China Eastern Airlines, China Citic Bank, Foshan Haitian Flavouring And Food.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.6% as of Nov 7th.
The average A-H premium changed by -0.4ppt week-on-week, led by consumer staples, communication services, health care and offset by utilities, materials.
We highlight weekly changes in A-H premium for Beone Medicines, China Eastern Airlines, China Citic Bank, Foshan Haitian Flavouring And Food.


A-H Premium Weekly (Nov 7th): Beone Medicines, China Eastern Airlines, China Citic Bank

<ul>
<li>Innovent Biologics announced strategic global collaboration with Takeda for total deal value of $11.4B. Akeso announced that phase 3 trial evaluating ivonescimab versus tislelizumab in sq-NSCLC met primary endpoint.</li>
<li>Celltrion received FDA approval for two additional pediatric indications for Humira biosimilar, Yuflyma. Classys plans to acquire 77.5% stake in JL Health, South American energy-based aesthetic medical device distribution group. </li>
<li>Syngene plans to add a bioconjugation suite at its commercial biologics facility. Cipla and Eli Lilly agreed to distribute and promote tirzepatide in India under a second brand name, Yurpeak.</li>
</ul>


Innovent Biologics announced strategic global collaboration with Takeda for total deal value of $11.4B. Akeso announced that phase 3 trial evaluating ivonescimab versus tislelizumab in sq-NSCLC met primary endpoint.
Celltrion received FDA approval for two additional pediatric indications for Humira biosimilar, Yuflyma. Classys plans to acquire 77.5% stake in JL Health, South American energy-based aesthetic medical device distribution group. 
Syngene plans to add a bioconjugation suite at its commercial biologics facility. Cipla and Eli Lilly agreed to distribute and promote tirzepatide in India under a second brand name, Yurpeak.


APAC Healthcare Weekly (October 26) – Innovent, Akeso, Celltrion, Classys, Daiichi, Syngene, Cipla

China

Shanghai Fosun Pharmaceutical (Group) Co., Ltd. is a pharmaceutical company. Through its subsidiaries, the Company manufactures genetic medicines, Chinese traditional medicines, diagnostic products, and medical instruments, provides technology, marketing, and advertising services, as well as invests in import and export trading.

Shanghai Fosun Pharmaceutical (Group) (600196 CH)

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Shanghai Fosun Pharmaceutical (Group) (600196 CH)

CSPC Pharma (1093 HK): 9M25 Remain Subdued on Finished Drugs; Key Pivotal Data Read Outs Awaited

CSPC Pharmaceutical's revenue dropped 12% YoY due to finished drugs decline, but bulk products and license fees helped compensate. Focus on new...

Tina Banerjee

APAC Healthcare Weekly (November 23) – 3SBio, Celltrion, Hanmi Pharm, HK Inno.N, Otsuka, CSL

3SBio will spin-off and separately list its subsidiary. Celltrion got EC approval for Remsima IV liquid. Hanmi Pharm is acquiring Aptose...

Tina Banerjee

Jiangsu Hengrui Pharma IPO Lockup - US$850m Cornerstone Release

Jiangsu Hengrui Pharmaceuticals (1276 HK), a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing in May 2025. The...

Sumeet Singh

A-H Premium Weekly (Nov 7th): Beone Medicines, China Eastern Airlines, China Citic Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Beone Medicines, China Eastern Airlines, China Citic Bank,...

Ke Yan, CFA, FRM

APAC Healthcare Weekly (October 26) – Innovent, Akeso, Celltrion, Classys, Daiichi, Syngene, Cipla

Innovent Biologics announced collaboration with Takeda. FDA approves two additional indications for Celltrion's Humira biosimilar. Syngene is...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CSPC Pharma (1093 HK): 9M25 Remain Subdued on Finished Drugs; Key Pivotal Data Read Outs Awaited

​CSPC Pharmaceutical's revenue dropped 12% YoY due to finished drugs decline, but bulk products and license fees helped compensate. Focus on new...

Tina Banerjee

APAC Healthcare Weekly (November 23) – 3SBio, Celltrion, Hanmi Pharm, HK Inno.N, Otsuka, CSL

3SBio will spin-off and separately list its subsidiary. Celltrion got EC approval for Remsima IV liquid. Hanmi Pharm is acquiring Aptose...

Tina Banerjee

Jiangsu Hengrui Pharma IPO Lockup - US$850m Cornerstone Release

Jiangsu Hengrui Pharmaceuticals (1276 HK), a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing in May 2025. The...

Sumeet Singh

A-H Premium Weekly (Nov 7th): Beone Medicines, China Eastern Airlines, China Citic Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Beone Medicines, China Eastern Airlines, China Citic Bank,...

Ke Yan, CFA, FRM

APAC Healthcare Weekly (October 26) – Innovent, Akeso, Celltrion, Classys, Daiichi, Syngene, Cipla

Innovent Biologics announced collaboration with Takeda. FDA approves two additional indications for Celltrion's Humira biosimilar. Syngene is...

Tina Banerjee

CSPC Pharmaceutical's revenue dropped 12% YoY due to finished drugs decline, but bulk products and license fees helped compensate. Focus on new...