HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

On February 24, 2021, <a href="https://www.smartkarma.com/entities/apollomics-inc" target="_blank" data-smartkarma-citation="entities:32186:1" rel="noopener">Apollomics Inc (1435488D US)</a> applied to be listed on the main board of the Hong Kong Stock Exchange. The Company is an innovative biotechnology company focusing on the discovery and development of oncology therapies. Apollomics intends to use the proceeds of this fundraising for R&amp;D activities, preparation for registration filings, commercial process development, manufacturing registrational trial material, expansion of business and other general corporate purposes. The following mainly provided insights on its major products in the pipeline.

On February 24, 2021, Apollomics Inc (1435488D US) applied to be listed on the main board of the Hong Kong Stock Exchange. The Company is an innovative biotechnology company focusing on the discovery and development of oncology therapies. Apollomics intends to use the proceeds of this fundraising for R&amp;D activities, preparation for registration filings, commercial process development, manufacturing registrational trial material, expansion of business and other general corporate purposes. The following mainly provided insights on its major products in the pipeline.

Pre-IPO Apollomics - Concerns on Competition and Commercialization Despite Some Promising Products

Equity Bottom-Up

Shanghai Junshi Biosciences  / Equity Bottom-Up

Last month, <a href="https://www.smartkarma.com/entities/shanghai-junshi-bioscience-a" target="_blank" data-smartkarma-citation="entities:31070:1" rel="noopener">Shanghai Junshi Bioscience (688180 CH)</a> released the performance announcement in 2020. Junshi is expected to achieve the revenue in 2020 of RMB1.595 billion, up 105.77% YoY. The Company's net loss attributed to shareholders could reach RMB1.672 billion, up 123.8% YoY. Meanwhile, the R&amp;D expenses are expected to reach RMB1.824 billion in 2020, up 92.79% YoY, which even exceeded the total revenue in 2020. It is also worth mentioning that the moment of glory of Junshi seems to be when it was listed on the SSE STAR Market in July 2020, with the market value of about RMB150 billion, and then its share price went all the way down to hit the bottom in December 2020 at RMB 64.8/share. On March 19, 2021, Junshi’s market value was RMB79 billion, down about 50% since July 2020. So could Junshi turn things around?

Last month, Shanghai Junshi Bioscience (688180 CH) released the performance announcement in 2020. Junshi is expected to achieve the revenue in 2020 of RMB1.595 billion, up 105.77% YoY. The Company's net loss attributed to shareholders could reach RMB1.672 billion, up 123.8% YoY. Meanwhile, the R&amp;D expenses are expected to reach RMB1.824 billion in 2020, up 92.79% YoY, which even exceeded the total revenue in 2020. It is also worth mentioning that the moment of glory of Junshi seems to be when it was listed on the SSE STAR Market in July 2020, with the market value of about RMB150 billion, and then its share price went all the way down to hit the bottom in December 2020 at RMB 64.8/share. On March 19, 2021, Junshi’s market value was RMB79 billion, down about 50% since July 2020. So could Junshi turn things around?

Shanghai Junshi Bioscience - Here Are the Challenges

Bio-Thera Solutions Ltd / Equity Bottom-Up

In the first quarter of 2021, following the failure of the BAT8001 phase III clinical trial, <a href="https://www.smartkarma.com/entities/bio-thera-solutions-ltd" target="_blank" data-smartkarma-citation="entities:29127:1" rel="noopener">Bio-Thera Solutions Ltd (688177 CH)</a> announced the suspension of R&amp;D of two other projects in the pipeline, BAT8003 and BAT1306. It is estimated that Bio-Thera has invested about RMB340 million in these three projects. Currently, Bio-Thera has only one product (Qletli) on the market. In the financial reports of 2020, the revenue was RMB185 million and Qletli contributed about RMB183 million, almost the entire revenue of the Company. Meanwhile, the net loss in 2020 was RMB513 million, and the Company has been suffering from losses for five consecutive years. So, what's next for Bio-Thera after R&amp;D setbacks and years of losses?

In the first quarter of 2021, following the failure of the BAT8001 phase III clinical trial, Bio-Thera Solutions Ltd (688177 CH) announced the suspension of R&amp;D of two other projects in the pipeline, BAT8003 and BAT1306. It is estimated that Bio-Thera has invested about RMB340 million in these three projects. Currently, Bio-Thera has only one product (Qletli) on the market. In the financial reports of 2020, the revenue was RMB185 million and Qletli contributed about RMB183 million, almost the entire revenue of the Company. Meanwhile, the net loss in 2020 was RMB513 million, and the Company has been suffering from losses for five consecutive years. So, what's next for Bio-Thera after R&amp;D setbacks and years of losses?

Bio-Thera Solutions (688177.CH) - What's Next for Bio-Thera After R&D Setbacks and Years of Losses?

Genor Biopharma Holdings  / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/jhbp-cy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29201:1" rel="noopener">JHBP (Genor) (6998 HK)</a> is a biopharmaceutical company that focuses on the R&amp;D and commercialization of oncology and autoimmune drugs, with a number of products in the late stage of clinical development and close to commercialization. Perhaps because of such characteristics, Genor is favored by reputable investment institutions such as Hillhouse Capital, Temasek, etc.. However, the stock price of Genor reached its peak when it was listed. It only rose in the first two days and then fell all the way. By March 9th, 2021, the closing price of Genor was HK$16.74/share, which was about 50% lower than the peak of HK$32.2/share at the beginning of listing. So, why is that?

JHBP (Genor) (6998 HK) is a biopharmaceutical company that focuses on the R&amp;D and commercialization of oncology and autoimmune drugs, with a number of products in the late stage of clinical development and close to commercialization. Perhaps because of such characteristics, Genor is favored by reputable investment institutions such as Hillhouse Capital, Temasek, etc.. However, the stock price of Genor reached its peak when it was listed. It only rose in the first two days and then fell all the way. By March 9th, 2021, the closing price of Genor was HK$16.74/share, which was about 50% lower than the peak of HK$32.2/share at the beginning of listing. So, why is that?

Genor Biopharma (6998.HK) - Here Is Why the Stock Price Decreased by About 50%

Innovent Biologics Inc / Equity Bottom-Up

In recent years, <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> has launched a number of successful products, and the Company's investment value has significantly increased. Innovent leads the domestic counterparts in the layout of biological drugs and adhere to the development of internationally competitive products. The Company also establishes an excellent team to ensure the efficient implementation of the strategy. Meanwhile, Innovent is gradually transforming from a biotech company to a big pharma. With dozens of products in the pipeline, the Company is focusing on mainstream areas and is in the first echelon of clinical progress. In addition, with the rapid increase of sales after the listing of PD-1, its commercialization capability has also been recognized by the market.

In recent years, Innovent Biologics Inc (1801 HK) has launched a number of successful products, and the Company's investment value has significantly increased. Innovent leads the domestic counterparts in the layout of biological drugs and adhere to the development of internationally competitive products. The Company also establishes an excellent team to ensure the efficient implementation of the strategy. Meanwhile, Innovent is gradually transforming from a biotech company to a big pharma. With dozens of products in the pipeline, the Company is focusing on mainstream areas and is in the first echelon of clinical progress. In addition, with the rapid increase of sales after the listing of PD-1, its commercialization capability has also been recognized by the market. 

Innovent Biologics (1801 HK) - Have the Genes to Become a Big Pharma

China

Shanghai Henlius Biotech, Inc develops and produces drugs. The Company develops and produces monoclonal antibody biosimilar drugs, bio betters, novel monoclonal antibodys, and other drugs. Shanghai Henlius Biotech throughout China.

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Shanghai Henlius Biotech (2696 HK)

Pre-IPO Apollomics - Concerns on Competition and Commercialization Despite Some Promising Products

This article provided insights on its major products in the pipeline in terms of competitive landscape, strength and challenges, as well as...

Xinyao (Criss) Wang

Shanghai Junshi Bioscience - Here Are the Challenges

The article analyzed the concerns and challenges that Junshi has to face in terms of PD-1, COVID-19 antibody drug, other products in the pipeline...

Xinyao (Criss) Wang

Bio-Thera Solutions (688177.CH) - What's Next for Bio-Thera After R&D Setbacks and Years of Losses?

The article analyzed the concerns after the suspension of R&D of its three core products, the challenges of its listed product Qletli,and also the...

Xinyao (Criss) Wang

Genor Biopharma (6998.HK) - Here Is Why the Stock Price Decreased by About 50%

This article analyzed the concerns of Genor Biopharma in terms of core products, competitive landscape, industry characteristics and the potential...

Xinyao (Criss) Wang

Innovent Biologics (1801 HK) - Have the Genes to Become a Big Pharma

This article mainly analyzed Innovent in terms of its current listed products (Sintilimab, Bevacizumab, Adalimumab and Rituximab), its pipeline,...

Xinyao (Criss) Wang

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