Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Shanghai Junshi Biosciences  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-junshi-biosciences-co-838d3eb3-3e0d-45f0-a9c5-ab0764709221" target="_blank" data-smartkarma-citation="entities:27760:1" rel="noopener">Shanghai Junshi Biosciences (1877 HK)</a> is placing 41M H shares for subscription at HK$25.35 per H Share.</li>
<li>Shanghai Junshi intends to use 70% of the net proceeds from the placement for innovative drug development and balance 30% for general corporate purposes such as replenishment of working capital.</li>
<li>Early green shoots in the form of lower R&amp;D expenses and narrowing losses. Junshi offers for a good long-term bet as the company turning profitable will take some time.</li>
</ul>



Shanghai Junshi Biosciences (1877 HK) is placing 41M H shares for subscription at HK$25.35 per H Share.
Shanghai Junshi intends to use 70% of the net proceeds from the placement for innovative drug development and balance 30% for general corporate purposes such as replenishment of working capital.
Early green shoots in the form of lower R&amp;D expenses and narrowing losses. Junshi offers for a good long-term bet as the company turning profitable will take some time.


Shanghai Junshi Bioscience (1877 HK): Placement Good, A Long Term Bet for Sure

Equity Bottom-Up

Shanghai Junshi Biosciences  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-junshi-biosciences-co-838d3eb3-3e0d-45f0-a9c5-ab0764709221" target="_blank" data-smartkarma-citation="entities:27760:1" rel="noopener">Shanghai Junshi Biosciences (1877 HK)</a> reported 32% revenue growth during 1Q25, driven by toripalimab in China. 10 out of total 12 approved indications of the drug were included in NRDL.</li>
<li>Toripalimab was launched in the U.S. in January 2024 and reported ~$19M revenue for 2024. Approvals received in new geographies like India, UK, Singapore, Australia etc.</li>
<li>Loss narrowed to RMB 239M in 1Q25 from RMB 307M in 1Q24 as the company slowly and steadily optimizes the R&amp;D spend.</li>
</ul>



Shanghai Junshi Biosciences (1877 HK) reported 32% revenue growth during 1Q25, driven by toripalimab in China. 10 out of total 12 approved indications of the drug were included in NRDL.
Toripalimab was launched in the U.S. in January 2024 and reported ~$19M revenue for 2024. Approvals received in new geographies like India, UK, Singapore, Australia etc.
Loss narrowed to RMB 239M in 1Q25 from RMB 307M in 1Q24 as the company slowly and steadily optimizes the R&amp;D spend.


Shanghai Junshi Bioscience (1877 HK): Tuoyi Gains Momentum; Losses Narrow; New Geographies Open Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-junshi-biosciences-co-838d3eb3-3e0d-45f0-a9c5-ab0764709221" target="_blank" data-smartkarma-citation="entities:27760:1" rel="noopener">Shanghai Junshi Biosciences (1877 HK)</a> reported 60% revenue growth for toripalimab during 9M24 in China. All 10 indications of the drug are now included in China’s NRDL.</li>
<li>Partner launched toripalimab in U.S. in January 2024 and reported ~$19M revenue for the full-year. The drug is estimated to have U.S. market opportunity of $200M for the approved indication.</li>
<li>Geopolitical tension remains a major overhang and may continue to be a concern for toripalimab’s further indication expansion approvals in the U.S.</li>
</ul>



Shanghai Junshi Biosciences (1877 HK) reported 60% revenue growth for toripalimab during 9M24 in China. All 10 indications of the drug are now included in China’s NRDL.
Partner launched toripalimab in U.S. in January 2024 and reported ~$19M revenue for the full-year. The drug is estimated to have U.S. market opportunity of $200M for the approved indication.
Geopolitical tension remains a major overhang and may continue to be a concern for toripalimab’s further indication expansion approvals in the U.S.


Shanghai Junshi Bioscience (1877 HK): Key Drug on High Trajectory; Geopolitical Tension Spoils Party

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>We continue to view JUNSHI’s Phase III pipeline, consisting of Senaparib (JS109/IMP4297)(PARP), Ongericimab (JS002)(PCSK9), Bevacizumab (biosimilar) and VV116 (COVID)(RdRp) as unexciting; </li>
<li>Phase I/II drug Tifcemalimab (TAB004/JS004)(BTLA mAb) is interesting, but may not last to reach product sales;</li>
<li>We acknowledge the bad news has already been priced in and raise the TP to HK$21, but JUNSHI still has unfavourable risk reward profile in our opinion.</li>
</ul>


We continue to view JUNSHI’s Phase III pipeline, consisting of Senaparib (JS109/IMP4297)(PARP), Ongericimab (JS002)(PCSK9), Bevacizumab (biosimilar) and VV116 (COVID)(RdRp) as unexciting; 
Phase I/II drug Tifcemalimab (TAB004/JS004)(BTLA mAb) is interesting, but may not last to reach product sales;
We acknowledge the bad news has already been priced in and raise the TP to HK$21, but JUNSHI still has unfavourable risk reward profile in our opinion.


[Junshi Biosciences (1877 HK) TP Change]: Medium to near Term Outlook Is Still Cloudy at Best

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Cosco Shipping Development / Event-Driven

<ul>
<li>AH spreads are slightly narrower, but performance is concentrated in fewer names and broad spread volatility is up. <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> now 5% through. CATL 10% through will help.</li>
<li>It feels like there were some concentrated shorts on H vs A. BYD performance on CATL and Hang Seng upweight/inclusion exacerbate the issue. CATL H less liquid than people think.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <strong><a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a></strong> and <strong><a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Monitor</a></strong> are both there free for SK readers.</li>
</ul>


AH spreads are slightly narrower, but performance is concentrated in fewer names and broad spread volatility is up. BYD (1211 HK) now 5% through. CATL 10% through will help.
It feels like there were some concentrated shorts on H vs A. BYD performance on CATL and Hang Seng upweight/inclusion exacerbate the issue. CATL H less liquid than people think.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.


A/H Premium Tracker (To 23 May 2025):  AH Premia Contract, H Premia Names Perform Best; Batteries!

China

Shanghai Junshi Biosciences Co., Ltd. operates as a biopharmaceutical company. The Company develops and sells small molecule drugs, antibody drug conjugates, and other products. Shanghai Junshi Biosciences markets its products worldwide.

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Shanghai Junshi Biosciences (1877 HK)

Shanghai Junshi Bioscience (1877 HK): Placement Good, A Long Term Bet for Sure

Shanghai Junshi is raising funds through 41M H share placement to support drug development and replenishment of working capital. Lower R&D...

Tina Banerjee

Shanghai Junshi Bioscience (1877 HK): Tuoyi Gains Momentum; Losses Narrow; New Geographies Open Up

Shanghai Junshi Biosciences sees 32% revenue growth in 1Q25, driven by toripalimab in China. Loss narrowed to RMB 239M in 1Q25 from RMB 307M in...

Tina Banerjee

Shanghai Junshi Bioscience (1877 HK): Key Drug on High Trajectory; Geopolitical Tension Spoils Party

Shanghai Junshi Biosciences sees strong revenue growth for toripalimab in China. While US launch of the drug was in-line, geopolitical tensions...

Tina Banerjee

[Junshi Biosciences (1877 HK) TP Change]: Medium to near Term Outlook Is Still Cloudy at Best

We continue to view JUNSHI’s Phase III pipeline, consisting of Senaparib (JS109/IMP4297)(PARP), Ongericimab (JS002)(PCSK9), Bevacizumab...

Blue Lotus Research Institute

A/H Premium Tracker (To 23 May 2025): AH Premia Contract, H Premia Names Perform Best; Batteries!

AH Premia contract again. Interestingly, the best performing tranche of discount was stocks where Hs trade at a premium to As. BYD squeezed. CATL a...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

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Shanghai Junshi Bioscience (1877 HK): Placement Good, A Long Term Bet for Sure

​Shanghai Junshi is raising funds through 41M H share placement to support drug development and replenishment of working capital. Lower R&D...

Tina Banerjee

Shanghai Junshi Bioscience (1877 HK): Tuoyi Gains Momentum; Losses Narrow; New Geographies Open Up

​Shanghai Junshi Biosciences sees 32% revenue growth in 1Q25, driven by toripalimab in China. Loss narrowed to RMB 239M in 1Q25 from RMB 307M in...

Tina Banerjee

Shanghai Junshi Bioscience (1877 HK): Key Drug on High Trajectory; Geopolitical Tension Spoils Party

​Shanghai Junshi Biosciences sees strong revenue growth for toripalimab in China. While US launch of the drug was in-line, geopolitical tensions...

Tina Banerjee

[Junshi Biosciences (1877 HK) TP Change]: Medium to near Term Outlook Is Still Cloudy at Best

We continue to view JUNSHI’s Phase III pipeline, consisting of Senaparib (JS109/IMP4297)(PARP), Ongericimab (JS002)(PCSK9), Bevacizumab...

Blue Lotus Research Institute

A/H Premium Tracker (To 23 May 2025): AH Premia Contract, H Premia Names Perform Best; Batteries!

AH Premia contract again. Interestingly, the best performing tranche of discount was stocks where Hs trade at a premium to As. BYD squeezed. CATL a...

Travis Lundy

Shanghai Junshi is raising funds through 41M H share placement to support drug development and replenishment of working capital. Lower R&D...

Shanghai Junshi Biosciences sees 32% revenue growth in 1Q25, driven by toripalimab in China. Loss narrowed to RMB 239M in 1Q25 from RMB 307M in...

Shanghai Junshi Biosciences sees strong revenue growth for toripalimab in China. While US launch of the drug was in-line, geopolitical tensions...