HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>Relevant departments are discussing the promotion of drugs included in VBP scope to enter retail pharmacies. However, the new business model will be detrimental to valuation performance for retail pharmacies.</li>
<li>The gap in the distribution of funds among biotech companies is rapidly widening. We suggest investors focus on leading biotech rather than take risks in areas with higher uncertainties.</li>
<li>Vesync is a good company. Due to the low liquidity, the Proposal presents a good opportunity for shareholders to exit. Considering its future growth potential, Share Alternative can be considered.</li>
</ul>


Relevant departments are discussing the promotion of drugs included in VBP scope to enter retail pharmacies. However, the new business model will be detrimental to valuation performance for retail pharmacies.
The gap in the distribution of funds among biotech companies is rapidly widening. We suggest investors focus on leading biotech rather than take risks in areas with higher uncertainties.
Vesync is a good company. Due to the low liquidity, the Proposal presents a good opportunity for shareholders to exit. Considering its future growth potential, Share Alternative can be considered.


China Healthcare Weekly (Feb.9) - Vesync Is a High-Quality Company, VBP to Cover Retail Pharmacies

Shanghai Henlius Biotech  / Equity Bottom-Up

<ul>
<li>For Fosun, every major capital operation is the result of careful consideration after a long time. If it is a deal that Mr. Guo fully supports, there’s basically no problem.</li>
<li>For the privatization, the board of directors of Henlius has no special opposition. We think that this privatization would have no impact on the operation of Henlius in the future,</li>
<li>As the phenomenon of undervaluation of Henlius is difficult to fundamentally change, the Cancellation Price is attractive for most investors. There’re risks if choosing Share Alternative. Cash Alternative is preferred. </li>
</ul>


For Fosun, every major capital operation is the result of careful consideration after a long time. If it is a deal that Mr. Guo fully supports, there’s basically no problem.
For the privatization, the board of directors of Henlius has no special opposition. We think that this privatization would have no impact on the operation of Henlius in the future,
As the phenomenon of undervaluation of Henlius is difficult to fundamentally change, the Cancellation Price is attractive for most investors. There’re risks if choosing Share Alternative. Cash Alternative is preferred. 


Shanghai Henlius Biotech (2696 HK) - Some Thoughts About the Privatization

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>BeiGene has received FDA approved for Tevimbra for the first-line treatment of certain types of gastric cancers. Innovent announced a collaboration and exclusive license agreement with Roche for an ADC.</li>
<li>CSPC Pharmaceutical got clinical trial approval in China for Leuprorelin extended-release Injection. Sichuan Kelun-Biotech received China approval for tagitanlimab in nasopharyngeal cancer.</li>
<li>Hutchmed China is divesting its 45% equity interest in joint venture for $608M. Yuhan Corp has received European approval for its lung cancer drug Leclaza.</li>
</ul>


BeiGene has received FDA approved for Tevimbra for the first-line treatment of certain types of gastric cancers. Innovent announced a collaboration and exclusive license agreement with Roche for an ADC.
CSPC Pharmaceutical got clinical trial approval in China for Leuprorelin extended-release Injection. Sichuan Kelun-Biotech received China approval for tagitanlimab in nasopharyngeal cancer.
Hutchmed China is divesting its 45% equity interest in joint venture for $608M. Yuhan Corp has received European approval for its lung cancer drug Leclaza.


APAC Healthcare Weekly (Jan 5)- Beigene, Innovent Biologics, CSPC Pharma, Hutchmed, Yuhan, Lupin

Equity Capital Markets

Duality Biotherapeutics / Equity Capital Markets

<ul>
<li>Founder Zhu Zhongyuan is a key figure in biotech landscape.So, when Duality first started its entrepreneurial financing, the process was smooth and the starting point of Duality was not low.</li>
<li>The R&amp;D progress of Duality’s pipelines is slower than competing candidates, so they would be in a passive position after market launch. So, Duality’s valuation would be lower than Kelun Bio.</li>
<li>Duality’s pipeline still has “good stories” to tell. There’s a chance its valuation could be higher than RemeGen, whose business model/investment logic have been falsified due to weak sales data.</li>
</ul>


Founder Zhu Zhongyuan is a key figure in biotech landscape.So, when Duality first started its entrepreneurial financing, the process was smooth and the starting point of Duality was not low.
The R&amp;D progress of Duality’s pipelines is slower than competing candidates, so they would be in a passive position after market launch. So, Duality’s valuation would be lower than Kelun Bio.
Duality’s pipeline still has “good stories” to tell. There’s a chance its valuation could be higher than RemeGen, whose business model/investment logic have been falsified due to weak sales data.


Pre-IPO Duality Biotherapeutics - Has the Potential to Surpass RemeGen

<ul>
<li>Celltrion outlined mid- to long-term business outlook. European Patent Court has dismissed injunction against Eoflow. Lunit partnered with Salud Digna, one of Mexico’s largest healthcare chains.</li>
<li>China has accepted Hansoh Pharma’s fifth indication approval application for Ameile. Sichuan Kelun-Biotech received marketing authorization in China for the first domestically developed TROP2-directed ADC sacituzumab tirumotecan.</li>
<li>Eisai launched Leqembi in South Korea. Dr. Reddy’s launched new biologic drug, toripalimab in India, for the treatment of nasopharyngeal carcinoma. Aster DM is merging with Quality Care India Limited.</li>
</ul>


Celltrion outlined mid- to long-term business outlook. European Patent Court has dismissed injunction against Eoflow. Lunit partnered with Salud Digna, one of Mexico’s largest healthcare chains.
China has accepted Hansoh Pharma’s fifth indication approval application for Ameile. Sichuan Kelun-Biotech received marketing authorization in China for the first domestically developed TROP2-directed ADC sacituzumab tirumotecan.
Eisai launched Leqembi in South Korea. Dr. Reddy’s launched new biologic drug, toripalimab in India, for the treatment of nasopharyngeal carcinoma. Aster DM is merging with Quality Care India Limited.


APAC Healthcare Weekly (Dec 1)- Celltrion, Eoflow, Lunit, Hansoh, Kelun Biotech, Eisai, Dr. Reddy’s

China

Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. operates biotechnology businesses. The Company develops and provides biological drugs, chemical raw materials, antibody conjugating drugs, innovative drugs, and other products. Kelun Biotech also operates import and export businesses.

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Sichuan Kelun-Biotech Biopharm (6990 HK)

China Healthcare Weekly (Feb.9) - Vesync Is a High-Quality Company, VBP to Cover Retail Pharmacies

Promoting VBP in retail pharmacy may harm valuation.Biotech funding gap widens, investors advised to focus on leading companies. Vesync is a good...

Xinyao (Criss) Wang

Shanghai Henlius Biotech (2696 HK) - Some Thoughts About the Privatization

Lin Lijun/Mr.Guo both graduated from Fudan and may have known each other for a long time. The info circulating outside is Lin adds positions cus he...

Xinyao (Criss) Wang

APAC Healthcare Weekly (Jan 5)- Beigene, Innovent Biologics, CSPC Pharma, Hutchmed, Yuhan, Lupin

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

Pre-IPO Duality Biotherapeutics - Has the Potential to Surpass RemeGen

Founder Zhu Zhongyuan's role in biotech landscape helped Duality secure a high starting point, but slower R&D progress is a concern.Potential for...

Xinyao (Criss) Wang

APAC Healthcare Weekly (Dec 1)- Celltrion, Eoflow, Lunit, Hansoh, Kelun Biotech, Eisai, Dr. Reddy’s

Celltrion, Hansoh Pharma, and other pharmaceutical companies are making significant strides in expanding their business and launching new drugs in...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Healthcare Weekly (Feb.9) - Vesync Is a High-Quality Company, VBP to Cover Retail Pharmacies

Promoting VBP in retail pharmacy may harm valuation.Biotech funding gap widens, investors advised to focus on leading companies. Vesync is a good...

Xinyao (Criss) Wang

Shanghai Henlius Biotech (2696 HK) - Some Thoughts About the Privatization

Lin Lijun/Mr.Guo both graduated from Fudan and may have known each other for a long time. The info circulating outside is Lin adds positions cus he...

Xinyao (Criss) Wang

APAC Healthcare Weekly (Jan 5)- Beigene, Innovent Biologics, CSPC Pharma, Hutchmed, Yuhan, Lupin

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

Pre-IPO Duality Biotherapeutics - Has the Potential to Surpass RemeGen

​Founder Zhu Zhongyuan's role in biotech landscape helped Duality secure a high starting point, but slower R&D progress is a concern.Potential for...

Xinyao (Criss) Wang

APAC Healthcare Weekly (Dec 1)- Celltrion, Eoflow, Lunit, Hansoh, Kelun Biotech, Eisai, Dr. Reddy’s

​Celltrion, Hansoh Pharma, and other pharmaceutical companies are making significant strides in expanding their business and launching new drugs in...

Tina Banerjee

Founder Zhu Zhongyuan's role in biotech landscape helped Duality secure a high starting point, but slower R&D progress is a concern.Potential for...

Celltrion, Hansoh Pharma, and other pharmaceutical companies are making significant strides in expanding their business and launching new drugs in...