External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Sichuan Kelun-Biotech Biopharmaceutical / Equity Bottom-Up

Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)

<ul><li>MSD has announced three additional global Ph3 trials of SKB264. MSD is vigorously advancing the global clinical development of its prominent oncology asset, SKB264, through multiple global Ph3 trials. In late 2023, MSD launched three global Ph3 trials: 1) a Ph3 MRCT of SKB264 in 3L nsq-NSCLC with EGFR mutations or other genomic alterations (NCT06074588), 2) a Ph3 trial of SKB264+Keytruda vs Keytruda mono in 1L PD-L1 TPS ≥ 50% NSCLC (NCT06170788), and 3) a Ph3 trial of SKB264 in post chemo and/or PD(L)-1 endometrial carcinoma (NCT06132958).</li><li>Additionally, MSD has initiated three more trials, expanding the scope of SKB264's evaluation to include 1) 2L post TKI EGFRm nsq-NSCLC (NCT06305754), 2) adjuvant NSCLC (NCT06312137), and 3) 2L+ HR+/HER2- BC (NCT06312176).</li><li>These studies encompass a wide range of NSCLC stages and further probe SKB264's utility in breast and endometrial cancers, highlighting its global market potential.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MSD has announced three additional global Ph3 trials of SKB264. MSD is vigorously advancing the global clinical development of its prominent oncology asset, SKB264, through multiple global Ph3 trials. In late 2023, MSD launched three global Ph3 trials: 1) a Ph3 MRCT of SKB264 in 3L nsq-NSCLC with EGFR mutations or other genomic alterations (NCT06074588), 2) a Ph3 trial of SKB264+Keytruda vs Keytruda mono in 1L PD-L1 TPS ≥ 50% NSCLC (NCT06170788), and 3) a Ph3 trial of SKB264 in post chemo and/or PD(L)-1 endometrial carcinoma (NCT06132958).Additionally, MSD has initiated three more trials, expanding the scope of SKB264's evaluation to include 1) 2L post TKI EGFRm nsq-NSCLC (NCT06305754), 2) adjuvant NSCLC (NCT06312137), and 3) 2L+ HR+/HER2- BC (NCT06312176).These studies encompass a wide range of NSCLC stages and further probe SKB264's utility in breast and endometrial cancers, highlighting its global market potential.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kelun-Biotech (6990 HK) - MSD Has Further Expedited Global Clinical Development of SKB264

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 8th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for thre stocks, Meituan, China Mobile, and CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 8th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for thre stocks, Meituan, China Mobile, and CNOOC.


Hong Kong Connect Flows (Mar 8th): Meituan, China Mobile, CNOOC

<ul><li>Kelun-Biotech, a trailblazer in biotech innovation, boasts a diverse ADC pipeline with strategic backing from MSD.</li><li>Leveraging a robust integrated ADC platform, the company has developed several differentiated clinical-stage ADCs - including SKB264 (TROP2 ADC), A166 (HER2 ADC), SKB315 (CLDN18.2 ADC), and SKB410 (Nectin-4 ADC) - and numerous preclinical candidates.</li><li>This pipeline's potential is underscored by a strategic partnership with MSD, which includes the out-licensing of select ex-China rights for seven ADC assets in deals potentially worth up to US$11.8bn.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kelun-Biotech, a trailblazer in biotech innovation, boasts a diverse ADC pipeline with strategic backing from MSD.Leveraging a robust integrated ADC platform, the company has developed several differentiated clinical-stage ADCs - including SKB264 (TROP2 ADC), A166 (HER2 ADC), SKB315 (CLDN18.2 ADC), and SKB410 (Nectin-4 ADC) - and numerous preclinical candidates.This pipeline's potential is underscored by a strategic partnership with MSD, which includes the out-licensing of select ex-China rights for seven ADC assets in deals potentially worth up to US$11.8bn.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kelun-Biotech (6990 HK) - A Trailblazer in ADC Arena

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Thanks to the continuous support of policies, the TCM industry has ushered in a harvest period. So, TCM remains to be a relatively certain field for investment in China healthcare. </li>
<li>Biotech companies must meet several conditions in order to have good long-term development, such as sufficient financial support, at least one blockbuster product and high moral standard of the management.</li>
<li>Reasonable valuation of <a href="https://www.smartkarma.com/entities/sichuan-kelun-biotech-biopharm" target="_blank" data-smartkarma-citation="entities:40071:1" rel="noopener">Sichuan Kelun-Biotech Biopharm (6990 HK) </a>is about RMB15 billion. So, we think it is now overvalued. Meanwhile, restricted shares will be lifted 12 months after the IPO.</li>
</ul>


Thanks to the continuous support of policies, the TCM industry has ushered in a harvest period. So, TCM remains to be a relatively certain field for investment in China healthcare. 
Biotech companies must meet several conditions in order to have good long-term development, such as sufficient financial support, at least one blockbuster product and high moral standard of the management.
Reasonable valuation of Sichuan Kelun-Biotech Biopharm (6990 HK) is about RMB15 billion. So, we think it is now overvalued. Meanwhile, restricted shares will be lifted 12 months after the IPO.


China Healthcare Weekly (Feb.23)- TCM Ushers in a Harvest Period, Biotech Bottom-Line, Kelun-Biotech

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 25 adds and 29 deletes for the Hang Seng Composite Index (HSCI) at the March rebalance to take the number of index constituents down to 514.</li>
<li>We expect 21 of the 25 HSCI inclusions to be added to Stock Connect while we expect 27 of the 29 HSCI deletions to be removed from Southbound Stock Connect.</li>
<li>Since the start of the year, shares held though Southbound Connect have increased on 22 of the 29 HSCI deletions and there could be some unwinding in the weeks ahead.</li>
</ul>


There are 25 adds and 29 deletes for the Hang Seng Composite Index (HSCI) at the March rebalance to take the number of index constituents down to 514.
We expect 21 of the 25 HSCI inclusions to be added to Stock Connect while we expect 27 of the 29 HSCI deletions to be removed from Southbound Stock Connect.
Since the start of the year, shares held though Southbound Connect have increased on 22 of the 29 HSCI deletions and there could be some unwinding in the weeks ahead.


HSCI Index Rebalance: 25 Adds, 29 Deletes & Changes to Southbound Stock Connect

China

Sichuan Kelun-Biotech Biopharmaceutical is a biopharmaceutical company focused on the research, development, manufacturing, and commercialization of innovative biological and small molecule drugs, particularly Antibody-Drug Conjugates (ADCs). It addresses unmet medical needs in oncology, autoimmune disorders, and metabolic diseases, with key products including sacituzumab tirumotecan and trastuzumab botidotin. The company is headquartered in Chengdu, Sichuan, China, and was founded in 2016.

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Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)

Kelun-Biotech (6990 HK) - MSD Has Further Expedited Global Clinical Development of SKB264

These studies encompass a wide range of NSCLC stages and further probe SKB264's utility in breast and endometrial cancers, highlighting its global...

CMB International

Hong Kong Connect Flows (Mar 8th): Meituan, China Mobile, CNOOC

We analyzed southbound Hong Kong connect flows in the past week. We estimate the inflows to be USD1.4bn and highlight flows for Meituan, China...

Ke Yan, CFA, FRM

Kelun-Biotech (6990 HK) - A Trailblazer in ADC Arena

Leveraging a robust integrated ADC platform, the company has developed several differentiated clinical-stage ADCs - including SKB264 (TROP2 ADC),...

CMB International

China Healthcare Weekly (Feb.23)- TCM Ushers in a Harvest Period, Biotech Bottom-Line, Kelun-Biotech

TCM remains attractive for investment in China healthcare. Biotech must meet some conditions to have good future development.Kelun-Bio is...

Xinyao (Criss) Wang

HSCI Index Rebalance: 25 Adds, 29 Deletes & Changes to Southbound Stock Connect

There are 25 adds and 29 deletes for the HSCI in March. 21 stocks will be added to Stock Connect while 27 will be deleted. Positions via the...

Brian Freitas

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