HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>The development trajectory of Japanese pharmaceutical companies could be a good reference for Chinese pharmaceutical companies. Their “solution” is innovation + internationalization.</li>
<li>We further analyzed the impact of Shanghai lockdown to Pharma and CXOs. In the context of intensifying global confrontation, resource shortage and soaring costs, the priority of healthcare may decline.</li>
<li>At the current stage, biotech companies could be divided into the following categories, and it is very interesting.</li>
</ul>


The development trajectory of Japanese pharmaceutical companies could be a good reference for Chinese pharmaceutical companies. Their “solution” is innovation + internationalization.
We further analyzed the impact of Shanghai lockdown to Pharma and CXOs. In the context of intensifying global confrontation, resource shortage and soaring costs, the priority of healthcare may decline.
At the current stage, biotech companies could be divided into the following categories, and it is very interesting.


China Healthcare Weekly (Apr.29)-SH Lockdown Impact on Pharma/CXO,China Biotech Categories & Way Out

<ul>
<li>The domestic provider business subsector fell sharply due to a document leaked out of the industry.Although rebounded, before the policy is clear, we do not recommend to buy the dips.</li>
<li>The reasonable market value of a biotech company in HKEX is the price that Big Pharma is willing to pay for it, or the valuation of its products.</li>
<li>Obtaining CE certificate is one of an important (or “easier”) ways for domestic medical device companies to enter global markets. However, the game rule changes.</li>
</ul>


The domestic provider business subsector fell sharply due to a document leaked out of the industry.Although rebounded, before the policy is clear, we do not recommend to buy the dips.
The reasonable market value of a biotech company in HKEX is the price that Big Pharma is willing to pay for it, or the valuation of its products.
Obtaining CE certificate is one of an important (or “easier”) ways for domestic medical device companies to enter global markets. However, the game rule changes.


China Healthcare Weekly (Mar18)-Leaked Document On Medical Service,Biotech Valuation,CE Mark Upgrade

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

Shenton Research

Shenton 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.

Equity Capital Markets

Luxshare Precision Industry / Equity Capital Markets

<ul>
<li>We update our HK A+H listing study with 13 deals since our April analysis, extending the study universe to 43 listings since 2025.</li>
<li>Aftermarket returns have rolled over. 3Q26 to date is the weakest quarter since 4Q25, with one positive deal in six.</li>
<li>The international cornerstone screen has lost selectivity. Deep pricing discounts and premium compression now explain more of the positive deals.</li>
</ul>


We update our HK A+H listing study with 13 deals since our April analysis, extending the study universe to 43 listings since 2025.
Aftermarket returns have rolled over. 3Q26 to date is the weakest quarter since 4Q25, with one positive deal in six.
The international cornerstone screen has lost selectivity. Deep pricing discounts and premium compression now explain more of the positive deals.


HK A+H IPO 2026: Supply Congestion, Stalled Premium Compression [Update 2]

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>From peak allocations of over 8% at the height of the COVID-19 pandemic, China &amp; HK Health Care allocations have fallen back in to their long-term range</li>
<li>Greater China managers have actively rebalanced portfolios away from China &amp; HK Health Care over the last 6-months, with Taiwan Tech the key beneficiary</li>
<li>Venus MedTech and Jiangsu Hengrui Medicine led the exodus, but it wasn't completely one-sided, with Mindray Bio-Medical Electronics and Aier Eye Hospital Group capturing new investment from Greater China managers.</li>
</ul>


From peak allocations of over 8% at the height of the COVID-19 pandemic, China &amp; HK Health Care allocations have fallen back in to their long-term range
Greater China managers have actively rebalanced portfolios away from China &amp; HK Health Care over the last 6-months, with Taiwan Tech the key beneficiary
Venus MedTech and Jiangsu Hengrui Medicine led the exodus, but it wasn't completely one-sided, with Mindray Bio-Medical Electronics and Aier Eye Hospital Group capturing new investment from Greater China managers.


Greater China Funds: China Health Care Reversal

<ul>
<li>The expansion of the scope of positioning directly reflects the change in the importance of pharmaceutical industry in the minds of the top level, which is very pivotal.</li>
<li>The determination to abandon old development mode, and promote real innovation and high-quality internationalization remains unchanged. So, companies need to develop at a higher level and a larger stage.</li>
<li>Once achieved, it means that China's pharmaceutical industry will have another radical change after 2015, leading the industry to another new phase of growth.</li>
</ul>


The expansion of the scope of positioning directly reflects the change in the importance of pharmaceutical industry in the minds of the top level, which is very pivotal.
The determination to abandon old development mode, and promote real innovation and high-quality internationalization remains unchanged. So, companies need to develop at a higher level and a larger stage.
Once achieved, it means that China's pharmaceutical industry will have another radical change after 2015, leading the industry to another new phase of growth.


Interpretation of The "14th Five-Year Plan" For the Development of China Pharmaceutical Industry

Hong Kong

Sino Biopharmaceutical is a leading, innovation-driven pharmaceutical conglomerate in China, focusing on the research, development, manufacturing, and sale of pharmaceutical products. The company specializes in therapeutic areas such as oncology, hepatology, respiratory, and cardiovascular diseases, offering both modernized Chinese and Western medicines. It was founded in 2000 and is headquartered in Wanchai, Hong Kong.

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Sino Biopharmaceutical (1177 HK)

China Healthcare Weekly (Apr.29)-SH Lockdown Impact on Pharma/CXO,China Biotech Categories & Way Out

We analyzed the impact of lockdown to Pharma and CXO, worrying the priority of healthcare may decline.China biotech can be divided into some...

Xinyao (Criss) Wang

China Healthcare Weekly (Mar18)-Leaked Document On Medical Service,Biotech Valuation,CE Mark Upgrade

We analyzed the impact of leaked document on medical service. We also analyzed the logic of the reasonable market value of a biotech in HKEX. The...

Xinyao (Criss) Wang

HK A+H IPO 2026: Supply Congestion, Stalled Premium Compression [Update 2]

We update our HK A+H listing study with 13 deals since our April analysis, extending the study universe to 43 listings since 2025.

Ke Yan, CFA, FRM

Greater China Funds: China Health Care Reversal

Greater China managers have actively rebalanced portfolios away from China & HK Health Care over the last 6-months, with Taiwan Tech the key...

Steven Holden

Interpretation of The "14th Five-Year Plan" For the Development of China Pharmaceutical Industry

For the newly released "14th Five-year Plan" of China pharmaceutical industry, we analyzed key points and our interpretation. Once achieved, it...

Xinyao (Criss) Wang

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