HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Event-Driven

Tasly Pharmaceutical Group / Event-Driven

<ul>
<li>Based on the new announcement released by CR Sanjiu, due diligence, auditing, evaluation, valuation and verification of material assets reorganization are in progress. Approvals by the SASAC/SAMR haven’t been obtained.</li>
<li>Sanjiu is now facing performance headwinds due to VBP. So, Sanjiu needs new/stable performance increments to alleviate future performance pressure, and completing the acquisition of Tasly becomes even more urgent.</li>
<li>China Resources excels in M&amp;As and has strong internal business integration capabilities.We’re optimistic about the future synergies after the merger. Valuation for Tasly is expected to reach P/E of 30.</li>
</ul>


Based on the new announcement released by CR Sanjiu, due diligence, auditing, evaluation, valuation and verification of material assets reorganization are in progress. Approvals by the SASAC/SAMR haven’t been obtained.
Sanjiu is now facing performance headwinds due to VBP. So, Sanjiu needs new/stable performance increments to alleviate future performance pressure, and completing the acquisition of Tasly becomes even more urgent.
China Resources excels in M&amp;As and has strong internal business integration capabilities.We’re optimistic about the future synergies after the merger. Valuation for Tasly is expected to reach P/E of 30.


CR Sanjiu (000999CH) To Acquire Tasly (600535CH) Update- The Deal Is Proceeding in an Orderly Manner

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 10 stocks in China that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Two stocks remain, eight new join the fray</li>
<li>Since inception, it has gained 171% versus the CSI 300 Index’s return of 91%</li>
</ul>


We highlight 10 stocks in China that look interesting to us based on our FVMR Methodology
Portfolio changes: Two stocks remain, eight new join the fray
Since inception, it has gained 171% versus the CSI 300 Index’s return of 91%


Equity Capital Markets

Sichuan Biokin Pharmaceutical / Equity Capital Markets

<ul>
<li>CR Sanjiu plans to transfer 49.8967% equity of Sanjiu (Anguo) and pay more attention to the quality of external M&amp;As. China Resources+Tasly+KPC will be the core drivers of future performance.</li>
<li>Akeso’s first global phase 3 readout for ivonescimab was disappointing, which cast shadow on the final FDA approval. We shared our views on the outlook and valuation ahead.</li>
<li>The failure of HER3-DXd cast shadow over the outlook of HER3. We think Biokin is overvalued. Its valuation should be lower than Akeso and Kelun Bio.</li>
</ul>


CR Sanjiu plans to transfer 49.8967% equity of Sanjiu (Anguo) and pay more attention to the quality of external M&amp;As. China Resources+Tasly+KPC will be the core drivers of future performance.
Akeso’s first global phase 3 readout for ivonescimab was disappointing, which cast shadow on the final FDA approval. We shared our views on the outlook and valuation ahead.
The failure of HER3-DXd cast shadow over the outlook of HER3. We think Biokin is overvalued. Its valuation should be lower than Akeso and Kelun Bio.


China Healthcare Weekly (Jun.1)-Akeso/Summit's Disappointing Ph3 Readout,Valuation Outlook of Biokin

<ul>
<li>We highlight 10 stocks in China that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Two stocks remain, eight new join the fray</li>
<li>Since inception, it has gained 172% versus the CSI 300 Index’s return of 61%</li>
</ul>


We highlight 10 stocks in China that look interesting to us based on our FVMR Methodology
Portfolio changes: Two stocks remain, eight new join the fray
Since inception, it has gained 172% versus the CSI 300 Index’s return of 61%


Equity Bottom-Up

China Resources Sanjiu Medical & Pharma / Equity Bottom-Up

<ul>
<li>In our view, China's biotech companies have sold their core pipelines/products too early, resulting in the loss of opportunities to gain much greater benefits in the future.</li>
<li>We summarized the impact of tariff policy implemented by the US on China's healthcare industry. Short-term headwinds are inevitable, but in long term, it helps force the industry to upgrade.</li>
<li>After Spring Festival, the acquisition progress of Tasly by CR Sanjiu has significantly accelerated – SASAC/SAMR approvals have been received. It’s possible for the deal to be completed in 25Q1.</li>
</ul>


In our view, China's biotech companies have sold their core pipelines/products too early, resulting in the loss of opportunities to gain much greater benefits in the future.
We summarized the impact of tariff policy implemented by the US on China's healthcare industry. Short-term headwinds are inevitable, but in long term, it helps force the industry to upgrade.
After Spring Festival, the acquisition progress of Tasly by CR Sanjiu has significantly accelerated – SASAC/SAMR approvals have been received. It’s possible for the deal to be completed in 25Q1.


China Healthcare Weekly (Feb.16)-Update on CR Sanjiu's Acquisition of Tasly, the Impact of US Tariff

China

Tasly Pharmaceutical Group Co.,Ltd. manufactures drug products. The Company develops and sells traditional Chinese medicine, biological medicine, chemical medicine, and other related products. Tasly Pharmaceutical Group markets its products throughout China.

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Tasly Pharmaceutical Group (600535 CH)

CR Sanjiu (000999CH) To Acquire Tasly (600535CH) Update- The Deal Is Proceeding in an Orderly Manner

The deal is proceeding in an orderly manner. Facing performance headwinds, CR Sanjiu urgently need new performance increments.We’re optimistic...

Xinyao (Criss) Wang

The Stocks to Own in China – Vol. 37

We highlight 10 stocks in China that look interesting to us based on our FVMR Methodology. Portfolio changes: Two stocks remain, eight new join the...

A. Stotz Investment Research

China Healthcare Weekly (Jun.1)-Akeso/Summit's Disappointing Ph3 Readout,Valuation Outlook of Biokin

CR Sanjiu plans to transfer 49.8967% equity of Sanjiu (Anguo).Summit/Akeso's disappointing phase 3 readout raises doubts on FDA approval for...

Xinyao (Criss) Wang

The Stocks to Own in China – Vol. 36

We highlight 10 stocks in China that look interesting to us based on our FVMR Methodology. Portfolio changes: Two stocks remain, eight new join the...

A. Stotz Investment Research

China Healthcare Weekly (Feb.16)-Update on CR Sanjiu's Acquisition of Tasly, the Impact of US Tariff

China's biotech sells core assets too early, missing out on future benefits. US tariff impacts short-term, but will lead to industry upgrade. The...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CR Sanjiu (000999CH) To Acquire Tasly (600535CH) Update- The Deal Is Proceeding in an Orderly Manner

The deal is proceeding in an orderly manner. Facing performance headwinds, CR Sanjiu urgently need new performance increments.We’re optimistic...

Xinyao (Criss) Wang

The Stocks to Own in China – Vol. 37

We highlight 10 stocks in China that look interesting to us based on our FVMR Methodology. Portfolio changes: Two stocks remain, eight new join the...

A. Stotz Investment Research

China Healthcare Weekly (Jun.1)-Akeso/Summit's Disappointing Ph3 Readout,Valuation Outlook of Biokin

​CR Sanjiu plans to transfer 49.8967% equity of Sanjiu (Anguo).Summit/Akeso's disappointing phase 3 readout raises doubts on FDA approval for...

Xinyao (Criss) Wang

The Stocks to Own in China – Vol. 36

We highlight 10 stocks in China that look interesting to us based on our FVMR Methodology. Portfolio changes: Two stocks remain, eight new join the...

A. Stotz Investment Research

China Healthcare Weekly (Feb.16)-Update on CR Sanjiu's Acquisition of Tasly, the Impact of US Tariff

​China's biotech sells core assets too early, missing out on future benefits. US tariff impacts short-term, but will lead to industry upgrade. The...

Xinyao (Criss) Wang

CR Sanjiu plans to transfer 49.8967% equity of Sanjiu (Anguo).Summit/Akeso's disappointing phase 3 readout raises doubts on FDA approval for...

China's biotech sells core assets too early, missing out on future benefits. US tariff impacts short-term, but will lead to industry upgrade. The...