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.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 14th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were HSBC (5 HK), Link Reit (823 HK), Xiaomi (1810 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Link Reit (823 HK), HSBC (5 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 14th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were HSBC (5 HK), Link Reit (823 HK), Xiaomi (1810 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Link Reit (823 HK), HSBC (5 HK).


Hong Kong Buybacks Weekly (Aug 14th): HSBC, Link Reit, Xiaomi

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>The market of biopharmaceuticals and CDMO keeps growing, with CAGR of about 10%. However, CGT is the "outlier". The whole story of CGT business isn’t persuasive at the current stage.</li>
<li>Lonza is still the leader.WuXi bio has secured the second place. Samsung Biologics is catching up in terms of profit margin. Different production capacity structures can bring about different changes.</li>
<li>Industry concentration of CDMO would further increase, making it difficult for new entrants to seize orders from Top CDMOs.We advise investors not to spend too much time on small CDMOs.</li>
</ul>


The market of biopharmaceuticals and CDMO keeps growing, with CAGR of about 10%. However, CGT is the "outlier". The whole story of CGT business isn’t persuasive at the current stage.
Lonza is still the leader.WuXi bio has secured the second place. Samsung Biologics is catching up in terms of profit margin. Different production capacity structures can bring about different changes.
Industry concentration of CDMO would further increase, making it difficult for new entrants to seize orders from Top CDMOs.We advise investors not to spend too much time on small CDMOs.


A Different View on Global CDMO - The Industry Trend, the Major Players, and the Outlook

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Hong Kong equities paused after a strong run, with market breadth weakening despite a continued upside skew in individual stock returns.</li>
<li>Single stock option activity fell sharply, with weaker Call trading accounting for much of the decline.</li>
<li>HSI implied volatility remains subdued relative to its recent history, while single stock implied vols remain comparatively elevated.</li>
</ul>


Hong Kong equities paused after a strong run, with market breadth weakening despite a continued upside skew in individual stock returns.
Single stock option activity fell sharply, with weaker Call trading accounting for much of the decline.
HSI implied volatility remains subdued relative to its recent history, while single stock implied vols remain comparatively elevated.


Hong Kong Single Stock Options Weekly Aug 03–07: Day-Of-Week Pattern Emerges as Volumes and Vol Fall

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>China's CXO sector is growing rapidly, with China's dominant companies providing critical services to global pharmaceutical companies.  New modalities, particularly GLP-1/TIDES, ADCs, and bispecific antibodies, are structural demand drivers.</li>
<li>The biggest overhang for the sector, the US BioSecure Act, is overblown due to the US pharma industry's substantial structural dependency on China's CXO sector.</li>
<li>Pharmaron's investment case rests on three interlocking pillars: an irreplaceable integrated platform, a landmark commercial anchor in the GLP-1 supercycle, and the structural impossibility of a rapid US-China CXO decoupling.</li>
</ul>


China's CXO sector is growing rapidly, with China's dominant companies providing critical services to global pharmaceutical companies.  New modalities, particularly GLP-1/TIDES, ADCs, and bispecific antibodies, are structural demand drivers.
The biggest overhang for the sector, the US BioSecure Act, is overblown due to the US pharma industry's substantial structural dependency on China's CXO sector.
Pharmaron's investment case rests on three interlocking pillars: an irreplaceable integrated platform, a landmark commercial anchor in the GLP-1 supercycle, and the structural impossibility of a rapid US-China CXO decoupling.


CHINA BIOTECH SECTOR: Pharmaron's One Stop Shop!

<ul>
<li>Centralized procurement of interprovincial dental implants would open the bid on Jan.11. Korean brands and European brands are all included. There is “no safe haven” for products with consumption attributes.</li>
<li>In 2023, we are optimistic that China healthcare would gain more household expenditure in the “Long COVID” effect, thus generating excess returns under the logic of expanding domestic demand.</li>
<li>2023 should be better than 2022. There’re strong expectations but weak realities in 2023Q1-Q2, during which more trading opportunities occur. However, in Q3-Q4, investors may need to be careful.</li>
</ul>


Centralized procurement of interprovincial dental implants would open the bid on Jan.11. Korean brands and European brands are all included. There is “no safe haven” for products with consumption attributes.
In 2023, we are optimistic that China healthcare would gain more household expenditure in the “Long COVID” effect, thus generating excess returns under the logic of expanding domestic demand.
2023 should be better than 2022. There’re strong expectations but weak realities in 2023Q1-Q2, during which more trading opportunities occur. However, in Q3-Q4, investors may need to be careful.


China Healthcare Weekly (Jan.6) - Dental Implant VBP, “Long COVID” Effect, 2023 Is Better than 2022

China

Wuxi Biologics is a global Contract Research, Development, and Manufacturing Organization (CRDMO) offering end-to-end solutions for biologics discovery, development, and manufacturing, including complex modalities like monoclonal antibodies and antibody-drug conjugates. The company provides comprehensive services from concept to commercialization, including vaccine CRDMO services. It was founded in 2010 and is headquartered in Wuxi, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Wuxi Biologics (2269 HK)

Hong Kong Buybacks Weekly (Aug 14th): HSBC, Link Reit, Xiaomi

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were HSBC (5 HK), Link...

Ke Yan, CFA, FRM

A Different View on Global CDMO - The Industry Trend, the Major Players, and the Outlook

After the release of 2022 annual reports by leading global CDMOs (Lonza, WuXi Bio, Samsung Biologics), we shared our different views and identified...

Xinyao (Criss) Wang

Hong Kong Single Stock Options Weekly Aug 03–07: Day-Of-Week Pattern Emerges as Volumes and Vol Fall

A weaker week for Hong Kong equities brought softer option activity and implied vols, while the recurring weakness later in the trading week...

John Ley

CHINA BIOTECH SECTOR: Pharmaron's One Stop Shop!

A US judge blocked the Defense Department from enforcing its designation of WuXi AppTec Co. as a Chinese military company, and granted...

David Mudd

China Healthcare Weekly (Jan.6) - Dental Implant VBP, “Long COVID” Effect, 2023 Is Better than 2022

Dental implant VBP would open the bid on Jan.11. Korean/European brands are included. China healthcare would gain more household expenditure due to...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)