Category

Daily Briefs

Sep 24
0

Daily Brief China: Sichuan Biokin Pharmaceutical, Sunac Services Holdings, Alibaba Group Holding , ICBC (H) and more

By | China, Daily Briefs

In today’s briefing:

  • China Healthcare Weekly (Sep.22) – Medical Device VBP, Restore Optimism on Healthcare, Biokin Pharma
  • Sunac Services (1516 HK):  Positive Development From Debt Restructuring Of Parent Company
  • ECM Weekly (24th Sep 2023) – Cainiao, J&T, Midea, Kokusai, Seoul Guarantee, Barito, Integral, DPC
  • China’s New List Of D-SIBs’ Capital Buffer Is Wearing Thin For Some

China Healthcare Weekly (Sep.22) – Medical Device VBP, Restore Optimism on Healthcare, Biokin Pharma

By Xinyao (Criss) Wang

  • The national centralized procurement of high-value medical consumables such as intraocular lens (IOL) and sports medicine medical consumables is about to begin. We listed the companies that could be affected.
  • The instability of policies seems to be a consensus among investors regarding China healthcare. However, if truly understand the logic behind policy changes and industry shifts, investors will maintain optimism.
  • We analyzed the key points of Biokin. Its valuation is ridiculously high considering the current pipeline situation and commercialization outlook. We think the bubble will eventually burst (e.g. 50% downside).

Sunac Services (1516 HK):  Positive Development From Debt Restructuring Of Parent Company

By Steve Zhou, CFA

  • On September 21, a debt restructuring agreement was reached with debt holders of Sunac China, in which part of the agreement included Sunac Services shares.
  • The debt restructuring for Sunac China should provide a positive feedback loop to the sentiment and fundamentals of Sunac Services.
  • The core property management business (86% of sales) grew 8% yoy in 1H23, with total gross floor area growing by 12% yoy. 

ECM Weekly (24th Sep 2023) – Cainiao, J&T, Midea, Kokusai, Seoul Guarantee, Barito, Integral, DPC

By Sumeet Singh

China’s New List Of D-SIBs’ Capital Buffer Is Wearing Thin For Some

By Fern Wang

  • PBOC and NAFR included Bank of Nanjing in its latest D-SIBs list, increasing the total D-SIBs to 20
  • 13 benchmarks were used to assess the D-SIBs using 1H23 data
  • All D-SIBs fulfilled their additional capital requirements as of 1H23, but the buffer is wearing thin for some especially in view of the difficult economic environment 

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Sep 24
0

Daily Brief Japan: Toshiba Corp, D.Western Therapeutics Institute Inc. and more

By | Daily Briefs, Japan

In today’s briefing:

  • (Mostly) Asia-Pac Weekly Risk Arb Wrap: Costa, Origin, Healius, Symbio, Poly Culture, Lansen, MPI
  • 2Q Follow-Up – D. Western Therapeutics Institute (DWTI) (4576 JP)

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Costa, Origin, Healius, Symbio, Poly Culture, Lansen, MPI

By David Blennerhassett

2Q Follow-Up – D. Western Therapeutics Institute (DWTI) (4576 JP)

By Sessa Investment Research

  • Major milestones with high expectations coming in the next 2-3 years: 1) Phase IIb US trials for H-1337 as “first choice as a second-line Glaucoma drug” for patients who do not respond to PGs, 2) 2023 application, 2024 approval and 2025 launch of DW-1002 in Japan, 2023 application/approval/launch in China, as well as expedited development of combination formula MembraneBlue-DualR (DW-1002 + trypan blue) in the US [NEW], 3) 2023 approval and subsequent 2024 launch of DW-5LBT lidocaine patch for treatment of neuropathic pain in the US, and 4) clinical trials in 2024 in Japan and application for approval in 2025 of regenerative cell medicine DWR-2206 [NEW].
  • Coming into the 3Q, DWTI announced 2 updates not included in its “Business Plan and Growth Potential.”
  • On 7/13, DWTI announced the development plan for regenerative cell medicine DWR-2206, aiming to submit a notification of clinical trial at the end of 2023, start clinical trials in 2024, and submit application for approval (NDA) in 2025 (using the expedited conditional and term-limited approval system for regenerative therapeutics).

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Sep 24
0

Top 10 Highlights from the APAC PE, VC and Startup Ecosystem this Week – 24 Sep 2023

By | Private Markets, Smartkarma Newswire

Top ten highlights from the APAC PE, VC, and startup ecosystem this week:

  1. Venture investment firms are rebranding their China operations to distance themselves from their US activities amid tensions between the two countries.
  2. Sequoia, BlueRun Ventures China, and GGV Capital have already undergone splits or rebranding.
  3. GGV Capital is set to split its Asia and US businesses in Q1 next year, focusing solely on investing in China.
  4. Several venture investment firms, including GSR Ventures, Walden International, and Qualcomm Ventures, are under scrutiny by Congress for their China investments, indicating more splits may be on the horizon.
  5. IPOs in the US market have not lived up to the hype, with SoftBank-backed Arm, Klaviyo, and Instacart seeing lukewarm investor response.
  6. Vietnamese unicorn VNG Corporation postponed its listing plans due to the underperformance of these newly-listed shares.
  7. Multiple Southeast Asian companies, such as Funding Societies, Gushcloud International, Sunday, Hotel101 Global, and Ryde, have announced US IPO plans or are considering listing in New York.
  8. Chinese companies waiting for regulatory approval for overseas share offerings, leaving a void in the Asian IPO market.
  9. Indian hotel operator Samhi Hotels’ listing was oversubscribed five times, indicating investor interest.
  10. Hong Kong-based Tuhu Car, Beijing Fourth Paradigm, Neusoft Xikang, and ZX Inc are aiming to raise significant funds on HKEX, signaling potential growth in the Asian IPO market.

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