In today’s briefing:
- Quiddity Leaderboard CSI 300/500 Jun25: Momentum Turning Positive for This Major Rebal Trade
- China Healthcare Weekly (May.4)-HK Stock Is About to Soar, Mindray’s Trouble,Views on Akeso’s Plunge
- ECM Weekly (5 May 2025) – CATL, Chery, Ather, Drinda, Eco-Shop, Green Tea, DN Sol, Lotte Glo, Hanwha
- Pre-IPO CF PharmTech – The Outlook Is Bleak Due to VBP and Fierce Competition
- Chinese Express: SF, STO Enjoyed Margin Expansion in Q125; YTO, Yunda Saw Margins Contract
Quiddity Leaderboard CSI 300/500 Jun25: Momentum Turning Positive for This Major Rebal Trade
- CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.
- In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in June 2025.
- We expect 6 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index during this index review based on the latest available data.
China Healthcare Weekly (May.4)-HK Stock Is About to Soar, Mindray’s Trouble,Views on Akeso’s Plunge
- The HKD hit its upper limit of 7.75/USD. Capital inflows are expected post–Labor Day, likely boosting Hong Kong stock prices.
- Mindray faces headwinds. A turnaround may come in 25Q3–Q4, but the market seeks a new growth story. A 20–25x TTM P/E reflects fair value, not undervaluation.
- Akeso’s high valuation leans on HARMONi-3 and HARMONi 7 over HARMONi-2. Final OS data raises concerns, as MRCT is challenging and the safety margin is lower than expected.
ECM Weekly (5 May 2025) – CATL, Chery, Ather, Drinda, Eco-Shop, Green Tea, DN Sol, Lotte Glo, Hanwha
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, Contemporary Amperex Technology (CATL) (300750 CH) is said to be gearing up for an IPO launch this month, as per media reports.
- On the placements front, Hanwha Ocean (042660 KS) was the only sizable placement over the past week that we covered.
Pre-IPO CF PharmTech – The Outlook Is Bleak Due to VBP and Fierce Competition
- Unlike most biotech companies in Hong Kong which focus on innovative drugs, CF PharmTech mainly produces generic drugs. Its revenue mainly comes from CF017, with high single product risk.
- The pipelines have to face fierce competition and don’t have advantage in R&D progress in from of competing candidates. CF PharmTech is hard to generate decent profits due to VBP.
- Since its establishment, CF PharmTech has raised its valuation step by step through multiple rounds of capital increase and equity transfer.Valuation was RMB4.021 billion in 2022, which is already high.
Chinese Express: SF, STO Enjoyed Margin Expansion in Q125; YTO, Yunda Saw Margins Contract
- SF Hldg had slowest Q125 revenue growth among China-listed express companies, STO fastest
- Only these two express firms reported margin expansion in Q125 — how’d they do it?
- Q125 results suggest two very different paths toward improved express profitability
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