In today’s briefing:
- CICC/ Dongxing Sec/ Cinda Sec Merger: Index Flows Next Week & More Later
- Perfect Medical Revisited: What Worked, What Did Not, and What 9x Earnings Means Today
- Sirnaomics Ltd: Every Approved SiRNA Drug Works in the Liver. This One Was Injected Into Skin Cancer
- Aequitas: GenFleet Therapeutics IPO Lockup – Over 50% Is Owned by Pre-IPO Investors, CCASS Movement
- InSilico Medicine (3696 HK): Pipeline Is Progressing; 1H Sales Jump 4x on BD Deals; Turns Profitable
- Uncovered Thai Stocks: PHG (2Q26)
- Ionis Won The FDA Battle—But Its Real Billion-Dollar Test Is Just Beginning!
CICC/ Dongxing Sec/ Cinda Sec Merger: Index Flows Next Week & More Later
- Dongxing Securities (601198 CH) and Cinda Securities (601059 CH) shares will stop trading after 14 September following the merger with China International Capital (601995 CH).
- There will be buying in China International Capital (601995 CH) from global index trackers at the close on Monday.
- There will be additions and other flows for the CSI 300 Index, CSI 500 Index and the CSI 1000 Index at the time of delisting of Dongxing Securities and Cinda Securities.
Perfect Medical Revisited: What Worked, What Did Not, and What 9x Earnings Means Today
- Our 2020 thesis correctly identified Perfect Medical’s cash generation and management discipline, but underestimated how narrow and execution-dependent its moat was.
- The full financial history shows resilience rather than compounding: overseas expansion disappointed, margins compressed sharply, and competitive pressure remained persistent.
- At roughly 9x FY03/2026 earnings with an 11% trailing dividend yield, the stock is interesting again – but the thesis is now stabilization and cash return.
Sirnaomics Ltd: Every Approved SiRNA Drug Works in the Liver. This One Was Injected Into Skin Cancer
- VASRO GmbH has initiated coverage of Sirnaomics Ltd. (HKEX: 2257) with a BUY recommendation and a target price of HK$7.07 per share.
- Sirnaomics develops siRNA medicines, drugs that silence a disease-causing gene before it is turned into protein. The hard part is delivery, and beyond the liver very few groups can do it. The company owns two platforms: PNP, which it places among the world’s few extra-hepatic siRNA delivery systems with clinically proven safety, and GalAhead, which it describes as the only programmable RNAi platform for dosing intervals in global clinical development. Four programmes are in human trials, a fifth is IND-ready, and the company holds global rights across them.
- The five years since listing were costly. Accumulated losses reached US$536.8m, spending was cut from US$91.8m in 2022 to US$15.3m in 2025, and headcount fell from 225 to 37. The audit opinion is qualified and going concern is flagged.
Aequitas: GenFleet Therapeutics IPO Lockup – Over 50% Is Owned by Pre-IPO Investors, CCASS Movement
- Genfleet Therapeutics (2595 HK) (GFT) raised around US$240m in its Hong Kong IPO in September 2025. The lockup on its pre-IPO investors is set to expire soon.
- GFT is a biopharmaceutical company focused on developing novel treatment options in the fields of oncology.
- In this note, we will talk about the lockup dynamics and possible placement.
InSilico Medicine (3696 HK): Pipeline Is Progressing; 1H Sales Jump 4x on BD Deals; Turns Profitable
- Insilico Medicine (3696 HK)‘s lead asset rentosertib has demonstrated potential for biological age reversal. Data from Phase 2a trial shows 3–4 years reversal in biological age.
- Recently, the company has announced 1H26 result, with revenue increasing 287% YoY to $106M, and achieved its first profitable half-year since listing, with an adjusted net profit of $36M.
- Execution of additional strategic collaborations to maximize the application and commercial opportunity of Pharma.AI platform will be the near-term catalyst.
Uncovered Thai Stocks: PHG (2Q26)
- Looking at the balance sheet, the company has very good access to capital to fund growth
- The company is very good at generating consistently positive operating cash flow
- The efficiency is very good when looking at the growth in sales relative to the growth in assets
Ionis Won The FDA Battle—But Its Real Billion-Dollar Test Is Just Beginning!
- Ionis Pharmaceuticals has added another major regulatory win to its growing list of RNA-based medicines, with the FDA approving Zanvastro for adults and children with Alexander disease, a devastating neurological disorder that previously had no disease-modifying treatment.
- The approval is medically significant, but the muted stock reaction highlights an important divide between scientific achievement and commercial impact.
- Alexander disease affects an exceptionally small population, limiting Zanvastro’s likely revenue contribution even if adoption is strong.
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