Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Simcere Pharmaceutical Group / Equity Bottom-Up

Simcere Pharmaceutical Group manufactures and supplies branded generic pharmaceuticals to the China market. The Company's products include antibiotics, anti-cancer medications and anti-stroke medications.

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<li>
<a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical Group (2096 HK)</a> entered into a license agreement with Vigonvita Life Science Co. Ltd in respect of new indications (RSV and HMPV) of VV116 (Deuterated Remdesivir Hydrobromide).</li>
<li>There is no innovative small molecule antiviral drug approved for RSV infection globally. The development of effective RSV treatment represents a huge unmet medical need worldwide.</li>
<li>The licensing deals signed over the last few months alongside strong innovative drug portfolio, approvals and strong future pipeline makes it a bullish case.</li>
</ul>



Simcere Pharmaceutical Group (2096 HK) entered into a license agreement with Vigonvita Life Science Co. Ltd in respect of new indications (RSV and HMPV) of VV116 (Deuterated Remdesivir Hydrobromide).
There is no innovative small molecule antiviral drug approved for RSV infection globally. The development of effective RSV treatment represents a huge unmet medical need worldwide.
The licensing deals signed over the last few months alongside strong innovative drug portfolio, approvals and strong future pipeline makes it a bullish case.


Simcere Pharma (2096 HK): Agreement With Vigonvita Positive, Pipeline and Approvals Key Strength

Equity Capital Markets

CSPC Innovation Pharmaceutical-A / Equity Capital Markets

CSPC Innovation Pharmaceutical Co.,Ltd. manufactures bulk pharmaceutical chemical products. The Company develops and markets diprophylline, theobromine, pentoxifylline, doxofylline, psychotropic drugs, and other products. CSPC Innovation Pharmaceutical also produces vitamin products, functional foods, and other products.

CSPC Innovation Pharmaceutical-A (300765 CH)

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<li>
<a href="https://www.smartkarma.com/entities/cspc-innovation-pharmaceutical-a" target="_blank" data-smartkarma-citation="entities:29829:1" rel="noopener">CSPC Innovation Pharmaceutical-A (300765 CH)</a> has applied for H share listing on the Hong Kong Stock Exchange, with CITIC Securities being the sole sponsor to the issue.</li>
<li>The company intends to raise fund for financing biopharmaceuticals R&amp;D, acquisitions of companies or drug assets to expand product portfolio, and commercialization of approved products and late-stage product candidates.</li>
<li>CSPC Innovation shares have been listed in China since 2019. After strong run-up from September 2023 to June 2025 (shares jumped 5x), shares fell 43% over the last six months.</li>
</ul>



CSPC Innovation Pharmaceutical-A (300765 CH) has applied for H share listing on the Hong Kong Stock Exchange, with CITIC Securities being the sole sponsor to the issue.
The company intends to raise fund for financing biopharmaceuticals R&amp;D, acquisitions of companies or drug assets to expand product portfolio, and commercialization of approved products and late-stage product candidates.
CSPC Innovation shares have been listed in China since 2019. After strong run-up from September 2023 to June 2025 (shares jumped 5x), shares fell 43% over the last six months.


CSPC Innovation (300765 CH) A/H Listing: Shifting Focus to Biopharma Augurs Well

BenQ BM Holding Cayman Corp. / Equity Capital Markets

BenQ BM Holding Cayman Corp., a subsidiary of Qisda Group, listing in Hong Kong.

<ul>
<li>BenQ BM launched its Hongkong IPO aiming to raise up to HK$783M. The company plans to sell 67M shares at a price band of HK$ 9.34-HK$ 11.68 per share.</li>
<li>Proceeds to be used for expansion and upgradation of existing hospitals, for mergers and acquisitions opportunities and for general corporate purposes and working capital needs.</li>
<li>Amid sluggish sales and margin pressure, we think that the BenQ BM issue is overvalued and investors can comfortably avoid subscribing to the offer.</li>
</ul>


BenQ BM launched its Hongkong IPO aiming to raise up to HK$783M. The company plans to sell 67M shares at a price band of HK$ 9.34-HK$ 11.68 per share.
Proceeds to be used for expansion and upgradation of existing hospitals, for mergers and acquisitions opportunities and for general corporate purposes and working capital needs.
Amid sluggish sales and margin pressure, we think that the BenQ BM issue is overvalued and investors can comfortably avoid subscribing to the offer.


BenQ BM IPO: Competition Driven Sluggishness, Margin Pressure Make the Issue Unattractive

Thematic (Sector/Industry)

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<li>China has published 2025 National Reimbursement Drug List, which will be officially implemented nationwide on January 1, 2026. The list added 114 new drugs, including 50 Class 1 innovative drugs.</li>
<li>Fosun Pharmaceutical subsidiary inked exclusive global collaboration and license agreement with Pfizer for weight loss drug candidate YP05002. SanBio obtained partial change approval to the marketing authorization for Akuugo.</li>
<li>PeptiDream achieved milestone of nominating a clinical development candidate from collaboration program with Asahi Kasei. Zydus Lifesciences entered strategic partnership with Formycon for exclusive licensing and supply of Keytruda biosimilar.</li>
</ul>


China has published 2025 National Reimbursement Drug List, which will be officially implemented nationwide on January 1, 2026. The list added 114 new drugs, including 50 Class 1 innovative drugs.
Fosun Pharmaceutical subsidiary inked exclusive global collaboration and license agreement with Pfizer for weight loss drug candidate YP05002. SanBio obtained partial change approval to the marketing authorization for Akuugo.
PeptiDream achieved milestone of nominating a clinical development candidate from collaboration program with Asahi Kasei. Zydus Lifesciences entered strategic partnership with Formycon for exclusive licensing and supply of Keytruda biosimilar.


APAC Healthcare Weekly (December 14) – China NRDL, Fosun Pharma, SanBio, Peptidream, Zydus Life

Celltrion Inc. produces and sells biosimilar products and also provides consignm ent processing service for other companies.  The Company's main product is Abata cept which is for arthritis treatment

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<li>
<a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> has reported 3Q25 result, with double-digit YoY growth in key parameters. Key parameters also improved sequentially. Stellar 3Q performance was powered by high-margin young products.</li>
<li>In 4Q25, Celltrion is expected to achieve sequential revenue growth of at least 30%, the COGS ratio in the mid- 30% range, and the operating profit margin improving to 40%.</li>
<li>Stable revenue from mature products and rapid growth from newly launched products should drive topline growth. With the merger effect ending in 3Q25, profitability should improve in 4Q.</li>
</ul>



Celltrion Inc (068270 KS) has reported 3Q25 result, with double-digit YoY growth in key parameters. Key parameters also improved sequentially. Stellar 3Q performance was powered by high-margin young products.
In 4Q25, Celltrion is expected to achieve sequential revenue growth of at least 30%, the COGS ratio in the mid- 30% range, and the operating profit margin improving to 40%.
Stable revenue from mature products and rapid growth from newly launched products should drive topline growth. With the merger effect ending in 3Q25, profitability should improve in 4Q.


Celltrion (068270 KS): Stellar 3Q Result; Poised for Accelerated Growth on Expanding Portfolio

Equity research analyst having 15+ years of experience, with an interest on fundamentally strong global healthcare companies. I have been helping investors to find future winners in healthcare space to grow their wealth by focusing on the strength and potential of the business models of the companies. My initiating coverage reports and pitch help investors to know ‘what to buy’, ‘why to buy’, and ‘when to buy’. My clients always remain on top of the sector with the help of my timely and detailed notes on earnings or any news update. I also provide broader view on the entire healthcare sector through periodic thematic reports.

Tina Banerjee
Global Healthcare Analyst

Simcere Pharma (2096 HK): Agreement With Vigonvita Positive, Pipeline and Approvals Key Strength

The licensing deals signed over the last few months along side strong innovative drug portfolio, approvals and strong future pipeline augurs well...

Tina Banerjee

CSPC Innovation (300765 CH) A/H Listing: Shifting Focus to Biopharma Augurs Well

CSPC Innovation has applied for H share listing. The company intends to raise fund for financing biopharmaceuticals R&D, acquisition, and...

Tina Banerjee

BenQ BM IPO: Competition Driven Sluggishness, Margin Pressure Make the Issue Unattractive

BenQ BM launches Hong Kong IPO to raise up to HK$783M, but amid sales and margin concerns, investors may want to steer clear of the overvalued offer.

Tina Banerjee

APAC Healthcare Weekly (December 14) – China NRDL, Fosun Pharma, SanBio, Peptidream, Zydus Life

China published 2025 NRDL, adding 114 new drugs. Fosun Pharma inked outlicensing deal with Pfizer for obesity drug candidate. PeptiDream achieved...

Tina Banerjee

Celltrion (068270 KS): Stellar 3Q Result; Poised for Accelerated Growth on Expanding Portfolio

Celltrion reported YoY and sequential growth in all key parameters in 3Q powered by high-margin new products. In 4Q25, Celltrion is expected to...

Tina Banerjee

Simcere Pharma (2096 HK): Agreement With Vigonvita Positive, Pipeline and Approvals Key Strength

The licensing deals signed over the last few months along side strong innovative drug portfolio, approvals and strong future pipeline augurs well...

Tina Banerjee

CSPC Innovation (300765 CH) A/H Listing: Shifting Focus to Biopharma Augurs Well

CSPC Innovation has applied for H share listing. The company intends to raise fund for financing biopharmaceuticals R&D, acquisition, and...

Tina Banerjee

BenQ BM IPO: Competition Driven Sluggishness, Margin Pressure Make the Issue Unattractive

​BenQ BM launches Hong Kong IPO to raise up to HK$783M, but amid sales and margin concerns, investors may want to steer clear of the overvalued offer.

Tina Banerjee

APAC Healthcare Weekly (December 14) – China NRDL, Fosun Pharma, SanBio, Peptidream, Zydus Life

China published 2025 NRDL, adding 114 new drugs. Fosun Pharma inked outlicensing deal with Pfizer for obesity drug candidate. PeptiDream achieved...

Tina Banerjee

Celltrion (068270 KS): Stellar 3Q Result; Poised for Accelerated Growth on Expanding Portfolio

Celltrion reported YoY and sequential growth in all key parameters in 3Q powered by high-margin new products. In 4Q25, Celltrion is expected to...

Tina Banerjee

BenQ BM launches Hong Kong IPO to raise up to HK$783M, but amid sales and margin concerns, investors may want to steer clear of the overvalued offer.