HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>The successful transformation of biotech into large pharmaceutical enterprises needs to meet three conditions, but many biotech enterprises could actually meet only the requirements of the first two.</li>
<li>If investors cannot understand the basic logic of marketing in China pharmaceutical industry, they would never understand or “anticipate” the future potential collapse of valuation of some companies. </li>
<li>The barriers formed by DS-8201 deserve investors' attention. For those ADC players that are in the range of head-to-head competition with DS-8201, they should at least “revise the story” .</li>
</ul>


The successful transformation of biotech into large pharmaceutical enterprises needs to meet three conditions, but many biotech enterprises could actually meet only the requirements of the first two.
If investors cannot understand the basic logic of marketing in China pharmaceutical industry, they would never understand or “anticipate” the future potential collapse of valuation of some companies. 
The barriers formed by DS-8201 deserve investors' attention. For those ADC players that are in the range of head-to-head competition with DS-8201, they should at least “revise the story” .


China Healthcare Weekly (Mar.10)- Three Conditions to Be Biopharma, Anticipate the Collapse, DS-8201

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>(2821.SZ/6821.HK)/(1177.HK/SBHMY): F-Star cleared CFIUS investigation, suggesting US criteria on China investments (+) </li>
<li>ATAT: Corporate travel demand recover quickly in hotel sector (+)</li>
<li>BILI/1024.HK/Douyin: People's Daily criticizes vulgar internet slangs rampant in short videos. (-/-/-)</li>
</ul>


(2821.SZ/6821.HK)/(1177.HK/SBHMY): F-Star cleared CFIUS investigation, suggesting US criteria on China investments (+) 
ATAT: Corporate travel demand recover quickly in hotel sector (+)
BILI/1024.HK/Douyin: People's Daily criticizes vulgar internet slangs rampant in short videos. (-/-/-)


China TMT Update(Mar.9):ATAT /BILI/1024.HK/Douyin/(2821.SZ/6821.HK)/(1177.HK/SBHMY)

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 3rd 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 GWM (2333 HK), Mengniu Dairy (2319 HK), Sino Biopharmaceutical (1177 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were GWM (2333 HK), Aia (1299 HK), China Mengniu Dairy (2319 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 3rd based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were GWM (2333 HK), Mengniu Dairy (2319 HK), Sino Biopharmaceutical (1177 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were GWM (2333 HK), Aia (1299 HK), China Mengniu Dairy (2319 HK).


Hong Kong Buybacks Weekly (Mar 3rd): Great Wall Motor, China Mengniu Dairy, Sino Biopharmaceutical

Equity Bottom-Up

Hangzhou Tigermed Consulting C / Equity Bottom-Up

<ul>
<li>The centralized procurement of interprovincial dental implants results were released. In our view, most of the profits from the midstream circulation and terminal sales of dental implants will be cleared.</li>
<li>We analyzed some key points of <a href="https://www.smartkarma.com/entities/hangzhou-tigermed-consulting-co-ltd-1008d609-73bd-4d76-8315-b29502a448ff" target="_blank" data-smartkarma-citation="entities:29212:1" rel="noopener">Hangzhou Tigermed Consulting (H) (3347 HK)</a>, <a href="https://www.smartkarma.com/entities/hbm-holdings-limited" target="_blank" data-smartkarma-citation="entities:29717:1" rel="noopener">HBM Holdings Limited (2142 HK)</a>, <a href="https://www.smartkarma.com/entities/brii-biosciences" target="_blank" data-smartkarma-citation="entities:33014:1" rel="noopener">Brii Biosciences (2137 HK) and </a><a href="https://www.smartkarma.com/entities/jacobio-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:29696:1" rel="noopener">Jacobio Pharmaceuticals (1167 HK).</a>
</li>
<li>Many “successful investors” may not realize that their huge returns in the past are mainly due to unexpected capital market exit channel dividends, which is hard to be copied.</li>
</ul>


The centralized procurement of interprovincial dental implants results were released. In our view, most of the profits from the midstream circulation and terminal sales of dental implants will be cleared.
We analyzed some key points of Hangzhou Tigermed Consulting (H) (3347 HK), HBM Holdings Limited (2142 HK), Brii Biosciences (2137 HK) and Jacobio Pharmaceuticals (1167 HK).

Many “successful investors” may not realize that their huge returns in the past are mainly due to unexpected capital market exit channel dividends, which is hard to be copied.


China Healthcare Weekly (Jan.13)- Tigermed, HBM, Brii, Jacobio, Dental Implant, Successful Investors

<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

Hong Kong

Sino Biopharmaceutical Limited, through its subsidiaries, researches, develops, produces, and sells biopharmaceutical products for the medical treatment of ophthalmia, as well as modernized Chinese medicine and chemical medicine for the treatment of hepatitis.

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Sino Biopharmaceutical (1177 HK)

China Healthcare Weekly (Mar.10)- Three Conditions to Be Biopharma, Anticipate the Collapse, DS-8201

Becoming big pharma needs to meet three conditions. If investors can understand the logic of marketing, they may anticipate potential collapse. ADC...

Xinyao (Criss) Wang

China TMT Update(Mar.9):ATAT /BILI/1024.HK/Douyin/(2821.SZ/6821.HK)/(1177.HK/SBHMY)

BILI/1024.HK/Douyin: People's Daily criticizes vulgar internet slangs (-/-/-); ATAT: Corporate travel demand recover(+); (2821.SZ/6821.HK)/(1177.HK...

Blue Lotus Research Institute

Hong Kong Buybacks Weekly (Mar 3rd): Great Wall Motor, China Mengniu Dairy, Sino Biopharmaceutical

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were GWM (2333 HK),...

Ke Yan, CFA, FRM

China Healthcare Weekly (Jan.13)- Tigermed, HBM, Brii, Jacobio, Dental Implant, Successful Investors

Dental implants VBP results were released-Time to say goodbye to high margins. We analyzed key points of Tigermed/HBM/Brii/Jacobio.Core factors of...

Xinyao (Criss) Wang

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

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