Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>BeiGene has received FDA approved for Tevimbra for the first-line treatment of certain types of gastric cancers. Innovent announced a collaboration and exclusive license agreement with Roche for an ADC.</li>
<li>CSPC Pharmaceutical got clinical trial approval in China for Leuprorelin extended-release Injection. Sichuan Kelun-Biotech received China approval for tagitanlimab in nasopharyngeal cancer.</li>
<li>Hutchmed China is divesting its 45% equity interest in joint venture for $608M. Yuhan Corp has received European approval for its lung cancer drug Leclaza.</li>
</ul>


BeiGene has received FDA approved for Tevimbra for the first-line treatment of certain types of gastric cancers. Innovent announced a collaboration and exclusive license agreement with Roche for an ADC.
CSPC Pharmaceutical got clinical trial approval in China for Leuprorelin extended-release Injection. Sichuan Kelun-Biotech received China approval for tagitanlimab in nasopharyngeal cancer.
Hutchmed China is divesting its 45% equity interest in joint venture for $608M. Yuhan Corp has received European approval for its lung cancer drug Leclaza.


APAC Healthcare Weekly (Jan 5)- Beigene, Innovent Biologics, CSPC Pharma, Hutchmed, Yuhan, Lupin

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene</a> and <a href="https://www.smartkarma.com/entities/zto-express-cayman-inc" target="_blank" data-smartkarma-citation="entities:33488:1" rel="noopener">ZTO Express Cayman</a> are potential inclusions for the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index</a> in March while <a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical</a> and <a href="https://www.smartkarma.com/entities/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning</a> are potential deletions.</li>
<li>There is a lower probability of <a href="https://www.smartkarma.com/entities/yum-china-holdings-inc-0533692c-6dae-4014-baa1-ed0b050638f2" target="_blank" data-smartkarma-citation="entities:29259:1" rel="noopener">Yum China Holdings (9987 HK)</a> replacing <a href="https://www.smartkarma.com/entities/sunny-optical-technology-group" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical Technology Group (2382 HK)</a> in the index in March.</li>
<li>There could be a few more index inclusions for <a href="https://www.smartkarma.com/entities/zto-express-cayman-inc" target="_blank" data-smartkarma-citation="entities:33488:1" rel="noopener">ZTO Express Cayman</a> in March and the stock could outperform its peers over the next few months.</li>
</ul>



BeiGene and ZTO Express Cayman are potential inclusions for the Hang Seng China Enterprises Index in March while Sino Biopharmaceutical and Li Ning are potential deletions.
There is a lower probability of Yum China Holdings (9987 HK) replacing Sunny Optical Technology Group (2382 HK) in the index in March.
There could be a few more index inclusions for ZTO Express Cayman in March and the stock could outperform its peers over the next few months.


HSCEI Index Rebalance Preview: Increase in Velocity Could Lead to 3 Changes in March

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Duality Biotherapeutics / Equity Capital Markets

<ul>
<li>Founder Zhu Zhongyuan is a key figure in biotech landscape.So, when Duality first started its entrepreneurial financing, the process was smooth and the starting point of Duality was not low.</li>
<li>The R&amp;D progress of Duality’s pipelines is slower than competing candidates, so they would be in a passive position after market launch. So, Duality’s valuation would be lower than Kelun Bio.</li>
<li>Duality’s pipeline still has “good stories” to tell. There’s a chance its valuation could be higher than RemeGen, whose business model/investment logic have been falsified due to weak sales data.</li>
</ul>


Founder Zhu Zhongyuan is a key figure in biotech landscape.So, when Duality first started its entrepreneurial financing, the process was smooth and the starting point of Duality was not low.
The R&amp;D progress of Duality’s pipelines is slower than competing candidates, so they would be in a passive position after market launch. So, Duality’s valuation would be lower than Kelun Bio.
Duality’s pipeline still has “good stories” to tell. There’s a chance its valuation could be higher than RemeGen, whose business model/investment logic have been falsified due to weak sales data.


Pre-IPO Duality Biotherapeutics - Has the Potential to Surpass RemeGen

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 analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 100.8% as of Dec 20th.</li>
<li>The average A-H premium changed by 0.3ppt week-on-week, led by health care, financials, information technology and offset by real estate, consumer staples, industrials.</li>
<li>We highlight weekly changes in A-H premium for BeiGene, Chalco, ZOOMLION, MA STEEL, ZTE, CCCC.</li>
</ul>


We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 100.8% as of Dec 20th.
The average A-H premium changed by 0.3ppt week-on-week, led by health care, financials, information technology and offset by real estate, consumer staples, industrials.
We highlight weekly changes in A-H premium for BeiGene, Chalco, ZOOMLION, MA STEEL, ZTE, CCCC.


A-H Premium Weekly (Dec 20th):BeiGene, Chalco, ZOOMLION, MA STEEL, ZTE, CCCC

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The new article on <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> from TV Tokyo is causing a dip on top of last week's weakness. This is a dip to buy.</li>
<li>
<a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>'s Offer is now open for tendering. Ignore the rumours. Zhang Wei will tender. Expect payment before Chinese New Year. </li>
<li>Accounting solely for the pre-IPO investors, 164.6m shares (US$1.9bn) in <a href="https://www.smartkarma.com/entities/ubtech-robotics-limited" target="_blank" data-smartkarma-citation="entities:36469:1" rel="noopener">UBTech Robotics (9880 HK)</a> will be unlocked, ~39.2% of the firm’s total shares outstanding, and 91 days of three-month ADV.</li>
</ul>


The new article on Seven &amp; I Holdings (3382 JP) from TV Tokyo is causing a dip on top of last week's weakness. This is a dip to buy.

CPMC Holdings (906 HK)'s Offer is now open for tendering. Ignore the rumours. Zhang Wei will tender. Expect payment before Chinese New Year. 
Accounting solely for the pre-IPO investors, 164.6m shares (US$1.9bn) in UBTech Robotics (9880 HK) will be unlocked, ~39.2% of the firm’s total shares outstanding, and 91 days of three-month ADV.


Last Week In Event SPACE: Seven & I, CPMC, UBTech Robotics, Macromill, 2024 Best-Of

China

BeiGene, Ltd. operates as a commercial stage biopharmaceutical company. The Company focuses on discovery, development, and commercialization of molecularly targeted and immuno-oncology drugs for the treatment of cancer. BeiGene serves patients worldwide.

Price Gauge
52-week Range	0.00 - 0.00
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BeiGene (6160 HK)

APAC Healthcare Weekly (Jan 5)- Beigene, Innovent Biologics, CSPC Pharma, Hutchmed, Yuhan, Lupin

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

HSCEI Index Rebalance Preview: Increase in Velocity Could Lead to 3 Changes in March

There could be up to 3 changes for the HSCEI in March. Estimated one-way turnover is 5.24% resulting in a round-trip trade of HK$5,276m (US$680m)....

Brian Freitas

Pre-IPO Duality Biotherapeutics - Has the Potential to Surpass RemeGen

Founder Zhu Zhongyuan's role in biotech landscape helped Duality secure a high starting point, but slower R&D progress is a concern.Potential for...

Xinyao (Criss) Wang

A-H Premium Weekly (Dec 20th):BeiGene, Chalco, ZOOMLION, MA STEEL, ZTE, CCCC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for BeiGene, Chalco, ZOOMLION, MA STEEL, ZTE, CCCC.

Ke Yan, CFA, FRM

Last Week In Event SPACE: Seven & I, CPMC, UBTech Robotics, Macromill, 2024 Best-Of

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

APAC Healthcare Weekly (Jan 5)- Beigene, Innovent Biologics, CSPC Pharma, Hutchmed, Yuhan, Lupin

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

HSCEI Index Rebalance Preview: Increase in Velocity Could Lead to 3 Changes in March

There could be up to 3 changes for the HSCEI in March. Estimated one-way turnover is 5.24% resulting in a round-trip trade of HK$5,276m (US$680m)....

Brian Freitas

Pre-IPO Duality Biotherapeutics - Has the Potential to Surpass RemeGen

​Founder Zhu Zhongyuan's role in biotech landscape helped Duality secure a high starting point, but slower R&D progress is a concern.Potential for...

Xinyao (Criss) Wang

A-H Premium Weekly (Dec 20th):BeiGene, Chalco, ZOOMLION, MA STEEL, ZTE, CCCC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for BeiGene, Chalco, ZOOMLION, MA STEEL, ZTE, CCCC.

Ke Yan, CFA, FRM

Last Week In Event SPACE: Seven & I, CPMC, UBTech Robotics, Macromill, 2024 Best-Of

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Founder Zhu Zhongyuan's role in biotech landscape helped Duality secure a high starting point, but slower R&D progress is a concern.Potential for...