HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Hangzhou Jiuyuan Gene Engineering / Equity Capital Markets

<ul>
<li>Based on current performance, Jiuyuan has lost growth momentum, showing signs of stagnant growth. The main reason is VBP. So far, Jiouting, Yinuojia, Jifuwei have been included in VBP.</li>
<li>Guyoudao is facing competitive pressure from both domestic and international competitors and could be finally included in VBP. JY29-2 is the next blockbuster product, but the prospects are not clear.</li>
<li>Jiuyuan’s market value is expected to be higher than Qyuns. Future valuation performance will depend on the progress of JY29-2 and the overall market situation of GLP-1s at that time</li>
</ul>


Based on current performance, Jiuyuan has lost growth momentum, showing signs of stagnant growth. The main reason is VBP. So far, Jiouting, Yinuojia, Jifuwei have been included in VBP.
Guyoudao is facing competitive pressure from both domestic and international competitors and could be finally included in VBP. JY29-2 is the next blockbuster product, but the prospects are not clear.
Jiuyuan’s market value is expected to be higher than Qyuns. Future valuation performance will depend on the progress of JY29-2 and the overall market situation of GLP-1s at that time


Pre-IPO Hangzhou Jiuyuan Gene Engineering (PHIP Updates) - The Future Prospects Are Not Optimistic

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND had a small up week in 28% lower gross week on week. SOUTHBOUND activity is now the lowest in many weeks, not keeping up with mainland volumes.</li>
<li>ETFs were net sold, and high-div SOEs (China Mobile, CNOOC) were sold yet again. BABA, Xiaomi, Tencent, GCL were bought. </li>
<li>The buying of tech continues. I expect this to last for a while.</li>
</ul>


SOUTHBOUND had a small up week in 28% lower gross week on week. SOUTHBOUND activity is now the lowest in many weeks, not keeping up with mainland volumes.
ETFs were net sold, and high-div SOEs (China Mobile, CNOOC) were sold yet again. BABA, Xiaomi, Tencent, GCL were bought. 
The buying of tech continues. I expect this to last for a while.


HK Connect SOUTHBOUND Flows (To 1 Nov 2024); High-Div SOEs Sold, Tech Bought

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 the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows into Alibaba, Xiaomi, SMIC, Geely, CCB and outflows from Meituan.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into Alibaba, Xiaomi, SMIC, Geely, CCB and outflows from Meituan.


Hong Kong Connect Flows (October): $12 Bn Inflows

Thematic (Sector/Industry)

<ul>
<li>China healthcare can be mainly divided into the following segments: pharmaceuticals, medical devices, medical services, To B Supply Chain. Investment logic and business characteristics in these fields are completely different.</li>
<li>“High standardization+low dependence on doctors” help pharmaceuticals gain a more favorable commercial value than medical devices in distribution process. Profit margin/cross-regional expansion capability of medical services have always been questioned.</li>
<li>The business characteristics of “To B supply chain” indicate strong cyclical characteristics due to supply rigidity and demand fluctuations, which are easily affected by changes in demand trends.</li>
</ul>


China healthcare can be mainly divided into the following segments: pharmaceuticals, medical devices, medical services, To B Supply Chain. Investment logic and business characteristics in these fields are completely different.
“High standardization+low dependence on doctors” help pharmaceuticals gain a more favorable commercial value than medical devices in distribution process. Profit margin/cross-regional expansion capability of medical services have always been questioned.
The business characteristics of “To B supply chain” indicate strong cyclical characteristics due to supply rigidity and demand fluctuations, which are easily affected by changes in demand trends.


The “Game Rule” of China Healthcare - Pharmaceuticals Vs Medical Devices Vs Medical Services

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Restaurants / In Depth: China’s restaurant chains may be biting off more than they can chew overseas</li><li>BRICS /: Caixin Explains: How BRICS has expanded</li><li>Babies /: China seeks a baby boom with a raft of family-friendly measures</li></ul>

Restaurants / In Depth: China’s restaurant chains may be biting off more than they can chew overseasBRICS /: Caixin Explains: How BRICS has expandedBabies /: China seeks a baby boom with a raft of family-friendly measures

CX Daily: China’s Restaurant Chains May Be Biting Off More Than They Can Chew Overseas 

China

Innovent Biologics, Inc. operates as a biopharmaceutical company. The Company develops, manufactures, and distributes monoclonal antibody drug candidates for the treatment of oncology, ophthalmology, autoimmune, cardiovascular, and other diseases. Innovent Biologics serves customers in China.

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Innovent Biologics Inc (1801 HK)

Pre-IPO Hangzhou Jiuyuan Gene Engineering (PHIP Updates) - The Future Prospects Are Not Optimistic

Jiuyuan's growth momentum is stalling due to VBP. Guyoudao and JY29-2 face competition and uncertainty. Market value may surpass Qyuns. Future...

Xinyao (Criss) Wang

HK Connect SOUTHBOUND Flows (To 1 Nov 2024); High-Div SOEs Sold, Tech Bought

SOUTHBOUND was a net buyer, again. Volumes were lower. High-div SOEs - so well bought in the early part of the year - are being liquidated in...

Travis Lundy

Hong Kong Connect Flows (October): $12 Bn Inflows

We analyzed the Hong Kong Connect Scheme for October and highlighted flows for Alibaba, Xiaomi, SMIC, Geely, CCB, and Meituan.

Ke Yan, CFA, FRM

The “Game Rule” of China Healthcare - Pharmaceuticals Vs Medical Devices Vs Medical Services

China healthcare has distinct segments with different investment logic/characteristics.The pecking order is drugs>medical device>medical...

Xinyao (Criss) Wang

CX Daily: China’s Restaurant Chains May Be Biting Off More Than They Can Chew Overseas

Restaurants / In Depth: China’s restaurant chains may be biting off more than they can chew overseas With competition at home squeezing profits, a...

Caixin Global

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Pre-IPO Hangzhou Jiuyuan Gene Engineering (PHIP Updates) - The Future Prospects Are Not Optimistic

​Jiuyuan's growth momentum is stalling due to VBP. Guyoudao and JY29-2 face competition and uncertainty. Market value may surpass Qyuns. Future...

Xinyao (Criss) Wang

HK Connect SOUTHBOUND Flows (To 1 Nov 2024); High-Div SOEs Sold, Tech Bought

SOUTHBOUND was a net buyer, again. Volumes were lower. High-div SOEs - so well bought in the early part of the year - are being liquidated in...

Travis Lundy

Hong Kong Connect Flows (October): $12 Bn Inflows

We analyzed the Hong Kong Connect Scheme for October and highlighted flows for Alibaba, Xiaomi, SMIC, Geely, CCB, and Meituan.

Ke Yan, CFA, FRM

The “Game Rule” of China Healthcare - Pharmaceuticals Vs Medical Devices Vs Medical Services

​China healthcare has distinct segments with different investment logic/characteristics.The pecking order is drugs>medical device>medical...

Xinyao (Criss) Wang

CX Daily: China’s Restaurant Chains May Be Biting Off More Than They Can Chew Overseas

Restaurants / In Depth: China’s restaurant chains may be biting off more than they can chew overseas With competition at home squeezing profits, a...

Caixin Global

Jiuyuan's growth momentum is stalling due to VBP. Guyoudao and JY29-2 face competition and uncertainty. Market value may surpass Qyuns. Future...

China healthcare has distinct segments with different investment logic/characteristics.The pecking order is drugs>medical device>medical...