HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Sino Biopharmaceutical / Equity Bottom-Up

<ul>
<li>We analyzed the business performance and short-term catalyst for <a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical (1177 HK),</a> and investors could decide whether to take advantage of it or not.</li>
<li>We also analyzed the concerns about the Company as well as our insights on the valuation of biopharmaceutical companies.</li>
<li>Based on our analysis, we are conservative about the Company’s outlook at the current stage.</li>
</ul>


We analyzed the business performance and short-term catalyst for Sino Biopharmaceutical (1177 HK), and investors could decide whether to take advantage of it or not.
We also analyzed the concerns about the Company as well as our insights on the valuation of biopharmaceutical companies.
Based on our analysis, we are conservative about the Company’s outlook at the current stage.


Sino Biopharmaceutical (1177.HK) - The Business, The Concerns, The Insights on Biopharma Valuation

On June 25, 2021, “something strange” happened to <a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a>. Its share price fell 16.61% in one day, closing at HK$10.14/share, and the market value decreased about HK$5 billion. On Monday, June 28, 2021, its share price continued to decline to HK$9.79/share. No matter which institutions reduced holdings, in fact, 3SBio's future performance still depends on the Company's fundamentals and business outlook. So, this insight mainly analyzed the important products, the pipeline and the concerns of 3SBio.

On June 25, 2021, “something strange” happened to 3SBio Inc (1530 HK). Its share price fell 16.61% in one day, closing at HK$10.14/share, and the market value decreased about HK$5 billion. On Monday, June 28, 2021, its share price continued to decline to HK$9.79/share. No matter which institutions reduced holdings, in fact, 3SBio's future performance still depends on the Company's fundamentals and business outlook. So, this insight mainly analyzed the important products, the pipeline and the concerns of 3SBio.

3SBio Inc (1530.HK) - The Concerns and the Outlook

Thematic (Sector/Industry)

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Industry Report - Insights on Hair Loss Prevention and Hair Growth Industry

Equity Capital Markets

Clover Biopharmaceuticals / Equity Capital Markets

On April 23, 2021, <a href="https://www.smartkarma.com/entities/clover-biopharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:33029:1" rel="noopener">Clover Biopharmaceuticals (CBL HK)</a> filed a prospectus with the Hong Kong Stock Exchange in preparation for a listing in Hong Kong. Since the beginning of the 21st century, with the continuous emergence of innovative biotechnology enterprises in China, many research-based type of entrepreneurs have started their own businesses, such as Wang Xiaodong from <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene Ltd (6160 HK)</a>, Yu Dechao from <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, Du Ying from <a href="https://www.smartkarma.com/entities/zai-lab-ltd" target="_blank" data-smartkarma-citation="entities:25877:1" rel="noopener">Zai Lab Ltd (ZLAB US)</a>, etc. Liang Peng, the Founder of Clover Biopharmaceutical, also has an impressive background. He founded the Company in Chengdu in 2007 with his exclusive Trimer-Tag technology platform. The other core members of the Company include China's top pharmaceutical “think tank” such as Dr. Xiaodong Wang and Dr. Jianwei Zhu. So, are there any other highlights besides the outstanding team? This insight mainly analyzed the core technology platform and the core product candidates in the pipeline.

On April 23, 2021, Clover Biopharmaceuticals (CBL HK) filed a prospectus with the Hong Kong Stock Exchange in preparation for a listing in Hong Kong. Since the beginning of the 21st century, with the continuous emergence of innovative biotechnology enterprises in China, many research-based type of entrepreneurs have started their own businesses, such as Wang Xiaodong from BeiGene Ltd (6160 HK), Yu Dechao from Innovent Biologics Inc (1801 HK), Du Ying from Zai Lab Ltd (ZLAB US), etc. Liang Peng, the Founder of Clover Biopharmaceutical, also has an impressive background. He founded the Company in Chengdu in 2007 with his exclusive Trimer-Tag technology platform. The other core members of the Company include China's top pharmaceutical “think tank” such as Dr. Xiaodong Wang and Dr. Jianwei Zhu. So, are there any other highlights besides the outstanding team? This insight mainly analyzed the core technology platform and the core product candidates in the pipeline.

Pre-IPO Clover Biopharmaceuticals - Insights on the Core Technology and Product Candidates

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.

Edding Group, a leading integrated pharmaceutical company in China, plans to raise up to USD 200m via a Hong Kong listing.In our previous note, we discussed that the company is turning from a distributor of NMC drugs to a pharmaceutical company by acquiring product rights in the past two years. We are of the view that the Vancocin and Ceclor are the selling point of the company as they both have a dominant position in the respective segment and are in growing markets. The company's Vascepa is an interesting CVD product but the competition is intense given that the statin is the main therapy to reduce CV risks and it has many varieties with a competitive market. However, we do not see Mulpleta and EPD 125 attractive. Sales of Mulpleta are very small in Japan and the EDP125 was suspended by Eli Lilly previously given that it failed to demonstrate superiority in Phase II/III clinical trials. We think the management does not possess impressive working experience, though investor backing is strong.The strong line-up of pre-IPO investors prompted us to do further research in the company. In this note, we will be looking at the company's financials. We highlight key points from its financials and the contractual arrangement. We also note issues with its related party.

Edding Group, a leading integrated pharmaceutical company in China, plans to raise up to USD 200m via a Hong Kong listing.In our previous note, we discussed that the company is turning from a distributor of NMC drugs to a pharmaceutical company by acquiring product rights in the past two years. We are of the view that the Vancocin and Ceclor are the selling point of the company as they both have a dominant position in the respective segment and are in growing markets. The company's Vascepa is an interesting CVD product but the competition is intense given that the statin is the main therapy to reduce CV risks and it has many varieties with a competitive market. However, we do not see Mulpleta and EPD 125 attractive. Sales of Mulpleta are very small in Japan and the EDP125 was suspended by Eli Lilly previously given that it failed to demonstrate superiority in Phase II/III clinical trials. We think the management does not possess impressive working experience, though investor backing is strong.The strong line-up of pre-IPO investors prompted us to do further research in the company. In this note, we will be looking at the company's financials. We highlight key points from its financials and the contractual arrangement. We also note issues with its related party.

Edding Group (亿腾医药) Pre-IPO: Notes from Latest Financials and Its Related Party

China

3SBio, Inc. is a biotechnology company located in China. The Company focuses on mammalian cell-based biopharmaceuticals in the biotechnology industry. 3SBio also develops, manufactures and markets biopharmaceutical products globally.

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3SBio Inc (1530 HK)

Sino Biopharmaceutical (1177.HK) - The Business, The Concerns, The Insights on Biopharma Valuation

This article analyzed Sino Biopharmaceutical in terms of the business performance, short-term catalyst, concerns about the outlook, and insights on...

Xinyao (Criss) Wang

3SBio Inc (1530.HK) - The Concerns and the Outlook

This insight mainly analyzed the potential reasons behind the decline in 3SBio Group's share price, the important products, the pipeline, the...

Xinyao (Criss) Wang

Industry Report - Insights on Hair Loss Prevention and Hair Growth Industry

This article analyzed China hair loss prevention and hair growth industry in terms of the market potential, the hair loss drugs, the hair...

Xinyao (Criss) Wang

Pre-IPO Clover Biopharmaceuticals - Insights on the Core Technology and Product Candidates

The article analyzed Clover's core technology platform, COVID-19 vaccine and SCB-808 in pipeline,future challenge on competition and potential...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sino Biopharmaceutical (1177.HK) - The Business, The Concerns, The Insights on Biopharma Valuation

This article analyzed Sino Biopharmaceutical in terms of the business performance, short-term catalyst, concerns about the outlook, and insights on...

Xinyao (Criss) Wang

3SBio Inc (1530.HK) - The Concerns and the Outlook

This insight mainly analyzed the potential reasons behind the decline in 3SBio Group's share price, the important products, the pipeline, the...

Xinyao (Criss) Wang

Industry Report - Insights on Hair Loss Prevention and Hair Growth Industry

This article analyzed China hair loss prevention and hair growth industry in terms of the market potential, the hair loss drugs, the hair...

Xinyao (Criss) Wang

Pre-IPO Clover Biopharmaceuticals - Insights on the Core Technology and Product Candidates

The article analyzed Clover's core technology platform, COVID-19 vaccine and SCB-808 in pipeline,future challenge on competition and potential...

Xinyao (Criss) Wang

Edding Group (亿腾医药) Pre-IPO: Notes from Latest Financials and Its Related Party

The strong line-up of pre-IPO investors prompted us to do further research in the company. In this note, we will be looking at the company's...

Ke Yan, CFA, FRM