HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Qyuns Therapeutics / Equity Capital Markets

<ul>
<li>The biggest concern here is the uncertain commercialization outlook of Qyuns’s pipeline, mainly due to both industry factors in the field of autoimmune and allergic diseases and Qyuns’s own problems.</li>
<li>Qyuns is overvalued. There're rumors that Qyuns was “not popular” in primary market when fundraising, perhaps due to Dr. Yu Guoliang’s past unsuccessful experience which made investors suffered losses before.</li>
<li>By reducing the size of IPO to maintain high share price, this IPO may “look successful”.Investors can seize this opportunity to take profits in time, but long-term hold isn't recommended.</li>
</ul>


The biggest concern here is the uncertain commercialization outlook of Qyuns’s pipeline, mainly due to both industry factors in the field of autoimmune and allergic diseases and Qyuns’s own problems.
Qyuns is overvalued. There're rumors that Qyuns was “not popular” in primary market when fundraising, perhaps due to Dr. Yu Guoliang’s past unsuccessful experience which made investors suffered losses before.
By reducing the size of IPO to maintain high share price, this IPO may “look successful”.Investors can seize this opportunity to take profits in time, but long-term hold isn't recommended.


Pre-IPO Qyuns Therapeutics (PHIP Updates) - Some Points Worth the Attention

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

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

Thematic (Sector/Industry)

<ul>
<li>1211 HK: Tesla's German factory caught on arson, interrupting production for a week (-)</li>
<li>BZ: Government’s 2024 new job creation guidance is relatively soft. (-)</li>
<li>9926 HK/9995 HK/1801 HK/1877 HK/BGNE: US senator move forward with bill to constrain Wuxi Apptec-（/）</li>
</ul>


1211 HK: Tesla's German factory caught on arson, interrupting production for a week (-)
BZ: Government’s 2024 new job creation guidance is relatively soft. (-)
9926 HK/9995 HK/1801 HK/1877 HK/BGNE: US senator move forward with bill to constrain Wuxi Apptec-（/）


[Blue Lotus Daily]:XPEV/LI/NIO/ 1211 HK/BZ/9926 HK/9995 HK/1801 HK/1877 HK/BGNE

<ul>
<li>ATAT/TCOM: Tourism: Local government will issue RMB600mn travel consumption subsidies during CNY(+)</li>
<li>9995 HK/BGNE/9926 HK/1801 HK/1877 HK:The National Medical Insurance Administration issued new regulations on the initial price of newly launched drugs to protect the independent pricing of innovative drugs.(/)</li>
<li>300750 SZ：Porsche's new Taycan doubles cruising range, uses CATL Shenxing battery(+)</li>
</ul>


ATAT/TCOM: Tourism: Local government will issue RMB600mn travel consumption subsidies during CNY(+)
9995 HK/BGNE/9926 HK/1801 HK/1877 HK:The National Medical Insurance Administration issued new regulations on the initial price of newly launched drugs to protect the independent pricing of innovative drugs.(/)
300750 SZ：Porsche's new Taycan doubles cruising range, uses CATL Shenxing battery(+)


[Blue Lotus Daily]: LKNCY/ZLAB/9995 HK/BGNE/9926 HK/1801 HK/1877 HK/ATAT/TCOM/1211 HK/LI/NIO/XPEV

Equity Bottom-Up

<ul>
<li>China’s innovative drug sector remains a liquidity driven sector, as investible choices are limited, which include Akeso and BeiGene as our BUY ideas. </li>
<li>We also notice positive change in Innovent but opt to keep rating unchanged;</li>
<li>We upgrade BeiGene from SELL to BUY and maintain SELL on RemeGen, Innovent, JUNSHI and ZaiLab. We discontinued coverage on Legend Biotech.</li>
</ul>


China’s innovative drug sector remains a liquidity driven sector, as investible choices are limited, which include Akeso and BeiGene as our BUY ideas. 
We also notice positive change in Innovent but opt to keep rating unchanged;
We upgrade BeiGene from SELL to BUY and maintain SELL on RemeGen, Innovent, JUNSHI and ZaiLab. We discontinued coverage on Legend Biotech.


[Blue Lotus Sector Update]: Solid Companies Starting to Rise from the Ashes

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A holistic view of the three different documents here suggests the <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> buyback, indeed, "It was a trap".</li>
<li>3D Investment Partners raised its stake in <a href="https://www.smartkarma.com/entities/sapporo-holdings-ltd" target="_blank" data-smartkarma-citation="entities:14085:1" rel="noopener">Sapporo Holdings (2501 JP)</a>,  suggesting the activist investor is optimistic about successfully advancing their proposals.</li>
<li>A firm merger proposal is expected for <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a> in the next couple of weeks. Time to buy.</li>
</ul>


A holistic view of the three different documents here suggests the Denso Corp (6902 JP) buyback, indeed, "It was a trap".
3D Investment Partners raised its stake in Sapporo Holdings (2501 JP),  suggesting the activist investor is optimistic about successfully advancing their proposals.
A firm merger proposal is expected for Hollysys Automation Technologies (HOLI US) in the next couple of weeks. Time to buy.


Last Week in Event SPACE: Denso, Sapporo, Hollysys, PCCW, Origin Energy

China

Akeso Inc. operates operatesa s a biotech company. The compnay develops treatments and therapies for various types of diseases. Akeso serves cutomers worldwide

Price Gauge
52-week Range	0.00 - 0.00
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Akeso Biopharma Inc (9926 HK)

Pre-IPO Qyuns Therapeutics (PHIP Updates) - Some Points Worth the Attention

Qyuns is overvalued due to gloomy commercialization outlook.Qyuns may even find it hard to recover the cost of pipeline. Investors could trade and...

Xinyao (Criss) Wang

[Blue Lotus Daily]:XPEV/LI/NIO/ 1211 HK/BZ/9926 HK/9995 HK/1801 HK/1877 HK/BGNE

Arson at Tesla's German factory halts production for a week, government's job creation guidance for 2024 is lacking, US senator pushes bill to...

Blue Lotus Research Institute

[Blue Lotus Daily]: LKNCY/ZLAB/9995 HK/BGNE/9926 HK/1801 HK/1877 HK/ATAT/TCOM/1211 HK/LI/NIO/XPEV

Local government plans to provide RMB600mn in travel subsidies; new regulations protect pricing of innovative drugs; Porsche's Taycan now has...

Blue Lotus Research Institute

[Blue Lotus Sector Update]: Solid Companies Starting to Rise from the Ashes

China's drug sector is driven by liquidity, with limited investment choices. Akeso and BeiGene are recommended as buy options, while RemeGen,...

Blue Lotus Research Institute

Last Week in Event SPACE: Denso, Sapporo, Hollysys, PCCW, Origin Energy

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Qyuns Therapeutics (PHIP Updates) - Some Points Worth the Attention

Qyuns is overvalued due to gloomy commercialization outlook.Qyuns may even find it hard to recover the cost of pipeline. Investors could trade and...

Xinyao (Criss) Wang

[Blue Lotus Daily]:XPEV/LI/NIO/ 1211 HK/BZ/9926 HK/9995 HK/1801 HK/1877 HK/BGNE

​Arson at Tesla's German factory halts production for a week, government's job creation guidance for 2024 is lacking, US senator pushes bill to...

Blue Lotus Research Institute

[Blue Lotus Daily]: LKNCY/ZLAB/9995 HK/BGNE/9926 HK/1801 HK/1877 HK/ATAT/TCOM/1211 HK/LI/NIO/XPEV

​Local government plans to provide RMB600mn in travel subsidies; new regulations protect pricing of innovative drugs; Porsche's Taycan now has...

Blue Lotus Research Institute

[Blue Lotus Sector Update]: Solid Companies Starting to Rise from the Ashes

​China's drug sector is driven by liquidity, with limited investment choices. Akeso and BeiGene are recommended as buy options, while RemeGen,...

Blue Lotus Research Institute

Last Week in Event SPACE: Denso, Sapporo, Hollysys, PCCW, Origin Energy

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Arson at Tesla's German factory halts production for a week, government's job creation guidance for 2024 is lacking, US senator pushes bill to...

Local government plans to provide RMB600mn in travel subsidies; new regulations protect pricing of innovative drugs; Porsche's Taycan now has...

China's drug sector is driven by liquidity, with limited investment choices. Akeso and BeiGene are recommended as buy options, while RemeGen,...