Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.</li>
<li>Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.</li>
<li>The key stocks mentioned in this regular insight include: <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene (6160 HK)</a>, <a href="https://www.smartkarma.com/entities/china-wantian-holdings-ltd" target="_blank" data-smartkarma-citation="entities:39972:1" rel="noopener">China Wantian Holdings (1854 HK)</a>, and <a href="https://www.smartkarma.com/entities/super-hi-international-holding-ltd" target="_blank" data-smartkarma-citation="entities:36125:1" rel="noopener">Super Hi International Holding (9658 HK)</a> / <a href="https://www.smartkarma.com/entities/haidilao-international-holding" target="_blank" data-smartkarma-citation="entities:27044:1" rel="noopener">Haidilao International Holding (6862 HK)</a>.</li>
</ul>


The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.
Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.
The key stocks mentioned in this regular insight include: BeiGene (6160 HK), China Wantian Holdings (1854 HK), and Super Hi International Holding (9658 HK) / Haidilao International Holding (6862 HK).


HK CEO & Director Dealings (17th Dec 2024): BeiGene, China Wantian, Super Hi Int'l/Haidilao

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Strong product sales. In 3Q24, BeiGene recorded product sales of US$993mn (+8% QoQ, +67% YoY).</li><li>The 9M24 total product sales reached US$2.66bn, representing 69% of our previous FY24 estimate.</li><li>In 3Q24, sales of zanubrutinib (Zanu) increased 8% QoQ or 93% YoY to US$690mn. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong product sales. In 3Q24, BeiGene recorded product sales of US$993mn (+8% QoQ, +67% YoY).The 9M24 total product sales reached US$2.66bn, representing 69% of our previous FY24 estimate.In 3Q24, sales of zanubrutinib (Zanu) increased 8% QoQ or 93% YoY to US$690mn. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BeiGene (BGNE US) - Growing Non-GAAP Profit

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>BRUKINSA QoQ growth slowed down to single digit in 24Q3, thus dragging down the overall product revenue growth.However, such QoQ growth and market share growth were still higher than Imbruvica/Calquence. </li>
<li>BRUKINSA’s full-year revenue is expected to reach US$2.5 billion. Due to lower 24Q3 product revenue growth, we adjusted our 2024 forecast - Full year revenue would reach about US$3.7 billion.</li>
<li>BeiGene's performance in 24Q1-Q3 is still on track. Peak sales of BRUKINSA + tislelizumab is about US$5.5 billion. Reasonable market value range for <a href="https://www.smartkarma.com/entities/beigene-ltd-1c8ba4ff-edc5-43c3-b3fe-c3e4230f1c53" target="_blank" data-smartkarma-citation="entities:40395:1" rel="noopener">BeiGene</a> is US$18.5-27.5 billion. </li>
</ul>


BRUKINSA QoQ growth slowed down to single digit in 24Q3, thus dragging down the overall product revenue growth.However, such QoQ growth and market share growth were still higher than Imbruvica/Calquence. 
BRUKINSA’s full-year revenue is expected to reach US$2.5 billion. Due to lower 24Q3 product revenue growth, we adjusted our 2024 forecast - Full year revenue would reach about US$3.7 billion.
BeiGene's performance in 24Q1-Q3 is still on track. Peak sales of BRUKINSA + tislelizumab is about US$5.5 billion. Reasonable market value range for BeiGene is US$18.5-27.5 billion. 


BeiGene (6160.HK/​BGNE.US) 24Q3 - Things Are on Track Despite BRUKINSA’s Disappointing QoQ Growth

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

<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
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BeiGene (6160 HK)

HK CEO & Director Dealings (17th Dec 2024): BeiGene, China Wantian, Super Hi Int'l/Haidilao

The data in this insight is collated from the "shareholding disclosure" link on the HKEx website. These insights also flag those companies where...

David Blennerhassett

BeiGene (BGNE US) - Growing Non-GAAP Profit

Strong product sales. In 3Q24, BeiGene recorded product sales of US$993mn (+8% QoQ, +67% YoY). The 9M24 total product sales reached US$2.66bn,...

CMB International

BeiGene (6160.HK/BGNE.US) 24Q3 - Things Are on Track Despite BRUKINSA’s Disappointing QoQ Growth

BRUKINSA's QoQ growth slowed in 24Q3, but still outperformed peers.Full-year revenue forecast adjusted to $3.7 billion.Peak sales projected at...

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)

HK CEO & Director Dealings (17th Dec 2024): BeiGene, China Wantian, Super Hi Int'l/Haidilao

The data in this insight is collated from the "shareholding disclosure" link on the HKEx website. These insights also flag those companies where...

David Blennerhassett

BeiGene (BGNE US) - Growing Non-GAAP Profit

Strong product sales. In 3Q24, BeiGene recorded product sales of US$993mn (+8% QoQ, +67% YoY). The 9M24 total product sales reached US$2.66bn,...

CMB International

BeiGene (6160.HK/​BGNE.US) 24Q3 - Things Are on Track Despite BRUKINSA’s Disappointing QoQ Growth

​BRUKINSA's QoQ growth slowed in 24Q3, but still outperformed peers.Full-year revenue forecast adjusted to $3.7 billion.Peak sales projected at...

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

BeiGene (6160.HK/BGNE.US) 24Q3 - Things Are on Track Despite BRUKINSA’s Disappointing QoQ Growth

BRUKINSA's QoQ growth slowed in 24Q3, but still outperformed peers.Full-year revenue forecast adjusted to $3.7 billion.Peak sales projected at...