HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>A significant change in 23Q1 was not just a narrowing of net loss, but a sudden turnaround in sales profit under the rapid revenue growth, which was an important leap.</li>
<li>BeiGene’s commercialization capabilities largely rely on high expense level that significantly deviating from the industry average, making eventual commercialization success more difficult. BeiGene is an "outlier" even among global peers.</li>
<li>How to control expenses while ensuring sustained sales growth and long-term competitiveness is an important issue for BeiGene. If no new blockbuster product emerges ultimately, high valuation would not last.</li>
</ul>


A significant change in 23Q1 was not just a narrowing of net loss, but a sudden turnaround in sales profit under the rapid revenue growth, which was an important leap.
BeiGene’s commercialization capabilities largely rely on high expense level that significantly deviating from the industry average, making eventual commercialization success more difficult. BeiGene is an "outlier" even among global peers.
How to control expenses while ensuring sustained sales growth and long-term competitiveness is an important issue for BeiGene. If no new blockbuster product emerges ultimately, high valuation would not last.


BeiGene (6160.HK/BGNE.US) 23Q1 - Qualitative Changes Are Taking Place

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In my previous insight in Mid-March 2023, we had a look at the potential index changes and the resultant capping flows for the HSCEI Index in June 2023.</li>
<li>Since then, our flow expectations have changed with changes in prices and/or float and total share counts.</li>
<li>Here are our latest flow expectations based on the current prices.</li>
</ul>


In my previous insight in Mid-March 2023, we had a look at the potential index changes and the resultant capping flows for the HSCEI Index in June 2023.
Since then, our flow expectations have changed with changes in prices and/or float and total share counts.
Here are our latest flow expectations based on the current prices.


Quiddity HSCEI Jun 23 Flow Expectations Update: Two Expected Changes, US$608mn One-Way Flow

China/Asia TMT

Shawn Yang

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>We see the future, post decoupling world to have two operating systems, one surrounding US and the other surrounding China.</li>
<li>Both US and China will develop respective partners to complete their ecosystems. We will soon have a world running on two sets of standards</li>
<li>While the western world dominates the old order and the new frontiers, China is leading in the new order of energy, drug and manufacturing.</li>
</ul>


We see the future, post decoupling world to have two operating systems, one surrounding US and the other surrounding China.
Both US and China will develop respective partners to complete their ecosystems. We will soon have a world running on two sets of standards
While the western world dominates the old order and the new frontiers, China is leading in the new order of energy, drug and manufacturing.


[Blue Lotus Sector Update]: All Will Have a Bright Future

<ul>
<li>BABA/700.HK/BIDU: AliCloud will significantly cuts prices of its cloud products (-/-/-)</li>
<li>PDD: Temu expands into multiple European countries in Germany, Netherland, France, Italy, Spain, and the United Kingdom. (+)</li>
<li>BGNE: Ociperlimab/Novartis trimmed 10% of its pipeline in C1Q23 earnings and did not mention Ociperlimab (-)</li>
</ul>


BABA/700.HK/BIDU: AliCloud will significantly cuts prices of its cloud products (-/-/-)
PDD: Temu expands into multiple European countries in Germany, Netherland, France, Italy, Spain, and the United Kingdom. (+)
BGNE: Ociperlimab/Novartis trimmed 10% of its pipeline in C1Q23 earnings and did not mention Ociperlimab (-)


China TMT Update (Apr.27) - BABA/700.HK/BIDU/PDD/BGNE: AliCloud Will Significantly Cuts Prices

<ul>
<li>It is the time to reassess the commercialization performance and the outlook of China biotech companies, including BeiGene, Innovent, Henlus, Zai Lab, Hutchmed, Junshi, RemeGen, Innocare, Akeso. </li>
<li>We summarized the data of these biotech companies’ product revenue and profit performance to judge whether their commercialization capability is sufficient to afford production, sales teams and long-term R&amp;D activities. </li>
<li>Most China Biotech cannot be said to achieve "commercialization success", but they have showed some difference.We hope investors could have a better understanding about China biotech and make better decisions. </li>
</ul>


It is the time to reassess the commercialization performance and the outlook of China biotech companies, including BeiGene, Innovent, Henlus, Zai Lab, Hutchmed, Junshi, RemeGen, Innocare, Akeso. 
We summarized the data of these biotech companies’ product revenue and profit performance to judge whether their commercialization capability is sufficient to afford production, sales teams and long-term R&amp;D activities. 
Most China Biotech cannot be said to achieve "commercialization success", but they have showed some difference.We hope investors could have a better understanding about China biotech and make better decisions. 


China Biotech – The Commercialization Performance and The Outlook

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.

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BeiGene (BGNE US)

BeiGene (6160.HK/BGNE.US) 23Q1 - Qualitative Changes Are Taking Place

BeiGene made breakthrough in sales profit in 23Q1.But to achieve overall breakeven needs the success of the 3rd blockbuster drug.When such...

Xinyao (Criss) Wang

Quiddity HSCEI Jun 23 Flow Expectations Update: Two Expected Changes, US$608mn One-Way Flow

There seem to be 5 inflow names (including the two expected ADDs) and 47 outflow names (including the two expected DELs). My latest estimate for...

Janaghan Jeyakumar, CFA

[Blue Lotus Sector Update]: All Will Have a Bright Future

We see the future, post decoupling world to have two operating systems, one surrounding US and the other surrounding China.

Blue Lotus Research Institute

China TMT Update (Apr.27) - BABA/700.HK/BIDU/PDD/BGNE: AliCloud Will Significantly Cuts Prices

BGNE: Ociperlimab/Novartis trimmed 10% of its pipeline BABA/700.HK/BIDU: AliCloud will significantly cuts prices (-/-/-) PDD: Temu expands into...

Blue Lotus Research Institute

China Biotech – The Commercialization Performance and The Outlook

In the context of the fading dividend of medical system reform and the lack of next big variety, the previous wave of innovative drug boom is hard...

Xinyao (Criss) Wang

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