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 sales growth continued in 1Q23, mainly driven by zanubrutinib’s overseas sales. In 1Q23, BeiGene recorded US$410mn product sales (+21% QoQ or +57% YoY).</li><li>Zanubrutinib maintained a strong sales momentum, with sales increasing 20% QoQ or 103% YoY to US$211mn in 1Q23 (accelerating from +13% QoQ in 4Q22).</li><li>The sales of zanubrutinib in the US increased by 11% QoQ to US$139mn, and sales in China rose by 18% QoQ to US$48mn, while the sales in the overseas market other than the US recorded remarkable 147% QoQ growth to US$25mn. </li></ul><p><em>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.</em></p>

Strong sales growth continued in 1Q23, mainly driven by zanubrutinib’s overseas sales. In 1Q23, BeiGene recorded US$410mn product sales (+21% QoQ or +57% YoY).Zanubrutinib maintained a strong sales momentum, with sales increasing 20% QoQ or 103% YoY to US$211mn in 1Q23 (accelerating from +13% QoQ in 4Q22).The sales of zanubrutinib in the US increased by 11% QoQ to US$139mn, and sales in China rose by 18% QoQ to US$48mn, while the sales in the overseas market other than the US recorded remarkable 147% QoQ growth to US$25mn. 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) – Improving cost efficiency with rapid sales growth

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<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

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
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

BeiGene (6160 HK)

BeiGene (BGNE US) – Improving cost efficiency with rapid sales growth

Strong sales growth continued in 1Q23, mainly driven by zanubrutinib’s overseas sales. In 1Q23, BeiGene recorded US$410mn product sales (+21% QoQ...

CMB International

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)