HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>We reviewed the 2021 performance and summarized the 2022 outlook for China healthcare sector.</li>
<li>We listed the 2022 high conviction ideas and mainly analyzed the industry characteristics, the business, the core competitiveness, the forecast and the concerns of related companies.</li>
<li>Overall, there are still good investment opportunities in China healthcare industry in 2022.</li>
</ul>


We reviewed the 2021 performance and summarized the 2022 outlook for China healthcare sector.
We listed the 2022 high conviction ideas and mainly analyzed the industry characteristics, the business, the core competitiveness, the forecast and the concerns of related companies.
Overall, there are still good investment opportunities in China healthcare industry in 2022.


2022 High Conviction (China Healthcare) - Seek the Relative Certainties Out of the Uncertainties

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/i-mab" target="_blank" data-smartkarma-citation="entities:28384:1" rel="noopener">I-Mab (IMAB US)</a> shares gained 19% in last 10 days after the company announced commercial partnering deal for its pediatric growth hormone deficiency drug candidate, Eftansomatropin Alfa in China.</li>
<li>Oncology drug, felzartamab is expected to be I-Mab’s first drug in China. Last month, I-Mab entered into a partnership with Sinopharm to extend coverage and enhance accessibility of its pipeline.</li>
<li>To expand its investor base, I-Mab is expected to complete dual listing on the STAR Market of the Shanghai Stock Exchange by the end of 2022.</li>
</ul>



I-Mab (IMAB US) shares gained 19% in last 10 days after the company announced commercial partnering deal for its pediatric growth hormone deficiency drug candidate, Eftansomatropin Alfa in China.
Oncology drug, felzartamab is expected to be I-Mab’s first drug in China. Last month, I-Mab entered into a partnership with Sinopharm to extend coverage and enhance accessibility of its pipeline.
To expand its investor base, I-Mab is expected to complete dual listing on the STAR Market of the Shanghai Stock Exchange by the end of 2022.


I-Mab (IMAB US): Expanding Commercialization Footprint in China for Innovative Late-Stage Assets

<ul>
<li>As this year's policy risks gradually removed, after entering Q4, the healthcare sector has entered the range of investment.</li>
<li>Recently, the National Development and Reform Commission issued the “Notice on the implementation plan of promoting high-quality development of API industry”, indicating related opportunities.</li>
<li>The Beijing Stock Exchange (BSE) officially opened last week. In the field of healthcare, there are ten related companies would be listed in BSE.</li>
</ul>


As this year's policy risks gradually removed, after entering Q4, the healthcare sector has entered the range of investment.
Recently, the National Development and Reform Commission issued the “Notice on the implementation plan of promoting high-quality development of API industry”, indicating related opportunities.
The Beijing Stock Exchange (BSE) officially opened last week. In the field of healthcare, there are ten related companies would be listed in BSE.


China Healthcare Weekly (Nov.19) - Q4 Healthcare Rebound, New Policy on API, Beijing Stock Exchange

Innovent Biologics Inc / Equity Bottom-Up

<ul>
<li>We analyzed the 2021 national medical insurance negotiation and the related outlook of Innovent’s PD-1. </li>
<li>The concerns are still there. For example, to what extent the industrial structure of these new layout can show the development potential of the Company in the future? </li>
<li>Investors could choose to take advantage of the positive momentum in the short term, but are recommended to “reconsider” in terms of the long-term outlook.</li>
</ul>


We analyzed the 2021 national medical insurance negotiation and the related outlook of Innovent’s PD-1. 
The concerns are still there. For example, to what extent the industrial structure of these new layout can show the development potential of the Company in the future? 
Investors could choose to take advantage of the positive momentum in the short term, but are recommended to “reconsider” in terms of the long-term outlook.


Innovent Biologics Inc (1801.HK) - The PD-1 Outlook and Other Concerns

<ul class="">
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a> recently raised its full-year guidance, indicating the certainty of future performance growth.</li>
<li>The high quality of profit, strong global business layout, capacity, supply chain and technology platforms has helped the Company establish high moat.</li>
<li>The “reflection arc” of domestic negative policy impact, the increasing labor cost and other concerns should also be aware of by investors.</li>
<li>Like <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec Co. Ltd. (2359 HK)</a>, investors are advised to get prepared in advance. </li>
</ul>



Wuxi Biologics (2269 HK) recently raised its full-year guidance, indicating the certainty of future performance growth.
The high quality of profit, strong global business layout, capacity, supply chain and technology platforms has helped the Company establish high moat.
The “reflection arc” of domestic negative policy impact, the increasing labor cost and other concerns should also be aware of by investors.
Like WuXi AppTec Co. Ltd. (2359 HK), investors are advised to get prepared in advance. 


Wuxi Biologics (2269.HK) 2021Q3 - The Strength and the Concerns Behind the New Full-Year Guidance

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 (6160 HK)

2022 High Conviction (China Healthcare) - Seek the Relative Certainties Out of the Uncertainties

The article analyzed the 2021 review and 2022 high conviction ideas, including the industry characteristics, the business, the core...

Xinyao (Criss) Wang

I-Mab (IMAB US): Expanding Commercialization Footprint in China for Innovative Late-Stage Assets

I-Mab entered into commercialization partnership in China ahead of its innovative and differentiated product launch. Shares are also expected to...

Tina Banerjee

China Healthcare Weekly (Nov.19) - Q4 Healthcare Rebound, New Policy on API, Beijing Stock Exchange

The article analyzed the investment logic and opportunities in healthcare in Q4, the new policy of API industry and potential trend, as well as the...

Xinyao (Criss) Wang

Innovent Biologics Inc (1801.HK) - The PD-1 Outlook and Other Concerns

The article analyzed Innovent in terms of its PD-1 in 2021 medical insurance negotiation, the market pattern, the outlook, and also include...

Xinyao (Criss) Wang

Wuxi Biologics (2269.HK) 2021Q3 - The Strength and the Concerns Behind the New Full-Year Guidance

This insight mainly analyzed WuXi Biologics in terms of the new full-year guidance, CMO business, profit quality, other moats, and the concerns of...

Xinyao (Criss) Wang

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