HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

Industry viewpoints:<ul>
<li>The centralized procurement would be applied to chemiluminescence products, so the logic changes.</li>
<li>Recently, the National Health Commission and the National Health Care Security Administration jointly issued a new regulation about long-term prescriptions.</li>
<li>There is new information about the national VBP of insulin released.</li>
</ul>Company news:News about the updated progress on new drugs and license agreement of <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene Ltd (6160 HK)</a>, <a href="https://www.smartkarma.com/entities/innocare-pharma-ltd" target="_blank" data-smartkarma-citation="entities:28355:1" rel="noopener">InnoCare Pharma Ltd (9969 HK)</a>, <a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a> and <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK).</a>Market review:Last week, stock price for healthcare sector in A share decreased 7.28%, while CSI 300 decreased 3.57% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
The centralized procurement would be applied to chemiluminescence products, so the logic changes.
Recently, the National Health Commission and the National Health Care Security Administration jointly issued a new regulation about long-term prescriptions.
There is new information about the national VBP of insulin released.
Company news:News about the updated progress on new drugs and license agreement of BeiGene Ltd (6160 HK), InnoCare Pharma Ltd (9969 HK), CSPC Pharmaceutical Group (1093 HK) and Innovent Biologics Inc (1801 HK).Market review:Last week, stock price for healthcare sector in A share decreased 7.28%, while CSI 300 decreased 3.57% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:<ul>
<li>Every stock market pullback is a good time to reorganize the logic and to think about what the trends are and what the constant demand is.</li>
<li>The volume-based purchase (VBP) of insulin will begin soon.</li>
<li>Due to the slow international logistics and product export restrictions during the COVID-19, the upstream pharmaceutical equipment, which was previously slow in import substitution, is expected to add the domestic industrial chain and quickly achieve the import substitution. </li>
</ul>Company news: News about the updated progress on drugs of <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene Ltd (6160 HK)</a>, <a href="https://www.smartkarma.com/entities/everest-medicines-ltd" target="_blank" data-smartkarma-citation="entities:29224:1" rel="noopener">Everest Medicines (1952 HK)</a>, <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a> and <a href="https://www.smartkarma.com/entities/cstone-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:27882:1" rel="noopener">CStone Pharmaceuticals (2616 HK)</a>. Market review:Last week, stock price for healthcare sector in A share decreased 4.32%, while CSI 300 decreased 5.46% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
Every stock market pullback is a good time to reorganize the logic and to think about what the trends are and what the constant demand is.
The volume-based purchase (VBP) of insulin will begin soon.
Due to the slow international logistics and product export restrictions during the COVID-19, the upstream pharmaceutical equipment, which was previously slow in import substitution, is expected to add the domestic industrial chain and quickly achieve the import substitution. 
Company news: News about the updated progress on drugs of BeiGene Ltd (6160 HK), Everest Medicines (1952 HK), Innovent Biologics Inc (1801 HK) and CStone Pharmaceuticals (2616 HK). Market review:Last week, stock price for healthcare sector in A share decreased 4.32%, while CSI 300 decreased 5.46% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Equity Capital Markets

After listing on NASDAQ and HKEX, <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene Ltd (6160 HK)</a> will be listed on the SSE STAR market again in the near future. Meanwhile, after successive years of losses, BeiGene finally turned profitable for the first time in the first quarter of 2021. By the end of July 23, 2021, the market value of BeiGene in HKEX and NASDAQ was about HK$226.5 billion and US$29.2 billion, respectively. It is highly probable that the market value of the BeiGene in the SSE STAR market would exceed RMB200 billion after its listing as well. Behind the successful capital operation, what challenges would BeiGene face in the future?

After listing on NASDAQ and HKEX, BeiGene Ltd (6160 HK) will be listed on the SSE STAR market again in the near future. Meanwhile, after successive years of losses, BeiGene finally turned profitable for the first time in the first quarter of 2021. By the end of July 23, 2021, the market value of BeiGene in HKEX and NASDAQ was about HK$226.5 billion and US$29.2 billion, respectively. It is highly probable that the market value of the BeiGene in the SSE STAR market would exceed RMB200 billion after its listing as well. Behind the successful capital operation, what challenges would BeiGene face in the future?

Pre-IPO BeiGene Ltd - Concerns on Commercialization

Transcenta Holding / Equity Capital Markets

Recently, <a href="https://www.smartkarma.com/entities/transcenta-holding-limited" target="_blank" data-smartkarma-citation="entities:33523:1" rel="noopener">Transcenta Holding (THL HK)</a> has passed the listing hearing of the HKEX and is expected to be listed on the main board in the near future. Transcenta is a clinical stage global biopharmaceutical company that integrates the capacities of discovery, research, development, manufacturing and business development, with nine product candidates in the pipeline, eight of which are oncology drug candidates. This insight mainly analyzed the important product candidates (such as MSB2311, TST001, TST005 and MSB0254) in the pipeline and related concerns.

Recently, Transcenta Holding (THL HK) has passed the listing hearing of the HKEX and is expected to be listed on the main board in the near future. Transcenta is a clinical stage global biopharmaceutical company that integrates the capacities of discovery, research, development, manufacturing and business development, with nine product candidates in the pipeline, eight of which are oncology drug candidates. This insight mainly analyzed the important product candidates (such as MSB2311, TST001, TST005 and MSB0254) in the pipeline and related concerns. 

Pre-IPO Transcenta Holding - Insights on Pipeline and the Concerns

Industry viewpoints:<ul>
<li>Recently, the CDE issued a new document about the guidelines for clinical R&amp;D of anti-tumor drugs based on clinical value, which is expected to bring changes to the industry.</li>
<li>The NDRC issued the implementation plan for the construction of a high-quality and efficient medical and healthcare service system during the 14th Five-Year Plan period.</li>
<li>There is a high possibility that the PD-1 price reduction in 2021 negotiation could be larger than that in the negotiations of the previous two years.</li>
</ul>Company news: News about the updated progress on drugs of <a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a>, <a href="https://www.smartkarma.com/entities/cstone-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:27882:1" rel="noopener">CStone Pharmaceuticals (2616 HK)</a>, <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, and <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene Ltd (6160 HK)</a>.Market review:Last week, stock price for healthcare sector in A share decreased 4.05%, while CSI 300 decreased 0.23% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
Recently, the CDE issued a new document about the guidelines for clinical R&amp;D of anti-tumor drugs based on clinical value, which is expected to bring changes to the industry.
The NDRC issued the implementation plan for the construction of a high-quality and efficient medical and healthcare service system during the 14th Five-Year Plan period.
There is a high possibility that the PD-1 price reduction in 2021 negotiation could be larger than that in the negotiations of the previous two years.
Company news: News about the updated progress on drugs of Akeso Biopharma Inc (9926 HK), CStone Pharmaceuticals (2616 HK), Innovent Biologics Inc (1801 HK), and BeiGene Ltd (6160 HK).Market review:Last week, stock price for healthcare sector in A share decreased 4.05%, while CSI 300 decreased 0.23% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

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)

China Healthcare Weekly (Aug.20)

The article analyzed the logic change due to the centralized procurement on chemiluminescence products, new regulation about long-term...

Xinyao (Criss) Wang

China Healthcare Weekly (July.30)

This article mainly analyzed the logic and trends when stock market pullback, volume-based purchase of insulin in China, import substitution of...

Xinyao (Criss) Wang

Pre-IPO BeiGene Ltd - Concerns on Commercialization

The article mainly analyzed the three core products (tislelizumab, zanubrutinib and denosumab) of BeiGene, the competitive landscape in China and...

Xinyao (Criss) Wang

Pre-IPO Transcenta Holding - Insights on Pipeline and the Concerns

The article mainly analyzed Transcenta Holding in terms of its important product candidates MSB2311, TST001, TST005 and MSB0254,including the...

Xinyao (Criss) Wang

China Healthcare Weekly (July.9)

The article analyzed the new policy about R&D of anti-tumor drugs based on clinical value, construction of high-quality medical service system, and...

Xinyao (Criss) Wang

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