Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

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>XPEV US/1211 HK：Didi Autonomous Driving and GAC Aion joint venture approved to launch first commercial L4 model in 2025（///）</li>
<li>3759 HK/1548 HK/9926 HK/BGNE US/9995 HK/1801 HK：U.S. biologic drug ban may spread to more CRO companies, positive to Chinese innovative drug companies（/）</li>
<li>1810 HK/1211 HK：Lei Jun announced that more than 100,000 people have ordered Xiaomi SU7, and the number of locked orders has exceeded 40,000.（///）</li>
</ul>


XPEV US/1211 HK：Didi Autonomous Driving and GAC Aion joint venture approved to launch first commercial L4 model in 2025（///）
3759 HK/1548 HK/9926 HK/BGNE US/9995 HK/1801 HK：U.S. biologic drug ban may spread to more CRO companies, positive to Chinese innovative drug companies（/）
1810 HK/1211 HK：Lei Jun announced that more than 100,000 people have ordered Xiaomi SU7, and the number of locked orders has exceeded 40,000.（///）


[Blue Lotus Daily]:XPEV/1211 HK/3759HK/1548HK/9926HK/BGNE/9995HK/1801 HK/1810HK/LKNCY/LI/NIO/MNSO US

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>The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.</li>
<li>In this insight, we take a look at the potential index changes and the resultant capping flows for HSCEI index rebal event in June 2024.</li>
<li>Based on the current data, I see two low-conviction ADDs and two low-conviction DELs.</li>
</ul>


The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.
In this insight, we take a look at the potential index changes and the resultant capping flows for HSCEI index rebal event in June 2024.
Based on the current data, I see two low-conviction ADDs and two low-conviction DELs.


Quiddity HSCEI Jun 24 Flow Expectations: Many Reasons to Follow the Developments Closely

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>The sBLA of Carvykti is under review by FDA with a target PDUFA date of April 5. If approved for 2L therapy, Carvykti would become “a game changer” in MM treatment.</li>
<li>The peak sales of US$5 billion is becoming possible. From this perspective, as Carvykti advances towards earlier line treatment, the subsequent valuation leap of legend Bio is becoming more certain.</li>
<li>However, considering lower gross margin and Legend Bio/J&amp;J's 50/50 split ratio, Legend Bio’s market value performance could be inferior to BeiGene. Investors should also closely monitor the changes in macro.</li>
</ul>


The sBLA of Carvykti is under review by FDA with a target PDUFA date of April 5. If approved for 2L therapy, Carvykti would become “a game changer” in MM treatment.
The peak sales of US$5 billion is becoming possible. From this perspective, as Carvykti advances towards earlier line treatment, the subsequent valuation leap of legend Bio is becoming more certain.
However, considering lower gross margin and Legend Bio/J&amp;J's 50/50 split ratio, Legend Bio’s market value performance could be inferior to BeiGene. Investors should also closely monitor the changes in macro.


Legend Biotech Corp (LEGN.US) - FDA's Upcoming Decision on Carvykti Will Change the Whole Landscape

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

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.

Equity Capital Markets

Akeso Biopharma Inc / Equity Capital Markets

<ul>
<li>
<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> is looking to raise US$155m from its primary placement.</li>
<li>Proceeds from the deal would be geared towards R&amp;D expenditure for its preclinical programs, expediting clinical trials, and towards commercializing its existing approved products.</li>
<li>Accounting for 3% of shares outstanding, and representing 5.7 days of its three month ADV, the deal would be a relatively small one for the firm to digest.</li>
</ul>



Akeso Biopharma Inc (9926 HK) is looking to raise US$155m from its primary placement.
Proceeds from the deal would be geared towards R&amp;D expenditure for its preclinical programs, expediting clinical trials, and towards commercializing its existing approved products.
Accounting for 3% of shares outstanding, and representing 5.7 days of its three month ADV, the deal would be a relatively small one for the firm to digest.


Akeso Inc Placement - A Small One to Digest, Momentum Has Been Strong

<ul>
<li>300750 SZ: CATL’s result in 4Q23 showed clear impact of price war (/)</li>
<li>NIO: Huawei AITO M9 ranks first in weekly sales among SUVs above Rmb500K(/)</li>
<li>BGNE: BeiGene’s Tislelizumab approved by FDA for esophageal squamous cancer, but with little revenue potential (/)</li>
</ul>


300750 SZ: CATL’s result in 4Q23 showed clear impact of price war (/)
NIO: Huawei AITO M9 ranks first in weekly sales among SUVs above Rmb500K(/)
BGNE: BeiGene’s Tislelizumab approved by FDA for esophageal squamous cancer, but with little revenue potential (/)


[Blue Lotus Daily]：300750 SZ/NIO/BGNE/1810 HK

China

Chongqing Zhifei Biological Products Company Ltd. researches, manufactures, and sells vaccines and biological products including prevention products, blood products, diagnostic reagents, and therapeutic agents.

Chongqing Zhifei Biological Products (300122 CH)

Beijing Tiantan Biological Products Corporation Limited researches, develops, and commercializes biological products.  The Company provides treatment for hepatitis and offers a line of vaccine products including hepatitis vaccines and rubella vaccines.

Beijing Tiantan Biological Products (600161 CH)

Innovent Biologics, Inc. operates as a biopharmaceutical company. The Company develops, manufactures, and distributes monoclonal antibody drug candidates for the treatment of oncology, ophthalmology, autoimmune, cardiovascular, and other diseases. Innovent Biologics serves customers in China.

Hualan Biological Engineering Inc. produces and markets human serum albumin (HSA), gamma globulin, frozen prothrombin (PCC), and other related biological products.

Hualan Biological Engineering (002007 CH)

Walvax Biotechnology Company Limited develops, manufactures and sells bio-pharmaceutical vaccination products.  The Company's products include haemophilus influenzae type b conjugate vaccine and meningococcal group A,C bivalent polysaccharide conjugate vaccine.

Jiangxi Boya Bio-Pharmaceutical company Limited develops, produces and sells blood product. The Company's main products include human serum albumin, intravenous immunoglobulin (static C) and fibrinogen.

Jiangxi Boya Bio Pharmaceutical (300294 CH)

Shenzhen Kangtai Biological Products Co., Ltd. operates biological product manufacturing businesses. The Company produces biological vaccines and other vaccine products. Shenzhen Kangtai Biological Products conducts businesses in China.

Shenzhen Kangtai Biological Pr (300601 CH)

3SBio, Inc. is a biotechnology company located in China. The Company focuses on mammalian cell-based biopharmaceuticals in the biotechnology industry. 3SBio also develops, manufactures and markets biopharmaceutical products globally.

Zai Lab Limited operates as a bio-pharmaceutical company. The Company researches and develops therapeutic technology for antibody-based oncology, autoimmune, and infectious diseases treatments. Zai Lab also manufactures drugs in the form of capsules, injections, and liquids. Zai Lab serves patients worldwide.

BGI Genomics Co., Ltd offers researching and testing services. The Company provides deoxyribonucleic acid sequencing, food science, health care researching, cancer prevention, drug discovery, and DNA sequencing. BGI Genomics offers services to medical and scientific research institutions worldwide.

BioMarin Pharmaceutical Inc. develops and commercializes therapeutic enzyme products.  The Company has applied its proprietary enzyme technology to develop products for lysosomal storage diseases and for the treatment of serious burns. BioMarin's subsidiary provides analytical and diagnostic products and services in the area of carbohydrate biology.

Insmed, Inc. is a biopharmaceutical company focused on developing and commercializing novel, targeted inhaled therapies for patients with high unmet need battling serious orphan lung diseases.

United Therapeutics Corporation develops pharmaceuticals to treat vascular diseases such as pulmonary hypertension and peripheral vascular disease.  The Company's lead products are stable synthetic forms of prostacyclin and are delivered orally or subcutaneously.

Natera, Inc. operates as a diagnostics company. The Company provides preconception and prenatal genetic testing services. Natera also offers pre-implantation genetic diagnosis, aneuploidy screening, translocation, and single gene testing services.

Neurocrine Biosciences, Inc. is focused on the discovery and development of therapeutics for neuropsychiatric, neuroinflammatory, and neurodegenerative diseases and disorders.  The Company is developing therapeutic interventions for anxiety, depression, Alzheimer's disease, insomnia, stroke, malignant brain tumors, multiple sclerosis, obesity, and diabetes.

Alteogen Inc. is a pharmaceutical research company.  The Company researches and develops bio-medicines such as bio-better and bio-similar.

Sarepta Therapeutics, Inc. is a biopharmaceutical company focused on the discovery and development of unique RNA-based therapeutics for the treatment of both rare and infectious diseases. The Company offers its products to the medical industry in countries around the world.

Incyte Corp is a biopharmaceutical company. The Company discovers, develops and commercializes proprietary small molecule drugs, primarily used in oncology.

Genmab A/S operates as a biotechnology company. The Company creates and develops human antibody products for the treatment of life threatening and debilitating diseases. Genmab focuses on products to treat cancer, rheumatoid arthritis and other inflammatory conditions, and psoriasis. The Company develops new products through partnerships. Genmab operates in Europe and the United States.

Genmab A/S operates as a biotechnology company. The Company specializes in development of antibody therapeutics for the treatment of cancer. Genmab serves customers worldwide.

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
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BeiGene (6160 HK)

[Blue Lotus Daily]:XPEV/1211 HK/3759HK/1548HK/9926HK/BGNE/9995HK/1801 HK/1810HK/LKNCY/LI/NIO/MNSO US

Didi and GAC Aion to launch first commercial L4 model in 2025, US biologic drug ban could benefit Chinese innovative drug companies, Xiaomi SU7...

Blue Lotus Research Institute

Quiddity HSCEI Jun 24 Flow Expectations: Many Reasons to Follow the Developments Closely

The reference period for HSCEI June 2024 review ended on 31st March 2024 and my expectations for index changes remain unchanged since I published...

Janaghan Jeyakumar, CFA

Legend Biotech Corp (LEGN.US) - FDA's Upcoming Decision on Carvykti Will Change the Whole Landscape

If Carvykti's approved for 2L therapy, it will be a game changer in MM treatment. But Legend Bio's market value performance may be inferior to...

Xinyao (Criss) Wang

Akeso Inc Placement - A Small One to Digest, Momentum Has Been Strong

Akeso Biopharma Inc (9926 HK) is looking to raise US$155m from its primary placement. Representing 5.7 days of its three month ADV, the deal would...

Clarence Chu

[Blue Lotus Daily]：300750 SZ/NIO/BGNE/1810 HK

CATL's 4Q23 results impacted by price war, NIO's Huawei AITO M9 SUV leads in sales over Rmb500K, BeiGene's Tislelizumab FDA approval for...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily]:XPEV/1211 HK/3759HK/1548HK/9926HK/BGNE/9995HK/1801 HK/1810HK/LKNCY/LI/NIO/MNSO US

​Didi and GAC Aion to launch first commercial L4 model in 2025, US biologic drug ban could benefit Chinese innovative drug companies, Xiaomi SU7...

Blue Lotus Research Institute

Quiddity HSCEI Jun 24 Flow Expectations: Many Reasons to Follow the Developments Closely

The reference period for HSCEI June 2024 review ended on 31st March 2024 and my expectations for index changes remain unchanged since I published...

Janaghan Jeyakumar, CFA

Legend Biotech Corp (LEGN.US) - FDA's Upcoming Decision on Carvykti Will Change the Whole Landscape

If Carvykti's approved for 2L therapy, it will be a game changer in MM treatment. But Legend Bio's market value performance may be inferior to...

Xinyao (Criss) Wang

Akeso Inc Placement - A Small One to Digest, Momentum Has Been Strong

Akeso Biopharma Inc (9926 HK) is looking to raise US$155m from its primary placement. Representing 5.7 days of its three month ADV, the deal would...

Clarence Chu

[Blue Lotus Daily]：300750 SZ/NIO/BGNE/1810 HK

​CATL's 4Q23 results impacted by price war, NIO's Huawei AITO M9 SUV leads in sales over Rmb500K, BeiGene's Tislelizumab FDA approval for...

Blue Lotus Research Institute

Didi and GAC Aion to launch first commercial L4 model in 2025, US biologic drug ban could benefit Chinese innovative drug companies, Xiaomi SU7...

CATL's 4Q23 results impacted by price war, NIO's Huawei AITO M9 SUV leads in sales over Rmb500K, BeiGene's Tislelizumab FDA approval for...