HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Shandong Weigao Group Medical Polymer Co / Equity Bottom-Up

<ul>
<li>Due to centralized procurement and anti-corruption campaign in 23H2, negative YoY revenue growth in 2023 seems to be inevitable. We are not optimistic about Weigao's performance turnaround in 2024.</li>
<li>After new policy strictly prohibiting borrowing to purchase medical equipment in public hospitals was released, the investment logic of medical device sector changes, which would negatively affect Weigao’s outlook.</li>
<li>Weigao feels like “living off its past gains”.Current valuation is reasonable not undervalued. There’s no need to rush to long this stock when downward trend in share price hasn’t reversed.</li>
</ul>


Due to centralized procurement and anti-corruption campaign in 23H2, negative YoY revenue growth in 2023 seems to be inevitable. We are not optimistic about Weigao's performance turnaround in 2024.
After new policy strictly prohibiting borrowing to purchase medical equipment in public hospitals was released, the investment logic of medical device sector changes, which would negatively affect Weigao’s outlook.
Weigao feels like “living off its past gains”.Current valuation is reasonable not undervalued. There’s no need to rush to long this stock when downward trend in share price hasn’t reversed.


Shandong Weigao Group Medical Polymer Co (1066.HK) - 2023 Full-Year Results Could Be Ugly

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 129.1% as of Dec 15th.</li>
<li>The average A-H premium changed by 0.2ppt week on week, led by consumer staples, communication services, real estate and offset by utilities, health care, information technology.</li>
<li>We highlight weekly changes in A-H premium for CMB, China Tourism, Ping An Insurance, BYD.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 129.1% as of Dec 15th.
The average A-H premium changed by 0.2ppt week on week, led by consumer staples, communication services, real estate and offset by utilities, health care, information technology.
We highlight weekly changes in A-H premium for CMB, China Tourism, Ping An Insurance, BYD.


A-H Premium Weekly (Dec 15th): CMB, China Tourism, Ping An Insurance, BYD

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 129.3% as of Dec 8th.</li>
<li>The average A-H premium changed by 1.8ppt week on week, led by consumer staples, health care, energy and offset by consumer discretionary, utilities.</li>
<li>We highlight weekly changes in A-H premium for CMB, Ping An Insurance, Beigene.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 129.3% as of Dec 8th.
The average A-H premium changed by 1.8ppt week on week, led by consumer staples, health care, energy and offset by consumer discretionary, utilities.
We highlight weekly changes in A-H premium for CMB, Ping An Insurance, Beigene.


A-H Premium Weekly (Dec 8th): CMB, Ping An Insurance, Beigene

Zhejiang Orient Gene Biotech C / Equity Bottom-Up

<ul>
<li>The national centralized procurement of high-value medical consumables for intraocular lens (IOL) and medical consumables related to sports medicine released results, with lower than expected price reductions. </li>
<li>Despite anti-corruption campaign, the business/profit model validation process of Chinese Biotech has not slowed down. There’s a chance to see Chinese Biotech turn losses into profits in 2024-2025.</li>
<li>Zhejiang Orient Gene Biotech (688298 CH) once brought considerable returns to investors, but now the beautiful story is over.After deletion from CSI Medical Service Index, share price could remain weak.</li>
</ul>


The national centralized procurement of high-value medical consumables for intraocular lens (IOL) and medical consumables related to sports medicine released results, with lower than expected price reductions. 
Despite anti-corruption campaign, the business/profit model validation process of Chinese Biotech has not slowed down. There’s a chance to see Chinese Biotech turn losses into profits in 2024-2025.
Zhejiang Orient Gene Biotech (688298 CH) once brought considerable returns to investors, but now the beautiful story is over.After deletion from CSI Medical Service Index, share price could remain weak.


China Healthcare Weekly (Dec.1) - Medical Device VBP, Biotech to Breakeven Soon, Orient Gene Biotech

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 117.6% as of Nov 3rd.</li>
<li>The average A-H premium changed by -1.5ppt week on week, led by utilities, information technology, communication services and offset by energy.</li>
<li>We highlight weekly changes in A-H premium for Ganfeng Lithium, China Merchant Securities and Wuapptec.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 117.6% as of Nov 3rd.
The average A-H premium changed by -1.5ppt week on week, led by utilities, information technology, communication services and offset by energy.
We highlight weekly changes in A-H premium for Ganfeng Lithium, China Merchant Securities and Wuapptec.


A-H Premium Weekly (Nov 3rd): Ganfeng Lithium, CMS, Wuxi Apptec

China

Beijing Chunlizhengda Medical Instruments Co.,Ltd. designs, develops, manufactures and markets patented implants and instruments for joint replacement, spinal fixation and trauma.

Beijing Chunlizhengda Medical Instruments (1858 HK)

Beijing Chunlizhengda Medical Instruments

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

Beijing Chunlizhengda Medical Instruments (1858 HK)

Shandong Weigao Group Medical Polymer Co (1066.HK) - 2023 Full-Year Results Could Be Ugly

Due to VBP and anti-corruption campaign in 23H2, Weigao's 2023 results could be disappointing. Whether the performance will recover in 2024 is...

Xinyao (Criss) Wang

A-H Premium Weekly (Dec 15th): CMB, China Tourism, Ping An Insurance, BYD

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CMB, China Tourism, Ping An Insurance, BYD.

Ke Yan, CFA, FRM

A-H Premium Weekly (Dec 8th): CMB, Ping An Insurance, Beigene

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CMB, Ping An Insurance and Beigene.

Ke Yan, CFA, FRM

China Healthcare Weekly (Dec.1) - Medical Device VBP, Biotech to Breakeven Soon, Orient Gene Biotech

VBP result for intraocular lens/sports medicine consumables is better than expected.There’s a chance to see Chinese Biotech turn loss into profits...

Xinyao (Criss) Wang

A-H Premium Weekly (Nov 3rd): Ganfeng Lithium, CMS, Wuxi Apptec

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Ganfeng Lithium, China Merchant Securities and Wuapptec.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)