HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shanghai Cell Therapy Group / Equity Capital Markets

<ul>
<li>The biggest problem of cell therapy in China is the uncertain prospect of commercialization. Medical practitioners also have reservations regarding the usefulness of cryopreserved cells for clinical application.</li>
<li>Shanghai Cell Therapy could be in a long-term loss making state, and both of its R&amp;D and commercialization capabilities need to be verified. Then, how would investors obtain expected returns?</li>
<li>Post-Investment valuation already reached above RMB7.1 billion after Series D financing. However, market value of comparable companies are quite low, which makes us worry about stock price performance after IPO.</li>
</ul>


The biggest problem of cell therapy in China is the uncertain prospect of commercialization. Medical practitioners also have reservations regarding the usefulness of cryopreserved cells for clinical application.
Shanghai Cell Therapy could be in a long-term loss making state, and both of its R&amp;D and commercialization capabilities need to be verified. Then, how would investors obtain expected returns?
Post-Investment valuation already reached above RMB7.1 billion after Series D financing. However, market value of comparable companies are quite low, which makes us worry about stock price performance after IPO.


Pre-IPO Shanghai Cell Therapy Group - Commercialization Prospects and Profitability Are Pessimistic

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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 5th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight HK Connect flows for China Mobile, and CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 5th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight HK Connect flows for China Mobile, and CNOOC.


Hong Kong Connect Flows (Jan 5th): China Mobile, CNOOC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 22nd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We have highlighted Hong Kong Conncect flows for CNOOC and Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 22nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We have highlighted Hong Kong Conncect flows for CNOOC and Tencent.


Hong Kong Connect Flows (Dec 22nd): CNOOC, Tencent

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 15th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight Hong Kong Conncect flows for Meituan and Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 15th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight Hong Kong Conncect flows for Meituan and Tencent.


Hong Kong Connect Flows (Dec 15th): Meituan, Tencent

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 1st.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight weekly Hongkong connect flows for Meituan and Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 1st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight weekly Hongkong connect flows for Meituan and Tencent.


Hong Kong Connect Flows (Dec 1st): Meituan, Tencent

China

CARsgen is a leading immunotherapy company focused on the development of new chimeric antigen receptor T (CAR-T) cell therapeutics for liver, lung, stomach and brain cancers. The company has relationships with Shanghai Cancer Institute and Shanghai Renji Hospital, plans to initiate clinical trials for KJgpc3-001, a glypican-3 (GPC3)-directed CAR-T cell therapy.

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

CARSgen Therapeutics (2171 HK)

Pre-IPO Shanghai Cell Therapy Group - Commercialization Prospects and Profitability Are Pessimistic

Shanghai Cell Therapy's complete business layout would drag down the company's turnaround from losses to profits.The disappointing valuation...

Xinyao (Criss) Wang

Hong Kong Connect Flows (Jan 5th): China Mobile, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlight Hong Kong connect flows for China Mobile, CNOOC.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Dec 22nd): CNOOC, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlight Hong kong weekly flows for CNOOC and Tencent.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Dec 15th): Meituan, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlight weekly Hong Kong connect flows for Meituan and Tencent.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Dec 1st): Meituan, Tencent

We analyzed southbound weekly Hong Kong connect flows in the past week and we highlighted weekly flows for Meituan and Tencent.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)