HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>Anhui’s new VBP included OTC TCM for the first time, which poses a big challenge to the pricing autonomy of CR Sanjiu. This makes Sanjiu's acquisition of Tasly more important/urgent. </li>
<li>Novo Nordisk's performance has raised concerns. The capacity bottleneck for weight-loss drugs seems resolved. Could this signal that the market for weight-loss drugs is reaching its peak?</li>
<li>
<a href="https://www.smartkarma.com/entities/keymed-biosciences-inc" target="_blank" data-smartkarma-citation="entities:33011:1" rel="noopener">Keymed Biosciences (2162 HK)</a>’s CM310 will miss this year’s NRDL negotiations, putting the company at a disadvantage. Considering the competitive landscape, we are concerned about Keymed’s performance.</li>
</ul>


Anhui’s new VBP included OTC TCM for the first time, which poses a big challenge to the pricing autonomy of CR Sanjiu. This makes Sanjiu's acquisition of Tasly more important/urgent. 
Novo Nordisk's performance has raised concerns. The capacity bottleneck for weight-loss drugs seems resolved. Could this signal that the market for weight-loss drugs is reaching its peak?

Keymed Biosciences (2162 HK)’s CM310 will miss this year’s NRDL negotiations, putting the company at a disadvantage. Considering the competitive landscape, we are concerned about Keymed’s performance.


China Healthcare Weekly (Sep.22) - CR Sanjiu's Trouble, Weight-Loss Drug Market Saturation, Keymed

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

China Resources Beverage / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage</a> is looking to raise US$1bn in its upcoming Hong Kong IPO.</li>
<li>China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.</li>
<li>In our earlier note, we talked about the company’s past performance. In this note, we will undertake a peer comparison.</li>
</ul>



China Resources Beverage is looking to raise US$1bn in its upcoming Hong Kong IPO.
China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.
In our earlier note, we talked about the company’s past performance. In this note, we will undertake a peer comparison.


China Resources Beverage Pre-IPO - Peer Comparison - Middling

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage</a> is looking to raise US$1bn in its upcoming Hong Kong IPO.</li>
<li>China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



China Resources Beverage is looking to raise US$1bn in its upcoming Hong Kong IPO.
China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.
In this note, we talk about the positive aspects of the deal.


China Resources Beverage Pre-IPO - The Positives - Strong Position in Its Main Market

Gan & Lee Pharmaceuticals / Equity Bottom-Up

<ul>
<li>The performance of most TCM formula granule enterprises showed slow growth or even decline due to VBP in 2023. Although VBP will continue, it also brings opportunities for related companies. </li>
<li>Customized production, expensive upstream raw materials/production equipment, complex supply chain systems, etc. are all major reasons for the high prices of CAR-T therapy, but we see hope for changes.</li>
<li>
<a href="https://www.smartkarma.com/entities/gan-lee-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:36237:1" rel="noopener">Gan &amp; Lee Pharmaceuticals (603087 CH)</a>’s core insulin business will continue to have decent growth based on positive VBP renewal results. It's expected that in 2024, performance would further rebound.</li>
</ul>


The performance of most TCM formula granule enterprises showed slow growth or even decline due to VBP in 2023. Although VBP will continue, it also brings opportunities for related companies. 
Customized production, expensive upstream raw materials/production equipment, complex supply chain systems, etc. are all major reasons for the high prices of CAR-T therapy, but we see hope for changes.

Gan &amp; Lee Pharmaceuticals (603087 CH)’s core insulin business will continue to have decent growth based on positive VBP renewal results. It's expected that in 2024, performance would further rebound.


China Healthcare Weekly (Apr.28)-TCM Formula Granule Outlook, Reduce CAR-T's Price, Gan & Lee Pharma

<ul>
<li>China Resources Beverage (Holdings) Company Limited is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are BofA, BOCI, Citic, and UBS.</li>
<li>China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages  in China.</li>
<li>According CIC, it was the second largest company in the packaged drinking water market in China and the largest company in the purified drinking water market in 2023.</li>
</ul>


China Resources Beverage (Holdings) Company Limited is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are BofA, BOCI, Citic, and UBS.
China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages  in China.
According CIC, it was the second largest company in the packaged drinking water market in China and the largest company in the purified drinking water market in 2023.


China Resources Beverage (Holdings) Pre-IPO Tearsheet

China

China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. manufactures and markets medicines, healthcare products, and medical instruments.  Through its subsidiaries, the Company also operates in pharmaceutical trading, printing, food manufacturing, real estate development, and provides medical services.

China Resources Sanjiu Medical & Pharma (000999 CH)

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

China Resources Sanjiu Medical & Pharma (000999 CH)

China Healthcare Weekly (Sep.22) - CR Sanjiu's Trouble, Weight-Loss Drug Market Saturation, Keymed

Anhui's VBP includes OTC TCM, challenging CR Sanjiu's pricing autonomy. There are concerns about weight-loss drug market saturation. CM310 missing...

Xinyao (Criss) Wang

China Resources Beverage Pre-IPO - Peer Comparison - Middling

China Resources Beverage is looking to raise US$1bn in its upcoming Hong Kong IPO. We have looked at the company's past performance in our previous...

Sumeet Singh

China Resources Beverage Pre-IPO - The Positives - Strong Position in Its Main Market

China Resources Beverage is looking to raise US$1bn in its upcoming Hong Kong IPO. In this ntoe, we talk about the positive aspects of the deal.

Sumeet Singh

China Healthcare Weekly (Apr.28)-TCM Formula Granule Outlook, Reduce CAR-T's Price, Gan & Lee Pharma

TCM formula granule VBP brings challenge for company, but it also brings hope. There're breakthrough point of CAR-T's price decline. Gan & Lee has...

Xinyao (Criss) Wang

China Resources Beverage (Holdings) Pre-IPO Tearsheet

China Resources Beverage (Holdings) Company Limited is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are BofA,...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Healthcare Weekly (Sep.22) - CR Sanjiu's Trouble, Weight-Loss Drug Market Saturation, Keymed

​Anhui's VBP includes OTC TCM, challenging CR Sanjiu's pricing autonomy. There are concerns about weight-loss drug market saturation. CM310 missing...

Xinyao (Criss) Wang

China Resources Beverage Pre-IPO - Peer Comparison - Middling

China Resources Beverage is looking to raise US$1bn in its upcoming Hong Kong IPO. We have looked at the company's past performance in our previous...

Sumeet Singh

China Resources Beverage Pre-IPO - The Positives - Strong Position in Its Main Market

China Resources Beverage is looking to raise US$1bn in its upcoming Hong Kong IPO. In this ntoe, we talk about the positive aspects of the deal.

Sumeet Singh

China Healthcare Weekly (Apr.28)-TCM Formula Granule Outlook, Reduce CAR-T's Price, Gan & Lee Pharma

TCM formula granule VBP brings challenge for company, but it also brings hope. There're breakthrough point of CAR-T's price decline. Gan & Lee has...

Xinyao (Criss) Wang

China Resources Beverage (Holdings) Pre-IPO Tearsheet

China Resources Beverage (Holdings) Company Limited is looking to raise US$1bn in its upcoming Hong Kong IPO. The bookrunners on the deal are BofA,...

Sumeet Singh

Anhui's VBP includes OTC TCM, challenging CR Sanjiu's pricing autonomy. There are concerns about weight-loss drug market saturation. CM310 missing...