HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>When we discovered that JD Health's growth could face a downturn crisis, we hope to find a suitable substitute. ClouDr has such potential due to its good performance/reasonable business model.</li>
<li>The current anti-corruption campaign could bring new opportunities to ClouDr, who can rely on “hospital first” strategy to take the upper hand, but it should be based on some prerequisites.</li>
<li>ClouDr’s business is expected to keep strong growth momentum in 2023. The Company is expected to achieve breakeven in 2024. Investors could see good stock price performance at that time.</li>
</ul>


When we discovered that JD Health's growth could face a downturn crisis, we hope to find a suitable substitute. ClouDr has such potential due to its good performance/reasonable business model.
The current anti-corruption campaign could bring new opportunities to ClouDr, who can rely on “hospital first” strategy to take the upper hand, but it should be based on some prerequisites.
ClouDr’s business is expected to keep strong growth momentum in 2023. The Company is expected to achieve breakeven in 2024. Investors could see good stock price performance at that time.


ClouDr Group (9955.HK) 23H1 - Turning Losses into Profits Is Within Reach

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>We see 37 potential adds (including plenty of new listings) and 25 potential deletes (on market cap and liquidity) for the Hang Seng Composite Index in September.</li>
<li>We expect 32 stocks to be added to Southbound Stock Connect following the rebalance while 24 stocks could be deleted from the trading link and become Sell-only.</li>
<li>There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.</li>
</ul>


We see 37 potential adds (including plenty of new listings) and 25 potential deletes (on market cap and liquidity) for the Hang Seng Composite Index in September.
We expect 32 stocks to be added to Southbound Stock Connect following the rebalance while 24 stocks could be deleted from the trading link and become Sell-only.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.


HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September

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 June 7th.</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 flows for China Mobile, Tencent, BOC, China Hongqiao, Yankuang Energy.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 7th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, Tencent, BOC, China Hongqiao, Yankuang Energy.


Hong Kong Connect Flows (Jun 7th): China Mobile, Tencent, BOC, China Hongqiao, Yankuang Energy

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 3rd.</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 flows for Tencent Holdings, Bank Of China, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 3rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent Holdings, Bank Of China, Xiaomi.


Hong Kong Connect Flows (Apr 3rd): Tencent, Bank Of China, Xiaomi

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 28th.</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 flows for Tencent, Bank Of China, China Mobile, Xiaomi, CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 28th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Bank Of China, China Mobile, Xiaomi, CNOOC.


Hong Kong Connect Flows (Mar 28th): Tencent, Bank Of China, China Mobile, Xiaomi, CNOOC

China

Guangdong Kanghua Healthcare is a Guangdong based hospital operator.

IVD Medical Holding Limited operates as a holding company. The Company, through its subsidiaries, focuses on distribution of IVD products includes analysers, reagents, and other consumables. IVD Medical Holding serves customers in Hong Kong.

New Century Healthcare Holding Co. Limited operates hospitals. The Company manages pediatrics, obstetrics, and gynecology specialty hospitals throughout China.

Kingworld Medicines Group Ltd. distributes branded imported pharmaceutical and healthcare products in the Peoples Republic of China. The Company distributes pharmaceuticals that include cough and phlegm relieving, gastrointestinal, vitamin, orthopedics, cardiovascular, influenza and others.

Concord Medical Services Holdings Ltd. manages medical centers. The Company owns and operates a network of radiotherapy and diagnostic imaging centers throughout China.

New Ray Medicine International Holdings Limited is a pharmaceutical distributor based in China.

Wanjia Group Holdings Ltd is a wholesaler and distributor and retail chain operator of pharmaceutical and healthcare products in Fujian Province in the PRC.

China NT Pharma Group Company Ltd. manufactures generic pharmaceuticals, and offers logistics and promotions and sales service to other drug manufacturers. The Company offers customs clearance, warehousing, delivery, invoicing, receivables collection and other services; and promotion and sales services primarily for anti-infective and central nervous system medications.

Rici Healthcare Holdings Limited operates private integrate health care hospitals. The Company provides high-end medicare, specialized hospital, physical examination, medical products supply, and other related services throughout China.

Zhejiang Zhenyuan Co., Ltd. wholesales and retails traditional Chinese medicines, Chinese medicine materials, chemical preparations, and healthcare products.  Through its subsidiaries, the Company also manufactures pharmaceuticals.

Wenzhou Kangning Hospital Co., Limited is a psychiatric healthcare group. The Company operate and manage a network of healthcare facilities across various regions in China.

Japan Medical Dynamic Marketing, INC. imports, manufactures, and markets material used for treatment of bone fracture and medical equipment mainly for orthopedic surgery and neurosurgery.  The Company also develops and sells artificial articulations.

MEDIUS HOLDINGS Co.,Ltd. wholesales and leases medical equipments. The mainclients are hospitals and medical institutions in Tokyo metropolitan and Tokai  area.  The company also provides hospitals with Supply Processing & Distribution services by contract.

Nobilis Health Corp. owns and operates ambulatory and acute care facilities and healthcare services. The Company also owns and operates  imaging centers and urgent care clinics.

Sharehope Medicine Co., Ltd. was founded in 2003. The Company's line of business includes renting or leasing medical equipment.

HOKUYAKU TAKEYAMA Holdings, Inc. is a holding company which distributes medicine drugs and medical equipment through its subsidiaries.  The group companies also produce and sell chemical drugs as well as pesticide chemical, and provide delivery services.

Ekachai Medical Care PCL offers medical services. The Company's medical services include plastic surgery, skin and beauty treatments, pediatric care, obstetrics, surgical procedures, orthopedic care, opthalmology care, emergency trauma care, dialysis care, dental care, and physical therapy. Ekachai Medical Care operates in Thailand.

Hospital Corp of China Ltd. is a hospital operation and management group. The Company consolidate medical resources to provide medical services and treatment of diseases.

Healthway Medical Corp. Ltd. provides outpatient medical services in Singapore. The Company offers care in the areas of family medicine, specialists care, dental and oral care and medical aesthetics.

OUE Lippo Healthcare Limited ("OUELH") is a subsidiary company of OUE Limited ("OUE") and is listed on the Catalist Board of Singapore Exchange Securities Trading Limited.

OUELH provides high-quality and sustainable healthcare solutions through the acquisition, development, management, and operations of healthcare facilities across Asia. Leveraging on the strategic partnerships it has, OUELH continually seeks to expand its portfolio across the region.

ClouDr Group Limited offers medical services. The Company provides in hospital solutions development, pharmacy solutions development, individual chronic condition management, and other services. ClouDr Group provides its services throughout Hong Kong.

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ClouDr Group (9955 HK)