HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>Keymed is one of the few enterprises we believe have the strength to develop FIC in the future. Keymed's "pragmatic" in terms of commercialization,which set it apart from other biotech.</li>
<li>The current valuation is expensive based on our forecast. The expansion potential of future valuation depends on the progress of overseas R&amp;D/commercialization. This is where Keymed really takes off.</li>
<li>One big reason we've been positive about Keymed is because of its founder, Chen Bo. The down-to-earth style of management makes us full of expectations for <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>.</li>
</ul>


Keymed is one of the few enterprises we believe have the strength to develop FIC in the future. Keymed's "pragmatic" in terms of commercialization,which set it apart from other biotech.
The current valuation is expensive based on our forecast. The expansion potential of future valuation depends on the progress of overseas R&amp;D/commercialization. This is where Keymed really takes off.
One big reason we've been positive about Keymed is because of its founder, Chen Bo. The down-to-earth style of management makes us full of expectations for Keymed Biosciences (2162 HK).


Keymed Biosciences (2162.HK) - We Have High Hopes for Keymed, but Valuation Is Expensive

Thematic (Sector/Industry)

<ul>
<li>The newly released national medical insurance account reform will undoubtedly have a big impact on the development of China healthcare industry. We analyzed related impact on companies.</li>
<li>In 2023, we think that CXO is not suitable for long-term hold any more but only for short-term trade. Comparatively speaking, the situation of pharmaceutical companies is better.</li>
<li>Investment is a process of constantly recognizing and breaking through oneself. In fact, it is to use a large number of “certain costs” to exchange for a few “fuzzy earnings”.</li>
</ul>


The newly released national medical insurance account reform will undoubtedly have a big impact on the development of China healthcare industry. We analyzed related impact on companies.
In 2023, we think that CXO is not suitable for long-term hold any more but only for short-term trade. Comparatively speaking, the situation of pharmaceutical companies is better.
Investment is a process of constantly recognizing and breaking through oneself. In fact, it is to use a large number of “certain costs” to exchange for a few “fuzzy earnings”.


China Healthcare Weekly (Feb.17) - CXO Vs Pharma, Medical Insurance Account Reform, Time to Reflect

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 20th.</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, Meituan, China Construction Bank, Hong Kong Exchanges And Clearing.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 20th.
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, Meituan, China Construction Bank, Hong Kong Exchanges And Clearing.


Hong Kong Connect Flows (Jan 20th): China Mobile, Tencent, Meituan, CCB, HKEX

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 16th.</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 inflows into Meituan, Tencent, and outflows from China Mobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 16th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into Meituan, Tencent, and outflows from China Mobile.


Hong Kong Connect Flows (Dec 16th): Meituan, Tencent, China Mobile

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 2nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Kuaishou, GCL, Haidilao, Wharf, Haichang Ocean Park, Xiaomi, China Gas, Netease.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 2nd.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Kuaishou, GCL, Haidilao, Wharf, Haichang Ocean Park, Xiaomi, China Gas, Netease.


HK Short Interest Weekly: Kuaishou, GCL, Haidilao

China

CSPC Pharmaceutical Group Limited, through its subsidiaries, manufactures and sells pharmaceutical products.  The Company's products include vitamin C, antibiotics and common generic drugs. The Company is also engages in the development of innovative drugs and antibiotics.

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CSPC Pharmaceutical Group (1093 HK)

Keymed Biosciences (2162.HK) - We Have High Hopes for Keymed, but Valuation Is Expensive

Keymed is pragmatic in R&D/commercialization, which set it apart from other biotech. We have high hopes for Keymed due to Chen Bo and his...

Xinyao (Criss) Wang

China Healthcare Weekly (Feb.17) - CXO Vs Pharma, Medical Insurance Account Reform, Time to Reflect

The medical insurance account reform will have a big impact on China healthcare. In 2023, we think CXO is not suitable for long-term hold but only...

Xinyao (Criss) Wang

Hong Kong Connect Flows (Jan 20th): China Mobile, Tencent, Meituan, CCB, HKEX

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for China Mobile, Tencent, Meituan, China Construction Bank,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Dec 16th): Meituan, Tencent, China Mobile

We analyzed the Hong Kong Connect Scheme for last week and highlight inflows for Meituan, Tencent, and outflows from China Mobile.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Kuaishou, GCL, Haidilao

We analyzed the latest HK SFC report for aggregate short position as of Dec 2nd and highlight short interest changes in Kuaishou, GCL, Haidilao,...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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