Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hanwha-corporation" target="_blank" data-smartkarma-citation="entities:10619:1" rel="noopener">Hanwha Corporation (000880 KS)</a> is "expensive" on my monitor. But that doesn't paint the whole picture. And what's up with <a href="https://www.smartkarma.com/entities/genscript-biotech-corp" target="_blank" data-smartkarma-citation="entities:21041:1" rel="noopener">Genscript Biotech (1548 HK)</a>'s deconsolidation of <a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech (LEGN US)</a>?</li>
<li>Preceding my comments on Hanwha and Genscript Biotech/Legend Biotech are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Hanwha Corporation (000880 KS) is "expensive" on my monitor. But that doesn't paint the whole picture. And what's up with Genscript Biotech (1548 HK)'s deconsolidation of Legend Biotech (LEGN US)?
Preceding my comments on Hanwha and Genscript Biotech/Legend Biotech are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Hanwha Corp; Genscript Biotech/Legend Biotech

<ul>
<li>Biotech play <a href="https://www.smartkarma.com/entities/genscript-biotech-corp" target="_blank" data-smartkarma-citation="entities:21041:1" rel="noopener">Genscript Biotech (1548 HK)</a> and ~48%-held <a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech (LEGN US)</a> popped recently on a reported tilt for Legend.  Neither Genscript nor Legend made exchange announcements supporting the claim. </li>
<li>Preceding my comments on Genscript/Legend are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


Biotech play Genscript Biotech (1548 HK) and ~48%-held Legend Biotech (LEGN US) popped recently on a reported tilt for Legend.  Neither Genscript nor Legend made exchange announcements supporting the claim. 
Preceding my comments on Genscript/Legend are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Legend (LEGN US) Offer Or Not, Genscript (1548 HK) Is Attractive

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>One interesting interpretation of the new Akeso-summit cooperation is that it aims to pave the way for potential acquisition of Summit by MNC. The climax of the story hasn’t arrived.</li>
<li>Jacobio is a good target for potential M&amp;A and licensing deals. So, this company has considerable potential returns and also strong safety margin, which is worth taking a gamble on.</li>
<li>There’re concerns that Genscript could face US scrutiny due to alleged ties with Chinese government. Share price rebound may not last considering geopolitical conflicts and CXO industry downturn in 24H1.</li>
</ul>


One interesting interpretation of the new Akeso-summit cooperation is that it aims to pave the way for potential acquisition of Summit by MNC. The climax of the story hasn’t arrived.
Jacobio is a good target for potential M&amp;A and licensing deals. So, this company has considerable potential returns and also strong safety margin, which is worth taking a gamble on.
There’re concerns that Genscript could face US scrutiny due to alleged ties with Chinese government. Share price rebound may not last considering geopolitical conflicts and CXO industry downturn in 24H1.


China Healthcare Weekly (Jun.9) - New Akeso-Summit Deal, Jacobio Is a Good Bet, Genscript's Trouble

Thematic (Sector/Industry)

<ul>
<li>The rebounds in healthcare sector is more due to oversold. Unfriendly macro environment could make stock price fluctuate largely.Investors would find better places to long than the current valuation level.</li>
<li>The new document about payment management measures for new technology out of CHS-DRG payment scope is an important “policy correction” signal, but there are still problems remain to be solved.</li>
<li>We analyzed our top picks and investment logic in CXO, pharmaceuticals and medical device industry. Overall, as a “defensive sector”, China healthcare has investment value in such complicated external environment.</li>
</ul>


The rebounds in healthcare sector is more due to oversold. Unfriendly macro environment could make stock price fluctuate largely.Investors would find better places to long than the current valuation level.
The new document about payment management measures for new technology out of CHS-DRG payment scope is an important “policy correction” signal, but there are still problems remain to be solved.
We analyzed our top picks and investment logic in CXO, pharmaceuticals and medical device industry. Overall, as a “defensive sector”, China healthcare has investment value in such complicated external environment.


2022H2 China Healthcare Investment Strategy and Top Picks

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>GenScript Biotech established operations site and logistics center in Australia. Eisai has received positive opinion from CHMP recommending approval of lecanemab. Otsuka forms JV to boost IV supply in US.</li>
<li>Lunit formed strategic alliance in France to expand AI solution deployment. Daiichi Sankyo and AstraZeneca submitted a new BLA for accelerated approval in the U.S. for datopotamab deruxtecan for NSCLC.</li>
<li>Cellid has completed recruiting and dosing all participants in its Phase 3 clinical trial of COVID-19 vaccine targeting Omicron variant. Alembic Pharmaceutical received FDA approval for hypertension drug.</li>
</ul>


GenScript Biotech established operations site and logistics center in Australia. Eisai has received positive opinion from CHMP recommending approval of lecanemab. Otsuka forms JV to boost IV supply in US.
Lunit formed strategic alliance in France to expand AI solution deployment. Daiichi Sankyo and AstraZeneca submitted a new BLA for accelerated approval in the U.S. for datopotamab deruxtecan for NSCLC.
Cellid has completed recruiting and dosing all participants in its Phase 3 clinical trial of COVID-19 vaccine targeting Omicron variant. Alembic Pharmaceutical received FDA approval for hypertension drug.


APAC Healthcare Weekly (Nov 17)- GenScript Biotech, Eisai, Otsuka, Daiichi Sankyo, Cellid, and Lunit

Hong Kong

Genscript Biotech Corp is biotech service company. The Company provides life science services and products and pre-clinical drug development services.

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Genscript Biotech (1548 HK)

StubWorld: Hanwha Corp; Genscript Biotech/Legend Biotech

Hanwha Corp appears attractive here. The pushback is that HC is thinly traded. And Genscript’s deconsolidation has minimal impact on financials...

David Blennerhassett

StubWorld: Legend (LEGN US) Offer Or Not, Genscript (1548 HK) Is Attractive

Genscript appears attractive - not just Legend's product pipeline and strong partnerships; but also Genscript's stub ops have been performing well....

David Blennerhassett

China Healthcare Weekly (Jun.9) - New Akeso-Summit Deal, Jacobio Is a Good Bet, Genscript's Trouble

The new Akeso-Summit deal may pave the way for MNC to acquire Summit.Jacobio is a good target for potential M&A/license deal.Genscript faces US...

Xinyao (Criss) Wang

2022H2 China Healthcare Investment Strategy and Top Picks

We analyze the investment strategy,top picks and logic in CXO,pharmaceuticals and medical device industry.As a “defensive sector”,China healthcare...

Xinyao (Criss) Wang

APAC Healthcare Weekly (Nov 17)- GenScript Biotech, Eisai, Otsuka, Daiichi Sankyo, Cellid, and Lunit

Biotech companies expand operations globally with new sites and drug approvals, advancing healthcare solutions and treatments. A phase 3 trial for...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

StubWorld: Hanwha Corp; Genscript Biotech/Legend Biotech

Hanwha Corp appears attractive here. The pushback is that HC is thinly traded. And Genscript’s deconsolidation has minimal impact on financials...

David Blennerhassett

StubWorld: Legend (LEGN US) Offer Or Not, Genscript (1548 HK) Is Attractive

Genscript appears attractive - not just Legend's product pipeline and strong partnerships; but also Genscript's stub ops have been performing well....

David Blennerhassett

China Healthcare Weekly (Jun.9) - New Akeso-Summit Deal, Jacobio Is a Good Bet, Genscript's Trouble

​The new Akeso-Summit deal may pave the way for MNC to acquire Summit.Jacobio is a good target for potential M&A/license deal.Genscript faces US...

Xinyao (Criss) Wang

2022H2 China Healthcare Investment Strategy and Top Picks

We analyze the investment strategy,top picks and logic in CXO,pharmaceuticals and medical device industry.As a “defensive sector”,China healthcare...

Xinyao (Criss) Wang

APAC Healthcare Weekly (Nov 17)- GenScript Biotech, Eisai, Otsuka, Daiichi Sankyo, Cellid, and Lunit

​Biotech companies expand operations globally with new sites and drug approvals, advancing healthcare solutions and treatments. A phase 3 trial for...

Tina Banerjee

The new Akeso-Summit deal may pave the way for MNC to acquire Summit.Jacobio is a good target for potential M&A/license deal.Genscript faces US...

Biotech companies expand operations globally with new sites and drug approvals, advancing healthcare solutions and treatments. A phase 3 trial for...