HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Jacobio Pharmaceuticals / Equity Bottom-Up

<ul>
<li>Due to the US Draft Bill against CXOs, stock prices of the entire pharmaceutical industry plummeted. But in reality, there’s no impact on innovative drugs, which is just “emotional suppression”.</li>
<li>The future BTK inhibitors market pattern predicted by GlobalData is very close to our estimate. This actually indirectly verifies the peak sales level that BeiGene may reach in the future.</li>
<li>Setbacks on KRAS/SHP2 projects discourage investors’ confidence on Jacobio. We wouldn’t recommend projecting too high expectations on BET inhibitor just yet. Share price performance could continue to be under pressure.</li>
</ul>


Due to the US Draft Bill against CXOs, stock prices of the entire pharmaceutical industry plummeted. But in reality, there’s no impact on innovative drugs, which is just “emotional suppression”.
The future BTK inhibitors market pattern predicted by GlobalData is very close to our estimate. This actually indirectly verifies the peak sales level that BeiGene may reach in the future.
Setbacks on KRAS/SHP2 projects discourage investors’ confidence on Jacobio. We wouldn’t recommend projecting too high expectations on BET inhibitor just yet. Share price performance could continue to be under pressure.


China Healthcare Weekly (Feb16)-Innovative Drug Is "Innocent" In Geopolitics, BeiGene's BTK, Jacobio

Event-Driven

Chongqing Taiji Industry (Group) A / Event-Driven

<ul>
<li>There are several ways for pharmaceutical companies to commercialize drugs. We analyzed the advantages and disadvantages and ranked them accordingly. Among them, out-licensing early-stage pipelines is the worst choice.</li>
<li>After 5-6 years of commercialization, China Biotech have reached the critical point of verifying the feasibility of business models. However, some companies are falling behind. We listed them below.</li>
<li>After the failure of China TCM’s privatization, CNPGC can choose to launch another privatization after 12 months. There’re also other methods to address the horizontal competition issue with Taiji Group.</li>
</ul>


There are several ways for pharmaceutical companies to commercialize drugs. We analyzed the advantages and disadvantages and ranked them accordingly. Among them, out-licensing early-stage pipelines is the worst choice.
After 5-6 years of commercialization, China Biotech have reached the critical point of verifying the feasibility of business models. However, some companies are falling behind. We listed them below.
After the failure of China TCM’s privatization, CNPGC can choose to launch another privatization after 12 months. There’re also other methods to address the horizontal competition issue with Taiji Group.


China Healthcare Weekly (Nov.10)-Biotech Model Validation, CNPGC Need to Fulfill Commitment to Taiji

<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

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 May 17th.</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 BOC, Sinopec, CNOOC, HSBC, Kuaishou Technology, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 17th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for BOC, Sinopec, CNOOC, HSBC, Kuaishou Technology, Tencent.


Hong Kong Connect Flows (May 17th): BOC, Sinopec, CNOOC, HSBC, Kuaishou Technology, Tencent

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 12th.</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, Xiaomi, Bank Of China.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 12th.
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, Xiaomi, Bank Of China.


Hong Kong Connect Flows (Apr 12th): China Mobile, Xiaomi, Bank Of China

China

Jacobio Pharmaceuticals Co. Ltd. operates as a biotech company. The Company develops and sells cancer innovative drugs, autoimmune drugs, infectious diseases drugs, and other products. Jacobio Pharmaceuticals markets its products throughout China.

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Jacobio Pharmaceuticals (1167 HK)

China Healthcare Weekly (Feb16)-Innovative Drug Is "Innocent" In Geopolitics, BeiGene's BTK, Jacobio

Due to US Draft Bill against CXO, Biotech's share price also plummeted, but they're "Innocent".Future BTK inhibitor market pattern shows the upper...

Xinyao (Criss) Wang

China Healthcare Weekly (Nov.10)-Biotech Model Validation, CNPGC Need to Fulfill Commitment to Taiji

Out-licensing early-stage pipelines is the worst option. China Biotech at a critical point in verifying business models. CNPGC has other methods to...

Xinyao (Criss) Wang

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

Hong Kong Connect Flows (May 17th): BOC, Sinopec, CNOOC, HSBC, Kuaishou Technology, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for BOC, Sinopec, CNOOC, HSBC, Kuaishou Technology, Tencent.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Apr 12th): China Mobile, Xiaomi, Bank Of China

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

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Healthcare Weekly (Feb16)-Innovative Drug Is "Innocent" In Geopolitics, BeiGene's BTK, Jacobio

Due to US Draft Bill against CXO, Biotech's share price also plummeted, but they're "Innocent".Future BTK inhibitor market pattern shows the upper...

Xinyao (Criss) Wang

China Healthcare Weekly (Nov.10)-Biotech Model Validation, CNPGC Need to Fulfill Commitment to Taiji

Out-licensing early-stage pipelines is the worst option. China Biotech at a critical point in verifying business models. CNPGC has other methods to...

Xinyao (Criss) Wang

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

Hong Kong Connect Flows (May 17th): BOC, Sinopec, CNOOC, HSBC, Kuaishou Technology, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for BOC, Sinopec, CNOOC, HSBC, Kuaishou Technology, Tencent.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Apr 12th): China Mobile, Xiaomi, Bank Of China

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

Ke Yan, CFA, FRM

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...