China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>2252HK:   NHC issued the "14th Five-Year Plan for Large-Scale Medical Equipment Allocation" ,  the planned quota of laparoscopic robots is slightly lower than our estimated (-)</li>
<li>1801HK/LEGN:Innovent/ISAO co-developed CAR-T received approval in China ahead   of Legend’s CARVIKTI, might try to squeeze in NDRL list this year (+)</li>
<li>LKNCY: Luckin Coffee reported 50mn monthly transacting customers in June(/)</li>
</ul>


2252HK:   NHC issued the "14th Five-Year Plan for Large-Scale Medical Equipment Allocation" ,  the planned quota of laparoscopic robots is slightly lower than our estimated (-)
1801HK/LEGN:Innovent/ISAO co-developed CAR-T received approval in China ahead   of Legend’s CARVIKTI, might try to squeeze in NDRL list this year (+)
LKNCY: Luckin Coffee reported 50mn monthly transacting customers in June(/)


China TMT Update Jul.4-2252HK/1801HK/LEGN/LKNCY:14th Five-Year Plan for Medical Equipment Allocation

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Gracell Biotechnologies Inc / Equity Bottom-Up

<ul>
<li>The latest data of GC012F/GC007g at ASCO/EHA drove up share price, but the current clinical data do not necessarily guarantee the final druggability. So, we advise investors to be rational.</li>
<li>Gracell's pipeline may not solve the real pain points of CAR-T therapy. Until the global momentum of cell therapy is reversed, there's no need to expect too much from Gracell.</li>
<li>Gracell's stock price would continue to fluctuate with positive clinical data or progress. However, the liquidity of this stock isn't good. In this situation, both ups and downs are meaningless. </li>
</ul>


The latest data of GC012F/GC007g at ASCO/EHA drove up share price, but the current clinical data do not necessarily guarantee the final druggability. So, we advise investors to be rational.
Gracell's pipeline may not solve the real pain points of CAR-T therapy. Until the global momentum of cell therapy is reversed, there's no need to expect too much from Gracell.
Gracell's stock price would continue to fluctuate with positive clinical data or progress. However, the liquidity of this stock isn't good. In this situation, both ups and downs are meaningless. 


Gracell Biotechnologies Inc (GRCL.US) - May Fail to Solve the Real Pain Points in CAR-T Field

Shanghai Bio-Heart Biological Technology / Equity Bottom-Up

<ul>
<li>There are three main ways for Chinese pharmaceutical companies to enter global markets, but the results are completely different. Investors are advised to make cautious judgments based on different cases. </li>
<li>Speed is a crucial factor in the competition for drug development, but there’re precedents in history that late-comers are still able to turn things around, such as GLP-1/weight loss drugs.</li>
<li>We remain conservative about the future commercialization performance of Bio-Heart's BRS and Iberis 2nd. However, the product launch is a catalyst for share price, which provides a good short-term trade opportunity.</li>
</ul>


There are three main ways for Chinese pharmaceutical companies to enter global markets, but the results are completely different. Investors are advised to make cautious judgments based on different cases. 
Speed is a crucial factor in the competition for drug development, but there’re precedents in history that late-comers are still able to turn things around, such as GLP-1/weight loss drugs.
We remain conservative about the future commercialization performance of Bio-Heart's BRS and Iberis 2nd. However, the product launch is a catalyst for share price, which provides a good short-term trade opportunity.


China Healthcare Weekly (May.12) - Three Globalization Strategies, GLP-1/Weight Loss Drug, Bio-Heart

<ul>
<li>3690.HK/Douyin: Douyin's latest strategy in China food delivery market, per Chinese local media reports (-)</li>
<li>1024: Kuaishou launches annual eCommerce conference for merchants ( + )</li>
<li>LEGN：Legend raised another US$350mn, which can support at least one year of operation (+)</li>
</ul>


3690.HK/Douyin: Douyin's latest strategy in China food delivery market, per Chinese local media reports (-)
1024: Kuaishou launches annual eCommerce conference for merchants ( + )
LEGN：Legend raised another US$350mn, which can support at least one year of operation (+)


China TMT Update(May 10) - 3690.HK/Douyin/1024.HK/LEGN: Douyin's Latest Strategy in Food Delivery

<ul>
<li>3690.HK/BABA: Meituan and Alipay release reports on May 1st holiday consumption (+)</li>
<li>PDD/Temu: Chinese Media Reports Pingduoduo’s Growth Challenges and Our Perspective</li>
<li>LEGN： Johnson &amp; Johnson licensed its next generation CAR-T from a delisted Chinese biotech(-)</li>
</ul>


3690.HK/BABA: Meituan and Alipay release reports on May 1st holiday consumption (+)
PDD/Temu: Chinese Media Reports Pingduoduo’s Growth Challenges and Our Perspective
LEGN： Johnson &amp; Johnson licensed its next generation CAR-T from a delisted Chinese biotech(-)


China TMT Update(May 5-Pt2): 3690.hk/Baba/PDD/LEGN - Meituan and Alipay Release May 1st Holiday Data

China

Legend Biotech Corporation operates as a biopharmaceutical company. The Company engages in discovery and development of novel cell therapies for oncology and other indications. Legend Biotech serves customers in the State of New Jersey.

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Legend Biotech Corp (LEGN US)

China TMT Update Jul.4-2252HK/1801HK/LEGN/LKNCY:14th Five-Year Plan for Medical Equipment Allocation

2252HK: "14th Five-Year Plan for Medical Equipment Allocation" , (-) 1801HK/LEGN: CAR-T received approval (+) LKNCY: Luckin Coffee reported 50mn...

Blue Lotus Research Institute

Gracell Biotechnologies Inc (GRCL.US) - May Fail to Solve the Real Pain Points in CAR-T Field

Gracell's stock price would fluctuate with positive clinical data, but if it cannot fundamentally addresses the pain point of CAR-T, stock price...

Xinyao (Criss) Wang

China Healthcare Weekly (May.12) - Three Globalization Strategies, GLP-1/Weight Loss Drug, Bio-Heart

There're three ways for companies to enter global markets, but the results are different.Late-comers can still turn things around, such as GLP-1...

Xinyao (Criss) Wang

China TMT Update(May 10) - 3690.HK/Douyin/1024.HK/LEGN: Douyin's Latest Strategy in Food Delivery

Douyin/3690: Douyin's strategy in food delivery(-); 1024: Kuaishou launches annual eCommerce conference for merchants (+) ;LEGN：Legend raised...

Blue Lotus Research Institute

China TMT Update(May 5-Pt2): 3690.hk/Baba/PDD/LEGN - Meituan and Alipay Release May 1st Holiday Data

3690.HK/BABA: Meituan and Alipay release reports (+)；PDD/Temu: Chinese Media Reports Pingduoduo’s Growth Challenges and Our Perspective；LEGN：...

Blue Lotus Research Institute

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