HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Bio-Thera Solutions Ltd / Equity Capital Markets

In February 2020, <a href="https://www.smartkarma.com/entities/bio-thera-solutions-ltd" target="_blank" data-smartkarma-citation="entities:29127:1" rel="noopener">Bio-Thera Solutions Ltd (688177 CH)</a> completed its listing on the SSE STAR Market. Then in 2020/2H, Bio-Thera planned to list on the Hong Kong Stock Exchange, becoming another biopharmaceutical company with "A+H" listing. Currently the Company’s market value was about RMB13.5 billion. So how about this company? The following provides the insights on its pipeline and related competitive landscape.

In February 2020, Bio-Thera Solutions Ltd (688177 CH) completed its listing on the SSE STAR Market. Then in 2020/2H, Bio-Thera planned to list on the Hong Kong Stock Exchange, becoming another biopharmaceutical company with "A+H" listing. Currently the Company’s market value was about RMB13.5 billion. So how about this company? The following provides the insights on its pipeline and related competitive landscape. 

Pre-IPO Bio-Thera Solutions - Insights on Pipeline and the Competitive Landscape

Equity Bottom-Up

Livzon Pharmaceutical Group In / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/livzon-pharmaceutical-group-a" target="_blank" data-smartkarma-citation="entities:24770:1" rel="noopener">Livzon Pharmaceutical Group-A (000513 CH)</a> released its third quarter report in 2020. The Q1-Q3 accumulated revenue was RMB7.926 billion, with a YoY growth rate of 8.64%. Net income attributed to shareholders in the first three quarters was RMB1.422 billion, up 36.71% YoY. Net income after deducting non-recurring gains and losses were RMB1.179 billion, up 23.15% YoY. Q3 single quarter revenue was RMB2.83 billion, up 20.14% YoY. Net income attributed to shareholders reached RMB417 million, up 38.52% YoY. Q3’s single quarter net income after deducting non-recurring gains and losses was RMB344 million, up 15.28% YoY. Q3 performance was above expectations, with the highest YoY growth rate in the single quarter in nearly three years, and demonstrated strong recovery in various sectors.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/175/696/original/image_32979984121606785555504.png?1606785557" class="editor-image img-responsive" data-smartkarma-image-id="175696"></figure>Source: WIND

Livzon Pharmaceutical Group-A (000513 CH) released its third quarter report in 2020. The Q1-Q3 accumulated revenue was RMB7.926 billion, with a YoY growth rate of 8.64%. Net income attributed to shareholders in the first three quarters was RMB1.422 billion, up 36.71% YoY. Net income after deducting non-recurring gains and losses were RMB1.179 billion, up 23.15% YoY. Q3 single quarter revenue was RMB2.83 billion, up 20.14% YoY. Net income attributed to shareholders reached RMB417 million, up 38.52% YoY. Q3’s single quarter net income after deducting non-recurring gains and losses was RMB344 million, up 15.28% YoY. Q3 performance was above expectations, with the highest YoY growth rate in the single quarter in nearly three years, and demonstrated strong recovery in various sectors.Source: WIND

Livzon Pharmaceutical (000513.CH) - A Good Company that You Can't Afford Missing

Thematic (Sector/Industry)

1. Industry viewpoints: <ul>
<li>A new policy was released to clarify the scope and price of medical insurance payments for online healthcare service, which help open up the market scale of digital healthcare business.</li>
<li>Currently, some of the so-called "innovative drugs" in China are still far from real innovation, such as the PD-1 market.</li>
<li>Polypeptide drugs account for a small share in the global biomedical market, but they are developing rapidly.</li>
</ul>2. Company news:News from Wondfo Biotech, CSPC and Sino Biopharm about the new products for COVID-19 antigen tests, clinical progress on new category 1 drug and the new products that pass the consistency evaluation in China.3. Market review:Last week, stock price for healthcare sector in A share decreased 1.36%, while CSI 300 increased 4.05% over the same period of time.4. Risk Disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

1. Industry viewpoints: 
A new policy was released to clarify the scope and price of medical insurance payments for online healthcare service, which help open up the market scale of digital healthcare business.
Currently, some of the so-called "innovative drugs" in China are still far from real innovation, such as the PD-1 market.
Polypeptide drugs account for a small share in the global biomedical market, but they are developing rapidly.
2. Company news:News from Wondfo Biotech, CSPC and Sino Biopharm about the new products for COVID-19 antigen tests, clinical progress on new category 1 drug and the new products that pass the consistency evaluation in China.3. Market review:Last week, stock price for healthcare sector in A share decreased 1.36%, while CSI 300 increased 4.05% over the same period of time.4. Risk Disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Simcere Pharmaceutical Group / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical Group (SIMCERE HK)</a> is engaged in the R&amp;D, production and commercialisation of pharmaceuticals and is primarily focused on generic pharmaceuticals. The products are focused on three main therapeutic areas which are oncology (including cell therapy), central nervous system diseases and autoimmune diseases. Simcere will shortly launch a Hong Kong IPO to raise $500 million, according to press reports.  <div class="content-highlight">The timing of the IPO is not ideal as Simcere is coming off a weak 1H20. However, for investors willing to look past the 2020 results, Simcere is putting in place the right measures to ensure that the 1H20 was an exception rather than the rule. </div>

Simcere Pharmaceutical Group (SIMCERE HK) is engaged in the R&amp;D, production and commercialisation of pharmaceuticals and is primarily focused on generic pharmaceuticals. The products are focused on three main therapeutic areas which are oncology (including cell therapy), central nervous system diseases and autoimmune diseases. Simcere will shortly launch a Hong Kong IPO to raise $500 million, according to press reports.  The timing of the IPO is not ideal as Simcere is coming off a weak 1H20. However, for investors willing to look past the 2020 results, Simcere is putting in place the right measures to ensure that the 1H20 was an exception rather than the rule. 

Simcere Pharmaceutical IPO Initiation: A Rough Patch?

China

Livzon Pharmaceutical Group Inc. develops and manufactures pharmaceutical products, including chemical medicines, bio-chemical medicines, biological engineering medicines, chemical compound crude medicines, antibiotics, micro-ecological preparations, patent Chinese medicines, and diagnosis reagents etc.

Livzon Pharmaceutical Group In (000513 CH)

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Livzon Pharmaceutical Group In (000513 CH)

Pre-IPO Bio-Thera Solutions - Insights on Pipeline and the Competitive Landscape

This article summarized the insights on major products of Bio-Thera Solutions in the pipeline and related competitive landscape with other key...

Xinyao (Criss) Wang

Livzon Pharmaceutical (000513.CH) - A Good Company that You Can't Afford Missing

This article analyzed Livzon's R&D highlights, main products and pipelines, financial position, and made forecast and rating for the Company.

Xinyao (Criss) Wang

China Healthcare Weekly (Nov.6)

This article summarized the new healthcare policy released in China, major industry viewpoints, company news and capital markets review for the...

Xinyao (Criss) Wang

Simcere Pharmaceutical IPO Initiation: A Rough Patch?

The timing of the IPO is not ideal as Simcere is coming off a weak 1H20. However, Simcere is putting in place the right measures to ensure that the...

Arun George

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