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>9995HK: ADC gets heated up with another biotech license in biotech deal (-)</li>
<li>9926HK：Akeso's JV with SinoBio signed exclusive distribution of PD-1 drug with SE Asia and Oceania distributor</li>
<li>BGNE.US: Merck KGaA's BTK inhibitor drug hit with FDA hold due to liver injury...Impact to BGNE nil</li>
</ul>


9995HK: ADC gets heated up with another biotech license in biotech deal (-)
9926HK：Akeso's JV with SinoBio signed exclusive distribution of PD-1 drug with SE Asia and Oceania distributor
BGNE.US: Merck KGaA's BTK inhibitor drug hit with FDA hold due to liver injury...Impact to BGNE nil


China TMT Update(Apr.17) -  9995HK/9926HK/BGNE.US: ADC Gets Heated up with Another Biotech License

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 analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 112.5% as of Apr 14th.</li>
<li>The average A-H premium changed by -4.9ppt week on week, led by consumer discretionary, health care, financials.</li>
<li>We highlight weekly changes in A-H premium for Remegen, CREC, Yankuang Energy, CRRC, GWM, CICC.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 112.5% as of Apr 14th.
The average A-H premium changed by -4.9ppt week on week, led by consumer discretionary, health care, financials.
We highlight weekly changes in A-H premium for Remegen, CREC, Yankuang Energy, CRRC, GWM, CICC.


A-H Premium Weekly (Apr 14th): Remegen, CREC, Yankuang Energy, CRRC, GWM, CICC

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>Anhui Province publicly solicits pre-bid data for the provincial centralized procurement of Class B large medical equipment, surgical robots included, which is worth investors’ attention.</li>
<li>No more than five biotech would truly stand out in the future. We suggest investors focus on those biotech in the first echelon, rather than betting on riskier smaller ones.</li>
<li>For Jafron, we analyzed some key points of the company. Due to the concerns, the temporary rebound in performance in 2023 is not enough to completely reverse the investment logic.</li>
</ul>


Anhui Province publicly solicits pre-bid data for the provincial centralized procurement of Class B large medical equipment, surgical robots included, which is worth investors’ attention.
No more than five biotech would truly stand out in the future. We suggest investors focus on those biotech in the first echelon, rather than betting on riskier smaller ones.
For Jafron, we analyzed some key points of the company. Due to the concerns, the temporary rebound in performance in 2023 is not enough to completely reverse the investment logic.


China Healthcare Weekly (Apr.14)- Surgical Robot VBP, Only 5 Biotech to Stand Out, Jafron Biomedical

<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 117.4% as of Apr 7th.</li>
<li>The average A-H premium changed by 3.5ppt week on week, led by communication services, health care, real estate and offset by utilities.</li>
<li>We highlight weekly changes in A-H premium for China Vanke, China Rail Group, Huatai Securities, Yankuang Energy, CRRC, CICC, GWM.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 117.4% as of Apr 7th.
The average A-H premium changed by 3.5ppt week on week, led by communication services, health care, real estate and offset by utilities.
We highlight weekly changes in A-H premium for China Vanke, China Rail Group, Huatai Securities, Yankuang Energy, CRRC, CICC, GWM.


A-H Premium Weekly (Apr 7th): China Vanke, China Rail Group, Huatai Securities, Yankuang Energy

<ul>
<li>BILI: Some BILI content creators reportedly cease to upload videos due to monetization(-)</li>
<li>BEKE: Housing transaction volume continue ramp up in March 2023(+)</li>
<li>9995HK: BioNTech signed ADC license deal with a Chinese startup (-)</li>
</ul>


BILI: Some BILI content creators reportedly cease to upload videos due to monetization(-)
BEKE: Housing transaction volume continue ramp up in March 2023(+)
9995HK: BioNTech signed ADC license deal with a Chinese startup (-)


China TMT Update - BILI/BEKE/9995HK -Some BILI Content Creators Reportedly Cease to Upload Videos(-)

China

RemeGen Co., Ltd. operates biotechnology businesses. The Company develops therapeutic antibody drugs such as antibody drug conjugates (ADC), antibody fusion proteins, monoclonal antibodies and double antibodies. RemeGen provides solutions autoimmune diseases, tumor diseases, and ophthalmic diseases.

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Remegen (9995 HK)

China TMT Update(Apr.17) - 9995HK/9926HK/BGNE.US: ADC Gets Heated up with Another Biotech License

9995HK: ADC gets heated up with another biotech license in biotech deal (-); 9926HK：Akeso's JV with SinoBio signed exclusive distribution /）;...

Blue Lotus Research Institute

A-H Premium Weekly (Apr 14th): Remegen, CREC, Yankuang Energy, CRRC, GWM, CICC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Remegen, CREC, Yankuang Energy, CRRC, GWM, CICC.

Ke Yan, CFA, FRM

China Healthcare Weekly (Apr.14)- Surgical Robot VBP, Only 5 Biotech to Stand Out, Jafron Biomedical

Anhui Province starts VBP on medical equipment, including surgical robot.No more than 5 biotech will truly stand out, so just focus on them.For...

Xinyao (Criss) Wang

A-H Premium Weekly (Apr 7th): China Vanke, China Rail Group, Huatai Securities, Yankuang Energy

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Vanke, China Rail Group, Huatai Securities, Yankuang...

Ke Yan, CFA, FRM

China TMT Update - BILI/BEKE/9995HK -Some BILI Content Creators Reportedly Cease to Upload Videos(-)

9995HK: BioNTech signed ADC license deal with a Chinese startup; BILI: Some BILI content creators reportedly cease to upload videos(-); BEKE:...

Blue Lotus Research Institute

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