HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Shanghai Junshi Biosciences  / Equity Bottom-Up

<ul>
<li>IPO rules in SSE STAR Market faces adjustments, so investors have lowered expectations, which will affect the fundraising ecology. Recovery of China’s financing environment would be slower than US/Europe.</li>
<li>The CSRC has issued new policies related to stamp duty, IPO, and reduction of shares held by listed companies, which would significantly affect the capitalization path of pharmaceutical companies.</li>
<li>Junshi is “an interesting Biotech” that once generated sales/profits in scale, but is losing money again.Since Junshi is outside the first echelon and the gap is widening, we remain conservative. </li>
</ul>


IPO rules in SSE STAR Market faces adjustments, so investors have lowered expectations, which will affect the fundraising ecology. Recovery of China’s financing environment would be slower than US/Europe.
The CSRC has issued new policies related to stamp duty, IPO, and reduction of shares held by listed companies, which would significantly affect the capitalization path of pharmaceutical companies.
Junshi is “an interesting Biotech” that once generated sales/profits in scale, but is losing money again.Since Junshi is outside the first echelon and the gap is widening, we remain conservative. 


China Healthcare Weekly (Sep.1) - China's New IPO Reform, Financing Environment, Junshi Biosciences

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This week it is changed from H/A Discount to A/H Premium, by popular demand. Some Northbound data is added. We kept the unicorn.</li>
<li>Last week saw a win/loss ratio of 21:13. Average recommended pair on the week earned 0.9% if Sunday recos executed Monday close, 1.35% if executed Monday VWAP. </li>
<li>6 Unwinds and 3 new trades recommended this week. As always, feedback desired to make this even better.</li>
</ul>


This week it is changed from H/A Discount to A/H Premium, by popular demand. Some Northbound data is added. We kept the unicorn.
Last week saw a win/loss ratio of 21:13. Average recommended pair on the week earned 0.9% if Sunday recos executed Monday close, 1.35% if executed Monday VWAP. 
6 Unwinds and 3 new trades recommended this week. As always, feedback desired to make this even better.


Quiddity A/H Premium Monitor 🦄 (As of 25 Aug 2023)

<ul>
<li>This is the Brand Spanking New and Improved and Extra Spiffy H/A-Share Discount/Premium Weekly designed to help investors see H/A relationships easily. </li>
<li>We used to do it and decided to bring it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 19 Trade Recommendations. </li>
<li>We hope this new version serves readers even better. Improvements this week due to popular demand, and updated format. Further feedback is welcome/appreciated. </li>
</ul>


This is the Brand Spanking New and Improved and Extra Spiffy H/A-Share Discount/Premium Weekly designed to help investors see H/A relationships easily. 
We used to do it and decided to bring it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 19 Trade Recommendations. 
We hope this new version serves readers even better. Improvements this week due to popular demand, and updated format. Further feedback is welcome/appreciated. 


Week 2 of the Brand New and Extra Spiffy 🦄 H/​A-Share Discount/​Premium Weekly (As of 18 Aug 2023)

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>9950HK/BGNE: BioNTech signed another ADC from Durality, negative to RemeGen and BeiGene（-）</li>
<li>9926HK/BGNE/9995HK/ZLAB/1801HK/1877HK: National Audit Office's special audit on auditing Guangdong's pharmaceutical consumables showed breadth and depth of the current anti-corruption probe（+/+/-/-/-/-）</li>
<li>BABA/SE:TikTok is in early talks with regulators to obtain a payments license in Indonesia.(-)</li>
</ul>


9950HK/BGNE: BioNTech signed another ADC from Durality, negative to RemeGen and BeiGene（-）
9926HK/BGNE/9995HK/ZLAB/1801HK/1877HK: National Audit Office's special audit on auditing Guangdong's pharmaceutical consumables showed breadth and depth of the current anti-corruption probe（+/+/-/-/-/-）
BABA/SE:TikTok is in early talks with regulators to obtain a payments license in Indonesia.(-)


China/Asian TMT Update-9950HK/BGNE/9926HK/BGNE/9995HK/ZLAB/1801HK/1877HK/BABA/SE-Special Audit

<ul>
<li>Baba: Alibaba's annual report, Chinese media discussions and our thoughts</li>
<li>BGNE/9926HK/9995HK/1801HK/1877HK/LGNE/ZLAB: NHSA issued new rule to protect drug pricing (-)</li>
<li>BEKE: China reinforce the city village reconstruction policy, which is different with Shantytown Renovation project（+)</li>
</ul>


Baba: Alibaba's annual report, Chinese media discussions and our thoughts
BGNE/9926HK/9995HK/1801HK/1877HK/LGNE/ZLAB: NHSA issued new rule to protect drug pricing (-)
BEKE: China reinforce the city village reconstruction policy, which is different with Shantytown Renovation project（+)


China TMT Update-BABA/BGNE/9926HK/9995HK/1801HK/1877HK/LGNE/ZLAB/BEKE-Baba's Annual Report/NHSA Rule

China

Shanghai Junshi Biosciences Co., Ltd. operates as a biopharmaceutical company. The Company develops and sells small molecule drugs, antibody drug conjugates, and other products. Shanghai Junshi Biosciences markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Shanghai Junshi Biosciences (1877 HK)

China Healthcare Weekly (Sep.1) - China's New IPO Reform, Financing Environment, Junshi Biosciences

CSRC issued new policies related to IPO reform in China.As IPO rules in A-share face adjustments, fundraising ecology will change.Junshi is far...

Xinyao (Criss) Wang

Quiddity A/H Premium Monitor 🦄 (As of 25 Aug 2023)

The new Quiddity A/H Premium Monitor (this week in A/H Premium rather than H/A Discount), now with Southbound AND Northbound flows. Last week was...

Travis Lundy

China/Asian TMT Update-9950HK/BGNE/9926HK/BGNE/9995HK/ZLAB/1801HK/1877HK/BABA/SE-Special Audit

9926HK/BGNE/9995HK/ZLAB/1801HK/1877HK: National Audit Office's special audit on auditing Guangdong's pharmaceutical consumables showed breadth and...

Blue Lotus Research Institute

China TMT Update-BABA/BGNE/9926HK/9995HK/1801HK/1877HK/LGNE/ZLAB/BEKE-Baba's Annual Report/NHSA Rule

Baba: Alibaba's annual report;BGNE/9926HK/9995HK/1801HK/1877HK/LGNE/ZLAB: NHSA issued new rule to protect drug pricing;BEKE: China reinforce the...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Healthcare Weekly (Sep.1) - China's New IPO Reform, Financing Environment, Junshi Biosciences

CSRC issued new policies related to IPO reform in China.As IPO rules in A-share face adjustments, fundraising ecology will change.Junshi is far...

Xinyao (Criss) Wang

Quiddity A/H Premium Monitor 🦄 (As of 25 Aug 2023)

The new Quiddity A/H Premium Monitor (this week in A/H Premium rather than H/A Discount), now with Southbound AND Northbound flows. Last week was...

Travis Lundy

Week 2 of the Brand New and Extra Spiffy 🦄 H/​A-Share Discount/​Premium Weekly (As of 18 Aug 2023)

Week 2 of the Brand New and Extra Spiffy H/A Discount Monitor. Thanks for the requests. Some are implemented. Some are on the way. Trades were up...

Travis Lundy

China/Asian TMT Update-9950HK/BGNE/9926HK/BGNE/9995HK/ZLAB/1801HK/1877HK/BABA/SE-Special Audit

9926HK/BGNE/9995HK/ZLAB/1801HK/1877HK: National Audit Office's special audit on auditing Guangdong's pharmaceutical consumables showed breadth and...

Blue Lotus Research Institute

China TMT Update-BABA/BGNE/9926HK/9995HK/1801HK/1877HK/LGNE/ZLAB/BEKE-Baba's Annual Report/NHSA Rule

Baba: Alibaba's annual report;BGNE/9926HK/9995HK/1801HK/1877HK/LGNE/ZLAB: NHSA issued new rule to protect drug pricing;BEKE: China reinforce the...

Blue Lotus Research Institute

Week 2 of the Brand New and Extra Spiffy 🦄 H/A-Share Discount/Premium Weekly (As of 18 Aug 2023)