HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

The PD-1/L1 market is one of the most competitive drug markets in the world. After <a href="https://www.smartkarma.com/entities/lepu-biopharma-co-ltd" target="_blank" data-smartkarma-citation="entities:33231:1" rel="noopener">Lepu Biopharma (LBP HK)</a>, whose core product is PD-1, officially started its IPO process in HKEX in April this year, another bio-pharmaceutical company, <a href="https://www.smartkarma.com/entities/3d-medicines-inc" target="_blank" data-smartkarma-citation="entities:33790:1" rel="noopener">3D Medicines (3DM HK)</a> (“3DMed”) submitted its prospectus to the HKEX on June, 30, 2021 based on its core product PD-1 as well. 3DMed is committed to the development and commercialization of a new generation of immuno-oncology therapies with differentiated clinical profile in response to the trend of treating cancer as a chronic disease. This insight mainly analyzed its core product and the pipeline.

The PD-1/L1 market is one of the most competitive drug markets in the world. After Lepu Biopharma (LBP HK), whose core product is PD-1, officially started its IPO process in HKEX in April this year, another bio-pharmaceutical company, 3D Medicines (3DM HK) (“3DMed”) submitted its prospectus to the HKEX on June, 30, 2021 based on its core product PD-1 as well. 3DMed is committed to the development and commercialization of a new generation of immuno-oncology therapies with differentiated clinical profile in response to the trend of treating cancer as a chronic disease. This insight mainly analyzed its core product and the pipeline.

Pre-IPO 3D Medicines - Insights on the Core Product, the Pipeline and the Concerns

Thematic (Sector/Industry)

Industry viewpoints:<ul>
<li>The National Health Care Security Administration pointed out that the volume-based purchase (VBP) of Chinese patent medicine will be carried out.</li>
<li>The market is quite concerned about the centralized procurement of medical equipment.</li>
<li>Regarding the centralized procurement of medical devices, how can investors clearly distinguish the information and be more rational about the companies involved? We summarized some conditions that can be used for reference.</li>
</ul>Company news:News about the updated progress on cooperation agreement and new drugs of <a href="https://www.smartkarma.com/entities/remegen-co-ltd" target="_blank" data-smartkarma-citation="entities:29191:1" rel="noopener">Remegen Co Ltd (9995 HK)</a>, <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, <a href="https://www.smartkarma.com/entities/shanghai-junshi-bioscience-h" target="_blank" data-smartkarma-citation="entities:27760:1" rel="noopener">Shanghai Junshi Bioscience Co. Ltd. (1877 HK)</a> and <a href="https://www.smartkarma.com/entities/hutchmed-china-ltd" target="_blank" data-smartkarma-citation="entities:133:1" rel="noopener">Hutchmed China Ltd (13 HK).</a>Market review:Last week, stock price for healthcare sector in A share decreased 1.47%, while CSI 300 increased 0.5% over the same period of time. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
The National Health Care Security Administration pointed out that the volume-based purchase (VBP) of Chinese patent medicine will be carried out.
The market is quite concerned about the centralized procurement of medical equipment.
Regarding the centralized procurement of medical devices, how can investors clearly distinguish the information and be more rational about the companies involved? We summarized some conditions that can be used for reference.
Company news:News about the updated progress on cooperation agreement and new drugs of Remegen Co Ltd (9995 HK), Innovent Biologics Inc (1801 HK), Shanghai Junshi Bioscience Co. Ltd. (1877 HK) and Hutchmed China Ltd (13 HK).Market review:Last week, stock price for healthcare sector in A share decreased 1.47%, while CSI 300 increased 0.5% over the same period of time. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

After listing on NASDAQ and HKEX, <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene Ltd (6160 HK)</a> will be listed on the SSE STAR market again in the near future. Meanwhile, after successive years of losses, BeiGene finally turned profitable for the first time in the first quarter of 2021. By the end of July 23, 2021, the market value of BeiGene in HKEX and NASDAQ was about HK$226.5 billion and US$29.2 billion, respectively. It is highly probable that the market value of the BeiGene in the SSE STAR market would exceed RMB200 billion after its listing as well. Behind the successful capital operation, what challenges would BeiGene face in the future?

After listing on NASDAQ and HKEX, BeiGene Ltd (6160 HK) will be listed on the SSE STAR market again in the near future. Meanwhile, after successive years of losses, BeiGene finally turned profitable for the first time in the first quarter of 2021. By the end of July 23, 2021, the market value of BeiGene in HKEX and NASDAQ was about HK$226.5 billion and US$29.2 billion, respectively. It is highly probable that the market value of the BeiGene in the SSE STAR market would exceed RMB200 billion after its listing as well. Behind the successful capital operation, what challenges would BeiGene face in the future?

Pre-IPO BeiGene Ltd - Concerns on Commercialization

Transcenta Holding / Equity Capital Markets

Recently, <a href="https://www.smartkarma.com/entities/transcenta-holding-limited" target="_blank" data-smartkarma-citation="entities:33523:1" rel="noopener">Transcenta Holding (THL HK)</a> has passed the listing hearing of the HKEX and is expected to be listed on the main board in the near future. Transcenta is a clinical stage global biopharmaceutical company that integrates the capacities of discovery, research, development, manufacturing and business development, with nine product candidates in the pipeline, eight of which are oncology drug candidates. This insight mainly analyzed the important product candidates (such as MSB2311, TST001, TST005 and MSB0254) in the pipeline and related concerns.

Recently, Transcenta Holding (THL HK) has passed the listing hearing of the HKEX and is expected to be listed on the main board in the near future. Transcenta is a clinical stage global biopharmaceutical company that integrates the capacities of discovery, research, development, manufacturing and business development, with nine product candidates in the pipeline, eight of which are oncology drug candidates. This insight mainly analyzed the important product candidates (such as MSB2311, TST001, TST005 and MSB0254) in the pipeline and related concerns. 

Pre-IPO Transcenta Holding - Insights on Pipeline and the Concerns

On June 16, <a href="https://www.smartkarma.com/entities/abbisko-cayman-limited" target="_blank" data-smartkarma-citation="entities:33511:1" rel="noopener">Abbisko Cayman (ABB HK)</a> submitted a prospectus to the HKEX to be listed on the main board. Abbisko is a R&amp;D-driven, clinical-stage biopharmaceutical company dedicated to the discovery and development of innovative and differentiated small molecule oncology therapies, with a pipeline of 14 programs focused on oncology. This insight mainly analyzed the four important product candidates at the clinical stage (ABSK011, ABSK091, ABSK021 and ABSK081) in the pipeline.

On June 16, Abbisko Cayman (ABB HK) submitted a prospectus to the HKEX to be listed on the main board. Abbisko is a R&amp;D-driven, clinical-stage biopharmaceutical company dedicated to the discovery and development of innovative and differentiated small molecule oncology therapies, with a pipeline of 14 programs focused on oncology. This insight mainly analyzed the four important product candidates at the clinical stage (ABSK011, ABSK091, ABSK021 and ABSK081) in the pipeline.

Pre-IPO Abbisko Cayman - It Still Takes Some Time for Commercialization

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.

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Shanghai Junshi Biosciences (1877 HK)

Pre-IPO 3D Medicines - Insights on the Core Product, the Pipeline and the Concerns

This insight mainly analyzed 3D Medicines in terms of its core product envafolimab (the competition pattern and prospects), clinical-stage product...

Xinyao (Criss) Wang

China Healthcare Weekly (Aug.13)

The insight analyzed the VBP of Chinese patent medicine, market concerns on centralized procurement of medical equipment, and necessary conditions...

Xinyao (Criss) Wang

Pre-IPO BeiGene Ltd - Concerns on Commercialization

The article mainly analyzed the three core products (tislelizumab, zanubrutinib and denosumab) of BeiGene, the competitive landscape in China and...

Xinyao (Criss) Wang

Pre-IPO Transcenta Holding - Insights on Pipeline and the Concerns

The article mainly analyzed Transcenta Holding in terms of its important product candidates MSB2311, TST001, TST005 and MSB0254,including the...

Xinyao (Criss) Wang

Pre-IPO Abbisko Cayman - It Still Takes Some Time for Commercialization

This article analyzed Abbisko in terms of its four product candidates at the clinical stage (ABSK011, ABSK091, ABSK021 and ABSK081) in the...

Xinyao (Criss) Wang

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