HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Zhejiang Orient Gene Biotech C / Equity Bottom-Up

<ul>
<li>The national centralized procurement of high-value medical consumables for intraocular lens (IOL) and medical consumables related to sports medicine released results, with lower than expected price reductions. </li>
<li>Despite anti-corruption campaign, the business/profit model validation process of Chinese Biotech has not slowed down. There’s a chance to see Chinese Biotech turn losses into profits in 2024-2025.</li>
<li>Zhejiang Orient Gene Biotech (688298 CH) once brought considerable returns to investors, but now the beautiful story is over.After deletion from CSI Medical Service Index, share price could remain weak.</li>
</ul>


The national centralized procurement of high-value medical consumables for intraocular lens (IOL) and medical consumables related to sports medicine released results, with lower than expected price reductions. 
Despite anti-corruption campaign, the business/profit model validation process of Chinese Biotech has not slowed down. There’s a chance to see Chinese Biotech turn losses into profits in 2024-2025.
Zhejiang Orient Gene Biotech (688298 CH) once brought considerable returns to investors, but now the beautiful story is over.After deletion from CSI Medical Service Index, share price could remain weak.


China Healthcare Weekly (Dec.1) - Medical Device VBP, Biotech to Breakeven Soon, Orient Gene Biotech

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The New and Better (17 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>Hs with H/A pairs <em>under</em>-perform their As on average. H/A Pair intracorrelation is up and A premia continue to trend better.</li>
<li>SOUTHBOUND and NORTHBOUND were net sells overall. Everybody sold tech.</li>
</ul>


The New and Better (17 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
Hs with H/A pairs under-perform their As on average. H/A Pair intracorrelation is up and A premia continue to trend better.
SOUTHBOUND and NORTHBOUND were net sells overall. Everybody sold tech.


A/H Premium Tracker (To 24 Nov 23): H Down Vs A, SOUTHBOUND Selling Continues, Tech Still Sold

Guangzhou Automobile Group / Event-Driven

<ul>
<li>The New and Better (10 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>Absolutely STONKING performance this past week - +1.62% Friday to Friday across 42 trades. Positive performance in every sector. Portfolio at new high. Southbound inflows. BigCapHighDiv SOE outflows.</li>
<li>Short sales this week now need 100% in the account for hedge funds. And the MSS claims some are short-selling or talking bearishly on stocks for political reasons.</li>
</ul>


The New and Better (10 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
Absolutely STONKING performance this past week - +1.62% Friday to Friday across 42 trades. Positive performance in every sector. Portfolio at new high. Southbound inflows. BigCapHighDiv SOE outflows.
Short sales this week now need 100% in the account for hedge funds. And the MSS claims some are short-selling or talking bearishly on stocks for political reasons.


A/H Premium Tracker (To 3 Nov): Volatility Off, Spreads Jumpy, Short Sellers a NatSec Concern?

<ul>
<li>The Brand-Spanking New (9 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning in pairs over time, etc.</li>
<li>We used to do it. We brought it back better, with lots of cool interactive tables, and charts, heat maps, and comparative data. And 50 Trade Recommendations.</li>
<li>The last 9 weeks (since the start of the new Trcker and Portfolio 8 weeks ago) have seen net portfolio performance of +0.50%, +1.35%, +0.14%, +0.47%, +0.15%, +0.12%, -0.29%, -0.71%.</li>
</ul>


The Brand-Spanking New (9 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning in pairs over time, etc.
We used to do it. We brought it back better, with lots of cool interactive tables, and charts, heat maps, and comparative data. And 50 Trade Recommendations.
The last 9 weeks (since the start of the new Trcker and Portfolio 8 weeks ago) have seen net portfolio performance of +0.50%, +1.35%, +0.14%, +0.47%, +0.15%, +0.12%, -0.29%, -0.71%.


Quiddity A/H Premium Tracker (To Oct13): Volatility Up Bigly, Wide Spreads Wider

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 146 stocks over the last week. The average A-H premium was 125.4% as of Oct 6th.</li>
<li>The average A-H premium changed by 8.1ppt week on week, led by health care, information technology, materials.</li>
<li>We highlight weekly changes in A-H premium for Cm Bank, Postal Savings, Conch Cement, Beigene, Sinopec Corp.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 125.4% as of Oct 6th.
The average A-H premium changed by 8.1ppt week on week, led by health care, information technology, materials.
We highlight weekly changes in A-H premium for Cm Bank, Postal Savings, Conch Cement, Beigene, Sinopec Corp.


A-H Premium Weekly (Oct 6th): CMB, Postal Savings, Conch Cement, Beigene, Sinopec

China

Yantai Dongcheng Pharmaceutical Co Ltd is an enterprise group that combines pharmaceutical R&D, production, marketing, and capital operations across the fields of biochemical API, chemical synthetic drugs, and modern Chinese medicine.

Yantai Dongcheng Pharmaceuticl Gp (002675 CH)

Zai Lab Limited operates as a bio-pharmaceutical company. The Company researches and develops therapeutic technology for antibody-based oncology, autoimmune, and infectious diseases treatments. Zai Lab also manufactures drugs in the form of capsules, injections, and liquids. Zai Lab serves patients worldwide.

Shanghai Henlius Biotech, Inc develops and produces drugs. The Company develops and produces monoclonal antibody biosimilar drugs, bio betters, novel monoclonal antibodys, and other drugs. Shanghai Henlius Biotech throughout China.

3SBio, Inc. is a biotechnology company located in China. The Company focuses on mammalian cell-based biopharmaceuticals in the biotechnology industry. 3SBio also develops, manufactures and markets biopharmaceutical products globally.

Chengzhi Company Limited manufactures and sells household chemical products, biotechnology products, pharmaceuticals, and information technology products. The Company's products include detergents, toothpastes, D-ribose, L-glutamine, Chinese traditional medicines, computer memory devices, and other related products.

Beijing Strong Biotechnologies, Inc. operates in the IVD industry, where they specialize in the manufacturing of clinical chemistry liquid reagents.

BGI Genomics Co., Ltd offers researching and testing services. The Company provides deoxyribonucleic acid sequencing, food science, health care researching, cancer prevention, drug discovery, and DNA sequencing. BGI Genomics offers services to medical and scientific research institutions worldwide.

Shanghai Haohai Biological Technology Company Limited manufactures absorbable biomedical materials. The Company targets therapeutic areas such as orthopedics, anti-adhesion and hemostasis, ophthalmology, and wound care and tissue filling.

Shanghai Haohai Biological Technology (6826 HK)

Zhongyuan Union Cell & Gene Engineering Corp Ltd, mainly operates in the stem cell inspection and storage business and other stem cell related business.

Zhongyuan Union Cell & Gene Eng Corp (600645 CH)

Beijing SL Pharmaceutical Co., Ltd. develops, manufactures and markets genetic engineering drugs, biological drugs, chemical drugs and medicine preparations.

BioCryst Pharmaceuticals, Inc. designs, optimizes and develops small-molecule novel pharmaceuticals that block key enzymes involved in infectious diseases, inflammatory diseases & cancer.  The Company has late-stage compounds in development & continues to discover additional compounds & to progress them  to meet the unmet medical needs of patients and physicians.

Dynavax Technologies Corporation discovers, develops, and is seeking to commercialize products based on immunostimulatory sequences.  The Company is developing products to treat and prevent allergies, infectious diseases, and chronic inflammatory diseases using approaches that alter immune system responses in specific ways.

Ligand Pharmaceuticals Incorporated develops drugs which regulate hormone activated intracellular receptors.  These receptors play a role in regulating the genetic processes affecting diseases such as gynecological disorders, certain cancers, as well as cardiovascular, inflammatory, and skin diseases.

Galapagos NV operates as a clinical stage biotech company. The Company develops and commercializes novel medicines and progressing pipelines in biotech with phase 2 programs, phase 1 programs, pre-clinical, and discovery programs.

Biotest AG is a provider of plasma proteins and biological drugs. The Company has specialized primarily in the areas of clinical immunology, haematology and intensive medicine with a focus on treating diseases of the immune and haematopoietic systems. Biotest AG has production operations mainly in Europe and the US, and sells its products worldwide.

Genus plc provides cattle breeding and agricultural consultancy services.  The Group, through its own domestic production and contracts with breeding companies worldwide, supplies dairy and beef semen used for artificial insemination.  They also provide laboratory services, including soil analysis and pregnancy testing, in addition to a variety of farm consultancy and advisory services.

Hugel, Inc. is a Bio-pharmaceutical company that focuses on developing beauty/cosmetics related products.  The Company's main products include botulinum toxin and fillers.

Kura Oncology, Inc. operates as a clinical stage biopharmaceutical company. The Company focuses on discovery and development of personalized therapeutics for the treatment of tumors and blood cancers. Kura Oncology offers development programs for cancers with high unmet need, including lung, colorectal, thyroid, blood, and pancreatic cancers.

Kiniksa Pharmaceuticals, Ltd. operates as a clinical-stage biopharmaceutical company. The Company focuses on discovering, acquiring, developing, and commercializing therapeutic medicines for patients suffering from debilitating diseases with significant unmet medical need. Kiniksa Pharmaceuticals serves patients worldwide.

Galapagos NV is a clinical-stage biotechnology company specialized in the discovery and development of small molecule medicines with novel modes of action, with a pipeline comprising Phase 3, 2, 1, pre-clinical and discovery studies in cystic fibrosis, inflammation, fibrosis, osteoarthritis, and other indications.

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)

China Healthcare Weekly (Dec.1) - Medical Device VBP, Biotech to Breakeven Soon, Orient Gene Biotech

VBP result for intraocular lens/sports medicine consumables is better than expected.There’s a chance to see Chinese Biotech turn loss into profits...

Xinyao (Criss) Wang

A/H Premium Tracker (To 24 Nov 23): H Down Vs A, SOUTHBOUND Selling Continues, Tech Still Sold

The Quiddity A/H Premium tracker (an H/A discount version is also available (and I like that one better)). Hs underperform As. Tech is worst....

Travis Lundy

A/H Premium Tracker (To 3 Nov): Volatility Off, Spreads Jumpy, Short Sellers a NatSec Concern?

The Quiddity A/H Premium Monitor continues onward and upward. Stonking 13th week. Now at new highs. +3.8% perf for the three months. 5 new trades...

Travis Lundy

Quiddity A/H Premium Tracker (To Oct13): Volatility Up Bigly, Wide Spreads Wider

The Quiddity A-H Monitor, tracking A/H premium positioning, with interactive tables, charts, and trade recommendations. A bad week as pairwise vol...

Travis Lundy

A-H Premium Weekly (Oct 6th): CMB, Postal Savings, Conch Cement, Beigene, Sinopec

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Cm Bank, Postal Savings, Conch Cement, Beigene, Sinopec Corp.

Ke Yan, CFA, FRM

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