Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Sinopharm Group Co Ltd H / Equity Bottom-Up

<ul>
<li>With its nationwide distribution and delivery network, <a href="https://www.smartkarma.com/entities/sinopharm-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:32:1" rel="noopener">Sinopharm Group Co Ltd H (1099 HK)</a> remains a beneficiary of increasing adoption of China’s VBP scheme for drug procurement.</li>
<li>Despite decreasing demand for Sinopharm’s COVID-19 vaccine, its pharmaceutical distribution business is expected to remain stable, driven by the steady recovery in China’s healthcare industry.</li>
<li>The company is successfully promoting fast-growing oncology products. Its strategic partnership with <a href="https://www.smartkarma.com/entities/i-mab" target="_blank" data-smartkarma-citation="entities:28384:1" rel="noopener">I-Mab (IMAB US)</a> further strengthens competitive edge, as I-Mab has a robust pipeline for China market.</li>
</ul>


With its nationwide distribution and delivery network, Sinopharm Group Co Ltd H (1099 HK) remains a beneficiary of increasing adoption of China’s VBP scheme for drug procurement.
Despite decreasing demand for Sinopharm’s COVID-19 vaccine, its pharmaceutical distribution business is expected to remain stable, driven by the steady recovery in China’s healthcare industry.
The company is successfully promoting fast-growing oncology products. Its strategic partnership with I-Mab (IMAB US) further strengthens competitive edge, as I-Mab has a robust pipeline for China market.


Sinopharm Group (1099 HK): Stable Pharma Distribution Business Despite Weak Demand for Vaccine

Chief Economist

Diana Choyleva

Enodo Economics

Enodo Economics is an independent macroeconomic forecasting company that untangles complexity, challenges the consensus, and makes sense of the future. Our focus is on China – one of the most misunderstood economies in the world, but one of the most important to figure out.  Enodo’s chief economist, Diana Choyleva, has been analysing China for almost 20 years, while Enodo’s team boasts a combined 140 years’ experience covering China’s economy, politics and markets. 

Macroeconomics

<ul>
<li>The Cyberspace Administration of China set new rules requiring platform companies with data on more than one million users to undergo a security review before listing their shares overseas.</li>
<li>Evergrande, the world’s most indebted developer was last week ordered to demolish 39 buildings of its flagship property project on Ocean Islands, for breaching building approval procedures.</li>
<li>After a spike in Covid cases, China’s tough lockdown of the city of Xi’an has confined 13 million people to their homes and shuttered businesses.</li>
</ul>


The Cyberspace Administration of China set new rules requiring platform companies with data on more than one million users to undergo a security review before listing their shares overseas.
Evergrande, the world’s most indebted developer was last week ordered to demolish 39 buildings of its flagship property project on Ocean Islands, for breaching building approval procedures.
After a spike in Covid cases, China’s tough lockdown of the city of Xi’an has confined 13 million people to their homes and shuttered businesses.


Cybersecurity/ Evergrande/ Covid/ Environment/ Hong Kong

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>Last week, the 14th Five-Year Plan for the medical device industry was released, which is actually China's first state-level industrial development plan for the medical device sector.</li>
<li>The NHSA and State Administration of TCM issued the new guidelines on medical insurance to support the development of TCM from top to bottom, and various measures are being implemented.</li>
<li>The recent rally in TCM sector may not the sustainable, and our view on this sector is conservative.</li>
</ul>


Last week, the 14th Five-Year Plan for the medical device industry was released, which is actually China's first state-level industrial development plan for the medical device sector.
The NHSA and State Administration of TCM issued the new guidelines on medical insurance to support the development of TCM from top to bottom, and various measures are being implemented.
The recent rally in TCM sector may not the sustainable, and our view on this sector is conservative.


China Healthcare Weekly (Dec.31)-1st State-Level Device Policy,TCM Guideline,TCM Rally Unsustainable

Guangzhou Baiyunshan Pharmaceutical Holdings / Equity Bottom-Up

Guangzhou Baiyunshan Pharmaceutical Holdings

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangzhou-baiyunshan-pharmaceutical-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:276:1" rel="noopener">Guangzhou Baiyunshan Pharmaceutical Holdings (874 HK)</a>, mainly relying on Wang Lao Ji and Jin Ge for performance contribution, is relatively weak in risk resistance compared with other biopharmaceutical companies.</li>
<li>With the promotion of medical reform policies such as VBP, Baiyunshan’s weaknesses of R&amp;D and innovation that support the business transition would be more prominent.</li>
<li>Baiyunshan may lack the core competitiveness for future development. Therefore, we are conservative about its outlook, but investors could still trade this stock when the whole TCM sector moves up.</li>
</ul>



Guangzhou Baiyunshan Pharmaceutical Holdings (874 HK), mainly relying on Wang Lao Ji and Jin Ge for performance contribution, is relatively weak in risk resistance compared with other biopharmaceutical companies.
With the promotion of medical reform policies such as VBP, Baiyunshan’s weaknesses of R&amp;D and innovation that support the business transition would be more prominent.
Baiyunshan may lack the core competitiveness for future development. Therefore, we are conservative about its outlook, but investors could still trade this stock when the whole TCM sector moves up.


Guangzhou Baiyunshan Pharmaceutical Holdings (874.HK) - Conservative About the Outlook

Equity Capital Markets

HTDK Medical Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/htdk-medical-holdings-limited" target="_blank" data-smartkarma-citation="entities:34111:1" rel="noopener">HTDK Medical Holdings</a> is a leading cross-border commercial solutions platform in China offering specialized market entrance and penetration solutions for high-value medical devices, with particular strength in serving global brands.</li>
<li>This insights mainly analyzed the industry characteristics, the business and the concerns of the Company.</li>
<li>For HTDK, policy risk is the biggest risk. So, how to make breakthrough is a problem HTDK has to solve. </li>
</ul>



HTDK Medical Holdings is a leading cross-border commercial solutions platform in China offering specialized market entrance and penetration solutions for high-value medical devices, with particular strength in serving global brands.
This insights mainly analyzed the industry characteristics, the business and the concerns of the Company.
For HTDK, policy risk is the biggest risk. So, how to make breakthrough is a problem HTDK has to solve. 


Pre-IPO HTDK Medical Holdings - Policy Risk Is the Biggest Uncertainty

China

Sinopharm Group Co Ltd is a pharmacy distribution company. The Company also owns several pharmacy enterprise groups in different industries such as logistics, retail stores, pharmaceutical manufacturing, and chemical testing.

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Sinopharm Group Co Ltd H (1099 HK)

Sinopharm Group (1099 HK): Stable Pharma Distribution Business Despite Weak Demand for Vaccine

The company's core business of drug distribution should remain on a stable path driven by the recovery in the broader market post pandemic and...

Tina Banerjee

Cybersecurity/ Evergrande/ Covid/ Environment/ Hong Kong

In my weekly digest, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and...

Diana Choyleva

China Healthcare Weekly (Dec.31)-1st State-Level Device Policy,TCM Guideline,TCM Rally Unsustainable

This insight analyzed the 14th Five-Year Plan for medical device industry, the new guideline on medical insurance to support TCM development, and...

Xinyao (Criss) Wang

Guangzhou Baiyunshan Pharmaceutical Holdings (874.HK) - Conservative About the Outlook

This insight analyzed Baiyunshan’s 2021Q3 performance, the core business segments, the comparison with peers, the concerns on business transition,...

Xinyao (Criss) Wang

Pre-IPO HTDK Medical Holdings - Policy Risk Is the Biggest Uncertainty

The article mainly analyzed HTDK Medical Holdings in terms of the industry characteristics, the potential policy risk, the business, the financial...

Xinyao (Criss) Wang

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