HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>IVD field ushered in the largest centralized procurement in history - the liver function biochemical testing reagents,which would bring great reshuffle effect to the competition pattern of biochemical diagnostics market.</li>
<li>
<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>and Sanofi reached two major cooperation. Meanwhile, Innovent’s CCO Liu Min resigned. We deep dived the logic and impact behind. </li>
<li>For HK IPO, market participants have come up with ways to reduce issuance scale in an attempt to stabilize the performance of new shares after IPO, which wouldn’t help.</li>
</ul>


IVD field ushered in the largest centralized procurement in history - the liver function biochemical testing reagents,which would bring great reshuffle effect to the competition pattern of biochemical diagnostics market.

Innovent Biologics Inc (1801 HK) and Sanofi reached two major cooperation. Meanwhile, Innovent’s CCO Liu Min resigned. We deep dived the logic and impact behind. 
For HK IPO, market participants have come up with ways to reduce issuance scale in an attempt to stabilize the performance of new shares after IPO, which wouldn’t help.


China Healthcare Weekly (Aug.5) - HK IPO, Innovent, BeiGene, the Largest IVD Centralized Procurement

Equity Bottom-Up

<ul>
<li>The quit of the centralized procurement of chemiluminescence products in Anhui directly put <a href="https://www.smartkarma.com/entities/autobio-diagnostics-co-ltd" target="_blank" data-smartkarma-citation="entities:30185:1" rel="noopener">Autobio Diagnostics (603658 CH)</a> in a passive position. The implications could be deeper and more complex than expected.</li>
<li>Autobio didn’t seize COVID-19 testing opportunities, leading to the doubts about the Company's market sensitivity and team execution, thus losing the opportunity to generate substantial cash flow for future acquisitions.</li>
<li>Together with weak internationalization business, Autobio's future performance growth could be uncertain and may not be able to support the rapid valuation expansion as expected.</li>
</ul>


The quit of the centralized procurement of chemiluminescence products in Anhui directly put Autobio Diagnostics (603658 CH) in a passive position. The implications could be deeper and more complex than expected.
Autobio didn’t seize COVID-19 testing opportunities, leading to the doubts about the Company's market sensitivity and team execution, thus losing the opportunity to generate substantial cash flow for future acquisitions.
Together with weak internationalization business, Autobio's future performance growth could be uncertain and may not be able to support the rapid valuation expansion as expected.


Autobio Diagnostics Co Ltd (603658.CH) - Logic Changes

Industry viewpoints:<ul>
<li>The National Health Commission and three other departments issued new document to promote the coordinated development of TCM and western medicine.</li>
<li>After the completion of the volume-based purchase (VBP) of chemical drugs commonly used in clinical practice, biosimilar drugs and Chinese patent medicine will gradually be included in the framework of the VBP.</li>
<li>The National Health Commission of PRC issued relevant policies and continued emphasis on the diagnosis of autoimmune diseases, which is expected to promote the rapid development of the autoimmune disease diagnosis market in China.</li>
</ul>Company news:News about the updated progress on drugs of <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/innocare-pharma-ltd" target="_blank" data-smartkarma-citation="entities:28355:1" rel="noopener">InnoCare Pharma Ltd (9969 HK)</a>, <a href="https://www.smartkarma.com/entities/cstone-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:27882:1" rel="noopener">CStone Pharmaceuticals (2616 HK)</a> and <a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a>. Market review:Last week, stock price for healthcare sector in A share decreased 0.8%, while CSI 300 decreased 3.03% 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 Commission and three other departments issued new document to promote the coordinated development of TCM and western medicine.
After the completion of the volume-based purchase (VBP) of chemical drugs commonly used in clinical practice, biosimilar drugs and Chinese patent medicine will gradually be included in the framework of the VBP.
The National Health Commission of PRC issued relevant policies and continued emphasis on the diagnosis of autoimmune diseases, which is expected to promote the rapid development of the autoimmune disease diagnosis market in China.
Company news:News about the updated progress on drugs of Innovent Biologics Inc (1801 HK), InnoCare Pharma Ltd (9969 HK), CStone Pharmaceuticals (2616 HK) and Akeso Biopharma Inc (9926 HK). Market review:Last week, stock price for healthcare sector in A share decreased 0.8%, while CSI 300 decreased 3.03% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

China

Tellgen Corporation researches, manufactures, and distributes in vitro diagnostic reagents. The Company produces tumor marker testing series, human papillomavirus detection products, gene mutation detection products, and more. Tellgen serves customers worldwide.

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Tellgen Corp (300642 CH)

China Healthcare Weekly (Aug.5) - HK IPO, Innovent, BeiGene, the Largest IVD Centralized Procurement

IVD field ushered in the largest VBP in history. Innovent/Sanofi reached major cooperation, and Innovent’s CCO resigned. We deep dived the logic...

Xinyao (Criss) Wang

Autobio Diagnostics Co Ltd (603658.CH) - Logic Changes

It's not wise for Autobio to quit chemiluminescence centralized procurement in Anhui.The failure of seizing COVID-19 testing opportunity and weak...

Xinyao (Criss) Wang

China Healthcare Weekly (July.2)

The article analyzed the new document about the development of TCM and western medicine,potential start time of VBP on biosimilar...

Xinyao (Criss) Wang

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