Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Quantitative Analysis

<ul>
<li>This is the brand spanking new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.</li>
<li>The data on liquid names is presented for 5 days and 4 weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).</li>
<li>Please play with nifty interactive tables+charts. We welcome feedback. This 5-day week saw RMB 13bn+ of net selling. Back to the trenches!</li>
</ul>


This is the brand spanking new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.
The data on liquid names is presented for 5 days and 4 weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).
Please play with nifty interactive tables+charts. We welcome feedback. This 5-day week saw RMB 13bn+ of net selling. Back to the trenches!


Quiddity Mainland Connect NORTHBOUND Flows (To 13Oct23) : Innolight/BYD IN, but Net Selling Again.

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.

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 29th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Wuxi Bio, Xpeng, Mnso, Bidu, Meituan, China Mobile, Baba.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 29th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Wuxi Bio, Xpeng, Mnso, Bidu, Meituan, China Mobile, Baba.


HK Short Interest Weekly: Wuxi Bio, Xpeng, Mnso, Bidu, Meituan, China Mobile, Baba

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>WuXi AppTec's share price has performed well recently, mainly driven by CXO's "immune attributes" to anti-corruption campaign, investors' bullish view of weight loss drug business, and the previous oversold rebound.</li>
<li>Peptide CDMO business would contribute limited incremental performance to WuXi AppTec considering overall large business volume.Downward trend of CRO business is hard to be hedged by weight loss drug business.</li>
<li>Due to higher-for-longer rate, China CXOs only have rebound value, but no reversal logic. It's time to consider taking profits in a timely manner before the share price falls again.</li>
</ul>


WuXi AppTec's share price has performed well recently, mainly driven by CXO's "immune attributes" to anti-corruption campaign, investors' bullish view of weight loss drug business, and the previous oversold rebound.
Peptide CDMO business would contribute limited incremental performance to WuXi AppTec considering overall large business volume.Downward trend of CRO business is hard to be hedged by weight loss drug business.
Due to higher-for-longer rate, China CXOs only have rebound value, but no reversal logic. It's time to consider taking profits in a timely manner before the share price falls again.


WuXi AppTec (2359.HK/603259.CH) - Would the Recent Rebound in Share Price Be a Flash in the Pan?

<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

<ul>
<li>Weight loss drug business has indeed significantly alleviated concerns about overcapacity issue in those leading CDMOs, but they do not have such a strong driving force on CROs.</li>
<li>The last straw that hits an industry is often not due to the disappearance of demographic dividends/declining demand/poor financial performance of companies, etc., but rather to policy-guided capital flows.</li>
<li>
<a href="https://www.smartkarma.com/entities/3d-medicines-inc" target="_blank" data-smartkarma-citation="entities:33790:1" rel="noopener">3D Medicines (1244 HK)</a> can be said a typical negative example in biopharmaceutical industry, and it is easy to be “manipulated”. We recommend investors stay away from such high-risk company.</li>
</ul>


Weight loss drug business has indeed significantly alleviated concerns about overcapacity issue in those leading CDMOs, but they do not have such a strong driving force on CROs.
The last straw that hits an industry is often not due to the disappearance of demographic dividends/declining demand/poor financial performance of companies, etc., but rather to policy-guided capital flows.

3D Medicines (1244 HK) can be said a typical negative example in biopharmaceutical industry, and it is easy to be “manipulated”. We recommend investors stay away from such high-risk company.


China Healthcare Weekly (Oct.6) - Weight Loss Drug CXO, Policy-Guided Capital Flows, 3D Medicines

China

WuXi AppTec Co., Ltd. manufactures medical products. The Company produces biological agents, antibodies, biological diagnostic reagents, and other products. WuXi AppTec also provides biological analysis, technical study, and other services.

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

WuXi AppTec (603259 CH)

Quiddity Mainland Connect NORTHBOUND Flows (To 13Oct23) : Innolight/BYD IN, but Net Selling Again.

Mainland Connect NORTHBOUND flows saw net selling, again. RMB 13bn+ of net selling this past week. The big names continue to see the big trading,...

Travis Lundy

HK Short Interest Weekly: Wuxi Bio, Xpeng, Mnso, Bidu, Meituan, China Mobile, Baba

We analyzed the latest HK SFC report for aggregate short position as of Sep 29th and highlight short interest changes in Wuxi Bio, Xpeng, Mnso,...

Ke Yan, CFA, FRM

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

China Healthcare Weekly (Oct.6) - Weight Loss Drug CXO, Policy-Guided Capital Flows, 3D Medicines

Weight loss drug business would indeed bring opportunity to CDMO, but not CRO. Investors may need to pay attention to policy-guided capital...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Mainland Connect NORTHBOUND Flows (To 13Oct23) : Innolight/BYD IN, but Net Selling Again.

Mainland Connect NORTHBOUND flows saw net selling, again. RMB 13bn+ of net selling this past week. The big names continue to see the big trading,...

Travis Lundy

HK Short Interest Weekly: Wuxi Bio, Xpeng, Mnso, Bidu, Meituan, China Mobile, Baba

We analyzed the latest HK SFC report for aggregate short position as of Sep 29th and highlight short interest changes in Wuxi Bio, Xpeng, Mnso,...

Ke Yan, CFA, FRM

WuXi AppTec (2359.HK/603259.CH) - Would the Recent Rebound in Share Price Be a Flash in the Pan?

WuXi AppTec's share price rally is driven by the enthusiasm for weight loss drugs,whose real contribution is uncertain. Downward trend of CRO...

Xinyao (Criss) Wang

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

China Healthcare Weekly (Oct.6) - Weight Loss Drug CXO, Policy-Guided Capital Flows, 3D Medicines

Weight loss drug business would indeed bring opportunity to CDMO, but not CRO. Investors may need to pay attention to policy-guided capital...

Xinyao (Criss) Wang