HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>Retail pharmacies experienced performance decline in April and May. Due to negative policies, retail pharmacies will experience industry clearance. Therefore, we do not recommend investors to bottom-fish related stocks now.</li>
<li>There is a logic to biotech's performance from 2023 to present.The clearer the path of sustainable development, the better the stock price performance. They can be divided into three types.</li>
<li>YSB faces big risks and the outlook is not optimistic. If the final valuation of the Company is lower than <a href="https://www.smartkarma.com/entities/china-resources-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:22928:1" rel="noopener">China Resources Pharmaceutical</a> and <a href="https://www.smartkarma.com/entities/shanghai-pharmaceuticals-holding" target="_blank" data-smartkarma-citation="entities:228:1" rel="noopener">Shanghai Pharmaceuticals</a>, we wouldn't be too surprised.</li>
</ul>


Retail pharmacies experienced performance decline in April and May. Due to negative policies, retail pharmacies will experience industry clearance. Therefore, we do not recommend investors to bottom-fish related stocks now.
There is a logic to biotech's performance from 2023 to present.The clearer the path of sustainable development, the better the stock price performance. They can be divided into three types.
YSB faces big risks and the outlook is not optimistic. If the final valuation of the Company is lower than China Resources Pharmaceutical and Shanghai Pharmaceuticals, we wouldn't be too surprised.


China Healthcare Weekly (Jun23)-Retail Pharmacy's Dilemma, Logic to Biotech's Stock Price,YSB's Risk

<ul>
<li>YSB would be added to KraneShares CSI China Internet ETF.Cornerstone investors could opt to cash out directly,taking advantage of improved liquidity, which means even they’re not optimistic about YSB's prospects.</li>
<li>YSB's profit margin is disappointing. It would be hard for YSB to deliver decent profits in the end. This business does not make money. YSB is also short of money.</li>
<li>Since going public, YSB's share price has been on a rollercoaster, which has deviated from the fundamentals, but it should be pointed out eventually stock prices will return to fundamentals.</li>
</ul>


YSB would be added to KraneShares CSI China Internet ETF.Cornerstone investors could opt to cash out directly,taking advantage of improved liquidity, which means even they’re not optimistic about YSB's prospects.
YSB's profit margin is disappointing. It would be hard for YSB to deliver decent profits in the end. This business does not make money. YSB is also short of money.
Since going public, YSB's share price has been on a rollercoaster, which has deviated from the fundamentals, but it should be pointed out eventually stock prices will return to fundamentals.


YSB (9885.HK) - Being Included in ETF Offers a Great Escape Opportunity

Equity Capital Markets

<ul>
<li>Fangzhou cannot get around the decreasing unit-price of drugs and the increasing role of medical insurance in chronic-disease treatment.It’s challenging to find patients willing to pay out of own pockets.</li>
<li>The internal dispute between the Founder and shareholders hasn’t ended, and related litigation is still pending. This makes us concerned about the stability of future business development and corporate governance. </li>
<li>Fangzhou has significant cash flow pressure. In the case of increasingly fierce competition in the industry, without successful business diversification/transformation, growth prospects is gloomy, Valuation should be lower than peers. </li>
</ul>


Fangzhou cannot get around the decreasing unit-price of drugs and the increasing role of medical insurance in chronic-disease treatment.It’s challenging to find patients willing to pay out of own pockets.
The internal dispute between the Founder and shareholders hasn’t ended, and related litigation is still pending. This makes us concerned about the stability of future business development and corporate governance. 
Fangzhou has significant cash flow pressure. In the case of increasingly fierce competition in the industry, without successful business diversification/transformation, growth prospects is gloomy, Valuation should be lower than peers. 


Pre-IPO Fangzhou Inc. (PHIP Updates) - Some Points Worth the Attention

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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 26th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Bank Of China, Tencent, China Mobile, HKEx, Zto Express, Meituan, HSBC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 26th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Bank Of China, Tencent, China Mobile, HKEx, Zto Express, Meituan, HSBC.


Hong Kong Connect Flows (Apr 26th): BOC, Tencent, China Mobile, HKEx, ZTO, Meituan, HSBC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 15th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Bank Of China, Tencent, CNOOC, Zto Express, Kuaishou Technology, Anta Sports Products.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 15th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Bank Of China, Tencent, CNOOC, Zto Express, Kuaishou Technology, Anta Sports Products.


Hong Kong Connect Flows (Mar 15th): BOC, Tencent, CNOOC, Zto Express, Kuaishou, Anta Sports

China

Sihuan Pharmaceutical Holdings Group Ltd. researches and develops cardiocerebral vascular drugs in China. The Company drugs address needs in the areas of anti-infective, metabolism, cardiovascular system, oncology and nervous system.

Consun Pharmaceutical Group Limited is a pharmaceutical company engaged in the research, manufacturing and sale of modern Chinese medicines and medical contrast medium in the People's Republic of China.

Hunan Er-kang Pharmaceutical Company Limited develops, produces and sells pharmaceutical products. The Company's main product include pharmaceutical excipients and antibiotic products.

Yabao Pharmaceutical Group Co., Ltd. manufactures and markets pharmaceutical preparations and chemical synthetic pharmaceuticals.  The Company's products include injections, tablets, capsules, healthcare products, medical packaging materials, and other related products.

Guizhou Bailing Group Pharmaceutical Co, Ltd. is a pharmaceutical company.  The Company's products include tablets, capsules, syrup, soft capsules, granules, pills, and powder.

Gz Bailing Group Pharm Co., Ltd. (002424 CH)

Zhuzhou Qianjin Pharmaceutical Co., Ltd. develops and manufactures pharmaceutical products. The Company's products include Chinese traditional medicines and healthcare products.

Zhuzhou Qianjin Pharmaceutical Co., (600479 CH)

Zhejiang International Group Co., Ltd. mainly manufactures pharmaceutical products, including medicines, healthcare products, medical instruments, and pharmaceutical raw materials.  The Company also manufactures textile products, develops real estate, and provides technical services.

Harbin Gloria Pharmaceuticals Co., Ltd. develops, manufactures and sells pharmaceuticals.  The Company's products are small water needle, freeze-dried powder injection, capsules, tablets, suppositories, powder for injection points installation and oncology medicines etc.

Harbin Gloria Pharmaceuticals Co, Ltd. (002437 CH)

Nantong Jinghua Pharmaceutical Ltd. Co. manufactures and sells Chinese and Western medicine, in the form of tablets, capsules, pills, granules, powder, syrup and mixture.  The Company also produces Chinese healthy food products.

Fuan Pharmaceutical Group Co., Ltd. develops, produces and sells Monocyclic -lactams, penicillins and cephalosporins bulk drugs and formulations. The Company's main products are aztreonam bulk drugs and formulations, ticarcillin sodium, sulbenicillin disodium bulk drugs and formulations, cefathiamidine and ceftizoxime sodium formulations.

TORII PHARMACEUTICAL CO., LTD. produces and sells pharmaceuticals.  The Company promotes medical products of its parent company, Japan Tobacco. Torii Pharmaceutical operates building maintenance and management business as well as shipping business.

ZERIA PHARMACEUTICAL CO., LTD. develops, manufactures, and markets a wide range of pharmaceutical products including prescription and over-the-counter drugs, health food products, and medical tools and appliances.  The Company also manufactures and wholesales cosmetics, soft drink, agrochemicals, and feed stuffs.

PT Tempo Scan Pacific Tbk manufactures and distributes pharmaceutical , health care and cosmetic products. The Company offers a variety of products including prescription drugs, specialty care products, and home care consumer products.

Daewoong Co., Ltd. is a investment holding company which operates biotechnology, marketing system, and healthcare entities.  The Company also invests and develops over-the-counter drugs (OTC).

TTY Biopharm Co., Ltd. manufactures and markets various kinds of medicines. The company's products encompass a variety of therapeutic segments, including cardiology, gastroenterology, orthopedics and cancer.

KYORIN Holdings, Inc. is a holding company who manages Kyorin Group including Kyorin Pharmaceutical.  The Group manufactures and distributes prescription medicine and quasi-drugs, and diagnostic drugs.  Kyorin also manufactures and markets medical tools and equipment, health foods, and cosmetics as well as developing  medical products with other pharmaceutical companies.

Shilpa Medicare Ltd. produces and exports active pharmaceutical ingredients, fine chemicals, intermediates, herbal products, and specialty chemical products.

Aarti Drugs Limited is a pharmaceutical company which manufactures bulk drugs and specialty chemicals. The Company's products include vitamins and sedatives, as well as anti-inflammatory, anti-asthma, anti-arthritis, anti-fungal,  anti-diabetic, anti-osteoporosis, anti-cholinergic and anti-depressant drugs.  The company sells its products in India and elsewhere throughout the world.

ScinoPharm Taiwan Ltd. offers process research and development and the production of active pharmaceutical ingredients. The Company provides services to pharmaceutical industries globally.

JW Pharmaceutical Corp manufactures prescription and over-the counter drugs. The Company produces transfusion fluids, antibiotics, anesthetics, and respiratory and circulatory medications.

YSB Inc. operates as a digital pharmaceutical platform outside of hospitals in China.. The Company provides outside of hospital pharmaceutical circulation services. YSB mainly offers services to pharmaceutical companies, distributors, vendors, pharmacies, primary healthcare institutions, and others.

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YSB (9885 HK)

China Healthcare Weekly (Jun23)-Retail Pharmacy's Dilemma, Logic to Biotech's Stock Price,YSB's Risk

Retail pharmacies facing industry clearance due to negative policies.Biotech stock performance tied to sustainable development path. YSB faces...

Xinyao (Criss) Wang

YSB (9885.HK) - Being Included in ETF Offers a Great Escape Opportunity

YSB's being added to KWEB offers a golden opportunity for cornerstone investors to cash out. If these people choose to escape, it's time to...

Xinyao (Criss) Wang

Pre-IPO Fangzhou Inc. (PHIP Updates) - Some Points Worth the Attention

Fangzhou faces challenges with decreasing drug price due to VBP/NRDL negotiation. The internal disputes, litigation, cash flow pressure will lead...

Xinyao (Criss) Wang

Hong Kong Connect Flows (Apr 26th): BOC, Tencent, China Mobile, HKEx, ZTO, Meituan, HSBC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Bank Of China, Tencent, China Mobile, HKEx, Zto Express,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Mar 15th): BOC, Tencent, CNOOC, Zto Express, Kuaishou, Anta Sports

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Bank Of China, Tencent, CNOOC, Zto Express, Kuaishou, Anta...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Healthcare Weekly (Jun23)-Retail Pharmacy's Dilemma, Logic to Biotech's Stock Price,YSB's Risk

​Retail pharmacies facing industry clearance due to negative policies.Biotech stock performance tied to sustainable development path. YSB faces...

Xinyao (Criss) Wang

YSB (9885.HK) - Being Included in ETF Offers a Great Escape Opportunity

YSB's being added to KWEB offers a golden opportunity for cornerstone investors to cash out. If these people choose to escape, it's time to...

Xinyao (Criss) Wang

Pre-IPO Fangzhou Inc. (PHIP Updates) - Some Points Worth the Attention

​Fangzhou faces challenges with decreasing drug price due to VBP/NRDL negotiation. The internal disputes, litigation, cash flow pressure will lead...

Xinyao (Criss) Wang

Hong Kong Connect Flows (Apr 26th): BOC, Tencent, China Mobile, HKEx, ZTO, Meituan, HSBC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Bank Of China, Tencent, China Mobile, HKEx, Zto Express,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Mar 15th): BOC, Tencent, CNOOC, Zto Express, Kuaishou, Anta Sports

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Bank Of China, Tencent, CNOOC, Zto Express, Kuaishou, Anta...

Ke Yan, CFA, FRM

Retail pharmacies facing industry clearance due to negative policies.Biotech stock performance tied to sustainable development path. YSB faces...

Fangzhou faces challenges with decreasing drug price due to VBP/NRDL negotiation. The internal disputes, litigation, cash flow pressure will lead...