HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. / Equity Bottom-Up

Zhangzhou Pientzehuang Pharmaceutical Co., Ltd.

<ul>
<li>In terms of the business model,the uniqueness and scarcity of Pien Tze Huang keep the market demand at high level,supporting its strong ability to raise prices and establish high moat.</li>
<li>The concerns on single product risk, scare raw materials and inadequate production capacity would cast a shadow over the Company’ future development.</li>
<li>The breakthrough point lies in whether the Company can make use of the unique advantages generated from "Pien Tze Huang" series to cultivate a second strong growth point in time.</li>
</ul>


In terms of the business model,the uniqueness and scarcity of Pien Tze Huang keep the market demand at high level,supporting its strong ability to raise prices and establish high moat.
The concerns on single product risk, scare raw materials and inadequate production capacity would cast a shadow over the Company’ future development.
The breakthrough point lies in whether the Company can make use of the unique advantages generated from "Pien Tze Huang" series to cultivate a second strong growth point in time.


Zhangzhou Pientzehuang Pharmaceutical (600436.CH) - The Strength and the Concerns

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>Nearly midway through the review period for the June rebalance of the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX)</a>, we see 29 potential changes to the index.</li>
<li>There are a lot of high and medium probability changes that could result in a one-way turnover of 4.2% and a one-way trade of CNY 10.17bn at the June rebalance.</li>
<li>The potential inclusions have underperformed the potential deletions by c.15% over the last month and this provides a good entry point into a long short/trade.</li>
</ul>


Nearly midway through the review period for the June rebalance of the Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX), we see 29 potential changes to the index.
There are a lot of high and medium probability changes that could result in a one-way turnover of 4.2% and a one-way trade of CNY 10.17bn at the June rebalance.
The potential inclusions have underperformed the potential deletions by c.15% over the last month and this provides a good entry point into a long short/trade.


CSI300 Index Rebalance Preview (June 2022): Changes Near the Midway Mark

Research on Tech Companies

Evelyn Zhang

Thematic (Sector/Industry)

<ul>
<li>The competition between Alibaba and JD has been heating up after Alibaba abandoned its "exclusivity requirement”, JD sale GMV increased by 28.4% vs Alibaba only increased by 8.4% YoY.  </li>
<li>Live streaming has become a mainstream sales channel, Douyin and Kuaishou both achieved more than 200% sales increase YoY.  </li>
<li>Influencers and brands are fighting over price setting power. Many brands have opened their own official livestreaming channels this year.</li>
</ul>


The competition between Alibaba and JD has been heating up after Alibaba abandoned its "exclusivity requirement”, JD sale GMV increased by 28.4% vs Alibaba only increased by 8.4% YoY.  
Live streaming has become a mainstream sales channel, Douyin and Kuaishou both achieved more than 200% sales increase YoY.  
Influencers and brands are fighting over price setting power. Many brands have opened their own official livestreaming channels this year.


Yunnan Botanee Bio-Technology / Equity Bottom-Up

<p>On August 10, <a href="https://www.smartkarma.com/entities/yunnan-botanee-bio-technology" target="_blank" data-smartkarma-citation="entities:33954:1" rel="noopener">Yunnan Botanee Bio-Technology (300957 CH)</a> released its 2021/1H financial results. In the first half of 2021, Botanee achieved revenue of RMB1.412 billion, up 49.94% YoY. Net profit attributed to shareholders was RMB265 million, up 65.28% YoY. Net profit after deducting non-recurring gains and losses was RMB253 million, up 68.46% YoY. The performance was outstanding, but the market seemed to have very modest response. Botanee’s share price was just up 1.02% on August 11 and 3.98% on August 12 but down 5.35% on August 13. So, how is this Company? What are the concerns behind positive financial results?</p>

On August 10, Yunnan Botanee Bio-Technology (300957 CH) released its 2021/1H financial results. In the first half of 2021, Botanee achieved revenue of RMB1.412 billion, up 49.94% YoY. Net profit attributed to shareholders was RMB265 million, up 65.28% YoY. Net profit after deducting non-recurring gains and losses was RMB253 million, up 68.46% YoY. The performance was outstanding, but the market seemed to have very modest response. Botanee’s share price was just up 1.02% on August 11 and 3.98% on August 12 but down 5.35% on August 13. So, how is this Company? What are the concerns behind positive financial results?

Botanee Bio-Technology (300957.CH)-The Success of WINONA Cannot Cover up the Concerns on the Outlook

China

Yunnan Botanee Bio-Technology Group Co. LTD manufactures and sells skin care and cosmetics. The Company produces masks, toners, hand creams, and other cosmetics. Yunnan Botanee Bio-Technology Group also develops new biology technologies.

Yunnan Botanee Bio-Technology (300957 CH)

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Yunnan Botanee Bio-Technology (300957 CH)

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