In today’s briefing:
- CSI Esoteric Index Rebals Jun 24: All Share Brokerage, China Internet, Medical, Defense, & Livestock
- Pre-IPO QuantumPharm (PHIP Updates) – Some Points Worth the Attention
CSI Esoteric Index Rebals Jun 24: All Share Brokerage, China Internet, Medical, Defense, & Livestock
- We have already discussed our flow expectations for the mainstream indices in the CSI family such as CSI300/500, SSE50/100, and the STAR50/100 for the June 2024 index rebal event.
- In this insight, we take a look at our flow expectations for the ADDs/DELs involved in the rebalance of some of the lesser known indices in the CSI family.
- The indices covered in this insight are All Share Brokerage, China Internet, Medical Devices, National Defense, and Livestock Breeding indices.
Pre-IPO QuantumPharm (PHIP Updates) – Some Points Worth the Attention
- We have always been concerned about QuantumPharm’s business model. It is relatively difficult for a service provider like QuantumPharm to scale up revenue by just relying on charging service fees.
- For AI pharmaceutical companies, how to make money is a pain point for entire industry. Just focusing on preclinical stages would limit profitability.We haven’t seen any certainty of achieving breakeven.
- Increasing competition would bring more challenges for QuantumPharm. Post-investment valuation in 2021 was too expensive.If its future performance falls short of expectations, then sooner or later the valuation will collapse.
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