reports
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare Bi-Weekly: Robust Policy Support for Biopharma Innova...
The HSHCI rose 11.3%, significantly outperforming the HSI which gained 1.9% from 13 Mar-15 Apr 26. We attribute the healthcare sector’s strong performance primarily to robust 2025 financial results. As a rising pillar industry, biopharmaceuticals have gained strong policy backing to drive future growth and development. Maintain OVERWEIGHT.
X2S SINOPHARM GROUP CO. LTD. CLASS H
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1093 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
02192 WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
MEDLIVE TECHNOLOGY CO LTD
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Gigi Cheuk
- Jack Goh Tooan Orng
- Johnny Yum Chung Man
- Jonathan Koh
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Lester Siew
- Roy Chen Chengzhi
- Sunny Chen
Regional Morning Meeting Notes: Thursday, April 16, 2026
Greater China Sector Update | Healthcare The HSHCI rose 11.3%, significantly outperforming the HSI which gained 1.9% from 13 Mar-15 Apr 26. We attribute the healthcare sector’s strong performance primarily to robust 2025 financial results. As a rising pillar industry, biopharmaceuticals have gained strong policy backing to drive future growth and development. Maintain OVERWEIGHT. Sector Update | IT Hardware Handset suppliers’ 2H25 results and 2026 guidance are better than feared. Players...
01093 CSPC PHARMACEUTICAL GROUP LIMITED
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
A2XN AAC TECHNOLOGIES HOLDINGS INC.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01415 COWELL E HOLDINGS INC.
VST HOLDINGS LTD.
SCC SIAM CEMENT PUBLIC CO. LTD.
C6L SINGAPORE AIRLINES LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
INCO VALE INDONESIA
KLN KINGBOARD LAMINATES HOLDINGS LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
01478 Q TECHNOLOGY (GROUP) CO. LTD.
01810 XIAOMI CORP. CLASS B
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
02232 CRYSTAL INTERNATIONAL GROUP
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
709 GIORDANO INTERNATIONAL LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
09618 JD.COM INC. CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
2209 YESASIA HOLDINGS LTD
06160 BEIGENE LTD.
300765 WUXI APPTEC CO. LTD. CLASS H
02192 CSPC INNOVATION PHARMACEUTICAL CO L
1523 MEDLIVE TECHNOLOGY CO LTD
SDG PLOVER BAY TECHNOLOGIES LTD (1523 HK)
9660 HK SD GUTHRIE BHD
ZETRIX MK HORIZON ROBOTICS INC (9660 HK)
ONC@US@ ZETRIX AI (ZETRIX MK)
BEONE MEDICINE INC
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Innovation And Margin Gains Fuel Earnings Growth.
Most China healthcare companies under our coverage reported satisfactory 2025 results. Leading biopharmas, CRDMOs and internet healthcare players saw robust revenue and earnings expansion supported by rapid product sales growth and significant licence income contribution. We expect globalisation and improving operating efficiency to continue to drive rapid earnings growth for drug innovators and CRO leaders from 2026 onwards. Seeing strong online demand, internet healthcare players are likely to...
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1093 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
02192 WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
MEDLIVE TECHNOLOGY CO LTD
- Audrey Celia
- Carol Dou Xiao Qin
- Chong Lee Len
- HIFZHAN RAZIQ BIN HARIS FADZLAN
- Jonathan Koh
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, April 08, 2026
Greater China Sector Update | Consumer During the Ching Ming holiday (4-6 Apr 26), consumption-related sectors demonstrated a mild recovery trend. However, the introduction of the spring break, which overlapped with the Ching Ming holiday, boosted travel demand. Our preferred stocks include: Anta, CTG Duty-Free, Haidilao, Li Ning, Mengniu, Yili and Yum China. Maintain OVERWEIGHT. Sector Update | Healthcare Most China healthcare companies under our coverage reported satisfactory 2025 resu...
02313 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED
AS7 ANTA SPORTS PRODUCTS LTD.
00291 CHINA RESOURCES BEER (HOLDINGS) CO. LTD.
000858 WULIANGYE YIBIN CO. LTD. CLASS A
01093 CSPC PHARMACEUTICAL GROUP LIMITED
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
SOLAR SOLARTRON PCL
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
5347 TENAGA NASIONAL BHD
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
599A SANDS CHINA LTD.
000333 MIDEA GROUP CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
YUMC YUM CHINA HOLDINGS INC.
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
TENAGA HAIDILAO INTERNATIONAL HOLDING LTD.
06862 MALAKOFF CORP BHD
MLK THE UNITED LABORATORIES INTE
3933 INDOFOOD CBP SUKSES MAKMUR T
ICBP GAS MALAYSIA BHD
GMB CHINA SHINEWAY PHARMACEUTICA
2877 HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
01876 BUDWEISER BREWING CO. APAC LTD.
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
06160 BEIGENE LTD.
06690 HAIER SMART HOME CO. LTD. CLASS H
NORTHERN WUXI APPTEC CO. LTD. CLASS H
300765 NORTHERN JUTE
02192 CSPC INNOVATION PHARMACEUTICAL CO L
PEKAT MEDLIVE TECHNOLOGY CO LTD
CPAXT PEKAT GROUP BHD
NTTDCR SP CP AXTRA PUBLIC COMPANY LIMITED
NTT DC REIT
- Carol Dou Xiao Qin
- Sunny Chen
WuXi AppTec (2359 HK): 2025: Results Beat; Targets Resilient Revenue G...
WuXi AppTec’s total revenue and adjusted earnings expanded 15.8% and 41.3% yoy respectively in 2025, beating market estimates and its growth guidance. Its backlogs increased 28.8% yoy at end-Dec 25. The company targets total revenue to reach Rmb51.3b-53.0b with continuing operations expected to achieve revenue growth of 18-22% yoy in 2026. We are confident that WuXi AppTec will achieve its revenue target, given strong market demand and consistent service capability improvements. Maintain BUY and...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Gigi Cheuk
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Sunny Chen
Greater China Daily: Wednesday, March 25, 2026
Top Stories Company Results | Minth Group (425 HK/BUY/HK$36.00/Target: HK$56.00) Minth’s 2H25 net profit slightly missed expectations at Rmb1,416m (+13.1% yoy/+10.9% hoh), with one-off gains partly offsetting revenue miss. Looking ahead, earnings growth will be driven by new product lines and customer base expansion. We trim our 2026-27 net profit estimates by 11%/13% to Rmb2,874m/Rmb3,376m respectively, on short-term turbulence of EV sales, and introduce our 2028 net profit forecast of Rmb4,01...
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01810 XIAOMI CORP. CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
709 GIORDANO INTERNATIONAL LTD
603259 WUXI APPTEC CO. LTD. CLASS A
002050 CH WUXI APPTEC CO. LTD. CLASS H
2050 HK ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (2050 HK)
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare Bi-Weekly: Resilient Innovation Amid Weak Market Sent...
The HSHCI fell 7.2%, underperforming the HSI which decreased 4.4% in 1-13 Mar 26. We believe the weak performance of the healthcare sector was mainly due to the rising geopolitical tension in the Middle East triggering risk-averse sentiment, coupled with the US’ new investigation into the China biotech industry. The China biopharma segment continues to see robust out-licensing deals. Becoming an emerging pillar industry, the biopharma segment will likely receive more policy and resources support...
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1093 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
02192 WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
MEDLIVE TECHNOLOGY CO LTD
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Gigi Cheuk
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jonathan Koh
- Joyce Chu
- Kate Luang
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Suryaputra Wijaksana
- Tham Mun Hon
Regional Morning Meeting Notes: Monday, March 16, 2026
Greater China Economics | Money Supply Feb 26 money and credit data came in above expectations, helped by the Chinese New Year effect and better new bank credit and TSF at Rmb0.90t and Rmb2.38t respectively. This lifted M2 growth to 9.0% yoy, while M1 growth came in at 5.9% yoy. While the 2M26 data was above market expectations, the credit cycle is not in an upswing, as total credit growth edged lower to 6.0% yoy, and TSF growth stayed flat at 8.2% yoy. Sector Update | Healthcare The HSH...
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
01093 CSPC PHARMACEUTICAL GROUP LIMITED
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
01997 HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
GAM WHARF REAL ESTATE INVESTMENT CO. LTD.
3933 GAMUDA BHD
IJM THE UNITED LABORATORIES INTE
06088 IJM CORP BHD
2877 FIT HON TENG LIMITED
HCM CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1093 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
00017 WUXI BIOLOGICS (CAYMAN) INC.
3692 NEW WORLD DEVELOPMENT CO. LTD.
MNSO HANSOH PHARMACEUTICAL GROUP
06160 MINISO GROUP HOLDING ADS (N SHARES)
300765 BEIGENE LTD.
02192 WUXI APPTEC CO. LTD. CLASS H
DCRU CSPC INNOVATION PHARMACEUTICAL CO L
ARCI IJ MEDLIVE TECHNOLOGY CO LTD
ONC@US@ DIGITAL CORE REIT MANAGEMENT PTE. LTD.
ARCHI INDONESIA (ARCI IJ)
BEONE MEDICINE INC
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare Bi-Weekly: Competing On The Global Stage Amid Rising ...
The HSHCI fell by 4.0%, underperforming the HSI which decreased mildly by 0.3% in 16-27 Feb 26. AI-related names such as InSilico, Xtalpi, Medlive, Ali Health, and JD Health experienced the largest fluctuation and significant declines during this period. As globalisation gains momentum, we navigate the complexities of global market dynamics and competition. Chinese healthcare companies are making significant breakthroughs and seizing a growing share of the international market, while the increas...
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1093 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
02192 WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
MEDLIVE TECHNOLOGY CO LTD
- Carol Dou Xiao Qin
- Sunny Chen
Healthcare - Bi-Weekly: Poised For Strength
The HSHCI rose 1.8%, outperforming the HSI, which declined by 3.8% in the first two weeks of Feb 26. InSilico took the lead with a 16.9% share price increase, while CRO leaders WuXi AppTec and WuXi Bio gained 11.7% and 8.1% respectively. Innovent also outperformed its peers with a 9.2% rise. Fuelled by strong innovation, business development momentum, and robust 2025 results, the Chinese healthcare sector is expected to remain resilient in 2026. Maintain OVERWEIGHT.
01177 SINO BIOPHARMACEUTICAL LIMITED
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1093 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Kai Jie Tang
- Kasemsun Koonnara
- Philip Wong
- Sunny Chen
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Monday, February 16, 2026
Greater China Economics | Money Supply M0 growth was weaker in Jan 26 due to Chinese New Year effects, while M2 growth rose to 9.0% yoy, the highest since 2023. New bank loans surged to Rmb4.71t and new TSF rose to Rmb7.22t, both above consensus forecasts. However, outstanding bank loan growth fell to a record-low 6.1% yoy, highlighting fragile underlying credit demand despite strong front-loaded lending. Sector Update | Healthcare HSHCI rose 1.8%, outperforming the HSI, which declined b...
01093 CSPC PHARMACEUTICAL GROUP LIMITED
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
AIY IFAST
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
KREIT KEPPEL REIT
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
BRC BRC ASIA LTD
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
300765 WUXI APPTEC CO. LTD. CLASS H
99SMART CSPC INNOVATION PHARMACEUTICAL CO L
STECON 99 SPEED MART RETAIL HOLDINGS BHD
ONC@US@ STECON GROUP PUBLIC COMPANY LIMITED
ASL SP BEONE MEDICINE INC
ASL MARINE (ASL SP)
- Carol Dou Xiao Qin
- Sunny Chen
Healthcare - Internet Healthcare: Evolving Amid AI Innovation And Poli...
China’s internet healthcare segment is entering a new phase, fuelled by accelerating AI innovation from tech giants and policy support, eg the pilot programme for first-time online consultations. Despite profitability challenges, leading players are leveraging AI ecosystems and innovative strategies to position themselves for sustained long-term growth. We maintain BUY on Ali Health and PAGD. Maintain OVERWEIGHT on the China healthcare sector.
01177 SINO BIOPHARMACEUTICAL LIMITED
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1093 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
- Carol Dou Xiao Qin
- Sunny Chen
Healthcare - Bi-Weekly: Stay Focused On Innovation
Since OpenAI’s launch of ChatGPT Health, internet healthcare share prices have fluctuated significantly. In the period 15-29 January, PAGD and Medlive dropped 15.5% and 21.7% respectively, while Ant Group-backed Ali Health remained relatively stable. Many drug innovators retreated 5-10% after an early rally, but AI-driven Insilico surged 18.8%. With robust innovative pipelines, rapid R&D, and growing product offerings, China's healthcare sector is poised to become a key player in the global mark...
01177 SINO BIOPHARMACEUTICAL LIMITED
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1093 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
- Damon Shen
- Jieqi Liu
China Healthcare: Harnessing R&D Excellence For Global Expansion.
At the recent investor conference, global investors viewed Chinese healthcare companies with increasing interest and optimism. Impressed by their advanced R&D pipelines and swift R&D-to-market execution capabilities, investors recognised Chinese companies’ potential for innovation and growth, particularly as they presented an array of cuttingedge products ready for global markets. This positive perception reflects a growing confidence in China's healthcare sector as a key player on the internati...
01177 SINO BIOPHARMACEUTICAL LIMITED
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1093 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare Bi-Weekly: The Sector Will Continue To Outperform In ...
In the first two weeks of Jan 26, Chinese healthcare stocks saw impressive share price increases. Fuelled by AI healthcare themes, Dian Diagnostics soared by 83.0%, while Ali Health and Medlive rose by 42.0% and 37.5% respectively. Expectations of strong revenue and earnings growths in 2026 also led to significant share price increases of 10-30% for drug innovators and CRDMO leaders. China’s healthcare sector will continue to outperform in 2026. Maintain OVERWEIGHT.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1093 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Kai Jie Tang
- Ken Lee
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Lester Siew
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
Regional Morning Meeting Notes: Friday, January 16, 2026
Greater China Economics | Money Supply December’s monetary data was mixed. M1 growth slowed further to 3.8% yoy, slightly below expectations, while M2 growth improved to 8.5% yoy on stronger time deposits growth. On a positive note, new bank loans rebounded to Rmb0.91t, mainly driven by corporate and government borrowing, and new TSF also beat forecasts. However, outstanding bank loan growth stayed at a year-low of 6.4% yoy and TSF growth eased to 8.3% yoy, underscoring still-fragile credit ...
FR FIRST INDUSTRIAL REALTY TRUST INC.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
544 CSE GLOBAL LTD.
01093 CSPC PHARMACEUTICAL GROUP LIMITED
02331 LI NING COMPANY LIMITED
BN2 VALUETRONICS HOLDINGS
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
3816 MISC BHD
01177 SINO BIOPHARMACEUTICAL LIMITED
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
HANA HANA MICROELECTRONICS PCL
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
BAL BUMITAMA AGRI LTD
3933 THE UNITED LABORATORIES INTE
KCE KCE ELECTRONICS PUBLIC CO. LTD.
CPALL TB CP ALL
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
2269 WUXI BIOLOGICS (CAYMAN) INC.
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
300765 WUXI APPTEC CO. LTD. CLASS H
DELTA CSPC INNOVATION PHARMACEUTICAL CO L
Z29 DELTA ELECTRONICS
02015 029 GROUP SE
600699 LI AUTO INC
CPAXT JOYSON ELECTRONICS CORP
ONC@US@ CP AXTRA PUBLIC COMPANY LIMITED
ASL SP BEONE MEDICINE INC
UGAI ASL MARINE (ASL SP)
ULTRAGREEN.AI LIMITED
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Globalisation And Improving Operating Efficiency To ...
The sector experienced a fruitful year of innovation in 2025, and we expect globalisation and improving operating efficiency to continue to drive rapid earnings growth for drug innovators and CRO leaders from 2026 onwards. Seeing strong online demand, internet healthcare players are likely to sustain solid revenue and earnings expansion in 2026. We also anticipate that domestic medical device manufacturers will experience a gradual sales growth recovery, fuelled by technological advancements and...
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
2877 THE UNITED LABORATORIES INTE
HCM CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
300244 WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Kenny Yong Hui Lim
- Sunny Chen
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, January 08, 2026
Greater China Sector Update | Healthcare The sector experienced a fruitful year of innovation in 2025, and we expect globalisation and improving operating efficiency to continue to drive rapid earnings growth for drug innovators and CRO leaders from 2026 onwards. Seeing strong online demand, internet healthcare players are likely to sustain solid revenue and earnings expansion in 2026. We also anticipate that domestic medical device manufacturers will experience a gradual sales growth recove...
ANTM PT ANEKA TAMBANG TBK
01093 CSPC PHARMACEUTICAL GROUP LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
INCO VALE INDONESIA
PTTEP PTT EXPLORATION & PRODUCTION PLC
X2S SINOPHARM GROUP CO. LTD. CLASS H
GAM GAMUDA BHD
SCGB SUNWAY CONSTRUCTION GROUP BH
3933 THE UNITED LABORATORIES INTE
IJM IJM CORP BHD
MRC MALAYSIAN RESOURCES CORP BHD
2877 CHINA SHINEWAY PHARMACEUTICA
KPG KERJAYA PROSPEK GROUP BHD
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
PROP PROPNEX LTD
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
WCTHG WCT HOLDINGS BHD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
300765 WUXI APPTEC CO. LTD. CLASS H
NCKL CSPC INNOVATION PHARMACEUTICAL CO L
300244 PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
HRUM DIAN DIAGNOSTICS GROUP CO
DKFT IJ HARUM ENERGY TBK PT
BNASTRA CENTRAL OMEGA RESOURCES
ONC@US@ BINASTRA (BNASTRA MK)
BEONE MEDICINE INC
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare Bi-Weekly: Short-term Profit-taking Masks Solid Funda...
China healthcare stocks were relatively weak during the first two weeks of Dec 25 as investors took profits, particularly for internet healthcare and drug innovator names. Fundamentals remain solid, supported by the new commercial insurance policy, lower costs of capital, and robust pipelines. Despite rising competition in areas like generics, GLP-1 drugs and surgical robots, companies continue to advance towards sustainable growth. Maintain OVERWEIGHT. Our top picks are BeOne Medicines, Hansoh ...
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300244 BEIGENE LTD.
WUXI APPTEC CO. LTD. CLASS H
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare Bi-Weekly: Amid Market Decline, Drug Innovators Show ...
Most Chinese healthcare stock prices fell along with the weak Hang Seng Index in the past two weeks. The share prices of leading drug innovators, however, have remained relatively stable. We expect drug innovators to continue to outperform, supported by possible further lowering of interest rates, increasing innovative product launches, and globalisation efforts. Meanwhile, geopolitical risks and GPO and other policy uncertainties will remain as key risks amid the recovery for CROs, medical serv...
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
300244 WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
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