reports
- Franc Gregori
- Lala Gregorek
Trinity Delta Lighthouse: HUTCHMED
Trinity Delta view: Pipeline progress, coupled to commercial execution, is the key valuation driver for HUTCHMED. Recent solid news flow highlights the progress of key programmes that are set to deliver the new indications, new markets, and new products that we discussed in our December 2025 Update note. The start of clinical trials of the lead ATTC programme will focus investor, and potential partner, attention on this novel platform’s significant potential as it seeks to circumvent the toxicit...
- 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
HUTCHMED Announces Positive Topline Results of Phase III Part of ESLIM...
HUTCHMED Announces Positive Topline Results of Phase III Part of ESLIM-02 Trial of Sovleplenib for Warm Antibody Autoimmune Hemolytic Anemia in China — Delivers rapid, durable responses in wAIHA, the more common form of this potentially life-threatening disease — HONG KONG and SHANGHAI and FLORHAM PARK, N.J., Jan. 07, 2026 (GLOBE NEWSWIRE) -- HUTCHMED (China) Limited (“”) (Nasdaq/AIM:HCM; HKEX:13) today announces that the Phase III registration part of the ESLIM-02 clinical trial of sovleplenib, a novel spleen tyrosine kinase (“Syk”) inhibitor, in adult patients with warm antibody aut...
HUTCHMED Initiates Phase III Stage of the Ongoing Trial of the Combina...
HUTCHMED Initiates Phase III Stage of the Ongoing Trial of the Combination of Surufatinib and Camrelizumab for Treatment-Naïve Pancreatic Ductal Adenocarcinoma HONG KONG and SHANGHAI and FLORHAM PARK, N.J., Jan. 05, 2026 (GLOBE NEWSWIRE) -- HUTCHMED (China) Limited (“”) (Nasdaq/AIM:HCM; HKEX:13) today announces that it has initiated the Phase III part of the Phase II/III trial to evaluate the efficacy of the combination of surufatinib, camrelizumab, nab-paclitaxel and gemcitabine as a first-line treatment for patients with metastatic pancreatic ductal adenocarcinoma (“PDAC”) in China. T...
HUTCHMED Announces NDA Acceptance in China with Priority Review Status...
HUTCHMED Announces NDA Acceptance in China with Priority Review Status for Savolitinib for the treatment of Gastric Cancer Patients with MET Amplification — NDA supported by positive Phase II registration study data in Chinese patients; follows Breakthrough Therapy Designation granted in 2023 — — Savolitinib has the potential to become the first selective MET inhibitor in China for MET-amplified gastric cancer — HONG KONG and SHANGHAI and FLORHAM PARK, N.J., Dec. 30, 2025 (GLOBE NEWSWIRE) -- HUTCHMED (China) Limited (“”) (Nasdaq/AIM:HCM; HKEX:13) today announces that the New Drug ...
HUTCHMED Announces NDA Acceptance in China with Priority Review Status...
HUTCHMED Announces NDA Acceptance in China with Priority Review Status for Fanregratinib in Second-Line Intrahepatic Cholangiocarcinoma — NDA supported by results from a Phase II registration trial in China — — Second most common form of liver cancer after hepatocellular carcinoma, with generally poorer long-term survival in comparison — HONG KONG and SHANGHAI and FLORHAM PARK, N.J., Dec. 29, 2025 (GLOBE NEWSWIRE) -- HUTCHMED (China) Limited (“”) (Nasdaq/AIM:HCM; HKEX:13) today announces that the New Drug Application (“NDA”) for fanregratinib (HMPL-453) for the treatment of adult pati...
HUTCHMED Initiates Global Clinical Development of ATTC Candidate HMPL-...
HUTCHMED Initiates Global Clinical Development of ATTC Candidate HMPL-A251 in Patients with Solid Tumors — First-in-human trial of candidate from the next-generation ATTC platform — — Simultaneous China and global clinical development strategy to expedite development process — HONG KONG and SHANGHAI and FLORHAM PARK, N.J., Dec. 17, 2025 (GLOBE NEWSWIRE) -- HUTCHMED (China) Limited (“”) (Nasdaq/AIM:HCM; HKEX:13) today announces the initiation of its global Phase I clinical development program for HMPL-A251, a first-in-class PI3K/PIKK-HER2 Antibody-Targeted Therapy Conjugate (“ATTC”) co...
- Franc Gregori
- Lala Gregorek
HUTCHMED: Pipeline potential underpins long-term growth prospects
HUTCHMED’s recent R&D update highlighted multiple catalysts expected over the next 12-24 months, including the launches of new products and regulatory decisions on new indications for existing products which will be key for near- and mid-term revenue growth in China. Ex-China, partner AstraZeneca has guided towards Phase III SAFFRON top-line data in H126, with savolitinib remaining on track to become HUTCHMED’s second global asset. Longer-term, the proprietary ATTC platform offers significant po...
- 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
HUTCHMED Announces Expanded Coverage on National Reimbursement Drug Li...
HUTCHMED Announces Expanded Coverage on National Reimbursement Drug List and Inclusion in the First Commercial Insurance Drug List in China HONG KONG and SHANGHAI and FLORHAM PARK, N.J., Dec. 08, 2025 (GLOBE NEWSWIRE) -- HUTCHMED (China) Limited (“”) (Nasdaq/AIM:HCM; HKEX:13) today announces that following the contract renewal with the China National Healthcare Security Administration (“NHSA”), the updated National Reimbursement Drug List (“NRDL”) effective on January 1, 2026 will continue to include ELUNATE®, ORPATHYS® and SULANDA®. In addition, TAZVERIK® will be included in the first ...
- 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
- Andrew Agita Buntoro
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Ejann Hiew
- Jonathan Koh
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, December 01, 2025
Greater China Economics | PMI November PMI undershot expectations; manufacturing PMI was at 49.2 (+0.2pt mom) and non-manufacturing PMI slipped to 49.5 (-0.6pt mom), the first contraction in nearly three years. With the services industry index weakened to 49.5 (-0.7pt mom). PMI data confirms growth momentum is easing, so expect more supportive policies to be rolled out soon, but for economic confidence to return, we need a sustainable bottom in the real estate sector. Sector Update | Heal...
1023 CIMB GROUP HOLDINGS BHD
01093 CSPC PHARMACEUTICAL GROUP LIMITED
ISAT INDOSAT
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
TOWR PT SARANA MENARA NUSANTARA TBK
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
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
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
HCM HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
TENAGA CDL HOSPITALITY TRUSTS
CDREIT MEITUAN CLASS B
03690 SUNTECH SA
SUN KEPPEL REIT
KREIT MAPLETREE LOGISTICS TRUST
MLT PARKWAYLIFE REAL ESTATE
PREIT MAPLETREE INDUSTRIAL TRUST
MINT CHINA SHINEWAY PHARMACEUTICA
2877 INNOVENT BIOLOGICS INC.
01801 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
1833 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
300760 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
603882 CSPC PHARMACEUTICAL GROUP LTD
1093 UNITED HAMPSHIRE US REIT
UHU SASSEUR REIT (S CHIP)
CRPU CAPITALAND INTEGRATED COMMERCIAL TRUST
CICT SCG PACKAGING PCL
SCGP LENDLEASE GLOBAL COMMERCIAL REIT
LREIT SP WUXI BIOLOGICS (CAYMAN) INC.
2269 PRIME US REIT
OXMU ASCOTT RESIDENCE TRUST
HMN CAPITALAND CHINA TRUST
CLCT KEPPEL PACIFIC OAK US REIT
KORE HANSOH PHARMACEUTICAL GROUP
3692 BEIGENE LTD.
06160 WUXI APPTEC CO. LTD. CLASS H
EXCL XL AXIATA (EXCELCOMINDO)
300765 CSPC INNOVATION PHARMACEUTICAL CO L
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
300244 DIAN DIAGNOSTICS GROUP CO
ONC@US@ XLSMART TELECOM SEJAHTERA
BEONE MEDICINE INC
HUTCHMED Highlights Clinical Data to be Presented at the 2025 ESMO Asi...
HUTCHMED Highlights Clinical Data to be Presented at the 2025 ESMO Asia Congress and the 2025 ASH Annual Meeting HONG KONG and SHANGHAI and FLORHAM PARK, N.J., Nov. 27, 2025 (GLOBE NEWSWIRE) -- HUTCHMED (China) Limited (“”) (Nasdaq/AIM:HCM; HKEX:13) today announces that new and updated data from several studies of compounds discovered by HUTCHMED will be presented at the European Society for Medical Oncology (“ESMO”) Asia Congress 2025, taking place on December 5-7, 2025 in Singapore, and the American Society of Hematology (“ASH”) Annual Meeting taking place on December 6-9, 2025 in Orl...
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare Bi-Weekly: Regaining Strength.
After a significant pullback over the past two months, most Chinese healthcare stock prices have stabilised and are beginning to regain strength. Major biopharmaceuticals are leading the recovery supported by their strong 9M25 results. We expect the momentum to continue, given improving fundamentals across sub-segments. Moreover, the lower cost of capital, continuous innovation and globalisation efforts, and supportive policies eg new Commercial Health Insurance Innovative Drug List, will suppor...
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
HUTCHMED Announces Enrollment Completed of SAFFRON Global Phase III Tr...
HUTCHMED Announces Enrollment Completed of SAFFRON Global Phase III Trial of ORPATHYS® and TAGRISSO® Combination for Certain Lung Cancer Patients with MET Overexpression and/or Amplification After Progression on TAGRISSO® HONG KONG and SHANGHAI and FLORHAM PARK, N.J., Nov. 04, 2025 (GLOBE NEWSWIRE) -- HUTCHMED (China) Limited (“”) (Nasdaq/AIM:HCM; HKEX:13) today announces the completion of patient enrollment of SAFFRON, a global Phase III study of ORPATHYS® (savolitinib) and TAGRISSO® (osimertinib) for the treatment of patients with epidermal growth factor receptor (“EGFR”)-mutated, MET...
- Carol Dou Xiao Qin
- Sunny Chen
HUTCHMED (China) (13 HK): The Promising ATTC Platform And Late-Stage P...
Combined with a robust pipeline and partnership strategy, HUTCHMED expects its ATTC platform to deliver potentially transformative cancer and immunology treatments to patients around the world. The company has also seen smooth R&D progress in its various late-stage programmes, eg Fruquintinib (FRUSICA-2 study), Savolitinib registration studies, Surufatinib for pancreatic cancer, Sovleplenib for ITP and wAIHA, and Fanregratinib in IHCC. HUTCHMED will likely embrace a new wave of new indication/pr...
- Carol Dou Xiao Qin
- Greater China Research Team
- Sunny Chen
Greater China Daily: Tuesday, November 4, 2025
Top Stories Strategy | Alpha Picks: November Conviction Calls HSI and MSCI China fell 3.5%/4.0% mom in October, dragged by renewed US-China trade tensions and lack of fresh policy signals from the 4th Plenum. We remain constructive in the medium term but expect further consolidation as uncertainties persist. The best performer among our picks was SELL-rated Li Auto (+21.4% mom). For November, we rotate into oversold names with near-term upside: add AIA, LINK REIT, NAURA, Pinduoduo, PICC P&C and...
HUTCHMED Highlights Pipeline and Business Progress at R&D Updates Even...
HUTCHMED Highlights Pipeline and Business Progress at R&D Updates Event — HUTCHMED unveils its innovative ATTC platform, potentially providing precision oncology with synergistic dual-mechanism of action — — Lead candidate HMPL-A251 harnesses a selective PI3K/PIKK inhibitor payload, demonstrating promising preclinical efficacy and safety — — Progress in global and China trials, including FRUSICA-2, SANOVO, surufatinib’s PDAC and fanregratinib’s IHCC studies, advances HUTCHMED’s late-stage pipeline — HONG KONG and SHANGHAI and FLORHAM PARK, N.J., Nov. 02, 2025 (GLOBE NEWSWIRE) -- HUTCHM...
HUTCHMED Highlights HMPL-A251 Data Presented at the AACR-NCI-EORTC Int...
HUTCHMED Highlights HMPL-A251 Data Presented at the AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics — First investigational drug candidate using the HUTCHMED ATTC technology platform to create potent targeted therapy payloads while mitigating related toxicities — — Unique, highly potent PI3K/PIKK inhibitor payload optimized to exploit antibody-conjugate advantages, with directed delivery and low plasma exposure of free payload — — Preclinical data shows robust antitumor activity with synergistic and bystander killing effects — HONG KONG and SHANGHAI ...
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare Bi-Weekly: Seeing A Temporary Setback But Fundamental...
Investors took profits on the sector amid concerns over possibly worsening US-China geopolitical tensions. Following the largest share price gain in previous months, biotech and CRDMOs saw significant setbacks in the first two weeks of October. We believe the pullback is temporary as the trend of innovation and globalisation among Chinese biopharmas remains strong, driven by robust pipelines, growing product launches and earnings expansion. CRDMOs and internet healthcare companies also expect to...
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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