Group 1 - The company has a strong academic foundation with an MBA in Finance and an MD, enhancing its expertise in the financial sector [1] - The firm specializes in income investing and biotech/pharma investing, with nearly a decade of experience in these areas [2] - The organization focuses on identifying both short-term catalyst-driven opportunities and long-term investment strategies in the biotech sector [3] Group 2 - Subscribers receive regular portfolio trade alerts and have access to an interactive chat feature, promoting engagement and support [4] - The company has published a best-selling book on biotech investing and offers an online course, showcasing its commitment to educating investors [4] - The firm provides custom biotech analysis upon request, ensuring tailored insights for its audience [4]

1 July 2025 | 10:57PM HKT China Healthcare: Drug policy pivoting towards innovation continues; NHSA to introduce commercial insurance novel drug list to NRDL Roll-out of long-anticipated policy framework: We note positively that China's domestic policy for drug innovation continues to evolve with new rules panning out - The National Healthcare Security Administration (NHSA) and the National Health Commission (NHC) jointly announced a new policy framework to further promote drug innovation in China, with new ...

With a robust academic background including an MBA in Finance from NYU-Stern, and an MD from Delhi University, my journey in the financial world has been diverse and enriching. My postgraduate training in medicine was conducted at Harvard and Cornell affiliated hospitals, thus laying a solid foundation for my current expertise.As a registered investment advisor and professional money manager, I bring nearly a decade of experience in writing about income investing and biotech/pharma investing. My role at Vas ...

Group 1 - The company has a strong academic foundation with an MBA in Finance and an MD, enhancing its expertise in the financial sector [1] - The firm specializes in income investing and biotech/pharma investing, with nearly a decade of experience in these areas [2] - The organization focuses on identifying both short-term catalyst-driven opportunities and long-term investment strategies in the biotech sector [3] Group 2 - Subscribers receive regular portfolio trade alerts and have access to an interactive chat feature, promoting engagement and addressing inquiries [4] - The company has published a best-selling book on biotech investing and offers an online course, showcasing its commitment to educating investors [4] - The firm provides custom biotech analysis upon request, ensuring tailored insights for its audience [3][4]

Investment Rating - The report does not explicitly state an investment rating for the healthcare sector in China, but it indicates a positive sentiment towards the sector due to recent stock price increases and license-out deals [1][2]. Core Insights - The surge in China biotech and pharma stock prices, with the Hang Seng Healthcare Index (HSHI) rising approximately 40% year-to-date, is attributed to significant license-out deals and external macroeconomic factors rather than internal improvements [1][2]. - Investors have polarized views on the sustainability of the recent rally, with some attributing it to external changes in the macro environment, particularly in the US healthcare policy landscape [2][3]. - There is a divergence in investor sentiment regarding license-out deals, with some viewing them as one-off events while others are optimistic about continuous outbound deals from Chinese biotech and pharma companies [3][4]. Summary by Sections Industry Overview - The healthcare sector in China has experienced a notable increase in stock prices since the beginning of 2025, driven by significant license-out deals and macroeconomic shifts [1]. Investor Sentiment - Investors are divided on the reasons behind the stock price rally, with many attributing it to external macroeconomic factors rather than improvements within the Chinese healthcare sector [2]. - Concerns exist regarding the sustainability of license-out deals, with some investors cautious about potential equity financing and the consistency of license income [3]. Fund Manager Perspectives - Generalist fund managers who missed the recent rally are now looking to participate, viewing biotech and pharma firms as a safe haven amid changing macro dynamics [4]. - There is a contrast between bullish investors, who are not concerned about current elevated valuations, and bearish investors, who prefer healthcare laggards with stable revenue growth and dividend payouts [4].