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Pharma China0409-285.P65
TM C O N T E N T S ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ ○○○ I s s u e Editorial Mentholatum sues XiAn Meichen over Market Dynamics Brew New Order for trademark infringements 14 Chinese Pharma 2 API/Bulk Drugs 32 News in Focus Huaxing expands capacity of Amoxicillin MOH releases results of the 4th and 6-APA 14 APRIL National Health Service Survey 4 NCPG/DSM likely to build major The Market antibiotic API facility in Changchun 14 2 0 0 9 Data Snaptshot: Chinese OTC Shandong Antibiotics granted Germany healthcare market 5 GMP certification 15 Nicholas Hall reports slower growth Hisun sees profits up sharply in 2008 15 of OTC GI market in China 5 Changzhou Yabang-QH builds new In This Issue Industry News cGMP API plant with help from J&J 15 Chinese pharma industry perfor- Shijiazhuang Pharma receives EDQM MNCs report another year of mance in 2008 and outlook in 2009 5 certification for Vitamin B12 15 sharp revenue growth in China MNCs report another year of sharp India likely to investigate China’s 6-APA 15 Many MNCs experienced growth 20% revenue growth in China 6 MOC issues list of authorized exporters or more in China last year amid global MNCs positions for the huge diabetes of ephedrine drugs 15 slowdown P6 market potential in China 6 Data Snapshot - COS certifications and Harbin Pharma reconsiders Chinese producers likely to emerge DMFs held by Chinese companies 16 overseas IPO as global players of recombinant Chinese API in 2008 – Output and Export In preparation, Harbin Pharmaceutical human insulin 6 Volumes Down 16 Group is working on major and minor M&A is likely to intensify for retail Product and R&D News acquisitions this year P8 pharmacy sector in 2009 7 AOB to initiate clinical trials of TCM drug Pfizer opens new sterile facility Guangzhou introduces online for UI in the U.S. -
2018 Unaudited Semiannual Report
BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund) SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2018 SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2018 BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund) Contents Pages Management and Administration 1 Report of the Manager to the Unitholders 2 Statement of Financial Position (Unaudited) 3 Investment Portfolio (Unaudited) 4 – 5 Statement of Movements in Investment Portfolio (Unaudited) 6 – 9 SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2018 BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund) MANAGEMENT AND ADMINISTRATION Manager Directors of the Manager BOCOM International Asset Management Limited TAN Yueheng 9/F, Man Yee Building LI Ying 68 Des Voeux Road Central CHENG Chuange Central Hong Kong Trustee and Registrar Bank of Communications Trustee Limited 1/F, Far East Consortium Building 121 Des Voeux Road Central Central Hong Kong PRC Custodian HSBC Bank (China) Company Limited 33/F, HSBC Building, Shanghai ifc 8 Century Avenue, Pudong Shanghai Legal Counsel to the Manager Deacons 5/F, Alexandra House 18 Chater Road Central Hong Kong Auditor PricewaterhouseCoopers 21/F, Edinburgh Tower 15 Queen’s Road Central Hong Kong - 1 - SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2018 BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund) REPORT OF THE MANAGER TO THE UNITHOLDERS The A-share market under-performance in 1H2018 can be attributed to two main factors: 1) the United States entered an interest rate hike cycle, which caused wide concern about the emerging market’s debt problems. -
Pharmaceuticals in China
INDUSTRY MARKET RESEARCH FOR BUSINESS LEADERS, STRATEGISTS, DECISION MAKERS CLICK TO VIEW Table of Contents 2 List of Tables & Charts 3 Study Overview 4 Sample Text, Table & Chart 5 Sample Profile, Table & Forecast 6 Order Form 7 About Freedonia, Custom Research, Related Studies, Corporate Use License 8 Pharmaceuticals in China China Industry Study with Forecasts to 2010 & 2015 Study #2024 | February 2006 | $4800 | 240 pages The Freedonia Group 767 Beta Drive www.freedoniagroup.com Cleveland, OH • 44143-2326 • USA Toll Free US Tel: 800.927.5900 or +1 440.684.9600 Fax: +1 440.646.0484 E-mail: [email protected] Study #2024 February 2006 Pharmaceuticals in China $4800 240 Pages China Industry Study with Forecasts to 2010 & 2015 Table of Contents INTRODUCTION Shipments .......................................62 Corticosteroids ............................ 115 Types of Medicines ............................63 Estrogens & Combinations ............. 115 Astragalus ....................................64 Other Hormones ........................... 116 EXECUTIVE SUMMARY Atractylodes ..................................66 Shipments ..................................... 117 Bupleurum ....................................67 Biologicals & Vaccines ........................ 119 MARKET ENVIRONMENT China Root ....................................67 Demand ......................................... 120 General ..............................................4 Cinnamon .....................................68 Vaccines ..................................... 120 -
Company Report: Sinopharm
Company Report: Sinopharm Group Co. Ltd. (01099 HK) Kay Mai 麦梓琪 公司报告:国药控股 (01099 HK) +86 755 23976685 [email protected] 国泰君安研究 2 March 2017 PRC's Largest Pharmaceutical Distributor, “Accumulate” 中国最大的医药分销商,“收集” GTJA ResearchGTJA Sinopharm is the largest pharmaceutical distributor and retailer in the Rating: Accumulate PRC, with sustainable above-industry growth. It took about 16.0% of market share in the pharmaceutical distribution industry and approximately 2.7% of market share in retail pharmacy business in 2015, according to the Ministry of 评级: 收集 Commerce in the People's Republic of China ("MOFCOM"). Sinopharm will benefit from further industry consolidation and will 6-18m TP 目标价: HK$39.89 solidify its leading position in for the foreseeable future. We believe recent polices such as the two-invoice system, unannounced Inspections, and stricter 股价: HK$36.550 Share price GSP will drive out small- and medium-sized distributors, which is likely to boost the market share and maintain the above-average growth of the Company. Revenue is estimated to grow by 12.9%, 12.8% and 12.8% YoY to Stock performance 股价表现 RMB256,337 million, RMB289,268 million and RMB326,410 million in respectively, as a result of 1) stable growth of the 50.0 % of return period FY2016-FY2018, 45.0 pharmaceutical distribution segment deriving from the combinational effect of 40.0 market share gaining growth from direct sales as well as the loss in indirect 35.0 30.0 sales triggered by industry consolidation, 2) fast expansion of the retail 25.0 business and its integration impact, and 3) a promising outlook for innovative 20.0 15.0 businesses such as financial leasing. -
Sinopharm Group: 2H14 NDR Takeaways: Margin Expansion To
Sinopharm Group | March 25, 2015 MORGAN STANLEY RESEARCH March 25, 2015 MORGAN STANLEY ASIA LIMITED+ Yolanda Hu Sinopharm Group [email protected] +852 2848-5649 Bin Li 2H14 NDR Takeaways: Margin Expansion [email protected] +852 2239-7596 Isabella Zhao to Continue [email protected] +852 2848-5887 Industry View Stock Rating Price Target Attractive Overweight HK$34.00 Sinopharm Group ( 1099.HK , 1099 HK ) China Healthcare / China Stock Rating Overweight Sinopharm’s solid sales growth and operating leverage are likely to Industry View Attractive continue in 2015, despite the uncertain policy outlook for the Price target HK$34.00 Up/downside to price target (%) 15 Healthcare industry. We find the stock attractive at 18x our revised Shr price, close (Mar 24, 2015) HK$29.50 2015e EPS. Reiterate OW. 52-Week Range HK$34.50-19.72 Sh out, dil, curr (mn) 2,568 Healthy 2015 sales outlook: Given decelerating GDP growth expected in Mkt cap, curr (mn) Rmb60,695 EV, curr (mn) Rmb78,243 2015, mgmt looks for growth of the end-user market to slow to 12%, and for Avg daily trading value (mn) HK$133 the distribution industry to grow 14-15%. Management remains confident about achieving its sales target of 3-5% above the market average. Fiscal Year Ending 12/14 12/15e 12/16e 12/17e ModelWare EPS (Rmb) 1.11 1.32 1.51 1.70 Margin improvement to continue in 2015, ... This is the first quarter that Prior ModelWare EPS 1.10 1.29 1.44 1.58 (Rmb) Sinopharm has recorded faster profit growth than sales growth, mainly due to: Consensus EPS (Rmb)§ 1.10 1.30 1.55 1.50 1) internal integration; 2) economies of scale; 3) optimizing customer mix Revenue, net (Rmb 200,131 235,469 272,701 313,245 (more direct sales to hospitals), and 4) more focus on the quality of growth. -
Working Papers the Rising Chinese Pharmaceutical
Working papers The rising Chinese pharmaceutical industry: local champions vs global players Francesca Spigarelli Hao Wei ABSTRACT This paper is an exploratory study on main features and challenges of the Chinese pharmaceutical market. Dramatic changes in the market are due both to the Government policies, changing consumer habits and behaviour, and to the growing competition at firm level. From a demand side perspective, consumptions of pharmaceutical products are booming thanks to a combined effect of economic growth, aging population, urbanization and health system reforms. Key forces shaping the demand are examined in the chapter, with a specific attention to health care reforms as well as to new habits and confidence of Chinese people towards the Western medicine. In this regard, import and export trends, consumption, and expected evolution of the market are examined. From a supply side perspective, two main trends can be highlighted: the increasing interest of foreign investors, and the effort of Chinese pharmaceutical firms to compete in the national market. To better understand the ongoing changes we look at market characteristics, key players, as well as trends and motivation of inward FDI to China are examined. On the basis of this general picture, the paper focuses on IP related aspects, to understand who are the main actors of patenting trends (foreign vs local firms) and for which kind of products patents are registered (raw materials vs basic products vs drugs). Analyzing patent trends and the role of Chinese vs Western firms, we try to define how China is taking its role and position into the national and – potentially ‐ international pharmaceutical market. -
Download Table of Contents [PDF 1
Advances in Biopharmaceutical Technology in China, Second Edition October 2018 Editors: Vicky (Qing) Xia, Leo (Yang) Cai BioPlan Associates, Inc. Rockville, MD Society for Industrial Microbiology and Biotechnology Fairfax, VA BioPlan Associates, Inc. 2275 Research Blvd., Ste. 500 Rockville MD 20850 USA 301-921-9074 www.bioplanassociates.com and Society for Industrial Microbiology and Biotechnology 3929 Old Lee Highway Suite 92A Fairfax, VA 22030-2421 703-691-3357 www.simbhq.org Copyright © 2018 BioPlan Associates, Inc. All rights reserved, including the right of reproduction in whole or in part in any form. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the written permission of the publisher. For information on special discounts or permissions contact BioPlan Associates, Inc. at 301- 921-5979, or [email protected] Editors: Vicky (Qing) Xia, Leo (Yang) Cai Project Director: Donnie E. Gillespie U.S. Editor: Terrell R. Otis Cover Design: LI Huijun Text Design: Esperance Shatarah, ES Design ISBN 978-1-934106-34-1 Front Cover Photo Courtesy of WuXi, by permission ii Acknowledgment This project would not have been possible without the exceptional efforts of the many people involved. In particular, we would like to thank our reviewers, whose expertise ensured this volume addressed today’s most important issues: ■ Tiffany M. Bauguess (Beeson), Consultant, MScGlobal Trials HK ■ Randy Berholz, Executive Vice President, Corporate Development and General Counsel, Innovus Pharmaceuticals, Inc. ■ David Deere, Chief Commercial Officer, PaizaBio ■ Changming Fang, Director of Biology and Drug Discovery, FronThera US Pharmaceuticals ■ Steve Ferguson, Chair, Department of Technology Transfer, Foundation for Advanced Education in the Sciences (FAES) Graduate School ■ Sean Hu, Founder, mAbKey Therapeutics ■ Charles (Changhui) Li, MS MBA, Chief Business Officer, Zhejiang Hopstem Biotech- nology Co., Ltd. -
Pharmaceutical Innovation in the APAC Region
Special report Pharmaceutical innovation in the APAC region A quantitative company ranking and future outlook Country/ Major Pharma Early-stage Drug Rank Company Maturity Total Score Region HQ (Top 50 by global revenue) Partnering Development 가장 혁신적인 1 Daiichi Sankyo Co Ltd Japan 410 320 135 865 대형 제약사 2 Takeda Pharmaceutical Co Ltd Japan 395 320 135 850 Rank 1-18 3 Eisai Co Ltd Japan 350 320 135 805 4 Astellas Pharma Inc Japan 345 320 135 800 5 Otsuka Holdings Co Ltd Japan 325 315 135 775 6 Shionogi & Co Ltd Japan 320 315 125 760 6 CSL Ltd Australia 345 310 105 760 8 Ono Pharmaceutical Co Ltd Japan 320 310 125 755 9 Mitsubishi Chemical Holdings Corp Japan (Mitsubishi Tanabe) 300 315 125 740 9 Kirin Holdings Co Ltd Japan (Kyowa Hakko Kirin) 315 300 125 740 11 Hanmi Pharmaceutical Co Ltd South Korea 325 295 115 735 12 Daewoong Pharmaceutical Co Ltd South Korea 305 300 95 700 13 Sumitomo Chemical Co Ltd Japan 265 305 125 695 14 FUJIFILM Holdings Corp Japan 265 300 125 690 15 Kyorin Holdings Inc Japan 280 280 105 665 16 Teijin Ltd Japan 250 275 115 640 17 Japan Tobacco Ltd Japan 230 260 115 605 18 Lupin Ltd India 185 280 125 590 18 Maruho Co Ltd Japan 200 265 125 590 Shanghai Fosun Pharmaceutical 18 Mainland China 175 305 110 590 (Group) Co Ltd Note: Scores do not reflect recent changes in company ownership, e.g., divestiture of CJ Healthcare to Korea Kolmar Holdings in 2018. -
Simcere Pharmaceutical Group Limited 先聲藥業集團有限公司 (The “Company”) (A Company Incorporated in Hong Kong with Limited Liability)
The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Simcere Pharmaceutical Group Limited 先聲藥業集團有限公司 (the “Company”) (a company incorporated in Hong Kong with limited liability) WARNING The publication of this Application Proof is required by The Stock Exchange of Hong Kong Limited (the “Exchange”) and the Securities and Futures Commission (the “Commission”) solely for the purpose of providing information to the public in Hong Kong. This Application Proof is in draft form. The information contained in it is incomplete and is subject to change which can be material. By viewing this document, you acknowledge, accept and agree with the Company, its joint sponsors, advisers or members of the underwriting syndicate that: (a) this document is only for the purpose of providing information about the Company to the public in Hong Kong and not for any other purposes. No investment decision should be based on the information contained in this document; (b) the publication of this document or supplemental, revised or replacement pages on the Exchange’s website does not give rise to any obligation of the Company, its joint sponsors, advisers or members of the underwriting syndicate to proceed with an offering in -
FTSE Emerging Markets All Cap China a Inclusion
FTSE Russell Publications FTSE Emerging Markets All Cap 19 November 2018 China A Inclusion Indicative Index Weight Data as at Closing on 28 September 2018 Index Index Index Constituent Country Constituent Country Constituent Country weight (%) weight (%) weight (%) 21Vianet Group (ADS) (N Shares) 0.02 CHINA AIA Engineering 0.02 INDIA AmTRAN Technology 0.01 TAIWAN 360 Security (A) <0.005 CHINA Aier Eye Hospital Group (A) 0.01 CHINA Anadolu Cam <0.005 TURKEY 361 Degrees International (P Chip) <0.005 CHINA Air Arabia 0.01 UAE Anadolu Efes 0.01 TURKEY 3SBio (P Chip) 0.04 CHINA Air China (A) 0.01 CHINA Anadolu Grubu A 0.01 TURKEY 51job ADR (N Shares) 0.03 CHINA Air China (H) 0.03 CHINA Andhra Bank <0.005 INDIA 58.com ADS (N Shares) 0.14 CHINA AirAsia Group Berhad 0.02 MALAYSIA Andon Health (A) <0.005 CHINA 5I5j Holding Group (A) <0.005 CHINA AirAsia X <0.005 MALAYSIA Aneka Tambang Tbk PT 0.01 INDONESIA A.G.V. Products <0.005 TAIWAN Airports of Thailand 0.17 THAILAND Angang Steel (A) <0.005 CHINA ABB India 0.02 INDIA Airtac International Group 0.03 TAIWAN Angang Steel (H) 0.02 CHINA Ability Enterprise <0.005 TAIWAN Aisino Corporation (A) 0.01 CHINA Angel Yeast (A) <0.005 CHINA Aboitiz Power 0.02 PHILIPPINES Ajanta Pharma 0.01 INDIA Anglo American Platinum 0.04 SOUTH Absa Group Limited 0.15 SOUTH Ajisen China Holdings (P Chip) <0.005 CHINA AFRICA AFRICA Akbank 0.05 TURKEY Anglogold Ashanti 0.07 SOUTH Abu Dhabi Commercial Bank 0.08 UAE Akcansa Cimento <0.005 TURKEY AFRICA Abu Qir Fertilizers & Chemical Industries 0.01 EGYPT Akenerji Elektrik Uretim <0.005 TURKEY Anhui Anke Biotechnology (Group) (A) <0.005 CHINA AcBel Polytech 0.01 TAIWAN AKR Corporindo Tbk PT 0.01 INDONESIA Anhui Conch Cement (A) 0.02 CHINA ACC 0.02 INDIA Aksa Akrilik Ve Kimya Sanayii <0.005 TURKEY Anhui Conch Cement (H) 0.14 CHINA Accelink Technologies (A) <0.005 CHINA Aksa Enerji Uretim AS <0.005 TURKEY Anhui Expressway (A) <0.005 CHINA Accton Technology 0.03 TAIWAN Aksigorta <0.005 TURKEY Anhui Expressway (H) 0.01 CHINA Ace Hardware Indonesia 0.01 INDONESIA Al Meera Consumer Goods Co. -
Pharma China-201012.P65
TM C O N T E N T S ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ ○○○ I s s u e Editorial The 4th Joint ChP-USP International MNCs escalates China deals and Symposium held in Hangzhou 20 investments in the face of increased API/Bulk Drugs News short term risks 2 52 Esteve Pharma forms API joint venture News in Focus with Hangzhou Huadong Pharma 20 December Health Minister Chen Zhu delivers Pharma industry cooperation under 6 speech on public hospital reform discussion between leading Chinese and Essential drug policy under pressure Indian trade groups 20 2 0 1 0 for revision 6 Product and R&D News Essential drug price cut likely to be New report: pharma becomes more active postponed to next year 6 in R&D in Asia-Pacific 21 In This Issue China to expedite pharma industry Monitor Group: China to Become Life restructure under new policy document 7 Science Powerhouse by 2020 21 SinoPharm confirms IPO for CNBG The Market General Health McKinsey: Chinese healthcare market SinoPharm Group plans an independent Vice Premier Li Keqiang pushes for to reach US$600 billion in ten years 7 IPO for China National Biotechnology steady healthcare reform progress 22 Group and its six subsidiary institutes. P11 SMEI releases Chinese pharma China will integrate different basic medical industry and market forecasts 8 Sanofi-Aventis to acquire BMP insurance programs 22 IMS: China to overtake Japan as the Sunstone CHA: China's surveillance network for 2nd largest drug market in 2015 8 Sanofi-Aventis and BMP Sunstone rational drug use in preliminary shape 22 China offers great prospects for out- entered into an agreement whereby MOH launch new measures to fight rebound sourcing of preclinical and toxicology Sanofi would acquire 100% of BMP of commercial briberies in hospitals 22 Sunstone for US$520.6 million. -
Acquisition of Finished Drug Businesses Reduces Bulk Exposure
June 27, 2012 COMMENT China Pharmaceutical Group (1093.HK) HK$2.05 Equity Research Acquisition of finished drug businesses reduces bulk exposure News China Pharm has announced the acquisition of three finished drug companies from its parent for a total consideration of HK$8.98 bn (HK$2.271 bn equity and HK$6.708 bn in convertible bonds). Total 2011 NPAT of the acquired companies was Rmb314 mn (HK$383mn) in 2011 (vs HK$233 mn for China Pharm). China Pharm also stated that net tangible assets of the acquired companies will be no less than HK$950 mn at completion. Assuming an HK$600mn/HK$800mn earnings contribution as guided by China Pharm for target companies in 2012E/13E, we calculate EPS accretion will be HK$0.103/0.137 on a fully converted basis post share allotment and CB issuance respectively, which gives an acquisition P/E multiple of 15x/11x for 2012/13E respectively. Analysis The acquisitions are: (1) CSPC OYY, owning four pharma manufacturing sites with GMP standards and four bulk drugs production lines meeting global standards. It manufactures over 200 pharma products, including Azithromycin capsules, Alendronate sodium tablets and Levoamlodipine Maleate tablets. NPAT was Rmb114mn in 2010 and Rmb142mn in 2011, with 2011 year-end NAV of Rmb220mn. The OYY subsidiaries’ NPAT were Rmb-0.468mn/Rmb0.295mn in 2010/2011. (2) CSCP NBP, engaged primarily in the manufacture of drugs for the central nervous system (CNS), e.g. cerebrovascular drug Butylphthalide Soft Capsules. NPAT was Rmb13.99mn/Rmb105.5mn in 2010/2011, with NAV at end of 2011 at Rmb235mn.