China / Hong Kong Biotech Sector: Time to bottom fish
Biotech stocks listed in HK dropped 58% in 1 yr, close to historical trough; stocks dual listed in the US dropped deeper, time to bottom fish
Buy BeiGene (6160 HK) as market ignores two positives 1) unlike most Chinese peers, it can penetrate the US – one of the few market where prices can be raised; 2) It can keep its US listing while many peers will be delisted
Catalysts ahead – expect BeiGene to obtain US approval for launch of two innovative products in July and Oct
