China Healthcare "Crowding Monitor: China Pharma" Wei

Research evidence excerpt

China Healthcare "Crowding Monitor: China Pharma" Wei

Global Research

13 May 2026ab

China Healthcare Equities

ChinaCrowding Monitor: China Pharma

Healthcare

Anita Wei

Most crowded stocks and biggest movers in our coverage Analyst

Within our pharma coverage, Simcere/Sino Biopharm/Kelun Pharma were the most anita.wei@ubs.com

crowded longs, while United Lab/Hansoh/Huadong Medicine were the most crowded +852-2971 7459

shorts, as per data collected on 8 May 2026 (Figure 1Crowdingscoresforstocksinourpharmacoverage). In the two weeks from 24 April to Chen Chen, PhD

8 May, long positioning increased most for Kelun Pharma and Sino Biopharm, while Analyst

short positioning expanded most for Huadong Medicine and CSPC (Figure 2Crowdingscorechangesoverthepasttwoweks). S1460520100001

chen-zb.chen@ubs.com

Longs — Most crowded as of 8 May, per UBS Quant crowding data +86-10-5832 8201

Simcere: We attribute the long skew to 1) the positive sales momentum for insomnia Liz Han, CFA

drug Quviviq (daridorexant), 2) the stock's relatively inexpensive valuation, and 3) the Analyst

liz.han@ubs.comrelease of strong 2026 guidance. Sino Biopharm: In addition to several out-licensing

+852-2971 6106

activities across pipeline assets, the company's 2025 results and 2026 guidance were

both in line with our expectations. SBP also announced an exclusive commercialization Aaron Guo, CFA

agreement with GSK on bepirovirsen (ASO) in mainland China. Management shared Analyst

aaron.guo@ubs.com

during a conference call that it is expecting bepi's peak sales in China to reach several

+852-2971 7705

billion yuan. Kelun Pharma: Management aims for double-digit topline growth in

2026, driven by the ramp-up of innovative products and a recovery of the overseas David Guo, PhD