J.P. Morgan China/HK FTM 22 May 26 China Healthcare; China Economics; Hong Kong Economics; Yunnan Energy; NIO

Research evidence excerpt

J.P. Morgan China/HK FTM 22 May 26 China Healthcare; China Economics; Hong Kong Economics; Yunnan Energy; NIO

Asia Pacific Equity Research

Due to market closures, there will be no publication of China / Hong Kong First to Market on 25 May.

Publication resumes on 26 May.

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China/HK First to Market 22 May 2026

Top Stories

China Healthcare (Yang Huang)

Global China Summit Takeaways (Day 2): AI applications in early and late drug development; China

pharma panel

Day 2 key takeaways are: 1) WuXi AppTec reiterated its FY26E guidance, but we expect potential raise; 2)

XtalPi is expanding its AI-driven drug discovery ecosystem through flexible partnerships and automated lab

capabilities; 3) Tigermed is actively integrating AI across its clinical operations to optimize costs and

address ongoing pricing pressures; 4) Yifeng’s same-store sales recovery is on track, with management

guiding to 5%+ SSG (same store growth) in 2026; 5) Innovent’s management expressed confidence in

achieving a CAGR of 15%~20% from 2027-2030.

China: Trade blows out, but composition matters, China (Tingting Ge)

Recent trade strength warrants outlook recalibration

Export strength is concentrated in memory ICs, EVs, solar, and batteries, driving 58% of total export gains

Hong Kong: April CPI inflation held steady at 1.7%oya, Hong Kong (Tongfang Yuan)

Hong Kong SAR’s headline CPI inflation stayed unchanged at 1.7%oya in April, slightly below our

expectations (JPM: 1.8%; consensus: 1.9%).