Quick Note - JD Health (6618 HK) (Buy) - Our thought on GLP-1 sales regulations

Research evidence excerpt

Quick Note - JD Health (6618 HK) (Buy) - Our thought on GLP-1 sales regulations

Global Markets Research

JD Health 6618.HK 6618 HK 17 May 2026

EQUITY: INTERNET & NEW MEDIA

RatingOur thought on GLP-1 sales regulations Remains Buy

Target price HKD 67.00 RemainsQuick Note

Closing price HKD 45.16 15 May 2026What happened?

According to mediareports, Shanghai implemented stricter enforcement measures

starting 15 May, requiring hospital-issued paper prescriptions (valid for three days) for

GLP-1 drug purchases at offline retail pharmacies. This enforcement aligns with the official Research Analysts

implementation of the updated Drug Administration Law Implementation Regulation issued China Internet & New Media

by the NMPA (National Medical Products Administration). These developments have Rachel Guo - NIHK

sparked market concerns about potential online sales restrictions for GLP-1 drugs. Amid rachel.guo@nomura.com

these concerns, JD Health's (JDH) share price declined 6.6% on 15 May, significantly +852 2252 1400

underperforming the Hang Seng Index (-1.7%). Jialong Shi - NIHK

Our take Jialong.shi@nomura.com

+852 2252 1409

We believe the market reaction is overdone. First, while the updated Drug Administration

Regulation includes additional provisions regarding online drug sales, these measures

primarily reinforce existing regulatory frameworks rather than introduce new restrictions.

Importantly, the scope of drugs prohibited from online sales in the updated regulation

remains consistent with prior regulations. According to the Drug Online Sales Prohibition

List (First Edition, November 2022) issued by the NMPA, injectable diabetes medications

are explicitly exempted from the online sales ban. Therefore, GLP-1 drugs indicated for