China Healthcare "Crowding Monitor: China Pharma" Wei

Research evidence excerpt

China Healthcare "Crowding Monitor: China Pharma" Wei

Global Research

4 June 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/CSPC were the most crowded anita.wei@ubs.com

longs, while United Lab/Hansoh/3SBio were the most crowded shorts, as per data +852-2971 7459

collected on 29 May 2026 (Figure 1Crowdingscoresforstocksinourpharmacoverage). In the two weeks from 15 May to 29 May, long Chen Chen, PhD

positioning increased most for Kelun Pharma, CSPC and Huadong Medicine, while short Analyst

positioning expanded most for United Lab (Figure 2Crowdingscorechangesoverthepasttwoweks). S1460520100001

chen-zb.chen@ubs.com

Longs — Most crowded as of 29 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 believes bepirovirsen peak sales in China could reach

+852-2971 7705

several billion yuan. CSPC: The company received a US$1.2bn upfront payment from

AstraZeneca, as well as NDA approval for KN026 (HER2 bsAb) on 29 May 2026. KN026's David Guo, PhD