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Since the second half of this year, there has been frequent news of Hillhouse reducing its holdings in the pharmaceutical outsourcing industry: On August 25, Hillhouse withdrew from Tigermed’s top ten shareholders of tradable shares; Hillhouse continued to reduce its holdings on September 24 Fangda Holdings 21.
974 million shares, the shareholding ratio dropped from 5.
57% to 4.
50%; on September 30, it withdrew from the top ten tradable shareholders of Kailai Ying, reducing its holdings by at least 36% of the shares
.
Some industry analysts pointed out that Hillhouse continued to reduce its holdings in the CXO industry, on the one hand because the stock prices of CXO companies after two years of high prosperity were generally high; on the other hand, on July 8, CDE issued the "Clinical Value "Guidelines for the Clinical Research and Development of Anti-tumor Drugs", the New Deal indicates that the best drug (original research drug) should be used as the control group for the clinical trials of innovative drugs, which also means that some domestic CXO pharmaceutical companies will be greatly impacted
.
So, behind Hillhouse's frequent reductions in the pharmaceutical outsourcing industry, does it mean that biopharmaceutical companies have fallen out of favor? In fact, it is quite the opposite
.
Recently, Hillhouse's main fund manager HHLR Advisors, which focuses on secondary market investment, released data on US stock holdings for the third quarter of 2021
.
On the whole, biopharmaceutical companies are still favored by Hillhouse.
The top three major positions are biopharmaceutical companies, including BeiGene, Legend Bio, and Tianjing Bio.
The total market value of their holdings is as high as US$3.
065 billion (equivalent to RMB 19.
5 billion).
It accounts for 40% of the total market value
.
Among them, BeiGene has become Hillhouse's largest heavy-duty stock for three consecutive quarters.
In the third quarter, it continued to maintain its heavy-duty stock, with a market value of US$1.
98 billion (equivalent to RMB 12.
6 billion)
.
This is a biotechnology company specializing in the development of molecular targeting and immuno-oncology therapies
.
The current product line under research includes new oral small molecule and monoclonal antibody anticancer drugs
.
It is understood that Hillhouse participated in BeiGene’s Series A financing as early as 2014, followed by the 2015 Series B financing, and listed in the United States in 2016, to the private placement after the listing, and then to the Hong Kong listing.
A total of 7 rounds of financing participated in and supported BeiGene
.
It can be seen that Hillhouse is optimistic about BeiGene
.
Since the beginning of 2021, BeiGene's share price has been advancing all the way.
During the year, BeiGene's share price has risen by 47.
98%, and its market value has approached 344 billion yuan
.
It is understood that since its listing on the U.
S.
stock market in 2016, BeiGene's share price has risen from 28.
97 U.
S.
dollars to 382.
37 U.
S.
dollars, and Hillhouse has gained a lot from it
.
The second largest stock is Legend Bio.
Hillhouse increased its position in the third quarter by 10.
4 million shares of Legend Bio, holding 11.
05 million shares and holding a market value of US$559 million
.
It is worth mentioning that Legend Bio is also the company with the largest share of HHLR Advisors' holdings in the third quarter, with a month-on-month increase of 1600.
75%
.
This is a subsidiary of GenScript Biology, a company engaged in the development of antigen receptor T cell therapy, and was listed on the Nasdaq in June 2020
.
On October 19th, Legend Bio announced its clinical stage and preclinical pipeline and key projects at its R&D day event, including 11 cell therapies
.
At the end of the first quarter of this year, the stock price of the stock started to bottom out and rose sharply.
The increase during the year has been as high as 74%
.
The third most important stock is Tianjing Biology.
Hillhouse held 718.
29 million shares of Tianjing Biology at the end of the third quarter
.
This is a biopharmaceutical company that mainly focuses on the early discovery of innovative biologic drugs in the field of immunity and autoimmune diseases
.
The stock price has risen 28.
93% this year .
974 million shares, the shareholding ratio dropped from 5.
57% to 4.
50%; on September 30, it withdrew from the top ten tradable shareholders of Kailai Ying, reducing its holdings by at least 36% of the shares
.
Some industry analysts pointed out that Hillhouse continued to reduce its holdings in the CXO industry, on the one hand because the stock prices of CXO companies after two years of high prosperity were generally high; on the other hand, on July 8, CDE issued the "Clinical Value "Guidelines for the Clinical Research and Development of Anti-tumor Drugs", the New Deal indicates that the best drug (original research drug) should be used as the control group for the clinical trials of innovative drugs, which also means that some domestic CXO pharmaceutical companies will be greatly impacted
.
So, behind Hillhouse's frequent reductions in the pharmaceutical outsourcing industry, does it mean that biopharmaceutical companies have fallen out of favor? In fact, it is quite the opposite
.
Recently, Hillhouse's main fund manager HHLR Advisors, which focuses on secondary market investment, released data on US stock holdings for the third quarter of 2021
.
On the whole, biopharmaceutical companies are still favored by Hillhouse.
The top three major positions are biopharmaceutical companies, including BeiGene, Legend Bio, and Tianjing Bio.
The total market value of their holdings is as high as US$3.
065 billion (equivalent to RMB 19.
5 billion).
It accounts for 40% of the total market value
.
Among them, BeiGene has become Hillhouse's largest heavy-duty stock for three consecutive quarters.
In the third quarter, it continued to maintain its heavy-duty stock, with a market value of US$1.
98 billion (equivalent to RMB 12.
6 billion)
.
This is a biotechnology company specializing in the development of molecular targeting and immuno-oncology therapies
.
The current product line under research includes new oral small molecule and monoclonal antibody anticancer drugs
.
It is understood that Hillhouse participated in BeiGene’s Series A financing as early as 2014, followed by the 2015 Series B financing, and listed in the United States in 2016, to the private placement after the listing, and then to the Hong Kong listing.
A total of 7 rounds of financing participated in and supported BeiGene
.
It can be seen that Hillhouse is optimistic about BeiGene
.
Since the beginning of 2021, BeiGene's share price has been advancing all the way.
During the year, BeiGene's share price has risen by 47.
98%, and its market value has approached 344 billion yuan
.
It is understood that since its listing on the U.
S.
stock market in 2016, BeiGene's share price has risen from 28.
97 U.
S.
dollars to 382.
37 U.
S.
dollars, and Hillhouse has gained a lot from it
.
The second largest stock is Legend Bio.
Hillhouse increased its position in the third quarter by 10.
4 million shares of Legend Bio, holding 11.
05 million shares and holding a market value of US$559 million
.
It is worth mentioning that Legend Bio is also the company with the largest share of HHLR Advisors' holdings in the third quarter, with a month-on-month increase of 1600.
75%
.
This is a subsidiary of GenScript Biology, a company engaged in the development of antigen receptor T cell therapy, and was listed on the Nasdaq in June 2020
.
On October 19th, Legend Bio announced its clinical stage and preclinical pipeline and key projects at its R&D day event, including 11 cell therapies
.
At the end of the first quarter of this year, the stock price of the stock started to bottom out and rose sharply.
The increase during the year has been as high as 74%
.
The third most important stock is Tianjing Biology.
Hillhouse held 718.
29 million shares of Tianjing Biology at the end of the third quarter
.
This is a biopharmaceutical company that mainly focuses on the early discovery of innovative biologic drugs in the field of immunity and autoimmune diseases
.
The stock price has risen 28.
93% this year .
