Member Info for daveycaferacer

As someone who has been invested and continually buying for 10 years Iam probably least qualified to answer the question on entry point, but It really dependant on your investment timescales. I like Buffet’s phrase that it is better to pay a fair price for a great company than a great price for a fair company. A 10% r37ction in the share price due to external factor shows is largely irrelevant to me. With Chi-Meed it’s all about the late stage pipeline and bringing these first and best in class assets to market. The Company has a wonderful track record of building shareholder value and will continue to do so.

hxxps://www.chi-med.com/wp-content/uploads/2019/05/Mem190503.pdf

I wonder if next Years AGM will be held in Hong Kong? I look forward to attending wherever it may be.

Trinity Delta's perspective on the HK listing

Https://www.trinitydelta.org/research-notes/proposed-listing-in-hong-kong-and-global-offering/

Another excellent AGM in London, another brilliant year of progress with a couple of setbacks along the way. It's always a pleasure to meet some of the Board and fellow long term Investors.

There is certainly a lot to look forward to and be excited about in the next couple of years, particularly with Savolitinib and Sulfatinib. That coupled with the Corporate changes and increased liquidity and the HK IPO will certainly make 2019 an exciting year.

I continue to Buy

Always buying HCM! In the words of the sage of Omaha:-

“Price is what you pay. Value is what you get.”
“Our favourite holding period is forever.”

The Innovation Platform pipeline has been updated this week

https://www.chi-med.com/innovation-platform/our-pipeline/

yes, some Funds and other Institutional Investors will not take a position in any Company listed on AIM - for good reason in many cases!

I agree on the share split, it will certainly help although NASDAQ volume is controlling the price now. It'll be interesting to see if that is still the case after the Hang Seng listing. It does strike me as odd that some people regard the actual price of a share a signal as to its true value and we are currently "expensive"!!

I continue to Buy (I did again today) and look forward to the AGM next week.

slightly off topic but here is an article from Brad Loncar's China ETF website today (we are a constitute of his China Biotech ETF)

https://www.loncarfunds.com/Junshi

The article is an interview with the CEO of Junshi but it is interesting in that he talks about the NDRL and also the general state of the Biopharma industry in China

amones, no, that has happened to me years ago and AJ Bell did an in-specie transfer, there was no need for me to sell then re-purchase

The entire mcap is held as AIM shares, and also as ADR's - there is a piece on Chi-Meds website that explains the relationship between the Ordinary shares and ADR's

I use HL for holding my HCM ADR's in a dealing account and a SIPP

My large HCM holding is in an AJ Bell SIPP so I'd want to transfer that to HL and then purchase ASR's and HK stock if we ever do de-list in London. I agree it would be a cost saving and I don't see the London market offering anything now, the ADR's drive the price and I am sure we will see the same in Hong Kong.

I will be attending my 8th AGM next week, please let me know if anyone else will be attending....

I continue to Buy

Amazing what Engagement Letters and Memoradums of Understanding can do

Various people familiar with the situation saying between $300-$500m will be raised, which will be need to fund the massive late stage pipeline, especially in the global setting.

I must admit I am not sure I see the purpose of maintaining the AIM listing once we are on HK and NASDAQ but will ask about that at next week's meeting. I hold ADR's and Ordinary shares but clearly the ADR trading drives the price, as will the HK shares. Interesting to think that by Q3 we will almost be trading 24hrs a day somewhere.

I continue to Buy.

a new issue of shares to raise an as yet to be specified amount (various commentators saying sources suggest 300m-500m USD will be raised. Listing doc will be updated with the full details at some point. I think this is a great move for the Company, and will open up an even greater potential Investor community.

I think CKHH's reduction and subsequent increase in the Company's stick liquidity is a huge positive, the share split on AIM is also useful although NASDAQ and soon the Hang Send listing are the markets that will drive the Company's mcap forward.

Also many investors in Asia will only buy shares listed in Asia so this is another major positive with today's announcement

Fantastic news in my opinion, I have wondered for some time whether the Company may consider a HK listing rather than any future additional issues on NASDAQ. This is yet another example of the Co's globalisation! I am also intrigued by the reduction of holdings by CKHH to increase liquidity, something that has been mooted by them previously...

"CKHH has also informed Chi-Med that it intends to reduce its shareholding to below 50% both to improve liquidity in Chi-Med’s Shares and in order that Chi-Med would no longer be a consolidated subsidiary in the financial statements of CKHH."

CEO interview on CNBC Hong Kong

https://www.chi-med.com/wp-content/uploads/2019/04/Christian_Hogg_01042019_SG.mp4

Shareholders are always right at the bottom of any creditors, Banks, Bond holders and other lenders are always senior and by the time they've picked over this massively leveraged carcass there will be nothing left for shareholders. Another example where private equity asset stripped a company with the old idea of selling and leasing back properties on massively expensive leases....and trousering the sale proceeds.

I also meant to say £200 per share is not too unrealistic in the next decade, I wasn't suggesting it would get there in 2019!

not very much if they have revs of $1bn and EBITDA of say $200m - look how Incyte, Jiangsu Hengrui and Genmab grew quickly

I did buy some Azurite but I am always buying and will continue to do so until £200 per share ;o-)