Member Info for Jatw

So the rumour was bought on Friday and consolidated today when it could have been sold…...this leads me to conclude there is a lot more upside when the change comes in China.

New CEO has been in about 4 weeks now…..about time for a strategy update..The FY results in March seem too far away to wait….when will we see what he wants to do that is different from what has gone before?….any one can do cost cutting…not everyone can achieve growth in these challenging markets….

Makes me glad i dont watch GBnews….AL JAZEERAH is far better.

Just impossible to follow why there are such movements in China Biotechs…..while Hutchmed did not see them last week others did.
Today may be due to hope that china will eventually change its lockdown approach to covid which now seems excessive…..that may permit FDA and FCAOB inspections in due course.

It all means that todays movement is nothing to do with the company…..along with much of the 60% fall….
The risks to HCM are delay regulator action and competitors getting ahead. This requires laser like focus on selecting the right programs to progress…..and some initial luck finding relevant compounds to develop.
Hopefully there will be a way forward on Surufatinib shortly and a positive regulatory result with Fruquintinib towards the end of next year. Fruquintinib has the potential to make them self sustaining. If anything fails in this plan I hope CKHH sells to Innovent or Beigene.

Now we will find out if the Buy Back was holding up the share price and overpaying for the shares bought.
Glad it is completed but I dont like BBs and would have preferred investment in the business/ a special dividend.

P26 of the latest corporate presentation identifies todays announcement and a further HCC ph2/3 as in planning.
Let’s hope they really are being disciplined in their resource allocation.
Re todays announcement, they note there are 5 FDA approved treatments already but none are available in China…..there has to be a risk they are well advanced and tie up the market before fruquintinib combo can be landed or a further comparison trial is needed.

I wonder how much of an identity issue AZN has in the US. It is still largely a European business (which is more of a negative) but Alexion and other deals have made it more US owned.
I doubt it makes the top Pharma brands in the US which might be why it has moved with the exchange rate rather than against it recently.

Having worried about the protectionist Americans for a couple of years,it seems we also need to worry about the Chinese and their drive for common prosperity…..that sounds like squeezed margins to me and more state ownership….i expect a wave of mergers between Chinese companies and their state owned competitors as they look to make themselves look more profitable….
I fear it will be 2024 before we see anything like a recovery in the SP.

You sure about the plenty of cash?
They burn it quite rapidly…..and sales are always projected with exponential growth….that’s why this used to be £12 but commercialisation has been repeatedly delayed / disappointing.
Good for them to get a deal in place but they really need to get the volume of tests up rapidly…..gains before the next capital raise may be illusory and diluted away….if this is to be a success the best returns may be after the capital raise…..but this is highly volatile and news sensitive…..

Nothing to scare the market here.
AUM has held up better than some SDR lost 3% in the same Q3.
QLT has a strong position in the market, but the market could do with further consolidation. Now they are a simpler more compact business it should be easier to find the bolt on deals that add volume to the existing business. I doubt NWG will be in the market for QLT. ABDN and MNG are more likely candidates in my view.

The odds for existing shareholders are lengthening by the day.
I have written it off in my mind…..if it does succeed then I will buy more but survival is not assured.

Asset managers are typically geared to AUM, down 12.5% in a single quarter of which around 70% is client withdrawals is not a good result….
Although when the tide turns it will likely come in quickly….regular buys are probably the best approach here.

0013 was the stock code of Hutchison Whampoa Ltd before the CK groups of companies reorganised into 0001.HK CK Hutchison Holdings and 1113.HK CK Property (now Asset) Holdings.
So 0013 was left vacant on the HK board, owned by CKHH. A ready made registration for Hutchmed.
CKHH has a habit of listing its subsidiaries and rarely buys them back, although it is currently engaged in a bout of merging its telecom operations with others on a country by country basis. Previously it merged its Canada oil company with a comparable operator….we have to be realistic that any M&A activity can only happen with CKHH direction….the catalyst would be HCM needing a large cash injection or a large premium paid..when CKHH needs the cash.

Too early to say….just highly volatile at present…
When does Coombes want to retire to a tax haven? As he has a significant stake the timing of his exit is the best guide to the future and a deal.

What are our thoughts on the investor presentation?

Now is an excellent time to buy an asset where the price s set in sterling that no one loves but earns all its money in USD and Asian currencies.
It has reduced UK head office costs and can refinance/retire about £900m for less than $1bn….a gain of about $200m…of capital compared to a few months ago.

Maybe I was not clear Fund managers can of course invest in competitors but this has to be a rational investment decision backed up be analysis and in line with the investment aims of their fund.

But If they bought knowing a transaction was imminent there would have been a serious breakdown in corporate governance…and a market abuse .which the Regulators should be all over.

Hence RNS about holdings in other asset managers should not be interpreted as stake building ahead of a bid.

Shrinking the business further by selling its major assets.
Makes me want to reprise an old joke.
How do you make a small fortune……start with a large one.

Can’t believe Abdn is only worth £3bn (inc the £1.5bn spent on ii). And £2.5bn if they go ahead with this return of capital…..nearly bite sized.

Sadly only £12k traded in 6 deals today….

I don’t read much into insurers / asset managers holdings in each other….they are mostly a result of asset management decisions on behalf of fund run by the company….the FCA would be all over them looking for potential market abuse should a bid emerge.