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Health Care Roundup: Market Talk

30 Jul 2018 8:20 am

The latest Market Talks covering the Health Care sector. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0735 GMT - Early outperformance in Chinese big caps persisted throughout today's trading as small caps saw noted declines. The Shanghai Composite finished down 0.2% to log a 4th-straight drop (down 1.3% in that time). Infrastructure and financial stocks continued to do well. But the Shenzhen Composite, made up of generally smaller companies, slid 1.4% and the startup-heavy ChiNext skidded 2.2%. Health-care names were hard hit again with some 10% limit-downs, including troubled vaccine maker Chengsheng. Some entertainment stocks were also hit as Chinese police look into so-called hidden contracts. Talent Television hit a fresh 3 1/2-year with its 10% drop while Huayi Brothers fell 6.8%. (john.wu@wsj.com)

0616 GMT - Australia's stock benchmark held up better than many in Asia Pacific today, a session after the S&P/ASX 200 notched its latest 10 1/2-year closing high. The index fell 0.35% to 6278.4, trimmed by a late-afternoon uptick. The hot health-care sector pulled back 0.9% while materials also underperformed. But energy and consumer stocks finished essentially flat. (kevin.kingsbury@wsj.com; @kevinkingsbury)

0157 GMT - Shares in China's bigger companies are higher while smaller-cap names are lower with most equities in the region this morning. The Shanghai Composite is up 0.6% after 3-straight declines, as is the large-cap CSI 300 with financials up nearly 1%. But the Shenzhen Composite has eased 0.1% and the startup-heavy ChiNext is off 0.4% as some new delisting rules hit pockets of the market. Meanwhile, troubled vaccine maker Chengsheng logs a 10th-straight 10% drop while peer Kangtai bounces 1.9% after hitting a 3-month low. Haitong Securities thinks Chinese stocks have bottomed, recommending banks and so-called consumer "white horses" ahead of an anticipated uptick in market P/E. (john.wu@wsj.com)

0001 GMT - Nasdaq-listed Chinese biotech BeiGene kicks off efforts to list in Hong Kong, looking to raise up to US$932.7 million through a stock sale there. Funds would go toward drug trials and product commercialization. The cancer-drug developer is looking to sell 65.6 million shares at HK$94.40-111.60 ($12.03-14.22) each as it joins a slew of unprofitable firms in the sector seeking to list in Hong Kong following an April rules change there. BeiGene ADRs closed Friday in New York at $166.52; they've surged 70% this year. Singapore's GIC Private, Baker Bros. Advisors, Hillhouse Capital and Ally Bridge LB Healthcare Master Fund have agreed to be the deal's cornerstone investors, buying a combined 19.8 million shares for as much as HK$2.2 billion. Shares are set to begin trading Aug. 8. (joanne.chiu@wsj.com; @joannechiuhk)

(END) Dow Jones Newswires

July 30, 2018 04:20 ET (08:20 GMT)

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