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China Healthcare Deutsche Bank Markets Research Asia Industry Date China China Healthcare 17 July 2017 Hong Kong Health Care Industry Update Pharmaceuticals / Biotechnology Monthly Hospital Rx Tracker, May 2017 Jack Hu, PhD Growth improves in May Hospital Rx data suggest that growth of total hospital drugs sales was 4.7%, Research Analyst -1.3%, 1.4% and 7.3% in May 17, Apr 17, 1Q17 and 2016. Most flagship drugs +852-2203 6208 picked up, and new drugs such as Ai Tan (Apatinib) grew steadily. Hengruis Ai Tan and Kai Te Li, SBPs Runzhong, 3SBios EPIAO and TPIAO and CSPCs NBP Linc Yiu recorded growth of 129%, 13%, 4%, -4%, 12% and 13% in QTD2Q17 vs. 162%, Research Associate 23%, 12%, -5%, 2% and 17% in 1Q17 and 637%, 25%, 26%, 5%, 33% and 33% in +852-2203 6248 2016. For our top picks list, we add Sino Biopharm due to mid/long-term growth prospects; we take CBPO off due to near-term concerns. Top picks Hengrui Medicine (600276.SS),CNY48.71 Buy Hengrui: New drug Ai Tan (Apatinib) delivers strong growth Sino Buy The sales growth of flagship products Ai Tan, Ai Li, Ai Su, Ai Heng, the atracurium Biopharmaceutical (1177.HK),HKD6.91 series and Kai Te Li was 129%, 16%, -1%, 1%, 8% and 13% in QTD2Q17 vs. 162%,