Dim Sum Express

According to PDB data, the human growth hormone market in China is currently worth aroundRmb2bn, and is growing quickly (2016: 30%+). Strong market growth is attributable to residents’rising purchasing power and increasing awareness of short stature problems in children. Thedomestic human growth hormone market is currently an oligopoly. Market penetration of Chinesepharma companies have increased since Serono left China in 2013, with GenSci, United CellBiotechnology and Anke Biotechnology (300009 CH) the three main players. We see substantialgrowth potential in the domestic human growth hormone market based on patient number estimates.