HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>After raising over RMB70 billion,investors have much higher expectation on BeiGene than other biotech/biopharma, because BeiGene is “different”,but the real pressure will come over the next two or three years.</li>
<li>Will BeiGene become China's first truly international pharmaceutical company, or be dragged into mediocrity by the failure of key trials or the failure of commercialization to meet the market’s expectations?</li>
<li>It is attractive if the market value is below US$20 billion. However, considering the Russia-Ukraine war and other potential external uncertainties, we advise investors to keep alert.</li>
</ul>


After raising over RMB70 billion,investors have much higher expectation on BeiGene than other biotech/biopharma, because BeiGene is “different”,but the real pressure will come over the next two or three years.
Will BeiGene become China's first truly international pharmaceutical company, or be dragged into mediocrity by the failure of key trials or the failure of commercialization to meet the market’s expectations?
It is attractive if the market value is below US$20 billion. However, considering the Russia-Ukraine war and other potential external uncertainties, we advise investors to keep alert.


BeiGene Ltd (6160.HK/688235.CH) - There Is No Way to Retreat

Thematic (Sector/Industry)

<ul>
<li>The successful approval of Legend Biotech's CAR-T therapy indicates the FDA is objective. But we can judge FDA's attitude and globalization logic more clearly through Junshi’s PD-1 result in April.</li>
<li>Let's talk about the cyclical nature of innovative drugs. Humans, they repeat history all the time.</li>
<li>The current pet vaccine market in China is in the blue ocean, with a huge space for growth. This market has become an investment option that cannot be ignored.</li>
</ul>


The successful approval of Legend Biotech's CAR-T therapy indicates the FDA is objective. But we can judge FDA's attitude and globalization logic more clearly through Junshi’s PD-1 result in April.
Let's talk about the cyclical nature of innovative drugs. Humans, they repeat history all the time.
The current pet vaccine market in China is in the blue ocean, with a huge space for growth. This market has become an investment option that cannot be ignored.


China Healthcare Weekly (Mar.4)-Innovative Drug Cyclical Nature, Pet Vaccine Mkt, Legend Bio, Junshi

<ul>
<li>The Beijing municipality has added fertility treatment in its medical insurance program. We analyzed related impact.</li>
<li>If we hope to have more companies entering global TOP50 during “14th Five-Year Plan” period, domestic medical device companies need at least 25% annualized revenue growth to make it happen.</li>
<li>Actually, the national medical insurance doesn't determine market size directly but adjust the “distribution”. There's no need to focus solely on anti-tumor field, but rare diseases and central nervous system diseases.</li>
</ul>


The Beijing municipality has added fertility treatment in its medical insurance program. We analyzed related impact.
If we hope to have more companies entering global TOP50 during “14th Five-Year Plan” period, domestic medical device companies need at least 25% annualized revenue growth to make it happen.
Actually, the national medical insurance doesn't determine market size directly but adjust the “distribution”. There's no need to focus solely on anti-tumor field, but rare diseases and central nervous system diseases.


China Healthcare Weekly (Feb.25)-Assisted Reproduction, Medical Device Co. Globalization, New Growth

<ul>
<li>Despite the rational return, the healthcare industry is constantly optimized and adjusted under the guidance of policy and would finally achieve a new balance. So, we are still highly bullish.</li>
<li>We analyzed the investment logic and related investment opportunities in sectors such as medical device, TCM, biotech and CXO.</li>
<li>The valuation of China healthcare sector has entered an attractive range. So, for long-term players, it is recommended to consider to long some high-quality assets at a good cost. </li>
</ul>


Despite the rational return, the healthcare industry is constantly optimized and adjusted under the guidance of policy and would finally achieve a new balance. So, we are still highly bullish.
We analyzed the investment logic and related investment opportunities in sectors such as medical device, TCM, biotech and CXO.
The valuation of China healthcare sector has entered an attractive range. So, for long-term players, it is recommended to consider to long some high-quality assets at a good cost. 


Presentation for Webinar: China Healthcare - Outlook and Opportunities in 2022

Equity Capital Markets

Biocytogen Pharmaceuticals (Beijing) / Equity Capital Markets

<ul>
<li>The candidates in Biocytogen’s pipeline do not have advantages in development progress and also have to face fierce competition, so continuous large R&amp;D investment in the future would be inevitable.</li>
<li>However, the development model of Biocytogen is very novel and special, which could make it a rare target in the market if it is successfully listed.  </li>
<li>Therefore, the certainty of Biocytogen’s future growth is expected to improve gradually, and the mid- and long-term investment value would continue to increase due to the high moat.</li>
</ul>


The candidates in Biocytogen’s pipeline do not have advantages in development progress and also have to face fierce competition, so continuous large R&amp;D investment in the future would be inevitable.
However, the development model of Biocytogen is very novel and special, which could make it a rare target in the market if it is successfully listed.  
Therefore, the certainty of Biocytogen’s future growth is expected to improve gradually, and the mid- and long-term investment value would continue to increase due to the high moat.


Pre-IPO Biocytogen Pharmaceuticals - The Novel Development Model Offset the Pipeline's Shortcomings

China

BeiGene, Ltd. operates as a commercial stage biopharmaceutical company. The Company focuses on discovery, development, and commercialization of molecularly targeted and immuno-oncology drugs for the treatment of cancer. BeiGene serves patients worldwide.

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BeiGene (6160 HK)

BeiGene Ltd (6160.HK/688235.CH) - There Is No Way to Retreat

BeiGene’s cash flow can't keep up with the cash burn rate in long term.So BeiGene has to deliver solid commercialization results,...

Xinyao (Criss) Wang

China Healthcare Weekly (Mar.4)-Innovative Drug Cyclical Nature, Pet Vaccine Mkt, Legend Bio, Junshi

Junshi’s PD-1 result in April is more representative to judge FDA's attitude and globalization logic. We probably are at the tail end of mab drug...

Xinyao (Criss) Wang

China Healthcare Weekly (Feb.25)-Assisted Reproduction, Medical Device Co. Globalization, New Growth

Assisted reproduction is covered by medical insurance; We analyzed the benchmark of medical device companies' globalization, clarify the...

Xinyao (Criss) Wang

Presentation for Webinar: China Healthcare - Outlook and Opportunities in 2022

We review the important events since 2021H1 and keep bullish on China healthcare outlook.We also analyzed investment logic and opportunities in...

Xinyao (Criss) Wang

Pre-IPO Biocytogen Pharmaceuticals - The Novel Development Model Offset the Pipeline's Shortcomings

We analyzed the unique development strategy of Biocytogen, and also pointed out the concerns on its pipeline. However, its business model is hard...

Xinyao (Criss) Wang

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