In today’s briefing:
- MIXUE Group IPO: The Investment Case
- China Healthcare Weekly (Jan.5) – WuXi XDC, GLP-1s New Game Rule, Innovent, Cansino, A-Share Outlook
MIXUE Group IPO: The Investment Case
- Mixue Group (MIX HK), a world-leading freshly made drinks company, filed for an HKEx IPO to raise US$0.5-1.0 billion.
- Mixue is China’s largest and the world’s second-largest freshly made drinks company, in terms of both the number of stores and cups sold in 9M23, according to CIC.
- The investment case rests on a strong brand, leading market share, high revenue growth, robust cost control, stable profitability and cash generation.
China Healthcare Weekly (Jan.5) – WuXi XDC, GLP-1s New Game Rule, Innovent, Cansino, A-Share Outlook
- WuXi XDC remains our top pick in China healthcare. We’re optimistic about its share price performance. Cansino is stronger than imagined, and we recommend investors to be patient with it.
- The future competitive landscape of GLP-1s would present very different situation from traditional drugs. Innovent’s Mazdutide could be a “dark horse” if the head-to-head trial against Semaglutide is successful.
- For GLP-1s, it will be difficult to shake the first-mover position of the first two giants (Semaglutide and Tirzepatide) unless latecomers are able to show higher marginal benefits.
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