HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

China Healthcare Weekly (Nov.3) - TCM VBP Update, ADC CXO's Logic Is Solid, "Ugly Move" Of Innovent

Akeso Biopharma Inc (9926 HK) - Something Beautiful Is Happening

Akeso Biopharma Placement - The Placing Price Is Not Cheap Despite Positive Business Progress

Greatview Aseptic Packaging (468.HK) Update - Some New Information Worth the Attention

2025 Capital Market Outlook (Part 1) - Take Profits in Stock Market and Switch to Inflation Trade

Equity Bottom-Up

<ul>
<li>Based on excellent data in HARMONi-2, Akeso’s investment certainty has significantly increased compared to a year ago. Accordingly, Summit plans to modify the clinical protocol to expand the ongoing HARMONi-3.</li>
<li>If the clinical trials go smoothly, Summit is able to sell AK112 (or the entire company) at a much higher price. Akeso would successfully become a Biopharma and achieve internationalization.</li>
<li>If AK112 is finally approved by the FDA based on HARMONi-2, Akeso’s market value would be higher than Innovent. If HARMONI-3 is successful, market value would be above RMB100 billion.</li>
</ul>


Based on excellent data in HARMONi-2, Akeso’s investment certainty has significantly increased compared to a year ago. Accordingly, Summit plans to modify the clinical protocol to expand the ongoing HARMONi-3.
If the clinical trials go smoothly, Summit is able to sell AK112 (or the entire company) at a much higher price. Akeso would successfully become a Biopharma and achieve internationalization.
If AK112 is finally approved by the FDA based on HARMONi-2, Akeso’s market value would be higher than Innovent. If HARMONI-3 is successful, market value would be above RMB100 billion.


2025 High Conviction – China Healthcare: Chinese Biotech to Compete on the International Stage