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.

New Horizon Health Placement (6606.HK) - Things Start to Get on Track, but There Are Still Concerns

Reform in China's Medical Service Industry: SOE-Run Hospitals Usher in a Critical Turning Point

WuXi AppTec (2359.HK/603259.CH) - Not the Time to Be Happy Even After a Positive Profit Alert

Aier Eye Hospital (300015.CH) 22H1 - More Downside Ahead; The Long Logic Doesn't Exist

China Healthcare Weekly (Jan.13)- Tigermed, HBM, Brii, Jacobio, Dental Implant, Successful Investors

Presentation for Webinar: China Healthcare - Outlook and Opportunities in 2023

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

Aier Eye Hospital Group / Equity Bottom-Up

<ul>
<li>Aier launched new hospital acquisition plan. Obviously, Aier hopes to maintain high growth through M&amp;A funds. However, considering its national market layout,Aier is in the final stages of aggressive M&amp;As.</li>
<li>Based on our data, Aier’s endogenous growth is actually very weak. Once external M&amp;As fail to drive high growth, Aier’s overall performance growth would decline significantly. Aier is grossly overvalued.</li>
<li>We expect decreasing birth rate after COVID-19. Due to the fundamental changes in the population structure, the valuation system of all assets would be destroyed - The long logic doesn't exist.</li>
</ul>


Aier launched new hospital acquisition plan. Obviously, Aier hopes to maintain high growth through M&amp;A funds. However, considering its national market layout,Aier is in the final stages of aggressive M&amp;As.
Based on our data, Aier’s endogenous growth is actually very weak. Once external M&amp;As fail to drive high growth, Aier’s overall performance growth would decline significantly. Aier is grossly overvalued.
We expect decreasing birth rate after COVID-19. Due to the fundamental changes in the population structure, the valuation system of all assets would be destroyed - The long logic doesn't exist.


Aier Eye Hospital Group (300015.CH) - The Truth Behind the Mirage