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 (Mar.22)-TCM Injection Revive, China CXO Lag Behind in GLP-1, United Imaging

China Resources Sanjiu (000999.CH) - 2023 Results Below Expectations; Short-Term Headwinds Remain

2024 Capital Market Outlook - Seize the Historic Opportunity of the Upcoming Dollar Reset

BeiGene (6160.HK/​BGNE.US/688235.CH) - Pain Points Behind the High Growth

Akeso Biopharma (9926.HK) - Behind the Outstanding Performance in 2022 and the Potential Challenges

WuXi AppTec (2359.HK/603259.CH) 2023 Results - Time to Prepare for the Worst

Important New Policy for China’s Innovative Drugs – The Game Rule Is About to Change Radically

Hutchmed China Ltd (13.HK/​​HCM.US) - High Growth Is Expected from 2024 to 2026

Equity Capital Markets

Akeso Biopharma Inc / Equity Capital Markets

<ul>
<li>Akeso’s product sales grew rapidly in 2023, mainly driven by off-label use of AK104. Since AK104's commercialization potential on other indications was "overdrawn" in advance, sales growth would slow afterwards. </li>
<li>The key investment logic of Akeso is whether/how much its BsAb pipelines would grab shares from PD-1. The high valuation has somewhat priced in AK112’s successful head-to-head trial with pembrolizumab.</li>
<li>If AK112 does beat Keytruda, valuation will reach a new level. If AK112 fails in critical clinical trials, it would cast a shadow on the entire BsAb pipeline of Akeso.</li>
</ul>


Akeso’s product sales grew rapidly in 2023, mainly driven by off-label use of AK104. Since AK104's commercialization potential on other indications was "overdrawn" in advance, sales growth would slow afterwards. 
The key investment logic of Akeso is whether/how much its BsAb pipelines would grab shares from PD-1. The high valuation has somewhat priced in AK112’s successful head-to-head trial with pembrolizumab.
If AK112 does beat Keytruda, valuation will reach a new level. If AK112 fails in critical clinical trials, it would cast a shadow on the entire BsAb pipeline of Akeso.


Akeso Biopharma Placement (9926.HK) - Would Investors Be Willing to Take a Gamble?