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's 2023 Government Work Report in 14th NPC - The Highlights and the Outlook

China Healthcare Weekly (Mar.10)- Three Conditions to Be Biopharma, Anticipate the Collapse, DS-8201

“Sudden Death” of Silicon Valley Bank (SVB) - The Impact on China Healthcare

BeiGene (6160.HK/BGNE.US) 22Q3 - The Price of Being an “Outlier”

Innovent Biologics (1801.HK) - Time to Enter the Next Stage After the Dividend of Special Era Ends

BeiGene (6160.HK/BGNE.US) 22H1- It Is an Indisputable Fact that BeiGene Is Difficult to Make Profits

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

Equity Bottom-Up

<ul>
<li>It’s unrealistic to turn losses into profits by relying on BRUKINSA alone. BeiGene needs to have three blockbuster products with US$1 billion sales, which is difficult considering current pipeline situation. </li>
<li>If investors are optimistic about BeiGene, to some extent, they are betting on the success of BeiGene's model, but of course, they should also bear the corresponding risks and costs. </li>
<li>BeiGene is overvalued, and its current market value has already priced in all positive factors. In this position, we think the risks far outweigh the benefits, because miracles don't always happen.   </li>
</ul>


It’s unrealistic to turn losses into profits by relying on BRUKINSA alone. BeiGene needs to have three blockbuster products with US$1 billion sales, which is difficult considering current pipeline situation. 
If investors are optimistic about BeiGene, to some extent, they are betting on the success of BeiGene's model, but of course, they should also bear the corresponding risks and costs. 
BeiGene is overvalued, and its current market value has already priced in all positive factors. In this position, we think the risks far outweigh the benefits, because miracles don't always happen.   


BeiGene (6160.HK/BGNE.US) - Miracles Don't Always Happen