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.

Pfizer Inc (PFE US) - Continue to Lose Its Way in the Post-Pandemic Era

Pre-IPO IVF Hospital Management Group - The Industry, the Business and the Risks Behind

Pre-IPO Numans Health Food Holdings - Due to Flawed Business Model, Future Growth Is Uncertain

Wuxi Biologics (2269.HK) - The Business Update Has Torn Away the Last Fig Leaf

2024 China’s Capital Market Outlook - Santa Claus Is Knocking on the Door

Pre-IPO HighTide Therapeutics (PHIP Updates) - Some Shareholders Have Chosen to Quit in Advance

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

Escalation of Israel-Hamas War - Here's How Investors Should Position Themselves in Dramatic Changes

Equity Bottom-Up

Shanghai Haoyuan Chemexpress C / Equity Bottom-Up

Shanghai Haoyuan Chemexpress C (688131 CH)

<ul>
<li>2023 NRDL negotiation results were released. We're seeing the rules of NRDL renewal negotiations tilt toward innovative drugs, leading to lower price reduction, but there has been no fundamental change.</li>
<li>The record-breaking US$8.4 billion deal involving BMS and <a href="https://www.smartkarma.com/entities/sichuan-biokin-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:40027:1" rel="noopener">Sichuan Biokin Pharmaceutical (688506 CH) </a>(SystImmune) is not without risk, though. We still recommend to remain rational.</li>
<li>The issue facing <a href="https://www.smartkarma.com/entities/shanghai-haoyuan-chemexpress" target="_blank" data-smartkarma-citation="entities:33415:1" rel="noopener">Shanghai Haoyuan Chemexpress (688131 CH)</a> is higher revenue but lower margins. Valuation will likely experience further declines due to lock-up expiry and share reduction.</li>
</ul>


2023 NRDL negotiation results were released. We're seeing the rules of NRDL renewal negotiations tilt toward innovative drugs, leading to lower price reduction, but there has been no fundamental change.
The record-breaking US$8.4 billion deal involving BMS and Sichuan Biokin Pharmaceutical (688506 CH) (SystImmune) is not without risk, though. We still recommend to remain rational.
The issue facing Shanghai Haoyuan Chemexpress (688131 CH) is higher revenue but lower margins. Valuation will likely experience further declines due to lock-up expiry and share reduction.


Sichuan Biokin Pharmaceutical (688506 CH)

China Healthcare Weekly (Dec.15)-BMS/Biokin $8.4B Eye-Popping Deal, NRDL Negotiation Result, Haoyuan