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.

Topchoice Medical (600763.CH) - The “True Secret” of Success and the Lost Luck

China Healthcare Weekly (Dec.1) - Medical Device VBP, Biotech to Breakeven Soon, Orient Gene Biotech

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

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

Equity Bottom-Up

<ul>
<li>We summarized some important opportunities and trends that we think would emerge in the pharmaceutical industry in the future.</li>
<li>Considering the current unfavorable financing situation of Biotech in the domestic primary market, we anticipate that there would be significant discounts in the sale of equity in the future.</li>
<li>Topchoice has not yet out of trouble. Most of its business diversification could end in failure. It is difficult to support high valuation only by one hospital and one region.</li>
</ul>


We summarized some important opportunities and trends that we think would emerge in the pharmaceutical industry in the future.
Considering the current unfavorable financing situation of Biotech in the domestic primary market, we anticipate that there would be significant discounts in the sale of equity in the future.
Topchoice has not yet out of trouble. Most of its business diversification could end in failure. It is difficult to support high valuation only by one hospital and one region.


China Healthcare Weekly (Dec.8) - Important Trends in Pharma, Big Discount Sale of Equity, Topchoice