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 Healtchare Weely (Mar.16) - 2025 VBP Instructions, GLP-1s Cooling Down, Zai Lab's Headwinds

Pre-IPO MIXUE Group (PHIP Updates) - Some Points Worth the Attention

Pre-IPO MIXUE Group (2097.HK) - The IPO Is Attractively Priced

Pre-IPO MIXUE Group - The Snow King Opens up a Lot More Room for Imagination than Expected

Pre-IPO MIXUE Group Update - The Snow King Is Facing Headwinds

Equity Capital Markets

<ul>
<li>The 11th national VBP is expected to start in 2025H1. Companies such as Kelun, CSPC, Qilu Pharmaceuticals, Fosun Pharma, <a href="https://www.smartkarma.com/entities/china-resources-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:22928:1" rel="noopener">China Resources Pharmaceutical</a>, etc. are expected to be affected the most.</li>
<li>It is estimated that the entire market of PD-1/L1 x VEGF BsAb is approximately US$20-30 billion. AK112 is expected to seize about 40%-50% of the market or US$8-15 billion.</li>
<li>MIXUE's IPO debut was stellar. Conservative investors can considering taking profits as risk of share price corrections has increased. Radical investors can choose to bet on valuation exceeding Nongfu Spring.</li>
</ul>


The 11th national VBP is expected to start in 2025H1. Companies such as Kelun, CSPC, Qilu Pharmaceuticals, Fosun Pharma, China Resources Pharmaceutical, etc. are expected to be affected the most.
It is estimated that the entire market of PD-1/L1 x VEGF BsAb is approximately US$20-30 billion. AK112 is expected to seize about 40%-50% of the market or US$8-15 billion.
MIXUE's IPO debut was stellar. Conservative investors can considering taking profits as risk of share price corrections has increased. Radical investors can choose to bet on valuation exceeding Nongfu Spring.


Shanghai Fosun Pharmaceutical (Group) (2196 HK)

China Healthcare Weekly (Mar.9) - 11th VBP, PD-1/VEGF BsAb Outlook, MIXUE's Stunning IPO Debut

Mixue Group

China Healthcare Weekly (Mar.9) - 11th VBP, PD-1/VEGF BsAb Outlook, MIXUE's Stunning IPO Debut