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 (Jun.16)- 9th National VBP Update, “Noise” of Consumption Upgrading, ChatGPT

China Healthcare Weekly (Jun.23) - National TCM VBP Results, CDE Changes Game Rule, Hua Medicine

China Healthcare Weekly (Jul.7) - New NRDL Negotiation Rules, Assisted Reproduction Payment, Kintor

Sino Biopharmaceutical (1177.HK) - The Positives and the Negatives

Pre-IPO Cutia Therapeutics (CUT HK) - Outlook Is Uncertain Due to Unique Pipeline Characteristics

Ovctek China Inc (300595.CH) - Better See Some Potential Risks Before Making Decisions

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

Equity Bottom-Up

<ul>
<li>The 9th national VBP is drawing near. As all drugs under national/provincial VBP are scheduled to be executed before 2025/12/31, there should be new policies in 2026 and beyond.</li>
<li>The capabilities of Chinese pharmaceutical companies in ADC field have at least stepped onto a platform to compete with international giants, which is clearly more progressive than during PD-1 era.</li>
<li>We analyzed key points of Ovctek. Its investment logic has changed and centralized procurement will break investors' expectations for Ovctek’s future performance growth. Valuation may continue to be under pressure.</li>
</ul>


The 9th national VBP is drawing near. As all drugs under national/provincial VBP are scheduled to be executed before 2025/12/31, there should be new policies in 2026 and beyond.
The capabilities of Chinese pharmaceutical companies in ADC field have at least stepped onto a platform to compete with international giants, which is clearly more progressive than during PD-1 era.
We analyzed key points of Ovctek. Its investment logic has changed and centralized procurement will break investors' expectations for Ovctek’s future performance growth. Valuation may continue to be under pressure.


Zhejiang Huahai Pharmaceutical Co, Ltd. (600521 CH)

China Healthcare Weekly (May.26)- 9th National VBP, China's Strength in ADC Field, Ovctek, Eyebright