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 (Nov.24) - 10th VBP, Biotech Valuation Logic, China Resources Reorganization

China Healthcare Weekly (Dec.1)- 2024 NRDL Result, Expectation Gap for Biotech, Henlius' Wide Spread

Akeso Biopharma Placement (9926.HK) - Would Investors Be Willing to Take a Gamble?

China Healthcare Weekly (May.19)- Decoupling Deadline with WuXi,Biotech Classification,Deals Cooling

Pre-IPO China Resources Beverage - Here Are the Concerns and the Risks Behind

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

WuXi AppTec (2359.HK/603259.CH) - The Pain of 2024 Has Just Begun

Equity Bottom-Up

China Resources Pharmaceutical / Equity Bottom-Up

<ul>
<li>The NHSA issued a Notice on “improving the quality and expanding the scope of VBP”. The trend of full coverage of VBP of conventional drugs/consumables is determined.TCM is under pressure.</li>
<li>We analyzed the potential demand growth rate of the glove industry, which is already better than most cyclical stocks. Therefore, we see no need to remain pessimistic about this industry.</li>
<li>Holding platform companies have valuation discounts.HK$50-60 billion is reasonable market value for China Resources Pharmaceutical.Better to go long when share price is below HK$5 and then hold to receive dividends.</li>
</ul>


The NHSA issued a Notice on “improving the quality and expanding the scope of VBP”. The trend of full coverage of VBP of conventional drugs/consumables is determined.TCM is under pressure.
We analyzed the potential demand growth rate of the glove industry, which is already better than most cyclical stocks. Therefore, we see no need to remain pessimistic about this industry.
Holding platform companies have valuation discounts.HK$50-60 billion is reasonable market value for China Resources Pharmaceutical.Better to go long when share price is below HK$5 and then hold to receive dividends.


Shanghai Pharmaceuticals Holding (2607 HK)

China Healthcare Weekly (May.26)-VBP Scope Expands, Optimistic About Glove Industry, China Resources