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.

2025 Capital Market Outlook (Part 1) - Take Profits in Stock Market and Switch to Inflation Trade

China Healthcare Weekly (Oct.20)-A Big Lesson from China TCM's Deal Break, “Must Option” of Biotech

China Healthcare Weekly (Oct.27)-10th National VBP, Revenue Scale Is the Only Moat, Xingqi’s Outlook

CPMC Holdings (906.HK) Privatization Update - Will ORG Withdraw Midway?

Equity Bottom-Up

Innovent Biologics Inc / Equity Bottom-Up

<ul>
<li>The third batch of TCM VBP expansion and successive price reduction will continue to be implemented. The price dominance of exclusive TCM patent medicines may collapse based on this VBP.</li>
<li>Since 2019, the ADC drug market has entered a period of rapid growth, the significance of which is that the good story of ADC CXO is able to continue.</li>
<li>Innovent divested important subsidiary at low price, which apparently "irritated" investors. Valuation of Innovent will move towards traditional enterprise such as CSPC. Time to offload Innovent as investment logic changes.</li>
</ul>


The third batch of TCM VBP expansion and successive price reduction will continue to be implemented. The price dominance of exclusive TCM patent medicines may collapse based on this VBP.
Since 2019, the ADC drug market has entered a period of rapid growth, the significance of which is that the good story of ADC CXO is able to continue.
Innovent divested important subsidiary at low price, which apparently "irritated" investors. Valuation of Innovent will move towards traditional enterprise such as CSPC. Time to offload Innovent as investment logic changes.


China Resources Sanjiu Medical & Pharma (000999 CH)

China Healthcare Weekly (Nov.3) - TCM VBP Update, ADC CXO's Logic Is Solid, "Ugly Move" Of Innovent