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.

Pre-IPO Guoquan Food (Shanghai) - High Growth May Not Be Sustainable; Long Logic Doesn't Hold Water

China Healthcare Weekly (Oct.13) - Deteriorating Financing Environment, ADC>BsAb>CGT, Fosun Pharma

Gushengtang (2273.HK) - 2023 Full-Year Performance Would Exceed Expectations

3D Medicines (1244.HK) - The Bubble Will Eventually Burst

China Healthcare Weekly (Sep.29) - Be Rational About Biotech Investment, R&D Team Layoffs, Huadong

Pre-IPO 3D Medicines (3DM HK) - Some Points Worth the Attention; Our Thoughts on Valuation

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

Equity Bottom-Up

<ul>
<li>Weight loss drug business has indeed significantly alleviated concerns about overcapacity issue in those leading CDMOs, but they do not have such a strong driving force on CROs.</li>
<li>The last straw that hits an industry is often not due to the disappearance of demographic dividends/declining demand/poor financial performance of companies, etc., but rather to policy-guided capital flows.</li>
<li>
<a href="https://www.smartkarma.com/entities/3d-medicines-inc" target="_blank" data-smartkarma-citation="entities:33790:1" rel="noopener">3D Medicines (1244 HK)</a> can be said a typical negative example in biopharmaceutical industry, and it is easy to be “manipulated”. We recommend investors stay away from such high-risk company.</li>
</ul>


Weight loss drug business has indeed significantly alleviated concerns about overcapacity issue in those leading CDMOs, but they do not have such a strong driving force on CROs.
The last straw that hits an industry is often not due to the disappearance of demographic dividends/declining demand/poor financial performance of companies, etc., but rather to policy-guided capital flows.

3D Medicines (1244 HK) can be said a typical negative example in biopharmaceutical industry, and it is easy to be “manipulated”. We recommend investors stay away from such high-risk company.


Asymchem Laboratories Tianjin (002821 CH)

China Healthcare Weekly (Oct.6) - Weight Loss Drug CXO, Policy-Guided Capital Flows, 3D Medicines