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 Laekna (PHIP Updates) - Some Key Points Worth the Attention

Viva Biotech Holdings (1873.HK) - The Restructuring Plan Would Not Turn Things Around

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

Sinopharm Group Co (1099.HK) - Double-Digit Growth Is Expected in 2023; Margins Have Room to Improve

China Retail Pharmacy Industry - New Game Rule, New Challenges, New Outlook

Shanghai Pharmaceuticals Holding (601607.CH/2607.HK) - The Situation of Undervaluation Would Change

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

Equity Bottom-Up

China Resources Pharmaceutical / Equity Bottom-Up

<ul>
<li>2022 was a turning point for China Resources Pharmaceutical (CRP), because performance of core subsidiaries saw a historic improvement.After China reopens, CRP is expected to achieve double-digit growth in 2023.</li>
<li>CRP’s development history indicates that its current scale/industry position are mainly due to continuous M&amp;A based on SOE resource advantages/background, but holding platform companies have valuation discounts in secondary market.</li>
<li>Different business models lead to different valuation logic. But Sinopharm/SH Pharma/CRP all enjoy SOE background dividends+valuation system with Chinese characteristics. If investors mainly focus on industry trend, they can all be invested.  </li>
</ul>


2022 was a turning point for China Resources Pharmaceutical (CRP), because performance of core subsidiaries saw a historic improvement.After China reopens, CRP is expected to achieve double-digit growth in 2023.
CRP’s development history indicates that its current scale/industry position are mainly due to continuous M&amp;A based on SOE resource advantages/background, but holding platform companies have valuation discounts in secondary market.
Different business models lead to different valuation logic. But Sinopharm/SH Pharma/CRP all enjoy SOE background dividends+valuation system with Chinese characteristics. If investors mainly focus on industry trend, they can all be invested.  


Shanghai Pharmaceuticals Holding (2607 HK)

China Resources Sanjiu Medical & Pharma (000999 CH)

China Resources Pharmaceutical (3320.HK) - Growth Recovery and SOE Advantages Improve the Outlook