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 Xiamen Yan Palace Bioengineering - Concerns About Profitability and Growth Sustainability

China Healthcare Weekly (Sep.8)- 9th VBP, Reliable Profit Model of Biotech, Medlive, China's Outlook

Shandong Weigao Group Medical Polymer (1066.HK) - Performance Rebound May Not Be as Fast as Imagined

Hangzhou Tigermed Consulting (3347.HK) 23H1 - Performance Inflection Point Has Not yet Arrived

WuXi AppTec (2359.HK/603259.CH) 23H1 - Is It Time to Start Being Optimistic?

China Healthcare Weekly (Aug.25) - Anti Corruption Affects IPO, TIGIT Revives Again? Neusoft Xikang

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

Thematic (Sector/Industry)

Hong kong Healthcare equipment and services / Thematic (Sector/Industry)

<ul>
<li>CSRC has issued new policies related to stamp duty/IPO/reduction of shares held by listed companies. These new policies may profoundly rewrite the investment logic of the primary and secondary markets.</li>
<li>IPOs may no longer be as attractive to founders. The era of M&amp;A is coming. Investors will prefer companies with positive cash flow, solid commercialization performance, and close to/already breakeven.</li>
<li>In the new context, good stories of high growth alone but with long-term losses may not be effective. We recommend overweight companies with high buybacks/dividend payout, which could eventually outperform.</li>
</ul>


CSRC has issued new policies related to stamp duty/IPO/reduction of shares held by listed companies. These new policies may profoundly rewrite the investment logic of the primary and secondary markets.
IPOs may no longer be as attractive to founders. The era of M&amp;A is coming. Investors will prefer companies with positive cash flow, solid commercialization performance, and close to/already breakeven.
In the new context, good stories of high growth alone but with long-term losses may not be effective. We recommend overweight companies with high buybacks/dividend payout, which could eventually outperform.


CSRC’s IPO Reform and Its Impact on China Healthcare Investment