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 (Feb.10) - Assisted Reproduction into NRDL, Cell Therapy, Medicilon, IRay,

Jacobio Pharmaceuticals Placement (1167.HK) - We Keep Hope for Jacobio Because of Dr. Wang Yinxiang

Genscript Biotech (1548.HK) - Inadequate Cognition Will Lead to Bad Investment Decisions

Alphamab Co Ltd Placement (9966.HK) - Has No Potential to Be a Biopharma; Just Remain as a Biotech

Remegen Co Ltd (9995.HK) - There's Expectation Difference in Valuation; Trading Opportunity Occurs

Antony Blinken, Balloon, China, Adani, Russia, Taiwan, Fed, US Dollar - We Didn’t Start the Fire

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

Equity Capital Markets

CStone Pharmaceuticals / Equity Capital Markets

<ul>
<li>The revenue brought by CStone’s differentiated layout of pipeline does not match the R&amp;D investment. CStone needs to in-license more late-stage products, but the Company is not cash rich.</li>
<li>CStone was incubated by WuXi Bio. Its business model is“VC+IP+CRO”. Cstone doesn’t have independent R&amp;D capability. The increasingly low cost performance of in-licensed products has made the capital “reconsider” .</li>
<li>Cstone doesn’t have the potential to be a biopharma as it licensed out the key/core candidates. Its future valuation growth would be “discounted”. Corporate governance/instability is also a concern.</li>
</ul>


The revenue brought by CStone’s differentiated layout of pipeline does not match the R&amp;D investment. CStone needs to in-license more late-stage products, but the Company is not cash rich.
CStone was incubated by WuXi Bio. Its business model is“VC+IP+CRO”. Cstone doesn’t have independent R&amp;D capability. The increasingly low cost performance of in-licensed products has made the capital “reconsider” .
Cstone doesn’t have the potential to be a biopharma as it licensed out the key/core candidates. Its future valuation growth would be “discounted”. Corporate governance/instability is also a concern.


CStone Pharmaceuticals Placement (2616.HK) - There Is No Certainty that the Dilemma Will Reverse