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 (Jan.13)- Tigermed, HBM, Brii, Jacobio, Dental Implant, Successful Investors

Aier Eye Hospital Group (300015.CH) - The Truth Behind the Mirage

New Horizon Health Placement (6606.HK) - Things Start to Get on Track, but There Are Still Concerns

Wuxi Biologics (2269.HK) 2022H1 - Hard to Achieve V-Share Rebound

Hangzhou Tigermed Consulting (3347.HK/300347.CH) - More of an Investment Company than a CRO

Hangzhou Tigermed Consulting (3347.HK/300347.CH) - The Business Model May Not Be a Safe Play

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

Equity Bottom-Up

Hangzhou Tigermed Consulting (A) / Equity Bottom-Up

Hangzhou Tigermed Consulting (A) (300347 CH)

<ul>
<li>Tigermed had high revenue growth in 2022H1 but with a YoY decrease in net profit attributable to the owners of the Company, mainly due to poor performance of investment business.</li>
<li>Tigermed’s investment business is like a "time bomb" that would detonate in the future. Its “CRO+PE/VC business model” would trap its performance in a vicious circle due to unfriendly macro.  </li>
<li>We are conservative about Tigermed’s outlook and performance. Tigermed is difficult to achieve the V-shaped rebound. So we recommend investors to offload, or just do some short term trade.</li>
</ul>


Tigermed had high revenue growth in 2022H1 but with a YoY decrease in net profit attributable to the owners of the Company, mainly due to poor performance of investment business.
Tigermed’s investment business is like a "time bomb" that would detonate in the future. Its “CRO+PE/VC business model” would trap its performance in a vicious circle due to unfriendly macro.  
We are conservative about Tigermed’s outlook and performance. Tigermed is difficult to achieve the V-shaped rebound. So we recommend investors to offload, or just do some short term trade.


Hangzhou Tigermed Consulting (3347.HK/300347.CH) 2022H1 - The Time Bomb Is Ticking