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.

Gushengtang (2273.HK) - The Development Momentum Is Good, but There Are Also Challenges

Pre-IPO Rainmed Medical - The Industry, the Business and the Concerns

China Healthcare Weekly (July.1)- TCM New Policy, Private Hospitals Survival Pressure, Sino Biopharm

JD Health (6618.HK) - Opportunities Coexist with Challenges

JD Health (6618.HK) 2021 Results - The Logic and the Outlook

Ping An Healthcare and Technology (1833.HK) - Untenable Business Model Worsen the Logic and Outlook

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

Equity Bottom-Up

JD Health International  / Equity Bottom-Up

<ul>
<li>The exposure draft about online drug sales activities on third-party digital healthcare platforms would add uncertainties on JD Health’s business. We analyzed the potential impact and the logic behind.</li>
<li>Keeping both self-run and third-party business is the optimal option because JD Health cannot afford losing either one. The exact impact will have to wait until policy details are released.</li>
<li>As main revenue contributor, there are concerns on JD Pharmacy in terms of profitability and policy risks. Before second growth point emerges, expectation on long-term valuation expansion would be discounted.</li>
</ul>


The exposure draft about online drug sales activities on third-party digital healthcare platforms would add uncertainties on JD Health’s business. We analyzed the potential impact and the logic behind.
Keeping both self-run and third-party business is the optimal option because JD Health cannot afford losing either one. The exact impact will have to wait until policy details are released.
As main revenue contributor, there are concerns on JD Pharmacy in terms of profitability and policy risks. Before second growth point emerges, expectation on long-term valuation expansion would be discounted.
