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 (Jun.2) - New Era for Medical Device, Shareholders' Reduction in CXO, Cstone

Keymed Biosciences (2162.HK) - Looking Forward to the Next Leap in Valuation

Sinopharm Group (1099.HK) - Performance Pressure May Continue Until 2024H1

Keymed Biosciences (2162.HK) - The Potential for Doubling Valuation and the Corresponding Risks

Keymed Biosciences (2162.HK) - The $1.2B Deal with AstraZeneca for ADC and the Logic Behind

Keymed Biosciences (2162.HK) - We Have High Hopes for Keymed, but Valuation Is Expensive

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

Equity Bottom-Up

<ul>
<li>The “horror story” of Keymed yesterday alerted us. The delay in submission of marketing application for CM310 should have been known by Keymed long ago, indicating shortcomings in information disclosure/expectation management.</li>
<li>The earliest time CM310 would be launched is 2024. This means that CM310 may miss out next year's NRDL negotiations and be in a passive position in competition with dupilumab.</li>
<li>We still maintain our view on Keymed's valuation for the time being. If there is “black swan event”, we may need to adjust valuation as the competitive landscape could change.</li>
</ul>


The “horror story” of Keymed yesterday alerted us. The delay in submission of marketing application for CM310 should have been known by Keymed long ago, indicating shortcomings in information disclosure/expectation management.
The earliest time CM310 would be launched is 2024. This means that CM310 may miss out next year's NRDL negotiations and be in a passive position in competition with dupilumab.
We still maintain our view on Keymed's valuation for the time being. If there is “black swan event”, we may need to adjust valuation as the competitive landscape could change.


Keymed Biosciences (2162.HK) - Behind the Plunge in Share Price and the Outlook