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 Zhaoke Ophthalmology Pharmaceutical - It Remains to Be Seen How to Find Its Way Out

Pientzehuang Pharmaceutical (600436.CH) - The Only "Double Top Secret" Traditional Chinese Medicine

Pre-IPO SciClone Pharmaceuticals - Here Are the Strength and the Concerns

Pre-IPO New Horizon Health (NHH.HK) - Here Are the Concerns

Pre-IPO Chaoju Eye Care Holdings - Here Are the Strength and the Concerns

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

Equity Bottom-Up

<p>On February 18, 2021, when <a href="https://www.smartkarma.com/entities/new-horizon-health-limited" target="_blank" data-smartkarma-citation="entities:31039:1" rel="noopener">New Horizon Health (6606 HK)</a> listed in HKEX, its share price jumped 215%, with a market value of about HK$35.1 billion. As the first company in China’s colorectal cancer screening market that listed in HKEX, together with the strong market sentiment during that period of time, it was not surprising to see the stock price of New Horizon Health skyrocketed on the first day of IPO, but how far and how long can it go? Actually, in the first three quarters of 2020, the Company's revenue was only RMB35.3 million and its net loss was RMB534 million. The relatively small scale of revenue and large losses are also quite common for other domestic companies in this industry. Although China’s market of early screening and detection is attractive, the industry still has some concerns to address.</p>

On February 18, 2021, when New Horizon Health (6606 HK) listed in HKEX, its share price jumped 215%, with a market value of about HK$35.1 billion. As the first company in China’s colorectal cancer screening market that listed in HKEX, together with the strong market sentiment during that period of time, it was not surprising to see the stock price of New Horizon Health skyrocketed on the first day of IPO, but how far and how long can it go? Actually, in the first three quarters of 2020, the Company's revenue was only RMB35.3 million and its net loss was RMB534 million. The relatively small scale of revenue and large losses are also quite common for other domestic companies in this industry. Although China’s market of early screening and detection is attractive, the industry still has some concerns to address.

New Horizon Health (6606.HK) - Still Has a Long Way to Go