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.

MicroPort NeuroTech (2172.HK) 22H1 - Advantages Deserve Recognition, but with Overvaluation Risk

Pre-IPO Giant Biogene - The Strength and the Concerns

China Healthcare Weekly (Oct.14) - State Finance Discount for Medical Device; IVD VBP; VBP Changes

CanSino Biologics (6185.HK/688185.CH) 2022H1 - It's Too Early to Be Completely Bearish on CanSino

Pre-IPO AIM Vaccine - Insights on Key Products, Pipeline and Concerns

Pre-IPO Jenscare Scientific - Difficult to Achieve Expected Commercialization Results

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

Equity Capital Markets

<ul>
<li>AIM needs to rely on both human rabies vaccine and HBV vaccine to contribute majority revenue,but the outlook is challenging. Their revenue would decline due to competition and product upgrading.</li>
<li>Most of AIM’s vaccine candidates are in early development stages. There’re many competing candidates in more advanced development stages.The pipeline lacks competitiveness and it's hard to generate forecasted profits.</li>
<li>Although the issue price is discounted significantly, AIM is still overvalued. Reducing the size of IPO to maintain a good share price doesn’t work. When investors exit,accumulated pressure will explode.</li>
</ul>


AIM needs to rely on both human rabies vaccine and HBV vaccine to contribute majority revenue,but the outlook is challenging. Their revenue would decline due to competition and product upgrading.
Most of AIM’s vaccine candidates are in early development stages. There’re many competing candidates in more advanced development stages.The pipeline lacks competitiveness and it's hard to generate forecasted profits.
Although the issue price is discounted significantly, AIM is still overvalued. Reducing the size of IPO to maintain a good share price doesn’t work. When investors exit,accumulated pressure will explode.


Chongqing Zhifei Biological Products (300122 CH)

Shenzhen Kangtai Biological Pr (300601 CH)

Chengdu Kanghua Biological Pro (300841 CH)

Pre-IPO AIM Vaccine - AIM Is Overvalued, with Uncompetitive Pipeline and Challenging Outlook