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 (Dec.3)-2021 Insurance Negotiation Results,new COVID Virus,a Rational Return

Sino Biopharmaceutical (1177.HK) - The Business, The Concerns, The Insights on Biopharma Valuation

Pre-IPO HTDK Medical Holdings - Policy Risk Is the Biggest Uncertainty

Jiangsu Hengrui Medicine (600276.CH)-The Deal with Cstone,the Accounting Estimate Change and Outlook

Pre-IPO BeiGene Ltd - Concerns on Commercialization

Innovent Biologics Inc (1801.HK) - The PD-1 Outlook and Other Concerns

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

Equity Capital Markets

<ul>
<li>Even if the biopharmaceutical enterprises become gradually mature in each part of the development process, they still have to face the final test - the commercialization.</li>
<li>If compare BeiGene’s product revenue from 2017 to 2021Q3 and the related investment during the same period, the situation was not satisfactory. The internationalization may also not meet the expectation.</li>
<li>We hope that the IPO in the SSE STAR Market would not be "the last hurrah" for BeiGene, because what BeiGene's future performance represents means a lot.</li>
</ul>


Even if the biopharmaceutical enterprises become gradually mature in each part of the development process, they still have to face the final test - the commercialization.
If compare BeiGene’s product revenue from 2017 to 2021Q3 and the related investment during the same period, the situation was not satisfactory. The internationalization may also not meet the expectation.
We hope that the IPO in the SSE STAR Market would not be "the last hurrah" for BeiGene, because what BeiGene's future performance represents means a lot.


Pre-IPO BeiGene Ltd - The Future Performance Means a Lot