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 SciClone Pharmaceuticals - Here Are the Strength and the Concerns

Luye Pharma (2186.HK) - Could the Magic of Hillhouse Last Long?

Industry Report - Insights on China Vaccine Industry

Sihuan Pharmaceutical (460 HK) - The Logic Behind the Rally of the Stock Price

Wuxi Biologics Placement - Laying the Groundwork for Future Growth

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

Equity Capital Markets

<p>Since China planned to pilot registration-based IPO system, more and more eligible unprofitable biotech companies are allowed to go public. <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene Ltd (6160 HK)</a> would be the next one. The Company is going to list on the STAR market. Founded in Beijing in 2010, BeiGene is the most representative of the early biotech companies, and it has become a giant now, with a market value of about HK$254 billion on February 1, or less than half of that of <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH) </a>(around RMB550 billion). Meanwhile, different from Hengrui’s strategy, which adheres more to the independent R&amp;D and control of core technology and related rights, BeiGene is better at capital operation - Most of the products in pipeline are from license-in mode, and the Company is continuously suffering from losses. So, would the IPO on the STAR market be the last hurrah?</p>

Since China planned to pilot registration-based IPO system, more and more eligible unprofitable biotech companies are allowed to go public. BeiGene Ltd (6160 HK) would be the next one. The Company is going to list on the STAR market. Founded in Beijing in 2010, BeiGene is the most representative of the early biotech companies, and it has become a giant now, with a market value of about HK$254 billion on February 1, or less than half of that of Jiangsu Hengrui Medicine (600276 CH) (around RMB550 billion). Meanwhile, different from Hengrui’s strategy, which adheres more to the independent R&amp;D and control of core technology and related rights, BeiGene is better at capital operation - Most of the products in pipeline are from license-in mode, and the Company is continuously suffering from losses. So, would the IPO on the STAR market be the last hurrah?

Pre-IPO BeiGene - Would the IPO on the STAR Market Be the Last Hurrah?