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.

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Equity Capital Markets

Beijing Biostar Pharmaceuticals Co Ltd / Equity Capital Markets

Beijing Biostar Pharmaceuticals Co Ltd (1849136D CH)

<ul>
<li>Biostar’s revenue growth decreased obviously in the first five months in 2024. Under the fierce competition and anti-corruption campaign, the expectation for the commercialization performance of Biostar is not high.</li>
<li>Although Biostar has invested a lot of resources in market exposure, high customer concentration indicates that the Company faces challenges in marketing/customer relationship expansion. Biostar has also encountered overcapacity issues.</li>
<li>After Series E Financing, Biostar’s post-investment valuation was RMB4.49 billion. But we're not optimistic about the outlook of Biostar. This valuation could be difficult to achieve in HK stock market.</li>
</ul>


Biostar’s revenue growth decreased obviously in the first five months in 2024. Under the fierce competition and anti-corruption campaign, the expectation for the commercialization performance of Biostar is not high.
Although Biostar has invested a lot of resources in market exposure, high customer concentration indicates that the Company faces challenges in marketing/customer relationship expansion. Biostar has also encountered overcapacity issues.
After Series E Financing, Biostar’s post-investment valuation was RMB4.49 billion. But we're not optimistic about the outlook of Biostar. This valuation could be difficult to achieve in HK stock market.


Pre-IPO Beijing Biostar Pharmaceuticals (PHIP Updates) - Some Points Worth the Attention