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 Beijing Yuanxin Technology Group (PHIP Update) - Risk of Overvaluation and Poor Profit Model

Pre-IPO Shulan Health Management - Hard to Bring Investors Expected Returns Due to Poor Profit Model

Pre-IPO Beijing Yuanxin Technology Group - Conservative About the Outlook

United Laboratories International Holdings Placement (3933.HK) - Valuation Pullback Seems Inevitable

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

Equity Capital Markets

Beijing Yuanxin Technology Group Co Ltd / Equity Capital Markets

Beijing Yuanxin Technology Group Co Ltd (1865453D CH)

<ul>
<li>Yuanxin’s financial performance has not improved and it is still in a state of continuous loss. At such low gross margin level, Yuanxin will find it difficult to make money.</li>
<li>As China's retail pharmacy market has entered a new era of integration as the industry growth is slowing down, the challenges Yuanxin has to face would be different from before.</li>
<li>When the market pattern has been basically determined, Yuanxin has little chance to break through. Being acquired may be a better outcome. If IPO, valuation would be lower than peers.</li>
</ul>


Yuanxin’s financial performance has not improved and it is still in a state of continuous loss. At such low gross margin level, Yuanxin will find it difficult to make money.
As China's retail pharmacy market has entered a new era of integration as the industry growth is slowing down, the challenges Yuanxin has to face would be different from before.
When the market pattern has been basically determined, Yuanxin has little chance to break through. Being acquired may be a better outcome. If IPO, valuation would be lower than peers.


Shanghai Pharmaceuticals Holding (601607 CH)

Ping An Healthcare and Technology (1833 HK)

Yixintang Pharmaceutical Group (002727 CH)

DaShenLin Pharmaceutical Group (603233 CH)

Pre-IPO Beijing Yuanxin Technology Group - Some Points Worth the Attention