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.

Shandong Fengxiang (9977.HK) Privatization - Long-Term Investors May Be Unhappy with the Offer Price

Pre-IPO BenQ BM Holding - Profitability Will Be Disappointing Due To "Flaws" In Business Model

China Healthcare (Apr.13) - Trump's Tariffs on Pharmaceuticals, NSCEB's Report, RemeGen's Pain Point

Pre-IPO Chagee Holdings - Some Points Worth the Attention

China TCM (570.HK) - Updates on Performance Forecast and Valuation Outlook Based on 2024 Results

Equity Capital Markets

BenQ BM Holding Cayman Corp. / Equity Capital Markets

<ul>
<li>The expansion space of BenQ is severely limited as the market has been saturated in Jiangsu Province. Due to DRG, future revenue/net profit growth would continue to be under pressure. </li>
<li>Low profit margin of general hospitals is a common problem in this industry due to pain points of business model.It’s difficult to achieve improvement.Investors need to be aware of this.</li>
<li>BenQ’s valuation should be lower than Hygeia due to weaker profitability, smaller revenue scale, lower growth outlook.Post-money valuation before IPO of US$375 million (or about RMB2.7 billion) is already expensive</li>
</ul>


The expansion space of BenQ is severely limited as the market has been saturated in Jiangsu Province. Due to DRG, future revenue/net profit growth would continue to be under pressure. 
Low profit margin of general hospitals is a common problem in this industry due to pain points of business model.It’s difficult to achieve improvement.Investors need to be aware of this.
BenQ’s valuation should be lower than Hygeia due to weaker profitability, smaller revenue scale, lower growth outlook.Post-money valuation before IPO of US$375 million (or about RMB2.7 billion) is already expensive


BenQ BM Holding Cayman Corp (2228515D KY)

Pre-IPO BenQ BM Holding (PHIP Updates) - Some Points Worth the Attention