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 HealthyWay (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Xunfei Healthcare Technology (PHIP Updates) - Profitability Are Always the Pain Points

Pre-IPO Bloks Group - High Growth May Not Be Sustainable

China Healthcare Weekly (Dec.15) - 10th VBP Results, WuXi Shares Surge, Newjf Will Be Successful

Equity Capital Markets

<ul>
<li>The assembly character toy segment market size is not big and Bloks is already China’s largest player. So, there will be a day when the growth ceiling is reached.</li>
<li>Bloks’ business model is more similar to Pop Mart, rather than LEGO, but Bloks’ profitability is lagging behind both of them. The current high revenue growth may not be sustainable.</li>
<li>Pre-IPO valuation of Bloks reached RMB7.2 billion. Valuation of Bloks should be lower than Pop Mart. If Bloks’ valuation could reach the industry average after IPO, it is already good.</li>
</ul>


The assembly character toy segment market size is not big and Bloks is already China’s largest player. So, there will be a day when the growth ceiling is reached.
Bloks’ business model is more similar to Pop Mart, rather than LEGO, but Bloks’ profitability is lagging behind both of them. The current high revenue growth may not be sustainable.
Pre-IPO valuation of Bloks reached RMB7.2 billion. Valuation of Bloks should be lower than Pop Mart. If Bloks’ valuation could reach the industry average after IPO, it is already good.


Pre-IPO Bloks Group (PHIP Updates) - Some Points Worth the Attention