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 Concord Healthcare Group (PHIP Updates) - Some Points Worth the Attention

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

Pre-IPO Neusoft Xikang (PHIP Updates) - Business Expansion and Profitability Remain in Doubt

Hygeia Healthcare Group (6078.HK) - The Crack in the Egg

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

Equity Capital Markets

Concord Healthcare Group / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/concord-healthcare-group" target="_blank" data-smartkarma-citation="entities:36005:1" rel="noopener">Concord Healthcare Group (CHG HK)</a>’s hospital business is not strong enough to contribute strong performance consistently, leading to unsatisfactory profit margin considering its weak hospital operation and management capability.</li>
<li>The network business could face some legal risks based on our analysis. In the context of anti-corruption campaign in China healthcare, Concord's business and patients flow could be affected.</li>
<li>Together with potential policy risks such as DRGs/centralized procurement, we tend to be conservative about Concord’s outlook. In terms of valuation, Concord’s valuation should be lower than Inkon Life Technology.</li>
</ul>



Concord Healthcare Group (CHG HK)’s hospital business is not strong enough to contribute strong performance consistently, leading to unsatisfactory profit margin considering its weak hospital operation and management capability.
The network business could face some legal risks based on our analysis. In the context of anti-corruption campaign in China healthcare, Concord's business and patients flow could be affected.
Together with potential policy risks such as DRGs/centralized procurement, we tend to be conservative about Concord’s outlook. In terms of valuation, Concord’s valuation should be lower than Inkon Life Technology.


Pre-IPO Concord Healthcare Group - Business Challenges Are Greater than Expected