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 - Business Challenges Are Greater than Expected

Hutchmed China Ltd (13.HK/​HCM.US) - A Valuable Option in the Portfolio

WuXi AppTec (2359.HK/603259.CH) - How Bad Things Could Be?

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

<ul>
<li>Concord’s financial performance seems improving on the surface,but a closer look reveals that the sudden explosive revenue increase in 2021 was mainly due to an acquisition, with potential risks behind.</li>
<li>We've doubts about Concord's endogenous growth capability. If Concord’s hospitals cannot make a profit, then any further expansion is just a beautiful story and cannot bring expected returns to investors. </li>
<li>Concord conducted a total of four rounds of financing, with a valuation of approximately RMB7.2 billion. However, based on our analysis, its valuation could be lower than peers.</li>
</ul>


Concord’s financial performance seems improving on the surface,but a closer look reveals that the sudden explosive revenue increase in 2021 was mainly due to an acquisition, with potential risks behind.
We've doubts about Concord's endogenous growth capability. If Concord’s hospitals cannot make a profit, then any further expansion is just a beautiful story and cannot bring expected returns to investors. 
Concord conducted a total of four rounds of financing, with a valuation of approximately RMB7.2 billion. However, based on our analysis, its valuation could be lower than peers.


Xian International Medical Invest (000516 CH)

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