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 Hangzhou Jiuyuan Gene Engineering - Old Pipelines Are Difficult to Bring New Breakthroughs

Pre-IPO Hangzhou Jiuyuan Gene Engineering (PHIP Updates) - The Future Prospects Are Not Optimistic

Innovent Biologics (1801.HK) - Wounds Heal but Scars Remain

BeiGene (6160.HK/​BGNE.US) 24Q3 - Things Are on Track Despite BRUKINSA’s Disappointing QoQ Growth

Equity Capital Markets

Guangzhou Innogen Pharmaceutical Group / Equity Capital Markets

Guangzhou Innogen Pharmaceutical Group (GIP HK)

<ul>
<li>Innogen’s business, financial condition, operation results and prospects for the next couple of years are substantially dependent on the successful approval and commercialization of Efsubaglutide Alfa, indicating single product risk. </li>
<li>Due to slower R&amp;D progress and fierce competition brought by first movers and generic drugs, commercialization prospects of Efsubaglutide Alfa is highly uncertain, leading to potential lower-than-expected sales performance.</li>
<li>After Series B+ financing, the post-investment valuation of Innogen is already RMB4.65 billion. However, share price of peers has not done well, which makes us cautious about Innogen's IPO prospects.</li>
</ul>


Innogen’s business, financial condition, operation results and prospects for the next couple of years are substantially dependent on the successful approval and commercialization of Efsubaglutide Alfa, indicating single product risk. 
Due to slower R&amp;D progress and fierce competition brought by first movers and generic drugs, commercialization prospects of Efsubaglutide Alfa is highly uncertain, leading to potential lower-than-expected sales performance.
After Series B+ financing, the post-investment valuation of Innogen is already RMB4.65 billion. However, share price of peers has not done well, which makes us cautious about Innogen's IPO prospects.


BrightGene Bio-Medical Technology (688166 CH)

Hangzhou Jiuyuan Gene Engineering (2566 HK)

Pre-IPO Guangzhou Innogen Pharmaceutical Group- The Good Story of GLP-1 May Not Bring High Valuation