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 (PHIP Updates) - The Future Prospects Are Not Optimistic

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

Wuxi Biologics (2269.HK) - Dramatic Changes in Management Forecasts Fail to Bring Back Confidence

Pre-IPO Guming Holdings - The Current Market Position Is Not Secure

Pre-IPO Shouhui Tech - The Business Outlook and Stock Price Performance Are Not Optimistic

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

Escalation of Israel-Hamas War - Here's How Investors Should Position Themselves in Dramatic Changes

Equity Capital Markets

Hangzhou Jiuyuan Gene Engineering / Equity Capital Markets

Hangzhou Jiuyuan Gene Engineering (2566 HK)

<ul>
<li>Jiuyuan is not a typical innovative pharmaceutical enterprise with cutting-edge technology. The current seemingly good revenue/profit performance is actually based on some old products from over a decade ago.</li>
<li>The risk of VBP could lead to a significant decrease in profit margins at any time. The cyclical changes in heparin industry would put more pressure on Jiuyuan’s performance.</li>
<li>As Jiuyuan has not yet demonstrated superior clinical data in Jikeqin for overweight/obesity indication, together with fierce competition, we are cautious about the performance in GLP-1s pipeline at this stage.</li>
</ul>


Jiuyuan is not a typical innovative pharmaceutical enterprise with cutting-edge technology. The current seemingly good revenue/profit performance is actually based on some old products from over a decade ago.
The risk of VBP could lead to a significant decrease in profit margins at any time. The cyclical changes in heparin industry would put more pressure on Jiuyuan’s performance.
As Jiuyuan has not yet demonstrated superior clinical data in Jikeqin for overweight/obesity indication, together with fierce competition, we are cautious about the performance in GLP-1s pipeline at this stage.


Yantai Zhenghai Bio-Tech Co., Ltd. (300653 CH)

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