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 VISEN Pharmaceuticals (PHIP Updates) - Some Points Worth the Attention

Hansoh Pharmaceutical Group (3692.HK) - Successful Business Transformation Opens up Valuation Upside

Pre-IPO S.F. Holding (6936 HK) - Thoughts on Valuation and the Outlook

Ascentage Pharma (6855.HK) - The Future Valuation Leap Is Worth Looking Forward To

Greatview Aseptic Packaging (468.HK) Update - Some New Information Worth the Attention

Equity Capital Markets

Hanx Biopharmaceuticals / Equity Capital Markets

<ul>
<li>CD47 has been considered “problematic” by the industry, so in order to prove its druggability, it usually requires very good clinical data, and cannot rely on “conjectures” such as BsAb. </li>
<li>There’s no compelling evidence to prove that the toxicity issue of CD47 can be resolved. There're concerns on the safety profile and efficacy of HX009/HX044, with high R&amp;D failure risks.</li>
<li>After Series B+ of financing in June 2024, post-investment valuation of Hanx reached about RMB1.6 billion. Due to slower R&amp;D progress. we think Hanx’s valuation should be lower than ImmuneOnco.  </li>
</ul>


CD47 has been considered “problematic” by the industry, so in order to prove its druggability, it usually requires very good clinical data, and cannot rely on “conjectures” such as BsAb. 
There’s no compelling evidence to prove that the toxicity issue of CD47 can be resolved. There're concerns on the safety profile and efficacy of HX009/HX044, with high R&amp;D failure risks.
After Series B+ of financing in June 2024, post-investment valuation of Hanx reached about RMB1.6 billion. Due to slower R&amp;D progress. we think Hanx’s valuation should be lower than ImmuneOnco.  


ImmuneOnco Biopharmaceuticals (Shanghai) (IOB HK)

Pre-IPO Hanx Biopharmaceuticals - The Risk of Pipeline Development Failure Is High