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.

China Healthcare Weekly (Jun.9) - Pediatric TCM New Policy, Long-Term Money Dislikes A-Share, Clover

Pre-IPO Laekna (PHIP Updates) - Some Key Points Worth the Attention

Pre IPO YSB Inc (PHIP Updates) - Low Margins Are Inevitable; Valuation Upside Potential Is Limited

Merck Puts Eye-Popping $9.3B in ADC Deal with Kelun - The "New Story" Is About to Begin

Pre-IPO Kelun Biotech - Debut Is the Peak, and Then It Wanes?

Sichuan Kelun Pharmaceutical (002422.CH) - The Deal with Merck Brightens the Outlook; A Dark Horse?

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

Equity Capital Markets

<ul>
<li>We don't think A166 makes much sense on the commercialization level when faced with DS-8201. Unsatisfactory sales of Trodelvy also makes us start worrying about SKB264 after its market launch.</li>
<li>MNCs are scrambling to in-license ADC products, which actually reflected their "general anxiety", leading to a "sentiment-driven valuation premium". Would the final outcome of ADC be the same as PD-1?</li>
<li>We’re "confused" about the valuation of Kelun-Biotech if look deeper. The valuation in last round of financing before IPO wasn't cheap, which makes us cautious considering the outlook and sentiment.</li>
</ul>


We don't think A166 makes much sense on the commercialization level when faced with DS-8201. Unsatisfactory sales of Trodelvy also makes us start worrying about SKB264 after its market launch.
MNCs are scrambling to in-license ADC products, which actually reflected their "general anxiety", leading to a "sentiment-driven valuation premium". Would the final outcome of ADC be the same as PD-1?
We’re "confused" about the valuation of Kelun-Biotech if look deeper. The valuation in last round of financing before IPO wasn't cheap, which makes us cautious considering the outlook and sentiment.


Pre-IPO Kelun Biotech (PHIP Updates) - Some Points Worth the Attention