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 Zhejiang Taimei Medical Technology (PHIP Updates) - Some Points Worth the Attention

Tong Ren Tang Technologies (1666.HK) - Undervalued; Performance Will Rebound After a Brief Headwind

Pre-IPO China Resources Beverage (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Shanghai Cell Therapy Group - Commercialization Prospects and Profitability Are Pessimistic

Pre-IPO Soft International Group - Whether Performance Growth Can Be Sustained Is a Question Mark

Pre-IPO Midea Group H Share - Even in the Face of Challenges, There Is Still Investment Value

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

Equity Capital Markets

LinkChem Technology / Equity Capital Markets

<ul>
<li>The sudden high growth in 2023 was benefited from the cooperation with related party Shandong LinkChem. Is the performance growth driven by LinkChem's reliance on related party transactions sustainable?</li>
<li>LinkChem relies heavily on limited number of customers to contribute performance but the customer stability is not strong.Due to “low voice” in front of customers, cash flow is under pressure.</li>
<li>The barrier of terbium chloride product is not high and LinkChem will face fierce competition in the future, leading to decreasing YoY growth revenue. Valuation should be lower than peers.</li>
</ul>


The sudden high growth in 2023 was benefited from the cooperation with related party Shandong LinkChem. Is the performance growth driven by LinkChem's reliance on related party transactions sustainable?
LinkChem relies heavily on limited number of customers to contribute performance but the customer stability is not strong.Due to “low voice” in front of customers, cash flow is under pressure.
The barrier of terbium chloride product is not high and LinkChem will face fierce competition in the future, leading to decreasing YoY growth revenue. Valuation should be lower than peers.


Pharmablock Sciences (Nanjing)-A (300725 CH)

Pre-IPO LinkChem Technology - The Business and the Concerns Behind