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.

Shanghai Tofflon Science (300171.CH) 2022/23Q1 - It's Better Not to Go Against the Trend

Pre-IPO Cutia Therapeutics (CUT HK) - Outlook Is Uncertain Due to Unique Pipeline Characteristics

China Healthcare Weekly (May.26)- 9th National VBP, China's Strength in ADC Field, Ovctek, Eyebright

Hygeia Healthcare Group (6078.HK) 22H1 - The Logic and the Outlook

Reform in China's Medical Service Industry: SOE-Run Hospitals Usher in a Critical Turning Point

Sinopharm Group (1099 HK): Strong 2022 Results; Double-Digit Top and Bottom-Line Growth to Continue

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

Equity Capital Markets

Lu DaoPei Medical Group Holding / Equity Capital Markets

<ul>
<li>The government has started to encourage social capital to run hospitals. By entering the market that haven't been fully covered by public hospitals, LDP has large development space theoretically.</li>
<li>The current gross profit margin of LDP isn't satisfactory. Together with continuous expansion of new hospitals with large investment, LDP could face either continuous loss or very low profit margin.</li>
<li>China’s high degree of regulation depresses medical service price.The benefit chain of hospitals is complicated.In essence, an industry with low level of terminal payment is hard to generate high profits.</li>
</ul>


The government has started to encourage social capital to run hospitals. By entering the market that haven't been fully covered by public hospitals, LDP has large development space theoretically.
The current gross profit margin of LDP isn't satisfactory. Together with continuous expansion of new hospitals with large investment, LDP could face either continuous loss or very low profit margin.
China’s high degree of regulation depresses medical service price.The benefit chain of hospitals is complicated.In essence, an industry with low level of terminal payment is hard to generate high profits.


Pre-IPO Lu DaoPei Medical Group - Profitability Is Disappointing Despite Big Potential Theoretically