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 Ascentage Pharma - The US Stock Listing Will Stimulate Future Growth Potential

Pre-IPO Jiangsu Hengrui Medicine - High Valuation Cannot Be Justified

Pre-IPO PegBio Co., Ltd. - This GLP-1 Biotech Has Gloomy Outlook

China Healthcare Weekly (Dec.29) - Haier Biomedical Plans to Merge with and Absorb Shanghai RAAS

Equity Capital Markets

<ul>
<li>The market's expectations for GLP-1 have changed, and the sales growth of GLP-1 may enter a turning point, which would cast a shadow over the prospects of PegBio's GLP-1 pipelines.</li>
<li>PB-119 would be the first commercialized product for PegBio. However, this market is highly crowded. It’s highly uncertain whether PB-119 can stand out from fierce market competition after its launch.</li>
<li>The post investment valuation has reached RMB4 billion, which is already expensive in our view. Due to poor valuation performance of peers, we are not optimistic about PegBio after IPO.</li>
</ul>


The market's expectations for GLP-1 have changed, and the sales growth of GLP-1 may enter a turning point, which would cast a shadow over the prospects of PegBio's GLP-1 pipelines.
PB-119 would be the first commercialized product for PegBio. However, this market is highly crowded. It’s highly uncertain whether PB-119 can stand out from fierce market competition after its launch.
The post investment valuation has reached RMB4 billion, which is already expensive in our view. Due to poor valuation performance of peers, we are not optimistic about PegBio after IPO.


Hangzhou Jiuyuan Gene Engineering (2566 HK)

Pre-IPO PegBio Co., Ltd. (PHIP Updates) - Some Points Worth the Attention