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 (Dec.1) - Medical Device VBP, Biotech to Breakeven Soon, Orient Gene Biotech

China Healthcare Weekly (Dec.8) - Important Trends in Pharma, Big Discount Sale of Equity, Topchoice

Shijiazhuang Yiling Pharmaceutical (002603.CH) - Valuation Rebound Is Worth Looking Forward To

China Healthcare Weekly (Sep.29) - Be Rational About Biotech Investment, R&D Team Layoffs, Huadong

Remegen (9995.HK/688331.CH) 23H1 - This Is Why RemeGen’s Commercialization Performance Is so Weak

Keymed Biosciences (2162.HK) - We Have High Hopes for Keymed, but Valuation Is Expensive

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

Equity Capital Markets

Qyuns Therapeutics / Equity Capital Markets

<ul>
<li>The sales scale of drugs for autoimmune diseases in China is much lower than that in overseas markets. So, internationalization is inevitable for companies in this industry.</li>
<li>Qyuns’s candidates have to face fierce competition, with no advantage in R&amp;D progress.Since Qyuns mainly do clinical trials in China, its future valuation is hard to have big expansion potential.</li>
<li>Many investors may still “live in the illusion” for China biotech. We think Qyuns would not finally transform into a biopharma. Its valuation should be lower than Keymed.</li>
</ul>


The sales scale of drugs for autoimmune diseases in China is much lower than that in overseas markets. So, internationalization is inevitable for companies in this industry.
Qyuns’s candidates have to face fierce competition, with no advantage in R&amp;D progress.Since Qyuns mainly do clinical trials in China, its future valuation is hard to have big expansion potential.
Many investors may still “live in the illusion” for China biotech. We think Qyuns would not finally transform into a biopharma. Its valuation should be lower than Keymed.


Pre-IPO Qyuns Therapeutics - Conservative About the Outlook