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 (Nov.17) - TCM VBP New Updates, CR Boya Completes Acquisition of Green Cross

BeiGene (6160.HK/​BGNE.US) 24Q3 - Things Are on Track Despite BRUKINSA’s Disappointing QoQ Growth

Ping An Healthcare and Technology (1833 HK) - Privatization Ahead?

Greatview Aseptic Packaging (468.HK) Update - Some New Information Worth the Attention

Equity Capital Markets

<ul>
<li>One important reason S.F. chose to go public on Hong Kong stock market is due to financial pressure, which mainly comes from its heavy asset development model and internationalization strategy.</li>
<li>Considering the discount of the H-share price versus the A-share price, if the IPO pricing is at the lower limit of the range, then the safety margin would be higher.</li>
<li>In the short term, S.F. is better than JD Logistics, so its valuation should be higher than JD Logistics and industry average. Future valuation expansion depends on international business performance.</li>
</ul>


One important reason S.F. chose to go public on Hong Kong stock market is due to financial pressure, which mainly comes from its heavy asset development model and internationalization strategy.
Considering the discount of the H-share price versus the A-share price, if the IPO pricing is at the lower limit of the range, then the safety margin would be higher.
In the short term, S.F. is better than JD Logistics, so its valuation should be higher than JD Logistics and industry average. Future valuation expansion depends on international business performance.


Pre-IPO S.F. Holding (6936 HK) - Thoughts on Valuation and the Outlook