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 Jiangxi Rimag Group (PHIP Updates) - Some Points Worth the Attention

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

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

CARSgen Therapeutics (2171.HK) - Pain Points Have Not Been Effectively Resolved

Hansoh Pharmaceutical (3692.HK) - Growth Would Remain Strong in 2024, but Ameile Is Facing Headwinds

Legend Biotech Corp (LEGN.US) - FDA's Upcoming Decision on Carvykti Will Change the Whole Landscape

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

Akeso Biopharma Placement (9926.HK) - Would Investors Be Willing to Take a Gamble?

Equity Capital Markets

Shanghai Cell Therapy Group / Equity Capital Markets

<ul>
<li>The biggest problem of cell therapy in China is the uncertain prospect of commercialization. Medical practitioners also have reservations regarding the usefulness of cryopreserved cells for clinical application.</li>
<li>Shanghai Cell Therapy could be in a long-term loss making state, and both of its R&amp;D and commercialization capabilities need to be verified. Then, how would investors obtain expected returns?</li>
<li>Post-Investment valuation already reached above RMB7.1 billion after Series D financing. However, market value of comparable companies are quite low, which makes us worry about stock price performance after IPO.</li>
</ul>


The biggest problem of cell therapy in China is the uncertain prospect of commercialization. Medical practitioners also have reservations regarding the usefulness of cryopreserved cells for clinical application.
Shanghai Cell Therapy could be in a long-term loss making state, and both of its R&amp;D and commercialization capabilities need to be verified. Then, how would investors obtain expected returns?
Post-Investment valuation already reached above RMB7.1 billion after Series D financing. However, market value of comparable companies are quite low, which makes us worry about stock price performance after IPO.


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