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.

Clover Biopharmaceuticals (2197.HK) Placement - A Good Bet

Pre-IPO Medbanks Network Technology - PHIP Updates: The Business Model Has yet to Be Verified

Yue Yuen Industrial Holdings (551.HK) - Challenging Prospects Overshadow Undervaluation

Pre-IPO Shanghai Chicmax Cosmetic - The Current Development Strategy Will Not Go Far

China to End Zero COVID Policy? - Reexamine the Reopening Timeline and Potential Impact

Sichuan Kelun Pharmaceutical (002422.CH) - The Deal with Merck Brightens the Outlook; A Dark Horse?

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

Equity Capital Markets

Shanghai Chicmax Cosmetic / Equity Capital Markets

<ul>
<li>According to the PHIP, Chicmax’s performance growth showed a downward trend. Due to consumption downgrade and weak economic situation, the Company's short-term performance could continue to be under pressure.</li>
<li>If the top three brands fail to performance well, Chicmax has no other blockbuster brands to make up for it afterwards. We have concerns on Chicmax’s competitiveness in the industry.</li>
<li>If the total retail sales of consumer goods don’t maintain well, the probability of endogenous growth problems is high, which would finally be reflected in the decline of share price.</li>
</ul>


According to the PHIP, Chicmax’s performance growth showed a downward trend. Due to consumption downgrade and weak economic situation, the Company's short-term performance could continue to be under pressure.
If the top three brands fail to performance well, Chicmax has no other blockbuster brands to make up for it afterwards. We have concerns on Chicmax’s competitiveness in the industry.
If the total retail sales of consumer goods don’t maintain well, the probability of endogenous growth problems is high, which would finally be reflected in the decline of share price.


Pre-IPO Shanghai Chicmax Cosmetic - PHIP Updates: Declining Performance and Challenging Outlook